Enterprising Investor

Mustafa Dah: Why Don't Markets Consistently Price Heat as a Tangible Risk?

CFA Institute — Mon, 03 Aug 2026 07:00:00 +0000

If heat is a real-world cost for companies, why is it still not accurately and consistently priced into the market? Guest host, Kevin Max, editor of Enterprising Investor, speaks with Mustafa Dah, an associate professor of finance and chair of the Department of Finance and Accounting at the Lebanese American University, about extreme heat as a distinct financial risk. While climate-related disclosures have expanded, markets often struggle to translate recurring heat exposure into company valuations, credit assessments, and costs of capital. This episode explores why investors, analysts, and portfolio managers need to move beyond disclosure and incorporate measurable indicators such as lost operating days, adaptation spending, and weather-risk signals directly into financial analysis and investment decisions.

Kwame Christian: Finding Confidence in Conflict Through Better Negotiation

CFA Institute — Wed, 01 Jul 2026 07:00:00 +0000

Why do so many professionals avoid difficult conversations—and what does it cost them? Mike Wallberg, CFA, speaks with Kwame Christian, founder and CEO of the American Negotiation Institute and author of Finding Confidence in Conflict, about the psychology of negotiation, building confidence, and handling disagreement with empathy. They discuss compassionate curiosity, self-advocacy, salary negotiations, emotional intelligence, and practical techniques for navigating conflict while strengthening relationships. Whether you're leading a team, managing clients, or challenging investment ideas, this conversation offers actionable strategies for becoming a more effective communicator.

Neeraj Khemlani and Matt Ankrum, CFA: The Hunt for 100-Bagger Stocks

CFA Institute — Mon, 15 Jun 2026 07:00:00 +0000

What do the market's biggest long-term winners have in common? Neeraj Khemlani, former president of CBS News and author of The Coffee Can Investor, and Matt Ankrum, CFA, managing partner of Ankrum Capital, join host Mike Wallberg, CFA, to explore the research behind "100-bagger" stocks and the investing principles that can help build generational wealth. From recurring revenue and competitive advantages to the power of compounding and investor patience, they share lessons from decades of market history and explain why some of the best opportunities may be hiding in plain sight. Tune in for practical insights on identifying exceptional businesses and becoming a more effective long-term investor.

Ben Carlson, CFA: Risk, Reward, and the Real Price of Long-Term Investing

CFA Institute — Mon, 01 Jun 2026 14:30:00 +0000

In this episode of Enterprising Investor, Ben Carlson, CFA, director of institutional asset management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth, joins Mike Wallberg, CFA, to discuss why volatility is the unavoidable price of higher returns. Drawing on market history, behavioral finance, and real-world investing examples, Carlson explores the challenges of market timing, inflation, and portfolio construction, while highlighting the habits that help investors stay disciplined through uncertainty.

For investment practitioners, the conversation offers valuable insights into managing client expectations, communicating complex concepts in accessible ways, and designing portfolios that clients can stick with over the long term. Carlson also shares lessons from Warren Buffett, the financial crisis, and his own experience working with institutional investors and wealth management clients.

Listen to the episode to learn how a long-term perspective can help investors navigate market turbulence and build lasting wealth.

Joachim Klement: Geopolitics, Inflation, and Portfolio Strategy

CFA Institute — Fri, 01 May 2026 07:00:00 +0000

Joachim Klement joins Mike Wallberg, CFA, to break down the investment implications of today's geopolitical environment. From energy market disruptions to shifting trade dynamics, Klement explains how global events feed through to inflation, interest rates, and asset valuations. The conversation also explores how investors can separate noise from signal, rethink international diversification, and incorporate assets such as commodities to better manage geopolitical risk. With markets increasingly shaped by policy and global tensions, Klement offers a practical lens for portfolio construction. Listen today to learn how to position portfolios in a more complex and interconnected world, and find Joachim's Research Foundation brief, The Geoeconomic Decade, on the CFA Institute Research and Policy Center website: https://rpc.cfainstitute.org/research/foundation/2025/geoeconomic-decade.

Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds

CFA Institute — Fri, 10 Apr 2026 16:37:00 +0000

What is really happening beneath the surface of private markets? In this episode of the Enterprising Investor, host Mike Wallberg, CFA, speaks with returning guest, Mark Higgins, CFA, author of Investing in US Financial History, and Leyla Kunimoto, founder of Accredited Investor Insights, about emerging stress in private credit and private equity. They explore investor outflows from semi-liquid funds, the mechanics and risks of NAV-based valuation, and the growing disconnect between market narratives and underlying realities. Drawing on both current market developments and historical cycles, Kunimoto and Higgins unpack what these trends could mean for liquidity, pricing, and investor outcomes. Whether you are an institutional allocator or an individual investor, this conversation offers a clear-eyed look at the risks and complexities shaping today's private markets. Listen now to gain timely insights and practical perspectives.

Raluca Filip, CFA: Helping Investors Navigate Risk, Volatility, and Second Thoughts

CFA Institute — Sun, 15 Mar 2026 06:00:00 -0100

Market volatility and relentless news cycles can cause even confident investors to second-guess their risk tolerance. Raluca Filip, CFA, joins guest host Cathy Scott to explore why clients hesitate, reverse decisions, or suddenly reassess their appetite for risk — and how advisors can respond in those pivotal moments. Drawing on her work with financial professionals, Filip explains the psychology behind shifting risk perceptions, particularly among investors shaped by prolonged bull markets. She highlights the gap between imagining a downturn and actually living through one, and why traditional risk questionnaires often fall short when emotions take hold. The conversation offers practical strategies to help advisors guide clients through hesitation and emotional reversals, support better decision-making under pressure, and strengthen long-term trust in the advisory relationship.

Stefan Sharkansky: The Only Other Spending Rule Article You Will Ever Need

CFA Institute — Sun, 01 Mar 2026 07:00:00 -0100

Is it time to move beyond the 4% rule?

Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, "The Only Other Spending Rule Article You Will Ever Need," and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement.

He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DIY investors looking to design more resilient decumulation strategies.

Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky's article in the Financial Analysts Journal to explore the research in depth.

Roger Urwin: What a Total Portfolio Approach Looks Like in Practice

CFA Institute — Sun, 15 Feb 2026 07:00:00 -0100

What does a total portfolio approach look like inside an investment organization?

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, describes how TPA functions in practice, from new roles like the Chief Total Portfolio Officer to the governance structures, data, and decision frameworks that shape portfolio-wide thinking. Speaking with Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he discusses the guardrails that support disciplined decision-making, the skills and mindsets required to operate across silos, and why resilience, foresight, and systems thinking are becoming core investment competencies. Listen to the episode to understand how asset owners are applying a total portfolio lens in real-world investment organizations.

00:00 – The Evolution of Total Portfolio Approach (TPA) in 2025

01:56 – Crossing the Chasm: TPA Moves Into Mainstream Institutional Investing

07:06 – What Is Top-Down Total Portfolio Approach (Level 3 TPA)?

10:50 – CIO vs. Chief Total Portfolio Officer: Rethinking Portfolio Leadership

19:05 – Dynamic Asset Allocation: How TPA Changes Investment Decisions

26:42 – Governance, Risk Guardrails & Real-Time Portfolio Data

34:28 – Investment Skills for TPA: Systems Thinking & Strategic Foresight

41:20 – From Asset Allocation Model to Investment Operating System

Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description

CFA Institute — Sun, 01 Feb 2026 07:00:00 -0100

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, reflects on how leading asset owners are rethinking strategic asset allocation amid faster regime change, rising systemic risk, and growing complexity. In a conversation hosted by Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he draws on decades of experience advising global funds to explain why a total portfolio mindset is gaining traction—and how it reframes goals, governance, and investment decision-making. The discussion explores what it means to invest through a truly holistic lens, why mindset and organizational design matter as much as models, and how the investment profession may need to evolve for a more uncertain world. Listen to the episode to hear Roger Urwin's perspective on the shift from strategic asset allocation to a total portfolio approach.

Chapter Markers

00:00 Introduction and Welcome 01:12 Roger Irwin's Career and Industry Background 04:02 Why Total Portfolio Approach Matters Now 04:58 Origins of Strategic Asset Allocation (SAA) 09:32 Benchmarks, Universality, and Communication Challenges 12:01 How TPA Addresses Complexity 14:47 Accessibility vs Flexibility: SAA vs TPA 16:13 Governance Trade-offs and Organizational Design 17:53 Systems Thinking and Market Disruption 19:16 Ecosystem Thinking, Reflexivity, and Risk Models 21:21 Recalibrating Investment Frameworks 22:56 Is TPA More Resilient Than SAA? 24:27 People, Incentives, and Cultural Barriers 28:49 AI, Human Intelligence, and the Future Analyst 30:46 Human + Artificial Intelligence in Investing 34:48 Managing Systemic Risk and Long-Term Horizons 40:57 Value Creation in a World of Real-Time Information 43:55 Stewardship, System-Level Investing, and Externalities 45:00 Can SAA and TPA Coexist? 47:29 Industry Momentum and What Comes Next 49:36 Closing Thoughts and Series Preview

Ashley Herd: Why Better Managers Drive Better Business Results

CFA Institute — Thu, 15 Jan 2026 07:00:00 -0100

Great management isn't a "soft skill" — it's a measurable performance lever. Ashley Herd, founder and CEO of Manager Method and author of The Manager Method: Practical Strategies to Lead with Purpose and Confidence, joins host Mike Wallberg, CFA, to unpack why communication sits at the heart of effective leadership and how small managerial choices ripple through engagement, retention, and profitability. Drawing on her experience as a lawyer, in-house leader, and advisor who has trained more than 250,000 managers, Herd explains why promoting top performers into management roles so often backfires, how leaders can avoid micromanagement without disappearing, and why her "pause, consider, act" framework helps managers handle everything from delegation to performance conversations. The discussion also explores what investors and analysts can learn about management quality by listening closely to leadership behavior — not just the numbers — and why culture and innovation are inseparable from long-term returns.

Listen to the full episode of Enterprising Investor to hear practical insights on building better managers, stronger teams, and more resilient businesses.

Anna Martirosyan: Ethical AI, Model Governance, and the Future of Responsible Finance

CFA Institute — Mon, 15 Dec 2025 07:00:00 -0100

Anna Martirosyan, strategy and transactions manager at EY Parthenon, speaks with guest host Lotta Moberg, CFA, about the ethical foundations of AI in finance, including fairness, transparency, model governance, and the risks that arise as firms automate more decisions. Drawing on her chapter in AI in Asset Management: Tools, Applications, and Frontiers, Anna explains how practitioners can use AI responsibly while navigating evolving global regulations.

Tune in to hear their full conversation.

Read the complete book online: https://rpc.cfainstitute.org/themes/technology/ai-in-asset-management

Follow the Financial Thought Exchange podcast for more expert perspectives: https://sites.libsyn.com/545057/site

Greg Fisher, CFA: Complexity Science, Uncertainty & the Future of Asset Management

CFA Institute — Mon, 01 Dec 2025 07:00:00 -0100

In this extended deep dive, guest host Raymond Pang, Senior Researcher at CFA Institute, speaks with Greg Fisher, CFA, about how complexity science can offer a richer lens for understanding uncertainty, market behavior, and the limitations of traditional financial models. Building on themes explored in our recent episode with Richard Bookstaber and Genevieve Hayman — including feedback loops, emergent dynamics, and the need for more adaptive approaches to risk — Fisher expands the discussion to the historical roots of the mechanistic mindset and why a systems-based perspective may benefit investment practitioners. The conversation explores how narratives, structural change, and evolving patterns shape asset prices, and how asset managers can incorporate complexity-informed insights into their research and decision-making.

Listen and follow the podcast, and explore our report Reframing Financial Markets as Complex Systems for additional insights:

https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

Victor Haghani: From The Missing Billionaires to Smarter Risk and Better Decisions

CFA Institute — Sat, 15 Nov 2025 07:00:00 -0100

Victor Haghani — co-founder of Long-Term Capital Management and founder of Elm Wealth — joins host Mike Wallberg, CFA, to discuss the ideas behind his book The Missing Billionaires: A Guide to Better Financial Decisions. Using the "missing billionaires" puzzle as a starting point, Haghani explores why so many investors struggle with risk sizing, how our instincts often sabotage long-term results, and why dynamic asset allocation makes more sense than sticking to static rules. Listen now to learn how understanding "how much" to invest can be the key to lasting financial success.

Richard Bookstaber: Understanding Markets Through Complexity and Human Behavior

CFA Institute — Sat, 01 Nov 2025 06:00:00 -0100

Risk expert and author Richard Bookstaber joins guest host Genevieve Hayman, senior researcher at CFA Institute, to explore why traditional financial models often fail to capture the real dynamics of markets. Drawing from decades of experience — from hedge funds to the US Treasury — Bookstaber unpacks how human behavior, feedback loops, and network effects shape systemic risk and market crises. The conversation delves into how complexity science, agent-based modeling, and new AI tools can help investors build resilience and rethink how risk is managed. Listen to the episode for insights on navigating today's interconnected financial landscape, and read Genevieve's recent report, Reframing Financial Markets as Complex Systems, available at https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

Christine Mahoney: What the Mercer CFA Institute Global Pension Index Says About the Health of Retirement Systems

CFA Institute — Wed, 15 Oct 2025 07:00:00 +0000

Mercer Senior Partner Christine Mahoney joins host Mike Wallberg, CFA, to unpack key findings from the Mercer CFA Institute Global Pension Index 2025. She explains how 52 retirement income systems are evaluated on adequacy, sustainability, and integrity—and what those measures reveal about the resilience of retirement systems worldwide. The discussion explores government influence on pension investments, the principle of "retirement first," and the role of policy incentives in balancing national priorities with member outcomes. Listen now to hear what's driving pension reform and innovation globally. Read the full report:

https://rpc.cfainstitute.org/research/reports/2025/mercer-cfa-institute-global-pension-index-2025

Winston Ma, CFA: Sovereign Wealth, AI Strategy, and the Future of Global Capital

CFA Institute — Wed, 01 Oct 2025 07:00:00 +0000

In this episode of Enterprising Investor, Winston Ma, CFA, investor, attorney, author, and partner at Dragon Capital, joins guest host and editor of the Enterprising Investor blog, Cathy Scott, to explore how sovereign wealth is reshaping markets in the age of AI and geopolitical rivalry. Drawing on his experience as former head of the North America office for China Investment Corporation, Winston unpacks the unconventional rise of a US sovereign wealth fund, its investments in Intel and critical AI supply chains, and the far-reaching implications for global investors. From governance challenges to co-investment opportunities, he explains why asset managers, advisors, and retail investors alike must view every company through the interconnected lenses of law, finance, technology, and geopolitics.

Tune in to hear Winston's insights, and don't miss his blog post, Intel, TikTok, and a US Sovereign Wealth Fund: What It Means for Investors, on Enterprising Investor.

Rob Arnott: Rethinking Risk, Fear, and the Future of Asset Pricing

CFA Institute — Mon, 15 Sep 2025 16:00:00 +0000

Rob Arnott, founder and chairman of Research Affiliates, joins The Enterprising Investor to challenge long-held assumptions about the equity risk premium and asset allocation. Drawing on Fear, Not Risk, Explains Asset Pricing, the provocative paper he co-authored with Edward McQuarrie, Arnott explores why markets may reward investors less for traditional risk-taking than previously believed, and how fear—both of loss and of missing out—better explains investor behavior. From historical return data to the role of AI in gauging market sentiment, Arnott offers a bold framework that could reshape modern finance. Tune in to rethink the foundations of modern asset pricing.

Learn more about Rob Arnott: https://rpc.cfainstitute.org/voices-of-influence/rob-arnott

Mike mentioned "Stocks for the Long Run" article by Ed McQuarrie and others, you can find that here: https://www.tandfonline.com/doi/full/10.1080/0015198X.2023.2268556

This show is made possible through partnerships with sponsors like Tenzing MEMO.

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Baxter Hines, CFA: Tokenization, Security Tokens, and the Future of Blockchain

CFA Institute — Mon, 01 Sep 2025 07:00:00 +0000

Guest host Chris Wiese, CFA, Managing Director of Education at CFA Institute, speaks with Baxter Hines, CFA, Chief Investment Officer at Honeycomb Digital Investments and author of Digital Finance: Security Tokens and Unlocking the Real Potential of Blockchain. Hines shares how blockchain is reshaping finance—from stablecoins and tokenized bonds to compliance automation and cross-border payments. He explains why tokenization can lower costs, increase efficiency, and improve transparency across markets, and how regulatory clarity in Washington is accelerating adoption. The discussion also explores:

Real-world use cases for tokenized securities
The role of blockchain in reducing settlement times and costs
How tokenization parallels ADRs in global investing
The regulatory landscape for stablecoins and digital assets
The investment case for Bitcoin and select cryptocurrencies

For the CFA Institute perspective on tokenization, visit rpc.cfainstitute.org and search "tokenization."

This show is made possible through partnerships with sponsors like Tenzing MEMO.

Brian Pisaneschi, CFA: Demystifying AI for Smarter Investing

CFA Institute — Mon, 18 Aug 2025 16:00:00 +0000

CFA Institute Research and Policy Center senior investment data scientist Brian Pisaneschi, CFA, breaks down the future of AI in investing—covering retrieval-augmented generation (RAG), agentic workflows, and why human creativity remains your strongest edge. Discover how to pair large language models with accurate data to cut through noise, reduce hallucinations, and make smarter decisions. Listen now to sharpen your AI investing skills—and explore Brian's in-depth articles on the CFA Institute Research and Policy Center website, rpc.cfainstitute.org.

Mark Anson, CFA: Rethinking Portfolio Construction in a Globalized, Uncertain World

CFA Institute — Fri, 01 Aug 2025 07:00:00 +0000

At CFA Institute LIVE 2025, guest host Chris Wiese, CFA, managing director of \education at CFA Institute, sat down with Mark Anson, CFA, CEO of Commonfund, for a wide-ranging conversation on how institutional investors can adapt to today's shifting global landscape. Drawing on leadership experience at CalPERS, British Telecom Pension Scheme, and Nuveen, Anson reflects on regulatory complexity, the evolution of global equity markets, and why a 30/30/40 allocation model remains relevant. The episode explores emerging market opportunities, accessing the illiquidity premium in private capital, and how rising uncertainty—from geopolitical shifts to potential changes in endowment taxation—is shaping portfolio strategy. Anson also shares thoughtful advice for early-career professionals on developing global perspective and getting the most out of the CFA® charter. Tune in for a timely conversation on building resilient portfolios in an increasingly interconnected—and unpredictable—world.

Christopher Shipley: Navigating US Equities, Tariffs, and Global Markets in 2025

CFA Institute — Tue, 15 Jul 2025 13:00:00 +0000

What's driving the curious performance of US equities in 2025—and what risks are flying under the radar? Christopher Shipley, Senior Vice President and Co-Chief Investment Officer at Fort Washington Investment Advisors, joins host Mike Wallberg, CFA, to unpack the geopolitical and economic currents shaping investor sentiment. From the muted market reaction to Middle East tensions and the structural tilt of US markets toward growth, to the evolving implications of tariffs and AI's layered impact across industries, Shipley offers a clear-eyed view on where investors might find both challenges and opportunities. Listen in for his take on why value stocks are resurfacing, how housing affordability pressures could shape the macro landscape, and why small caps might be ripe for a comeback. Don't miss this deep-dive conversation on market resilience, risk signals, and forward-looking strategies for navigating volatility.

Nerina Visser, CFA: Elevating Investment Impact Across Africa and the Middle East

CFA Institute — Tue, 01 Jul 2025 14:02:00 +0000

Guest host Chris Wiese, CFA, Managing Director of Education at CFA Institute, sits down with Nerina Visser, CFA, President's Council Representative for the Middle East and Africa, during the CFA Institute LIVE 2025 conference. Their conversation spans the dynamic investment environment across the region and the evolving role of CFA Institute in supporting professionals navigating local and global challenges. Nerina discusses the structural realities shaping participation in the profession—including currency volatility, affordability, and access—and highlights new ways of thinking about program value relative to income levels. She also shares her advocacy for gender diversity through Women in ETFs South Africa and reflects on initiatives designed to ensure lasting, inclusive progress in the industry. Additional insights include strategies to overcome persistent misconceptions around ETFs, the role of transparency and education in investor decision-making, and a forward-looking vision for integrating African capital markets into the global investment ecosystem through regulatory alignment and regional cooperation. Tune in for perspective on unlocking talent, expanding access, and promoting resilience across frontier and emerging markets.

Barbara Stewart, CFA: The Smartest Things People Ever Did—Global Stories of Risk, Change, and Reward

CFA Institute — Sun, 15 Jun 2025 07:00:00 +0000

Barbara Stewart, CFA, returns to The Enterprising Investor to share findings from her latest Rich Thinking study, based on candid conversations with 54 people across the globe. This year's central question—"What's the smartest thing you ever did?"—unlocks an inspiring range of stories about personal and professional transformation. From a Singaporean ballet dancer who defied expectations, to an Argentine executive who discovered the Japanese concept of ikigai, to an Australian entrepreneur who rebuilt his life after addiction, Barbara explores how risk-taking, mindset shifts, career pivots, and geographic leaps often lead to unimagined success. With trademark warmth and insight, she illustrates how the boldest moves can become the smartest decisions. Listen to the full episode for powerful, real-life stories—and explore the Rich Thinking summary on the Enterprising Investor blog for even more global insights.

Mark Higgins, CFA: Private Credit, Caution, and the Lessons of Financial History

CFA Institute — Sun, 01 Jun 2025 07:00:00 +0000

At CFA Institute LIVE 2025, returning guest Mark Higgins, CFA, sat down with guest host Lotta Moberg to explore the rise—and risks—of private credit. With a historical perspective and a sharp eye for market cycles, Mark challenges the prevailing optimism, drawing parallels to past investment booms and offering a compelling case for greater caution. He also examines the expanding role of consultants and questions common assumptions in portfolio construction. A must-listen for anyone navigating the complex terrain of private markets.

Andrew Ang: Value Investing and Portfolio Strategies

CFA Institute — Thu, 15 May 2025 07:00:00 +0000

Andrew Ang—former BlackRock executive, Columbia professor, and advisor to Sarawak's sovereign wealth fund— explores the intersection of personal journey and professional insight in modern investing. From the severe value investing drawdown between 2018 and 2020 to the strategic comeback post-COVID vaccine announcements, Andrew unpacks lessons from one of the most turbulent financial periods in history. He also discusses how investors can build resilience into their portfolios, the nuanced role of crypto assets, and the growing importance of tax-efficient strategies in long-term wealth building. Listen in for a thoughtful discussion that blends research, practical guidance, and a global perspective on today's investment landscape.

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Eric Hanno, CFA: Unlocking Opportunities in a Volatile Market

CFA Institute — Thu, 01 May 2025 08:00:00 +0000

Eric Hanno, CFA, is co-head of Apollo Global Management's Apollo Aligned Alternatives (AAA) strategy. He and host Mike Wallberg, CFA, discuss the current market dynamics for semi-liquid investments amid high levels of uncertainty and volatility in public markets. Eric shares insights on consumer and business confidence trends, the impact of tariffs, and the overall energy in Apollo's offices. With a focus on how investors can effectively allocate semi-liquid assets into their portfolios, this episode provides valuable perspectives for navigating today's investment landscape. Tune in for expert insights from a leader in private equity.

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Dan Boston: Volatility, Valuation, and the International Opportunity Set

CFA Institute — Tue, 15 Apr 2025 07:00:00 +0000

Dan Boston, Lead Manager of Polar Capital's International Small Company Fund (PCSCX), shares his perspective on why international equities may be poised for a resurgence. The conversation unfolds amid sharp market volatility following President Trump's announcement of sweeping new tariffs. With global markets down significantly, Dan and Mike explore the broader implications for asset classes including U.S. treasuries, oil, and international stocks. Tune in for a timely discussion on where global opportunities may lie in today's unsettled investment landscape.

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Danielle DiMartino Booth: Recession Signals, Inflation Trends, and Market Implications

CFA Institute — Tue, 01 Apr 2025 07:00:00 +0000

Renowned economist and former Federal Reserve advisor Danielle DiMartino Booth joins host Mike Wallberg, CFA, for a hard-hitting conversation about the real state of the U.S. economy. From the under-the-radar signs of a recession to the shifting credit landscape, Danielle unpacks why traditional metrics may be missing the mark—and what investors should really be watching. The conversation digs into retail bankruptcies, private credit vulnerabilities, and how the gig economy is quietly reshaping the labor market. Plus, Danielle shares timely insights on inflation, student debt, reshoring, and what the data says about where we're headed next. Whether you're a seasoned investor or just trying to make sense of today's headlines, this is a can't-miss episode packed with sharp analysis and grounded economic perspective.

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Peter Zeihan: America's Evolving Geopolitical Landscape

CFA Institute — Sat, 15 Mar 2025 06:00:00 -0100

Geopolitical strategist and bestselling author Peter Zeihan returns for a deep dive into the shifting global order. He and host Mike Wallberg, CFA, explore the evolving role of the US in international trade, the economic impact of demographic shifts, and how America's political landscape is reshaping its strategy on the world stage. Peter unpacks the forces driving today's geopolitical and economic upheaval, offering insights on what the future holds for investors, businesses, and nations alike. Be sure to catch both Peter and Mike at CFA Institute LIVE 2025 in Chicago this May!

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Peter Lazaroff, CFA: The Mindset and Strategies of a Long-Term Investor

CFA Institute — Mon, 03 Mar 2025 16:20:00 -0100

Join us for a special crossover episode of Enterprising Investor, where host Mike Wallberg, CFA, sits down with The Long Term Investor podcast's Peter Lazaroff, CFA, for a lively and thought-provoking conversation. Together, they dive into the key influences that have shaped their investing philosophies and personal worldviews, sharing insights gleaned from their experiences with a wide range of guests. This episode is packed with actionable takeaways as they explore the powerful intersection of investment strategies and personal growth. Tune in now for this unique podcast crossover, blending expertise, experience, and fresh perspectives in one compelling discussion. And if you enjoy this episode, you won't want to miss Mike and Peter at CFA Institute LIVE 2025 in Chicago this May!

This episode is sponsored by Fintool. Check them out at https://fintool.com/

Cheryll-Ann Wilson, CFA: A Workflow Analysis of Big Data in the Investment Management Process

CFA Institute — Tue, 04 Feb 2025 08:00:00 -0100

Senior Affiliate Researcher at CFA Institute, Cheryll-Ann Wilson, CFA, discusses the recently published CFA Institute Research & Policy Center report, "Creating Value from Big Data in the Investment Management Process: A Workflow Analysis." Cheryll-Ann shares insights from her research, which involved a comprehensive survey and interviews with investment professionals worldwide. The conversation explores the use of AI and big data technologies in the finance sector, highlighting the challenges and opportunities that practitioners, regulators, and executives face in adopting these innovations. Tune in to gain a deeper understanding of how technology is reshaping the investment management profession and what it means for your own technological journey. Visit https://cfainst.is/4gvKRke to read the report.

Olivier Fines, CFA, and Mark Higgins, CFA: The Role of the U.S. Dollar as a Global Reserve Currency

CFA Institute — Tue, 17 Dec 2024 07:00:00 -0100

In this episode, Mike welcomes Olivier Fines, CFA, Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute, and Mark Higgins, CFA, author of "Investing in U.S. Financial History." The discussion centers around the findings of a recent CFA Institute Research and Policy Center report titled "The Dollar's Exorbitant Privilege," which Olivier co-authored. Olivier shared insights from the survey report, and Mark provided a historical perspective on reserve currencies and events that have triggered shifts away from dominant currencies in the past. This engaging conversation provides valuable insights into the complexities of US debt, the role of the dollar, and the historical context that shapes our current financial system.

Amanda Voegeli, CFA: Insights from Canadian Pension Plans

CFA Institute — Sun, 01 Dec 2024 04:00:00 -0100

Mike Wallberg, CFA, welcomes Amanda Voegeli, CFA, President and Managing Partner of Southlea Group, to discuss the unique landscape of Canadian public sector pension plans. The conversation dives into the competitive challenges these plans face in attracting and retaining talent compared to private finance giants such as Blackstone and Goldman Sachs. Amanda also highlights findings from a recent study by Southlea Group that sheds light on compensation strategies and talent retention within these massive public entities. Tune in for valuable perspectives on the intersection of pension management and human capital in Canada.

Rich Nuzum, CFA: Lessons from Top-Ranked Political Systems

CFA Institute — Fri, 15 Nov 2024 07:00:00 -0100

In this episode of the Enterprising Investor podcast, guest host Ryan Munson discusses the 2024 edition of the Mercer CFA Institute Global Pension Index with Mercer's Executive Director of Investments and Global Chief Investment Strategist, Rich Nuzum, CFA. Rich, who has extensive experience in providing investment advice and leading long-term savings reform projects, shares insights into the key features of robust pension systems and the challenges faced by underperforming ones.

Clare Flynn Levy: Measuring Decision-Making Skill in Investing

CFA Institute — Fri, 01 Nov 2024 06:00:00 -0100

Founder and CEO of Essentia Analytics, Clare Flynn Levy, joins Mike Wallberg, CFA, to discuss the concept of the behavioral alpha score, a metric designed to assess an investor's decision-making skill. Drawing from her experience as an active equity fund manager, Clare explains the origins of the behavioral alpha score and its significance in the pursuit of sustainable investment alpha in an increasingly competitive landscape. She emphasizes that traditional methods of generating alpha, such as superior information, are no longer effective, highlighting the importance of understanding and improving one's own decision-making processes. Tune in to explore how behavioral analytics can enhance investment strategies and decision making.

Stephen Foerster, CFA: Trailblazers, Heroes, and Crooks

CFA Institute — Tue, 15 Oct 2024 07:00:00 +0000

Stephen Foerster, CFA, discusses his new book, "Trailblazers Heroes and Crooks: Stories to Make You a Smarter Investor." In the book, Professor Foerster shares intriguing stories that illustrate valuable lessons for investors, drawing from diverse topics such as professional sports, fraud cases, and even wildlife encounters. The conversation kicks off with a fascinating tale involving Warren Buffett's early investment in the 1960s, featuring the notorious figure Tino DeAngelis and an anonymous tipster known as The Voice. Dr. Foerster emphasizes the importance of learning from history beyond just financial metrics, encouraging investors to consider the broader context of their decisions. Tune in for a rich discussion about the lessons that can be gleaned from both triumphs and missteps in the investment world.

Stephanie Baker: Punishing Putin

CFA Institute — Tue, 01 Oct 2024 07:00:00 +0000

Mike Wallberg welcomes senior Bloomberg writer Stephanie Baker to discuss her new book, "Punishing Putin: Inside the Global Economic War to Bring Down Russia." The book offers an in-depth analysis of the West's response to Russia's full-scale invasion in February 2022. Stephanie shares insights from her extensive reporting and how her experiences in Moscow during the 1990s shape her perspective on the drastic economic shifts resulting from the invasion. The conversation delves into the profound implications of this geopolitical crisis and the end of Russia's 30 years of economic integration with the West. Tune in to gain a deeper understanding of the efforts to confront Russia in the wake of the invasion.

Drew Estes, CFA: Investing through an Evolutionary Lens

CFA Institute — Mon, 16 Sep 2024 01:00:00 +0000

Drew Estes, CFA, a portfolio manager at Banyan Capital Management, and host Mike Wallberg, CFA, discuss Drew's thought-provoking article, "Commercial Evolution," which explores the intersection of evolutionary biology and investment strategies. He shares his disillusionment with traditional economic theories, particularly equilibrium theory, and advocates for a broader understanding of economics by incorporating biological concepts. Drew explains how both economists and biologists study the same phenomenon—evolution—and highlights the importance of replication, heritable traits, and variability in commerce. Listen now to discover how evolutionary theory can lead to smarter investment decisions.

Jordan Doyle and Genevieve Hayman: The Rise of Index-Based Strategies

CFA Institute — Sun, 01 Sep 2024 07:00:00 +0000

Join as Jordan Doyle and Genevieve Hayman discuss their recent report, "Smart Beta, Direct Indexing, and Index-Based Investment Strategies." The conversation explores the historical context and substantial growth of index investing, highlighting the expansion of index ETFs, mutual funds, and smart beta ETFs. Genevieve and Jordan provide insights into how these strategies should be understood and integrated within client portfolios. Tune in to gain a deeper understanding of the dynamic world of index-based investment strategies.

Cam Harvey: Forecasting Recessions

CFA Institute — Thu, 15 Aug 2024 07:00:00 +0000

Campbell Harvey, a professor of finance at Duke University, director of research at Research Affiliates, and author of "DeFi and the Future of Finance," is best known for identifying the link between an inverted yield curve and impending recessions—a theory that has guided financial practitioners for nearly four decades. This episode delves into his famous recession indicator and its historical performance, as well as perspective on the current volatile market and the Federal Reserve's potential actions. Tune in for an enlightening conversation filled with expert analysis and valuable investment insights.

Ken Laudan: Investing in the Age of AI

CFA Institute — Thu, 01 Aug 2024 07:00:00 +0000

Join Mike Wallberg, CFA, and Ken Laudan, portfolio manager of Buffalo Fund's Blue Chip Growth Fund, for a thought-provoking discussion on the future of AI in investing. Ken shares his contrary view on AI's transformational potential, drawing on his extensive experience as a sell-side analyst and buy-side portfolio manager. The conversation also touches on the current market landscape and the emergence of a shifting narrative toward other stocks. Tune in to gain a fresh perspective on the evolving role of AI in investments and the complexities of today's market dynamics.

Feifei Li: AI in Investment Research

CFA Institute — Mon, 15 Jul 2024 17:15:00 +0000

Fei-Fei Li, former Chief Investment Officer at Research Affiliates and current CIO at Kavout Algo Financial, shares insights from her extensive background in finance. She discusses her tenure at Research Affiliates, where she led research and strategy design for the firm's systematic active strategies and smart beta indices. The conversation then pivots to her current role at Kavout Algo Financial, where she is spearheading the development of an AI tool aimed at revolutionizing the investment research process. Feifei provides a fascinating look at the intersection of AI and fintech, and what it means for the future of investment research. Feifei also shared insights from her recent Financial Analyst Journal article with Robert Arnott and Juhani Linnainmaa, "Smart Rebalancing," which explores strategies to reduce trading costs while maintaining portfolio efficacy.

David Blanchett, CFA: The Role of Commodities in Portfolio Allocation

CFA Institute — Mon, 01 Jul 2024 23:00:00 +0000

Tune in as David Blanchett, CFA, shares insights on his latest research on investment horizons, serial correlation, and better retirement portfolios. David discusses the impact of time and inflation on optimal portfolio construction and makes a case for including commodities in portfolios. Listen now to learn more about his findings and insights into retirement planning strategies. Read the full paper here: https://cfainst.is/4eW9BTp.

Alfonso Ricciardelli: Alternative Credit

CFA Institute — Sat, 15 Jun 2024 04:15:00 +0000

In this episode of the Enterprising Investor podcast, host Mike Wallberg, CFA, interviews Alfonso Ricciardelli, CFA, about alternative credit. Alfonso co-edited "An Introduction to Alternative Credit" for the CFA Institute Research Foundation. Mike and Alfonso discuss the motivation behind the paper and the importance of expanding access to retail investors for alternative credit products. Tune in to learn more about this niche area of finance!

Chris Geczy: Unpacking the Role of AI in Finance

CFA Institute — Sat, 01 Jun 2024 04:00:00 +0000

On this episode of Enterprising Investor, Mike Wallberg, CFA, interviews Chris Geczy from UPenn's Wharton School about the application of AI in the investment industry. Professor Geczy discusses the evolution of AI in finance and its historical context dating back to the 1960s. Join the conversation to explore the intersection of AI and investment strategies.

Robert Hagstrom, CFA: Unpacking Warren Buffett's Approach

CFA Institute — Wed, 15 May 2024 04:05:00 +0000

In this episode of Enterprising Investor, host Mike Wallberg, CFA, interviews Robert Hagstrom, CFA, author of "The Warren Buffett Way," discussing insights from the recent Berkshire shareholders meeting and the evolution of Warren Buffett's investment strategies over the past 30 years. They delve into the atmosphere of the Berkshire meeting, often dubbed the "Woodstock of capitalism," which kicks off days before the main event with various conferences and events. Tune in to gain valuable perspectives on the Oracle of Omaha and his enduring investment principles.

Andy Lee: The Potential of Tax Receivable Agreements

CFA Institute — Wed, 01 May 2024 13:00:00 +0000

In this episode of Enterprising Investor, host Mike Wallberg, CFA, engages with Andy Lee, founder of Parallaxes Capital, to uncover the hidden gems within tax receivable agreements. Andy shares his insights on how these agreements, akin to pharmaceutical and musical royalties of past decades, offer investors long-term cash flow opportunities often overlooked by many. Join the conversation as Andy sheds light on his unique approach to finding value in the financial market.

Meir Statman: Balancing Wealth and Wellbeing

CFA Institute — Mon, 15 Apr 2024 15:04:00 +0000

This episode of Enterprising Investor features Dr. Meir Statman discussing the role of money in happiness and how mindset can impact investing success. Dr. Statman, a professor at Santa Clara University, recently published a book titled "A Wealth of Wellbeing, A Holistic Approach to Behavioral Finance." The book explores making better decisions about financial and life well-being. Dr. Statman shares personal insights that highlight the importance of understanding risks beyond the stock market. Tune in to gain valuable perspectives on the intersection of money, happiness, and investing success.

Mark Higgins, CFA: Lessons from US Financial History

CFA Institute — Wed, 20 Mar 2024 00:00:00 -0100

On this episode of the Enterprising Investor podcast, host Mike Wallberg, CFA, interviews Mark Higgins, CFA, author of "Investing in US Financial History." Mark delves into the comprehensive process of breaking down US financial history from 1790 to the present day, highlighting key inflection points and the evolution of the financial system. Join Mike and Mark as they uncover the compelling insights from centuries of financial markets in this engaging discussion.

Barbara Stewart, CFA: Insights from the 14th Annual Rich Thinking Study

CFA Institute — Wed, 06 Mar 2024 04:00:00 -0100

In this episode of the Enterprising Investor Podcast, host Mike Wallberg, CFA, introduces Barbara Stewart, CFA, an experienced FX trader, high-net-worth manager, researcher, author, and keynote speaker. Barbara discusses her annual Rich Thinking study, which focuses on women and finance. This year's study asked 50 successful people about their investment portfolios. Barbara shares her insights and goals for the study, aiming to advance the world of women and finance. Her full report will be released on Friday, March 8, 2024.

Important Announcement: Guiding Assets is becoming the Enterprising Investor Podcast

CFA Institute — Mon, 26 Feb 2024 14:25:00 -0100

In March, Guiding Assets is joining forces with the Enterprising Investor Blog. The podcast will be renamed and become the Enterprising Investor podcast. Same great content as before. Better alignment with our mission of putting investor content first.

Daniel Peris, CFA: The Ownership Dividend

CFA Institute — Wed, 21 Feb 2024 01:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, interviews Dr. Daniel Peris, CFA, a senior portfolio manager with Federated Hermes. Dr. Peris discusses his new book, "The Ownership Dividend," and the paradigm shift he sees in how U.S. investors think about dividend stocks. He explains that for generations, investors have considered it normal to focus on capital gains and overlook the importance of dividends. Drawing on his background as a historian, Dr. Peris provides a unique perspective on the significance of dividends in investment strategies.

Edward McQuarrie: Rethinking Portfolio Theory

CFA Institute — Wed, 07 Feb 2024 07:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg is joined by Dr. Edward McQuarrie, Professor Emeritus of the Levy School of Business at Santa Clara University. Dr. McQuarrie challenges some long-held assumptions in financial markets, including the belief that stocks always outperform bonds over the long term and that a negative correlation between bonds and stocks leads to effective diversification. He discusses his research, which takes a historical perspective by analyzing U.S. stock and bond records dating back to 1792. Dr. McQuarrie explains how his research builds upon previous work by Jeremy Siegel, highlighting the advantages of accessing older historical data. This thought-provoking episode challenges conventional wisdom and provides listeners with a fresh perspective on portfolio theory.

Read the article in the Financial Analysts Journal: https://cfainst.is/49uRrEq

Ivan Mitov: The Intersection of AI and Risk Modeling

CFA Institute — Wed, 24 Jan 2024 07:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, sits down with Ivan Mitov, the VP and Director of Risk Research for FactSet. Ivan leads a team of quantitative researchers who focus on building and applying multi–asset class risk models. The discussion centers around the application of AI and large language models in the investment industry. Ivan explains the research process and the outputs his team works towards for clients. Tune in to gain insights into the role of AI in risk modeling and its impact on the industry.

Olivier Fines, CFA: Valuation of Cryptoassets

CFA Institute — Wed, 10 Jan 2024 07:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Olivier Fines, CFA, Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute. They discuss the findings of a recent CFA Institute report on the valuation of cryptoassets. The conversation explores the history of CFA Institute's engagement with cryptocurrency and how traditional valuation techniques can be applied to determine the defensible value of cryptocurrencies. Olivier shares insights from his experience in investment management and highlights the key takeaways from the report. Tune in to gain a deeper understanding of the valuation of cryptoassets and its significance for investment professionals. Read the full report here: https://cfainst.is/48nqTot

Joseph Simonian: AI, Alternative Data, and Emerging Markets in Investment Strategies

CFA Institute — Wed, 13 Dec 2023 01:30:00 -0100

In this episode of Guiding Assets, host Mike Wallberg interviews Dr. Joe Simonian, a leading quant expert in the field of investment research. Dr. Simonian is the co-author of a new book called "Quantitative Global Bond Portfolio Management," which explores the application of quantitative methods in fixed income investing. They discuss the various topics covered in the book, including both traditional and cutting-edge techniques in global bond management. Listeners will gain insights into the intersection of quantitative investing and fixed income, as well as emerging markets, AI, alternative data, and more. Tune in to hear Dr. Simonian's expertise and learn about the exciting developments in this field.

Kunal Kapoor, CFA: Exploring the Impact of AI on Investing and Financial Markets

CFA Institute — Wed, 29 Nov 2023 07:02:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Kunal Kapoor, CFA, CEO of Morningstar, to discuss the rise of AI and its role in financial markets. Kunal shares insights into Morningstar's mission to empower investor success. Tune in to learn more about the accelerating pace of change in the industry and how Morningstar is adapting to it.

Dan McGoey, CFA: Investing in Real Assets for the Future

CFA Institute — Wed, 15 Nov 2023 07:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Dan McGoey, CFA, a portfolio manager and analyst on the multi-asset investment team at Lazard Asset Management. They discuss real assets, which are companies or businesses with high-cost investments and long useful lives, such as those in the real estate and infrastructure sectors. They also explore different ways to invest in real assets, including through direct investment or listed securities. Tune in to learn more about real assets and Dan's experience investing in Latin America.

Dr. Anja Hochberg: Balancing Risk and Opportunity in Multi-Asset Portfolios

CFA Institute — Wed, 01 Nov 2023 06:00:00 -0100

In this episode of Guiding Assets, host Mike Wallberg, CFA, interviews Dr. Anja Hochberg, responsible for multi-asset solutions at Zürcher Kantonalbank. They discuss the challenges of setting asset mix in a volatile market, with topics including real estate, equity markets, and the uncertain global economic outlook. Dr. Hochberg explains the importance of multi-asset portfolios for both institutional and private clients and how they actively manage opportunities and risks. They also explore the migration away from traditional 60-40 portfolios for institutional investors and the drivers behind those changes. Tune in for expert insights on navigating today's investment landscape.

Mark Heppenstall, CFA: Exploring the Nuances of Investing for Insurance Clients

CFA Institute — Wed, 18 Oct 2023 07:00:00 +0000

In this episode of Guiding Assets, host Mike Wallberg, CFA, is joined by Mark Heppenstall, CFA, president and chief investment officer of Penn Mutual Asset Management. They discuss the nuances of managing money for an insurance company, highlighting the importance of managing assets to be in line with liabilities. Mark also shares insights on the current state of credit and bond markets, revealing where he sees value. Tune in to gain a deeper understanding of the unique challenges and opportunities in insurance-focused investing.

Rhodri Preece, CFA, and Ryan Munson: Future State of the Investment Industry

CFA Institute — Wed, 04 Oct 2023 07:00:00 +0000

In this episode of Guiding Assets, host Mike Wallberg, CFA, speaks with Rhodri Preece, CFA, and Ryan Munson from the CFA Institute Research & Policy Center about their report, Future State of the Investment Industry. The report explores four potential scenarios for the industry and how it may be shaped in the next five to ten years. They discuss the goals of the report and the research process involved. This episode provides valuable insights into the major trends and disruptors affecting the investment industry. Read the full report: https://cfainst.is/3PVMjm1

Javier Gonzalez Lastra, CFA: Luxury Goods Investing

CFA Institute — Wed, 20 Sep 2023 07:00:00 +0000

Host Mike Wallberg, CFA, interviews Javier Gonzalez Lastra, CFA, a portfolio manager at Tema ETFs, about the investment potential of the luxury goods sector. Javier explains that while the luxury goods market is fragmented, companies like LVMH have managed to build large conglomerates. He discusses the reasons why his team at Tema decided to launch a luxury ETF, pointing to demographic trends like the growing purchasing power of females in the workforce and the rise of the middle class in Asia. Javier also touches on the pricing power of luxury goods, which is driven by their desirability and negative price elasticity.

Simon Skinner, CFA: Using Data to Drive Business Insights and Success

CFA Institute — Wed, 06 Sep 2023 14:33:00 +0000

In this episode of Guiding Assets, Mike Wallberg, CFA, interviews the head of the global investment team at Orbis Investments, Simon Skinner, CFA. They discuss Orbis' unique approach to asset management, including refunding of performance fees in the case of underperformance. They also delve into Orbis' investment insights team and their use of data to make better investment decisions. Tune in to learn more about Orbis' progressive strategies in the investment industry.

Mac Lackey: Insights from a Serial Entrepreneur

CFA Institute — Wed, 09 Aug 2023 07:00:00 +0000

In this episode of Guiding Assets, host Mike Wallberg is joined by serial entrepreneur and angel investor, Mac Lackey. With a background in starting, scaling, and selling multiple companies, Mac shares his secrets to success as an entrepreneur and investor. From his passion for soccer to his various ventures in the sports industry, Mac discusses his journey and the lessons he has learned along the way. Tune in to gain insights on achieving success in the business world.

Peter Atwater: Charting a Path from Chaos to Clarity

CFA Institute — Wed, 26 Jul 2023 07:00:00 +0000

Ever wondered how your confidence level influences your decision making and how understanding this concept could be a game changer in the world of finance? Tune into our engaging conversation with Peter Atwater, author of the new book The Confidence Map: Charting a Path from Chaos to Clarity. You probably know Peter as the thought-leader who coined the term 'K-shaped recovery.' In this interview we navigate the intriguing facets of confidence mapping, from the two critical axes of certainty and control to the four quadrants — the Comfort Zone, the Stress Center, the Passenger Seat, and the Launch Pad — each providing unique insights into our behaviors and responses. As our dialogue deepens, we explore how personal vulnerabilities can act as catalysts in decision making, shifting our focus to immediate concerns and diminishing strategic thinking. Peter introduces us to the concept of the 'five Fs,' a framework delineating our reactions to stress and providing strategies to evade the negative reinforcement loop of catastrophizing. This discussion serves as a critical reminder of our need to manage vulnerability and anxiety to make more informed decisions. Our discussion then takes a leap into the world of finance, revealing how these concepts can significantly impact investment strategies. We dissect the five reactions to intense vulnerability — fight, flight, freeze, follow, and nihilism — and their crucial role in risk assessment and decision-making within the investment landscape. To cap it off, Peter shares invaluable insights from his own career journey, underlining the importance of understanding the crowd and its sentiment. So, join us for this insightful episode where we delve into the human psyche, its impact on our decision making, and the role it plays in the world of finance.

Eelco Fiole, CFA: Crypto Failures and the Quest for Governance

CFA Institute — Wed, 12 Jul 2023 10:00:00 +0000

Discover the crucial role of governance and fiduciary thinking in the blockchain and crypto space as we navigate the recent cryptocurrency failures of FTX and Terra Luna with Eelco Fiole, co-founder and managing partner of Alpha Governance Partners, and guest host, Andres Vinelli, chief economist at CFA Institute. Uncover how the lack of oversight and risk management contributed to these disasters and gain valuable insights on the importance of establishing trust with investors through proper governance.

Join our riveting conversation as we explore the evolving landscape of the crypto industry, touching on the impact of energy consumption and ESG considerations on the success of new protocols. Learn about the different consensus mechanisms used in cryptocurrency transactions and their implications on energy use, as well as the potential of carbon taxes on the future of crypto. Don't miss this essential episode for anyone seeking to keep pace with the rapidly changing world of cryptocurrency governance and investment.

Kai Wu: Unlocking Alpha by Harnessing Alternative Data and Modern Technology in Investment Strategies

CFA Institute — Wed, 28 Jun 2023 13:30:00 +0000

Discover how to unlock the power of alternative data in your investment strategy with Kai Wu, founder and chief investment officer of Sparkline Capital, as he speaks with Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute. Listen in as we explore the use of modern technology, data, and machine learning to enhance traditional investment approaches. Kai shares how Sparkline Capital applies these innovative techniques to measure intrinsic value, especially in the realm of intangible assets. Learn how alternative data sets and tools like natural language processing and AI can revolutionize your approach to value investing. In the second part of our discussion, we focus on the potential of AI in risk management and investing. We explore how natural language processing can be used to quantify intangible assets and measure risk. Kai shares insights from Sparkline's experiences in using alternative data to make more informed investment decisions. We also discuss the significance of creating transparent and traceable models and the growing role of data vendors in the investment landscape. Don't miss out on this engaging conversation packed with actionable insights for today's tech-savvy investor. --------- EPISODE CHAPTERS --------- (0:00:06) - Using Alternative Data in Value Investing (0:12:14) - AI in Investing and Risk Management (0:17:20) - The Importance of Unstructured Information

Sonny Kalsi: Navigating Bank Failures and Commercial Real Estate Holdings

CFA Institute — Wed, 14 Jun 2023 08:39:00 +0000

In this episode of Guiding Assets, Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute, interviews BentallGreenOak co-CEO Sonny Kalsi. They discuss the outlook for office real estate and regional banks, as well as the best places to invest in this environment. They also touch on topics such as diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) issues. BentallGreenOak is one of the largest real estate investment firms in North America and Sonny shares his insights on the industry. Overall, this episode provides valuable insights for investors looking to navigate the current economic landscape.

[00:02:29] Regional banks' real estate lending.

[00:03:18] Private market lenders.

[00:07:31] Systemic Risk in Banking.

[00:12:44] Real estate and carbon emissions.

[00:16:09] Systemic risk and transition.

Celebrating 500 Episodes: Reliving the Best Moments From 2007 to Today

CFA Institute — Wed, 24 May 2023 10:27:00 +0000

Join us for a celebratory trip down memory lane as we mark the 500th episode of Guiding Assets! This little show we started all the way back in 2007 has now survived a dozen hosts, two financial crises, and a pandemic. We will look back at the history of the show and welcome back some familiar voices to share their favorite clips from memorable episodes.

A huge thank you to all the listeners who have been with us for all these years. And to everyone who has contributed their talents to make this show happen. Happy 500 everyone!

--------- EPISODE CHAPTERS ---------

(0:00:13) - Celebrating 500 Episodes of Guiding Assets (6 Minutes)

We take a trip down memory lane to celebrate our 500th episode. We hear from some familiar voices as we trace back to the origin of the show in 2007. We get a glimpse of our early days of podcasting, discussing the challenges of creating episode content from one of our original hosts, Rob Gowen, CFA.

(0:06:43) - Mike Walberg, CFA (6 Minutes)

Mike shares some thoughts on the show and his favorite episodes.

(0:12:59) - Lauren Foster (5 Minutes)

Host Lauren Foster also stops by to catch up and share some thoughts.

(0:18:22) - Closing(1 Minutes)

We close out with Mitch thanking all the people who have contributed to the show over the years.

---Links to full episodes of highlight clips------

William N. Goetzmann: Finance and Human Progress - Two Sides of the Same Coin

https://bcove.video/3n5p8nP

John Bogle: Reflections on 40+ Years in the Finance Industry

https://bcove.video/3Wt7jlv

Peter Zeihan: The New World (Dis) Order

https://bcove.video/421iKlQ

Jan Van Eck: History and Investing - Gold, ETFs, and Alexander Hamilton

https://bcove.video/2DO8hVl

Marko Papic: Predictions and Insights for Investing in a Complex Geopolitical World

CFA Institute — Wed, 17 May 2023 10:00:00 +0000

In this fascinating episode, Andres Vinelli, chief economist at CFA Institute, sits down with Marko Papic, partner and chief strategist at Clocktower Group, to explore the geopolitical implications of a multi-polar world. Listen in as we discuss the role of the US and emerging markets, and provide tips for applying a geopolitical strategy toolkit to investing. We also forecast the resolution of the debt ceiling and analyze why a professional investor should care about geopolitics. Get ready to dive into the idea of a multi-polar world being a discordant one, and how this can impact investment profiles in different regions or sectors in the economy.

Join us as we continue the conversation by examining strategies emerging market economies can use to benefit from engaging with both the US and China. We'll also discuss how investors can use material constraints to assess political paths of least resistance. Don't miss our analysis on the irony of China having withdrawn their efforts to finance infrastructure projects around the world, and the efforts of the US to counter the Belt and Road Initiative. This episode is packed with insights on investing in emerging markets and commodities in a multi-polar world — you don't want to miss it!

--------- EPISODE CHAPTERS ---------

(0:00:13) - Geopolitics and Investing (10 Minutes)

Marko Papic, partner and chief strategist at Clock Tower Group, and I explore the geopolitical implications of a multi-polar world. We examine the role of the US and emerging markets, and provide tips for applying a geopolitical strategy toolkit to investing. We forecast the resolution of the debt ceiling and discuss why a professional investor should care about geopolitics. We analyze the idea of a multi-polar world being a discordant one, and how this can impact investment profiles in different regions or sectors in the economy.

(0:10:40) - Assessing Geopolitics for Asset Allocation (13 Minutes)

We explore strategies emerging market economies can use to benefit from engaging with both the US and China, and how investors can use material constraints to assess political paths of least resistance. We also discuss the irony of China having withdrawn their efforts to finance infrastructure projects around the world, and the efforts of the US to counter the Belt and Road Initiative.

(0:23:23) - Investing in Emerging Markets and Commodities (2 Minutes)

Marko Papic and I discussed the global investment landscape in a multi-polar world. We looked at how countries like Spain, America, Brazil, Netherlands, and Japan are increasing their CAPX spending, and how this could create a new CAPX-driven cycle, even without a single country to replace China. We examined the impact of this cycle on the US dollar and emerging markets, as well as the strategies investors can use to benefit from this shift in the global economy.

Susan HayesCulleton, CFA, on Making Financial Literacy Engaging and Accessible for Teens

CFA Institute — Wed, 03 May 2023 07:00:00 +0000

Susan HayesCulleton, CFA, a noted author, economist, and managing director of The HayesCulleton Group, shares her experience in building a successful financial literacy program called "Money Matters" that has been rolled out in every high school in Ireland. We discuss the importance of relationships, understanding the teacher and student perspectives, and having a clear outcome in mind when creating an engaging and interactive curriculum. We also delve into Susan's creative approach to teaching financial concepts, such as her character Paul who learns about alternatives to direct property investment. By using relatable, real-life examples and engaging narratives, Susan aims to make financial education more accessible and enjoyable for young people. Throughout our conversation, we discuss the challenges of teaching financial literacy to young people and address misconceptions surrounding the stock market as gambling. We emphasize the emotional aspect of money and the importance of understanding our learned behaviors and attitudes toward it. Additionally, we explore the process of deciding the chapters for the financial literacy book "Money Matters," focusing on various ways to make the content relatable and engaging for teenagers. The inclusion of CFA charterholders' profiles provides valuable insights into potential careers, and incorporating networking lessons helps students develop essential life skills. Finally, Susan shares her willingness to assist other countries and societies in adopting this model for financial literacy education. Join us for an engaging and informative discussion with Susan, and discover the importance of financial literacy in today's world. Chapters: (0:00:04) - Building Financial Literacy (0:09:15) - Real Estate Investment (0:12:13) - Navigating Financial Literacy Education (0:18:57) - Financial Literacy, Career Paths and Networking (0:28:01) - The Key to Success (0:31:26) - Financial Literacy With Susan HayesCulleton Chapter Summaries: (0:00:04) - Building Financial Literacy (9 Minutes) In this episode of Guiding Assets, we hear a success story from SusanHayes Culleton, CFA, a noted author, economist, and managing director of The HayesCulleton Group. She shares her experience in building a financial literacy program called "Money Matters" that has been rolled out in every high school in Ireland, focusing on personal finance, entrepreneurship, and investing. Susan emphasizes the importance of relationships, understanding the teacher and student perspectives, and having a clear outcome in mind when creating an engaging and interactive curriculum. (0:09:15) - Real Estate Investment (3 Minutes) In this part of the conversation, we delve into the creative process behind Susan's approach to teaching financial concepts, such as her character, Paul, who learns about alternatives to direct property investment. By using relatable, real-life examples and engaging narratives, Susan aims to make financial education more accessible and enjoyable for young people. We also discuss the challenge of overcoming biases and misconceptions around the financial markets, emphasizing the importance of demystifying these topics for a wider audience. (0:12:13) - Navigating Financial Literacy Education (7 Minutes) Throughout this conversation, we discuss the challenges of teaching financial literacy to young people and address misconceptions surrounding the stock market as gambling. We also emphasize the emotional aspect of money and the importance of understanding our learned behaviors and attitudes toward it. Additionally, we examine the role of teachers in educating students about personal finance, entrepreneurship, and the stock market, while considering their varying interests and confidence levels. Furthermore, we explore the importance of building relationships with stakeholders and being open to feedback in the development of financial literacy curriculum, ultimately prioritizing the needs of students and teachers. (0:18:57) - Financial Literacy, Career Paths and Networking (9 Minutes) We explore the process of deciding the chapters for the financial literacy book "Money Matters," focusing on various ways to make the content relatable and engaging for teenagers. The inclusion of CFA charterholders' profiles provides valuable insights into potential careers, and incorporating networking lessons helps students develop essential life skills. We also discuss the possibility of applying this model to other disciplines, such as STEM, and the ongoing collaboration on a new book called "Engineering World." Finally, Susan shares her willingness to assist other countries and societies in adopting this model for financial literacy education. (0:28:01) - The Key to Success (3 Minutes) In this segment, Susan shares her first job in the industry as part of a stock market training company and the advice she would give to her younger self — focusing on the importance of relationships, empathy, and knowing where you want to go in life.

Anubhuti Gupta, CFA, CIPM: Lessons for Investors in Inflationary Environments

CFA Institute — Wed, 19 Apr 2023 09:24:00 +0000

Dive deep into the world of asset allocation with Anubhuti Gupta, CFA, CIPM, a senior principal consultant for Mercer's Wealth business in Singapore. We discuss the impact of inflation on portfolios and how investors can structure them for resilience amidst inflationary pressures. We also explore the challenges of diversification in 2022 and the importance of private markets in portfolio allocation. Additionally, we touch on the benefits of investing governance, the role of Outsourced Chief Investment Officer (OCIO) providers, and the importance of keeping an open mind throughout our investment careers. Join us in this insightful conversation as we navigate the ever-changing landscape of investing and asset allocation.

Chapters:

(0:00:03) - Asset Allocation in Inflation (0:09:26) - Diversifying Portfolios in an Unpredictable Market (0:20:02) - Benefits of Investing Governance (0:23:43) - Keeping an Open Mind

Chapter Summaries:

(0:00:03) - Asset Allocation in Inflation (9 Minutes) We discuss the impact of inflation on portfolios and how investors can structure their portfolios for resilience in the face of inflationary pressures. Anubhuti highlights the importance of focusing on energy efficiency, security, infrastructure, technology, and materials to facilitate the transition. We also delve into the potential for value stocks to outperform in the current market environment, as growth equities may struggle to recover to previous market highs'

(0:09:26) - Diversifying Portfolios in an Unpredictable Market (11 Minutes) Diving into the challenges of diversification in 2022, we discuss the risks associated with relying on traditional strategies like the 60/40 portfolio. With equities and bonds producing negative results simultaneously for the first time in many investors' careers, it is essential to consider more dynamic approaches, such as incorporating specialist downside risk mitigation strategies or using real assets. We also touch on the importance of private markets in portfolio allocation, emphasizing their continued relevance for those with long horizons and a desire for innovation. However, it is crucial to reassess portfolio risk and exposure levels in the context of both public and private markets.

(0:20:02) - Benefits of Investing Governance (4 Minutes) As we examine the disconnect between private real estate and REITs, we consider the potential opportunities that may arise when valuations for private real estate funds align with reality. We stress the importance of maintaining a long-term view and avoiding short-term panic-driven decisions that may be detrimental to the portfolio. Discussing governance and the outsource CIO (OCIO) model, we highlight the benefits of working hand in hand with asset allocators to manage assets as opposed to in-house management. This approach allows for streamlined decision-making processes and the ability to take advantage of market dislocations and emerging opportunities.

(0:23:43) - Keeping an Open Mind (3 Minutes) In this conversation, we delve into the concept of Outsourced Chief Investment Officer (OCIO) providers and their role in easing the pain points for asset allocators and investment teams. By outsourcing certain aspects of the value chain to OCIO providers, entities can focus on high-value activities where they excel. Additionally, we share some personal insights from Anubhuti Gupta's career journey, emphasizing the importance of keeping an open mind for both young and seasoned professionals in the industry.

Gerry Fowler, CFA, of UBS Talks Strategies for Mastering Market Forecasts

CFA Institute — Wed, 05 Apr 2023 09:00:00 +0000

In this episode, we dive deep into strategies for building robust market forecasts with Gerry Fowler, CFA, Head of European Equity Strategy and Global Derivative Strategy at UBS. We discuss the importance of leading indicators in understanding potential future outcomes for market and business cycles, as well as the impact of rising interest rates on corporate profitability and the potential economic ramifications. We also explore how harnessing your strengths and leaning into them can lead to a successful career. Join us as we uncover the secrets to navigating the ever-changing financial landscape and making the most of the opportunities it presents.

Chapters:

(0:00:00) - Building Market Forecasts (0:14:13) - Navigating Interest Rates (0:21:16) - Harnessing Strengths to Succeed in Career

Chapter Summaries:

(0:00:00) - Building Market Forecasts (14 Minutes) In this episode, we explore strategies for building more robust market forecasts with Gerry Fowler, CFA, Head of European Equity Strategy and Global Derivative Strategy at UBS. We discuss the importance of leading indicators in understanding potential future outcomes for market and business cycles. By examining these indicators, investors can gain insight into the expansion, slowdown, contraction, and recovery phases of the business cycle. Fowler highlights the importance of macro regime distributions, which help identify how market performance, profits, and valuations cluster around the business cycle. He emphasizes the need for humility when interpreting leading indicators, as they are often mere guesses with inherent errors.

(0:14:13) - Navigating Interest Rates (7 Minutes) We discuss the impact of rising interest rates on corporate profitability and the potential economic ramifications. Despite healthy jobs growth and elevated inflation figures, there are signs that the tightening of credit standards and weakening demand for credit will affect profitability. The lag effect of rate hikes and the hidden credit tightening in private enterprise, along with the increase in bankruptcies, suggests that there may be a need to brace for a potential economic downturn. The conversation also touches on the Federal Reserve's potential pivot to a more dovish position, the likelihood of a recession starting in the third quarter of this year, and the expectation of aggressive rate cuts from the fourth quarter.

(0:21:16) - Harnessing Strengths to Succeed in Career (2 Minutes) Reflecting on my career in finance, I recall my first job at Salomon's with Barney in Australia and my journey into derivatives strategy and portfolio management. I discuss the importance of knowing one's strengths and leaning into them for success. Additionally, I emphasize the value of becoming a specialist while maintaining a broad network of colleagues, competitors, and providers for a well-rounded perspective as you progress in your career.

Joachim Klement, CFA: Former Credit Suisse Managing Director and UBS Head of Strategic Research Discusses the UBS–Credit Suisse Takeover and Current Market Turmoil

CFA Institute — Tue, 21 Mar 2023 13:11:00 -0100

In this thought-provoking episode, we dive deep into the challenges facing the European banking sector with expert guest Joachim Klement, CFA, an investment strategist at Liberum. We tackle the recent confidence breakdown in the industry, the potential risks of bank bailouts, and the impact on bond markets, while also reflecting on Joe's experience in the financial industry and his valuable advice to "do your own thinking. " Don't miss this insightful and timely discussion as we navigate the complex world of European banking and uncover the critical differences between now and the 2008 financial crisis. Chapters: (0:00:04) - European Banking Confidence (0:13:19) - The Risk of Bank Bailouts (0:18:32) - Do Your Own Thinking Chapter Summaries: (0:00:04) - European Banking Confidence (13 Minutes) In this episode, we explore the current challenges in the European banking sector with Joachim Klement, CFA, an investment strategist at Liberum. We discuss the recent confidence breakdown in the banking industry, starting with Silicon Valley Bank's bankruptcy, and how it affected other banks like First Republic Bank and Credit Suisse. Joachim also shares his insights on the UBS and Credit Suisse deal and the potential impacts of the current turmoil on various sectors. He emphasizes the importance of investing in companies with positive free cash flows and highlights the differences between the current situation and the 2008 financial crisis. (0:13:19) - The Risk of Bank Bailouts (5 Minutes) In this portion of the episode, we examine the risk of a liquidity crisis due to a potential bank run in Europe and the impact on bond markets. We also discuss the divergence in expectations between the US and European central banks, highlighting the potential consequences of cutting interest rates too soon. Furthermore, we touch on the unintended consequences of bank bailouts and the possibility of future regulation akin to the Dodd–Frank Act. (0:18:32) - Do Your Own Thinking (1 Minutes) As we wrap up our conversation with Joachim Klement, CFA, we reflect on his first job in the financial industry as an investment consultant for UBS. Joe shares his top piece of advice for his younger self: do your own thinking. He emphasizes the importance of forming one's own opinions rather than simply adopting the views of others, as this can lead to defending positions one may not genuinely believe in. Listen for free and browse our back catalog of Guiding Assets episodes: https://link.chtbl.com/guidingassets

Barbara Stewart, CFA: Creating Your Own Personal Business Model

CFA Institute — Wed, 15 Mar 2023 06:00:00 -0100

During the pandemic, many people creatively changed their approach to work—building new paths to wealth that leveraged their personal skills and life priorities. Mike Wallberg, CFA, and Barbara Stewart, CFA, researcher, keynote speaker, and author of Rich Thinking, discuss these changes, including what it means to have a personal business model and invest in yourself and what we can learn about our clients and ourselves as a result.

Find the full line-up of CFA Institute podcasts, visit https://cfainst.is/podcasts.

Dagmara Fijalkowski, CFA: Good Governance of FX Markets Requires Support of All Market Participants

CFA Institute — Wed, 01 Mar 2023 07:00:00 -0100

Global FX markets with $2.1 trillion daily spot turnover far overshadow fixed income and equities markets in size, yet more can be done to assure their integrity and effective functioning. Mike Wallberg, CFA, speaks with Dagmara Fijalkowski, CFA, head of global fixed income and currencies at RBC Global Asset Management, about the FX Global Code, a set of principles that goes beyond a code of ethics to embody industry best practices. Fijalkowski explains how the FX Global Code has helped to improve the governance, internal processes, best execution and risk management practices surrounding FX transactions for her firm and their clients.

Find the Enterprising Investor article here: https://blogs.cfainstitute.org/investor/2023/02/24/global-fx-code-of-conduct-is-now-the-time/

Kim Curtis, CFA: Genograms as a Lens to Deepen Investment Advisory Client Relationships

CFA Institute — Wed, 15 Feb 2023 07:00:00 -0100

One approach that can help investment advisors go beyond the familiar "Know Your Client (KYC)" information gathering is to use a genogram to map a client's family history. The genogram looks like a family tree, but also provides detailed information about current and past family relationships and helps identify financial patterns and family values over generations. Mike Wallberg, CFA, speaks with Kim Curtis, CFA, CEO of Wealth Legacy Institute, Inc. and best-selling author, about the genogram technique to help advisors better understand a client's family dynamics that can lead to more productive wealth management planning and deeper client relationships. Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review.

To find the full line-up of CFA Institute podcasts, visit https://cfainst.is/podcasts.

Julia Dhar: Secrets to Disagreeing Productively

CFA Institute — Wed, 01 Feb 2023 07:00:00 -0100

The tried and true rules of the formal debate model can be useful to learn the skills needed to disagree productively, find common ground, and influence decisions, whether you're presenting an analysis to colleagues in your firm's security selection process or fielding portfolio performance questions from clients. Mike Wallberg, CFA, speaks with Julia Dhar, Managing Director and Partner, Boston Consulting Group, about debate model techniques and other behavioral insights to help investors sharpen investment ideas and improve client relationships.

Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit https://cfainst.is/podcasts.

Martin Leinweber, CFA: Evolution of Cryptoassets Post-FTX

CFA Institute — Wed, 18 Jan 2023 07:00:00 -0100

In the wake of the FTX debacle, investors in cryptoassets have seen the need to critically reassess and strengthen their due diligence and risk management processes, and for regulators globally to provide greater clarity and consistency in regulating the space. In this episode, Mike Wallberg, CFA, and Martin Leinweber, CFA, Digital Asset Product Strategist at MarketVector Indexes, discuss the lapses in investors' due diligence with regard to FTX, the role and valuation of cryptoassets in balanced portfolios and diverse ways in which investors can invest in the space, beyond cryptocurrencies.

Read the Report: Cryptoassets: Beyond the Hype

Online Course: DeFi: Introduction to Blockchain and Cryptocurrency

Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit https://cfainst.is/podcasts.

Peter Zeihan: The Next Chapter in the Changing Global Economic Order and Why Geography Matters (Again)

CFA Institute — Wed, 04 Jan 2023 07:00:00 -0100

Geopolitics, demographic trends, and geography are re-shaping the world order and driving changes in global economic power and the free trade system we have known in the recent past. Our host, Mike Wallberg, CFA, sits down with geopolitical strategist, Peter Zeihan, to discuss his new book, The End of the World is Just the Beginning. In this wide-ranging conversation, Zeihan maps out what the next world order will look like, explores how global shifts will shape investment opportunities and risks over the short and medium term, and discusses why inflation is rooted in the labor situation and is likely to persist longer than many expect.

Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit https://cfainst.is/podcasts.

George Cipolloni, CFA: Investing When the Tide Goes Out

CFA Institute — Wed, 14 Dec 2022 07:00:00 -0100

A Three-Component Approach to Stock and Bond Picking.

As central banks swung from QE to QT this year, the withdrawal of liquidity has been a major component in exacerbating stock market declines and bursting of bond market bubbles. Mike Wallberg, CFA, speaks with George Cipolloni, CFA, Portfolio Manager and co-leader of the balanced income strategy at Penn Mutual Asset Management, about the role liquidity has played in recent years to raise stock and bond market valuations. George also discusses his firm's three-lever methodology to identify fundamentally strong investments that will thrive as the liquidity tide goes out.

Reshma Rajagopalan, CFA: Keeping Risk Management at the Forefront to Achieve Return Goals

CFA Institute — Wed, 30 Nov 2022 07:00:00 -0100

"Risk" in investment management has many definitions and dimensions. For investors, it's not only important to quantify total portfolio risk, but also to go beyond to determine the portfolio's risk and return drivers and different sources of risk. Mike Wallberg, CFA, and Reshma Rajagopalan, CFA, Quant & Analytics Specialist at FactSet, discuss how risk budgeting, risk modeling, and risk assessment tools add value in the portfolio management process and can help investors stick to their investment plan and allocations, especially through turbulent periods, to achieve better performance outcomes.

Steve Cook: The Growth and Evolution of Active ETFs

CFA Institute — Wed, 16 Nov 2022 13:34:00 -0100

ETFs have been popular among investors for many years given the tax advantages, efficiency, and transparency afforded by the ETF structure, but it was regulatory changes implemented in 2019 that leveled the playing field for the issuance of active ETFs. Since then, more active managers, including traditional mutual fund firms, have been bringing actively-managed ETFs to market. Our host, Mike Wallberg, CFA, speaks with Steve Cook, Managing Director and Head of ETFs at Harbor Capital Advisors, about the evolution of active ETFs in the marketplace and discusses the firm's process of creating ETFs that solve investors' problems, using the firm's inflation-hedging ETF as an example.

Arezu Moghadam: Enhancing the Art and Science of Investment Management through AI and ML

CFA Institute — Wed, 02 Nov 2022 14:00:00 -0100

An emerging and critical application of data science in the asset management industry is the use of artificial intelligence and machine learning to support both the art and science of fundamental investing. Arezu Moghadam, Managing Director and Global Head of Data Science at JP Morgan Asset Management, speaks with host, Mike Wallberg, CFA, about how her team applies AI and ML to help the firm's portfolio managers make faster and smarter decisions by separating signal from noise in the massive volumes of structured and unstructured data they analyze. She discusses how AI and ML can create efficiencies, reduce bias, and uncover new investment opportunities and offers advice to early career investment professionals aspiring to master ML and AI applications in the field of investment management.

Richard Brandweiner, CFA: A Purposeful Career

CFA Institute — Wed, 19 Oct 2022 04:00:00 +0000

The Journey to Leading a Global Investment Firm

Leading an investment firm, regardless of size, requires a combination of soft skills — empathy and understanding of what motivates people — and a breadth of management experiences built over time. In this episode, Mike talks with a respected leader of a global investment organization, Richard Brandweiner, CFA, CEO of Pendal Australia, about his unique career path and the important leadership characteristics he honed along the way, including service to others, showing humility, building trust and relationships across an organization, bringing diverse teams together for better decision making, and always trying to see the world through the lens of the client. Richard also discusses the recent proposal from Australian fund manager, Perpetual, to acquire Pendal and his priorities as CEO in managing the firm through this combination.

Jason Lamin: Walking the Talk

CFA Institute — Thu, 06 Oct 2022 13:30:00 +0000

How Asset Owners are Using DEI Metrics in Manager Selection and Investment Decision Making

Diverse investment teams outperform on many levels. Having a dedicated DEI strategy and culture at your investment firm can not only enhance investment performance, but also can contribute to significant improvements in risk management, talent acquisition, and employee retention. Jason Lamin, Founder & CEO, Lenox Park speaks with host Mike Wallberg, CFA, about what asset owners are asking for in terms of DEI metrics and benchmarks and the up-and-coming analytical tools available for peer comparisons by asset classes, regions, and more.

Adam Rein: Investing for Impact and Return

CFA Institute — Wed, 21 Sep 2022 19:15:37 +0000

Aligning Client Objectives with Portfolios

Demand for impact investments has never been higher among high net worth clients, but capital allocation to impact strategies is still a small fraction of demand. How can advisors help their clients align objectives, build portfolios and invest in solutions to societal and environmental challenges and provide attractive returns? Adam Rein, Co-founder, President and CIO of CapShift discusses the tools, platforms and frameworks for advisors to help navigate the impact investment landscape.

Are Bitcoins Really Just Pet Rocks? The State of Crypto Assets in 2022

CFA Institute — Wed, 07 Sep 2022 21:03:18 +0000

Matthew Hougan and David Lawant from Bitwise, the world's leader in crypto index funds, join Mike to talk about the current state of crypto currencies in 2022. They talk about market fundamentals, valuing crypto assets in the current volatile market, what has changed, and how to approach these assets going forward.

-show notes-

Link to Matt's paper for the CFA Institute Research Foundation "Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals" https://www.cfainstitute.org/en/research/foundation/2021/cryptoassets Bitwise Investments: https://bitwiseinvestments.com/

Do Relationships Really Matter? Let's Talk About the Future of Work in Wealth Management and Financial Planning.

CFA Institute — Wed, 24 Aug 2022 04:00:19 +0000

Financial advisors quickly embraced and implemented new technology and tools to bridge performance reporting and communications with clients during the pandemic. But as our guests, Ian Robertson, CFA and Sameer Somal, CFA tell us, continuing to build on relationships, fostering trust, providing superior communication, and more comprehensive advisory services are now premium differentiators for advisors. Join us to discuss the future of work in financial advisory services and learn how you can skill up to better serve your advisory clients.

Bios:

Sameer Somal, CFA, CFP, CAIA

https://www.linkedin.com/in/sameersomal/ Sameer serves as Chief Executive Officer for Blue Ocean Global Technology and is co-founder of Girl Power Talk. He is an active member of the Future Business Leaders of America, the Society of International Business Fellows, and is a board member for the Future Business Leaders of America-Phi Beta Lambda, and formerly a member of the CFA Institute Seminar for Global Investors Board of Regents. He is a key contributor to numerous volunteer agencies across a wide range of initiatives, and he has dedicated countless hours to developing leaders across the globe. Adding to his long list of competencies, he is a compelling author and keynote speaker.

Ian Robertson, CFA, MBA, MA https://www.linkedin.com/in/ian-robertson-0636901/

Ian is a Vice President, Director, Portfolio Manager and member of Odlum Brown Limited's Executive Committee. He is a regular speaker and writer on investment issues. Ian holds the CFA designation, which focuses on global investment knowledge, professional standards and ethics, as well as the Responsible Investment Advisor Certification (RIAC), which focuses on the integration of environmental, social and governance (ESG) factors in the selection and management of investments. Combining his strong interest in the impact of ESG on corporate strategy and valuation, and his commitment to providing clients with leading-edge investment insight, Ian is pursuing his DPhil (PhD) in responsible investment on a part-time basis at the University of Oxford. Prior to joining Odlum Brown in 1997, Ian spent five years with the federal government, where he held several positions with a financial or economic focus – including postings in Ottawa with the Department of Finance and the Department of Foreign Affairs

Allen Sukholitsky, CFA: Art Investing is $1.7T+ Asset Class. Should It Be In Your Portfolio?

CFA Institute — Wed, 10 Aug 2022 17:00:01 +0000

Ever considered investing in art as an alternative asset class? Allen Sukholitsky, CFA, joins us to discuss his role at Masterworks — an asset management firm that specializes in art as an investment vehicle. From how the concept of fractional shares of art really works to why it can be a great inflation hedge, this episode is a fascinating look into an often mysterious asset class.

John Tobin, CFA: Rising Rates & Equity Duration

CFA Institute — Wed, 27 Jul 2022 04:00:00 +0000

What Bonds Can Tell Us About Equity Valuations

While rising interest rates have had serious consequences for investors, there are some stocks that are performing better in the current financial climate. John Tobin, CFA, returns to the show to discuss the state of dividends and "equity duration," and what that means for dividend payers versus non-dividend payers in a rising rate environment.

Kathryn Downey Miller, CFA: Exploring the Energy Market Outlook for 2022 and Beyond

CFA Institute — Wed, 13 Jul 2022 04:00:00 +0000

Energy price volatility has taken investors on quite a roller coaster ride over the past few years. From historic lows at the onset of the global pandemic to the surging highs seen in recent weeks, it begs the question if what we're witnessing in the energy sector will continue, and for how long? Kathryn Downey Miller, CFA, VP of Energy Strategy at FactSet, helps shed a light on power, oil, and natural gas sectors while discussing the intricate nuances that have critical impacts on energy markets and what it means for investors.

Sachin Khajuria: Breaking Down the Winning Principles of Private Equity Investing

CFA Institute — Wed, 29 Jun 2022 07:00:00 +0000

Private equity, once an esoteric corner of Wall Street, has reached Main Street. Private equity companies are woven into the fabric of our economy. In fact, the wealth controlled by the major private equity firms is more than $12 trillion, surpassing the GDP of some nations. That's why it's never been more important to understand this global economic engine. Sachin Khajuria, founder and chief investment officer at Achilles Management and author of the book Two and Twenty, offers a glimpse into the winning traits and principles behind private equity and explains how best players in the industry manage to stay so successful.

Samara Cohen: The Evolution of ETFs and Their Role in Today's Market

CFA Institute — Wed, 15 Jun 2022 04:00:00 +0000

Exchange-traded funds (ETFs) have become very popular among both Wall Street and Main Street investors. Combining aspects of mutual funds and conventional stocks, ETFs are typically viewed as low- cost, low-risk investments. But as we experience more increased volatility and uncertainty, what does the future hold for the ETF ecosystem? Samara Cohen, managing director and chief investment officer of ETF and Index Investments for BlackRock, shares her thoughts on what the future holds for ETFs and what she believes is the next stage of the ETF evolution.

Olivier Sibony: How can you overcome noise and bias in decision making?

CFA Institute — Wed, 01 Jun 2022 04:00:00 +0000

What is noise? In the context of decision making, it is unwanted variability in judgment. For investment management professionals, there's no room for errors in judgment, not when they are counted on to deliver for their clients. In this episode of Guiding Assets, we talk with Olivier Sibony, professor of strategy at HEC Paris and coauthor of Noise: A Flaw in Human Judgment. Oliver provides examples and methods for reducing noise and bias, and therefore error in decision making. Employing decision hygiene will give you more confidence in the judgments your firm makes. Be sure to listen and follow Olivier at https://twitter.com/SibOliv and https://www.linkedin.com/in/oliviersibony/.

John C. Hulsman: How is Russia's War on Ukraine Affecting Investors?

CFA Institute — Wed, 18 May 2022 04:00:17 +0000

In what has already been a very turbulent few years for investors, Russia's invasion of Ukraine has rattled investors to the core. The geopolitical uncertainty making headlines has led to heightened market volatility on an economy which was rebounding from the disruptions of a global pandemic. Now, the prospect of a long-term war leaves more questions than answers. Dr. John C. Hulsman, president and co-founder of John C. Hulsman Enterprises, a prominent global political risk consulting firm, explains how we got here, identifies the biggest risks associated with the conflict, and describes the geopolitical implications of this humanitarian crisis on markets today and in the future.

The opinions expressed on this podcast are solely the views of the guests and do not necessarily reflect the opinions of CFA Institute.

How Has Investor Trust Evolved?

CFA Institute — Wed, 27 Apr 2022 04:00:00 +0000

With the release of the Enhancing Investor Trust: 2022 CFA Institute Investor Trust Study, Gary DeMoss, director at Invesco Consulting, and Adrienne Penta, executive director of the BBH Center for Women & Wealth at Brown Brothers Harriman, discuss the factors that are driving higher trust in financial services. While there is certainly cause for optimism, Gary and Adrienne share what the industry must do to sustain that trust even during periods of volatility. To view the full survey and results, visit https://trust.cfainstitute.org/.

Marg Franklin, CFA: Four Themes That Will Define the Future of Investment Management

CFA Institute — Mon, 11 Apr 2022 04:00:00 +0000

Investment management professionals face a complex and rapidly evolving landscape that can often be challenging to navigate. At the same time, the shift to focusing on innovation and technology presents an incredible opportunity in the form of efficiency, diversity, and stewardship. CEO of CFA Institute, Marg Franklin, CFA, shares four trends for which she believes the investment industry will need to prepare in order to make an impact in the most material and tangible ways for clients and society.

Meet Mike Wallberg, CFA, the new host of our refreshed podcast

CFA Institute — Wed, 30 Mar 2022 14:00:00 +0000

We're excited to launch this spring with a brand new season featuring conversations with some of the most interesting names in the investment management world.

Announcing a new direction

CFA Institute — Tue, 31 Aug 2021 16:11:04 +0000

We've heard your feedback loud and clear. You love the high-quality guests and industry insights but prefer episodes that are shorter and more focused. That's why we've going to be taking a short break to revamp the show's format, aiming to debut a new and improved version of the show this fall. We want to make a show that is both entertaining and enlightening but more condensed with clearly defined takeaways. Thank you and keep following us, we will be back soon!

Worried About Inflation? We're Not Going Back to the 1970s

CFA Institute — Wed, 11 Aug 2021 10:00:00 +0000

In this conversation about the economy and monetary policy, Cheryl I. Smith, CFA, economist and portfolio manager at Trillium Asset Management, discusses the Federal Reserve's strategy of flexible average inflation targeting, the role of Central Banks in solving social problems, and what history teaches us about tackling financial crises. ▶️ Subscribe to the Take 15 Podcast YouTube channel 📃 Transcript 📧 Email us for comments, questions, or appearance requests ___________________________________________________________________________ Episode Breakdown: 1:30 How have financial crises shaped policy and where we are today? 4:46 One piece of wisdom Cheryl would impart to investors. 7:00 Cheryl explains what prompted the major shift in the Federal Reserve and the new approach to monetary policy and why it's significant. 11:46 Should central banks take an active role in tackling wider societal change challenges? 13:56 Lauren asks Cheryl what she will be listening for at the next Jackson Hall Conference and if she expects to hear anything different than before. 15:05 If you were the playwright, what would the narrative be in Act II? 18:16 Are we going back to the 1970s? Are we entering the post-financialization era? Are we in a new era of globalization or regionalization? 22:50 Cheryl's origin story: how she got involved in investing and how she ended at Trillion. 27:00 Cheryl shares her approach at Trillium to socially responsible investing. 29: 15 Closing questions - One positive, long-lasting change that Cheryl hopes to see as a result of the pandemic. - What one object would Cheryl take with her on a long-duration space flight. - Flight or invisibility? ___________________________________________________________________________ Related Articles and Links: Bloomberg article FT article Cheryl's origin story ___________________________________________________________________________ Find Cheryl here: LinkedIn Find Lauren Foster here: LinkedIn Twitter: @laurenfosternyc

What to Make of the Bond Markets?

CFA Institute — Wed, 28 Jul 2021 10:00:00 +0000

Daniela Mardarovici, CFA, Managing Director, Co-Head of US Multisector Fixed Income at Macquarie Asset Management, discusses her approach to investing and offers perspective on the bond markets and how to add value in this environment. ▶️ Subscribe to the Take 15 Podcast YouTube channel 📃 Transcript 📧 Email us for comments, questions, or appearance requests ___________________________________________________________________________ Episode Breakdown: 1:15 The journey from Moldova to the bond markets 3:07 What made Daniela fall in love with the markets 4:14 Daniela's experience in the market over the past year 7:45 The bond market has not been following the script that we expected this summer: Daniela's view on how we should be thinking about events now and long-term 12:20 What is Mutant Capitalism, and why should we be thinking about it? 16:51 How Daniela gets her team to think this way of standing against the tide 19:37 Why should investors own bonds, what is the role of fixed income and how do you add value in this environment? 24:14 Closing questions: 1. One long-lasting change that you hope will stick around because of the pandemic or as a result of the pandemic? 2. The one item Daniela would take with her on a long-duration space flight 3. Flight or invisibility? ___________________________________________________________________________ Find Daniela here: LinkedIn Find Lauren here: LinkedIn Twitter

The Boutique Manager Advantage

CFA Institute — Wed, 14 Jul 2021 13:30:00 +0000

David Littleton and Alex Morris co-founders of F/m Acceleration discuss the Boutique advantage, what is it like to set up your own shop, the considerations for going independent, and the skills and traits necessary for successfully managing an independent firm. ▶️ Subscribe to the Take 15 Podcast YouTube channel

📃 Transcript

📧 Email us for comments, questions, or appearance requests ___________________________________________________________________________ Episode Breakdown: 1:35 The skill sets that people need to have to be successful in going independent and what they should consider before doing so. 4:09 The natural steps that someone would need to go through to start a new boutique firm 8:20 The characteristics that they are looking for to make an investment and to support a new team and firm 11:44 How difficult is the due diligence process? 13:47 Characteristics that make boutiques better or available to create better investment outcomes? 16:41 Crucial ideas and thoughts you would like people to take away ___________________________________________________________________________ Related articles and links: F/m Acceleration ___________________________________________________________________________ Find David Littleton here: LinkedIn

Find Alex Morris here: LinkedIn

Find Bob Stammers, CFA here: LinkedIn Twitter

Find Lauren Foster here: LinkedIn Twitter

Is the 60/40 Portfolio Dead?

CFA Institute — Wed, 30 Jun 2021 10:00:00 +0000

Sébastien Page, CFA, head of the Global Multi-Asset division at T. Rowe Price and author of "Beyond Diversification," discusses the importance of asset allocation and diversification, why investors should go beyond diversification, and whether the 60/40 portfolio is dead. ▶️ Subscribe to the Take 15 Podcast YouTube channel:

📃 Transcript

📧 Email us for comments, questions, or appearance requests: ___________________________________________________________________________ Episode Breakdown: 1:43 Why Sébastien decided to write the book, "Beyond Diversification" 4:44 The motivation behind giving all proceeds from the book to the T. Rowe Price Foundation 5:45 Key themes that both advisors and investors can learn from the book 7:33 Why should investors go beyond diversification, and what wrong with diversification? 10:56 How can investors determine stock-bond mix? 14:13 Is the 60/40 portfolio alive or dead? 22:39 Are we paying enough attention to fat tails? 26:36 Sébastien's tactical views on capital markets? 32:01 Sébastien's LinkedIn view of teaching his daughter the basics of investing 34:40 Closing questions: One positive, long-lasting change that Sébastien hopes to see as a result of the COVID-19 pandemic One item Sébastien would take with him on a long-duration space flight Flight vs. invisibility? Which do you pick, and what do you do with your superpower? ___________________________________________________________________________ Related articles and links: Book: Beyond Diversification Kiplinger PIMCO Forbes Morningstar LinkedIn post Sébastien's LinkedIn video with his daughter ___________________________________________________________________________ Find Sébastien here:

LinkedIn Find Lauren here:

LinkedIn Twitter

Finding a Goldilocks Solution for Remote Work

CFA Institute — Wed, 16 Jun 2021 11:03:46 +0000

In episode #466 Robert C. Pozen, a senior lecturer at MIT Sloan School of Management and renowned corporate speaker on productivity, discusses his latest book, "Remote Inc.: How to Thrive at Work Wherever You Are." He explains how employees should decide which days to come to the office and what challenges managers will face leading teams in a hybrid model.

▶️ Subscribe to the Take 15 Podcast YouTube channel

📃 Transcript

📧 Email us for comments, questions, or appearance requests

___________________________________________________________________________

Episode Breakdown:

2:43 Thrive: what the word means to Robert and a time he felt like he was thriving in his career

6:21 How Robert thrives in his personal life

7:15 Robert's most satisfying course that he teaches and what he enjoys most in his teaching career

10:03 The financial innovation that Robert is most excited about for this year

11:08 How to boost your productivity?

15:27 Can your thinking time be part of your workout time?

16:45 Saying "no" to more things

17:59 How did Roberts new book come about

20:20 How to decide which days to come to the office and what are the challenges that managers will face when they have a hybrid team model?

25:13 Robert's recommended strategies for a team manager to be a more effective leader

29: 14 Advice to those who aren't the best at communication

32:35 Closing questions

• What is one positive long-lasting change resulting from the pandemic?

• What one item would you take with you on a NASA flight?

• Flight v. invisibility: which would you choose?

___________________________________________________________________________

Related articles and links:

Book: Remote Inc.

Book: Extreme Productivity

Goldilocks plan: "After the pandemic ends, most employees will prefer a Goldilocks plan of not too much and not too little remote work. Very few employees want to return to the office five days a week, but most employees also do not want to stay at home all the time. How should employees decide which days to come to the office? What challenges will managers face in running teams under a hybrid model?"

___________________________________________________________________________

Find Robert here:

Twitter

Find Lauren here:

Twitter

Biodiversity Loss is a Key Risk for Investors

CFA Institute — Wed, 02 Jun 2021 11:30:00 +0000

Awareness of biodiversity loss is increasing, but climate change still dominates investors' discourse on the environment. Joel Clement, a senior fellow at the Harvard Kennedy School's Belfer Center for Science and International Affairs, explains why we need to focus urgently on the biodiversity crisis. He also discusses why he came a whistleblower in 2017 and the aftermath of that decision. ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop

📃 Transcript: https://cfainst.is/3g5Umcz

📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________ Episode Breakdown: 2:20 What's life like in Maine 3:55 The basics of biodiversity 7:30 The biodiversity crisis 9:16 Why the wider population needs to act on biodiversity 11:30 Joel's decision to blow the whistle 16:39 The response after Joel blew the whistle 18:36 Was the experience of blowing the whistle lonely? 20:00 Is the word, "whistleblower" negative? 21:40 Joel's advice to whistleblowers 22:53 What Joel has been working on over the past few years 24:00 Global implications for what is happening in the artic 25:47 Has the Biden administration gotten America back in the climate game? 27:21 America The Beautiful Report 29:33 What Joel tells the skeptics 32:49 Wrap up questions • What is one positive long-lasting change resulting from the pandemic? • What one item would you take with you on a NASA flight? • Flight v. invisibility: which would you choose?

___________________________________________________________________________ Related articles and links: UNPRI paper: https://www.unpri.org/environmental-issues/investor-action-on-biodiversity-discussion-paper/6335.article Joel's whistleblower article: https://www.washingtonpost.com/opinions/im-a-scientist-the-trump-administration-reassigned-me-for-speaking-up-about-climate-change/2017/07/19/389b8dce-6b12-11e7-9c15-177740635e83_story.html Joel's resignation letter: https://apps.washingtonpost.com/g/documents/national/read-joel-clements-resignation-letter/2566/ Joel's recent speech where he said: "There is another crisis that gets a bit lost in all the talk of climate action, and that's the biodiversity crisis." https://www.pressherald.com/2021/04/23/joel-clement-keynote-speech-from-the-2021-source-awards/ Stephanie Gibaud's comment: "This word, whistleblower, is so negative," she said. "It's really like radioactive when someone says he or she is a whistleblower." https://blogs.cfainstitute.org/investor/2018/12/12/whistleblowing-the-risks-and-rewards/ Ethics learning lab: https://cfainstitute.nomadic.fm CFA report on climate change analysis: https://www.cfainstitute.org/en/research/industry-research/climate-change-analysis ___________________________________________________________________________ Find Joel here: LinkedIn: https://www.linkedin.com/in/joelclement/ Twitter: https://twitter.com/jclementmaine?lang=en Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

The Journey to Building an Expert Network

CFA Institute — Wed, 26 May 2021 10:00:00 +0000

Troy Lavinia, founder and CEO of Mosaic Research Management, explains what an expert network is and how analysts, portfolio managers, and other researchers use them as part of the investment process. He also discusses his decision to become and entrepreneur and build his own expert network and what he has learned along the way about building teams and systems. ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop 📃 Transcript: https://cfainst.is/2SLGHzr 📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________ Episode Breakdown: 1:15 What is an expert network? 7:26 Troy's moment of realization and what he was doing he founded Mosaic 11:05 Doubting moments during Troy's entrepreneurship journey 14:05 Do you have to be an optimist to be an entrepreneur 16:13 Why Troy decided to start his company 18:13 How Troy is disrupting the space now 12:09 Transcripts: Stream by Mosaic 24:20 Teams, systems, and spirituality AND artists, entrepreneurs, and employees 31:52 Troy's recommended books 33:24 Wrap-up questions Ray of sunshine from the pandemic NASA flight – what do you take with you? Flight or invisibility? ___________________________________________________________________________ Related articles and links: Mosaic Research Management: https://mosaicrm.com/ Stream by Mosaic: https://start.mosaicrm.com/stream-try Book: The War of Art: https://stevenpressfield.com/books/the-war-of-art/ Book: Team Of Teams: https://www.amazon.com/Team-Teams-Rules-Engagement-Complex/dp/1591847486 ___________________________________________________________________________ Find Troy here: LinkedIn: https://www.linkedin.com/in/troylavinia/ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

The Trouble with Stock Market Bubbles

CFA Institute — Wed, 19 May 2021 10:00:00 +0000

David DeRosa, author of "Bursting the Bubble: Rationality in a Seemingly Irrational Market," a new monograph from the CFA Institute Research Foundation, discusses his conclusions on whether speculative bubbles exist in the stock market. ▶️ Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop 📃Transcript: https://cfainst.is/3bGIAUP 📧 Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ___________________________________________________________________________ Episode Breakdown: 1:35 David talks about the journey of writing his book 3:55 Are there no bubbles? 7:31 If they're not bubbles, what do you call them? 8:48 Why David believe the Dutch Tulipmania was not a bubble 11:32 John Law 14:17 David taking issue with some of the most famous people in the field, specifically Robert J. Shiller 21:40 David talks about bitcoin 24:35 Is there a bubble brewing in NFTs? 26:25 Explaining the .com and housing "bubble" 30:35 Wrap-up questions - Ray of sunshine question: one positive long-lasting change David hopes to see as a result of the pandemic - One item David would take with him on a NASA flight - Flight v. Invisibility? ___________________________________________________________________________ Related articles and links: Monograph: https://www.cfainstitute.org/en/research/foundation/2021/bursting-the-bubble The book "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay: https://www.simonandschuster.com/books/Extraordinary-Popular-Delusions-and-the-Madness-of-Crowds/Charles-MacKay/9781625585011 Book of photographs from Ancient Egypt: https://www.amazon.com/Images-Ancient-Egypt-David-DeRosa/dp/1364927071 ___________________________________________________________________________ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Is a Hybrid Model the Future of Work?

CFA Institute — Wed, 12 May 2021 10:00:00 +0000

Rebecca Fender, CFA, co-author of a new report, "Future of Work in Investment Management: Context, Content, and Culture," shares some findings from a recent survey of investment professionals as well as conclusions for what this means for where, what, and how work gets done. She also discusses building trust and the relationship between working from home and maintaining a high-performance culture. ____ ► Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3xOkeSq ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:11 What Rebecca has learned from the new report, "The Future of Work in Investment Management" 4:54 Understanding what a hybrid work model is 6:24 The response from the investment management industry 8:38 Is there a potential for tension between what employees want and what employers want? 10:34 The future of work travel and what are the extrinsic and intrinsic motivations? 15:11 New skills that workers need to acquire to thrive in a new work environment 17:13 Can high performance culture exist in a hybrid work model? 19:04 The challenge of building and rebuilding trust with employees 22:50 What Rebecca has enjoyed about having more time at home and what she misses about coming to the office. 26:22 Wrap up questions -Ray of sunshine -NASA -Flight vs. Invisibility ____

Related articles and links:

Future of Work Executive Summary https://www.cfainstitute.org/en/research/survey-reports/future-of-work

2020 Earning Investors' Trust https://www.cfainstitute.org/en/research/survey-reports/2020-earning-investors-trust

2020 Future of Sustainability in Investment Report Managementhttps://www.cfainstitute.org/en/research/survey-reports/future-of-sustainability

Article: "WFH Not Conducive to 'High-Performance Culture': BlackRock CEO" https://www.ignites.com/c/3127684/394794

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

Find Rebecca here: LinkedIn: https://www.linkedin.com/in/rebeccafender/ Twitter: https://twitter.com/rebeccafender?lang=en

Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Re-Thinking Performance Culture in Asset Management

CFA Institute — Wed, 05 May 2021 10:00:00 +0000

When Ben Lucas, UK Head of Wealth & Asset Management Consulting at KPMG, wrote that his biggest non-negotiable is daily exercise, the post went viral. He explains why his message resonated with so many people and why exercise, sleep, and time away from a desk are not in conflict with performance culture, as some think, but are what performance is all about. ____ ► Subscribe to the Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3aXw9nf ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:25 Intro 3:12 Ben's exercise LinkedIn post 6:28 What prompted Ben to write the post 9:58 New habits that Ben has formed 13:50 Exercise is a non-negotiable 17:16 Exercise at home during a pandemic 20:36 Performance culture vs. exercising 23:22 The importance of sleep 25:09 Survey takeaways from 50 leaders of wealth and asset management firms 29:17 We need to find better language 31:00 "The COVID muscle memory" 32:40 Ben's advice to others on building trust 34:45 Wrap-up questions Ray of sunshine NASA Flight or invisibility ____ Related articles and links: Viral post https://www.linkedin.com/posts/activity-6769557311582154752-vs04 Follow-up post https://www.linkedin.com/posts/benjamin-lucas-38b53837_performance-leadership-balance-activity-6789100047322619904-2Ttf New report in Act 2 https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fhome.kpmg%2Fuk%2Fen%2Fhome%2Finsights%2F2020%2F11%2Fwhats-shaping-the-future-of-asset-management.html&data=04%7C01%7Clauren.foster%40cfainstitute.org%7C2bea39b560c24979104d08d90988a67f%7C53a818f111e046388863b78b176399bd%7C1%7C0%7C637551304817238573%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=VTMlE7GAgLOaYtbYB8IPlbn%2FY8Sj2n%2B%2FTArBq4h1OZU%3D&reserved=0 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Ben here: LinkedIn: https://www.linkedin.com/in/benjamin-lucas-38b53837/ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Warren Buffett and the "Money Mind"

CFA Institute — Wed, 28 Apr 2021 10:00:00 +0000

Bestselling author Robert G. Hagstrom, CFA, senior portfolio manager at EquityCompass, takes listeners on a journey from the time he first heard Warren Buffett talk about a "money mind" to what he learned while researching and writing his latest book, "Warren Buffett: Inside the Ultimate Money Mind," about the mindset and ideas that shaped the legendary investor's investment methods. ____ ► Subscribe to our Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3mZN6lA ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 1:45 Intro 2:50 Robert talks about his new book, Warren Buffett: Inside the Ultimate Money Mind 3:55 Temperament and why it's critical as an element of a money mind? 4:47 What is a money mind? 5:55 Building blocks to a money mind 9:41 How does the average investor emulate Warren Buffett and these building blocks? 11:13 Investing is easier than you think but harder than it looks – Is that temperament? 13:36 Robert's favorite chapter 16:40 The "Woodstock for Capitalists" annual meeting and how many Robert has attended 18:50 What Robert will be listening for at this year's meeting 20:05 Warren Buffett wrote that debt securities face a bleak future – do you agree? 22:12 The perennial question – who will succeed Warren Buffett as Chief Executive? 23:17 The relationship between Warren and Charlie 25:13 Cocktail nugget – One Thousand Ways to Make $1000 by FC Minaker 27:02 Penny scale 28:49 A cocktail nugget about Warren and Charlie ____

Related articles and links:

Warren Buffett: Inside the Ultimate Money Mind https://www.wiley.com/en-us/Warren+Buffett%3A+Inside+the+Ultimate+Money+Mind-p-9781119714590

The Warren Buffett Way https://www.amazon.com/Warren-Buffett-Way-Robert-Hagstrom/dp/1118503252

One Thousand Ways to Make $1000 https://www.amazon.com/One-Thousand-Ways-Make-1000-ebook/dp/B0170AKILI/ref=sr_1_3?crid=2NTCHCZ4CVRLR&dchild=1&keywords=1000+way+to+make+1000+dollars&qid=1618843035&sprefix=1000+way+to+make+%2Cstripbooks%2C156&sr=8-3

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

Find Robert here: LinkedIn: https://www.linkedin.com/in/roberthagstrom Twitter: https://twitter.com/robertghagstrom?lang=en

Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Truth vs Lies: Using Text-Based Analysis to Detect Deception

CFA Institute — Wed, 21 Apr 2021 10:00:00 +0000

Jason Voss, CFA, CEO of Active Investment Management Consulting, explains why body language does not work for detecting deception and how Deception and Trust Analysis, or D.A.T.A., a computer-driven, text-based deception detection method, can save investment professionals time and resources. ____ ► Subscribe to our Take 15 Podcast YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g?app=desktop ►Transcript: https://cfainst.is/3mhwqpG ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:08 Do polygraphs work? 2:50 How Jason become interested in field of deception? 4:16 Why body language doesn't work and the data behind it 5:41 What does work? 7:21 S.U.E and D.A.T.A. 9:06 Fraud versus deception 9:59 How the D.A.T.A. process works 13:54 Warcard database 15:15 Strong truth bias in the investment profession 17:55 Real-world applications for D.A.T.A for analysts and investors 20:02 GameStop and short-sellers 22:07 Closing questions One positive long-term impact as result from the pandemic One item you would bring on a long NASA flight Flight or invisibility ___ Related articles and links: Article: Financial Analysis and the Art of Lie and Fraud Detection https://www.institutionalinvestor.com/article/b14zbb72nrxsjw/financial-analysis-and-the-art-of-lie-and-fraud-detection Brief: Detecting Lies in the Financial Industry: A Survey of Investment Professionals' Beliefs https://www.cfainstitute.org/en/research/cfa-digest/2016/01/detecting-lies-in-the-financial-industry-a-survey-of-investment-professionals-beliefs-digest-

Book: Lie Detection Guide: Theory and Practice for Investment Professionals https://www.amazon.com/Lie-Detection-Guide-Investment-Professionals/dp/1942713355 The Secret Life of Pronouns by James W. Pennebaker https://www.secretlifeofpronouns.com/ Enterprising Investor article: Fraud and Deception Detection: Text-Based Analysis https://blogs.cfainstitute.org/investor/2021/02/15/fraud-and-deception-detection-text-based-analysis/ Deception and Truth Analysis homepage: https://deceptionandtruthanalysis.com/ Jason's most listened-to song: link to Johnny Osbourne's "Murderer" https://www.youtube.com/watch?v=fZzcV07D19w CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

Find Jason here: LinkedIn: https://www.linkedin.com/in/jasonapollovoss Twitter: https://twitter.com/theintuitinvest?lang=en

Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Investing Lessons: From Baseball to Bitcoin and Brené Brown

CFA Institute — Wed, 14 Apr 2021 10:00:00 +0000

Michael Falk, CFA, a partner at the Focus Consulting, applies the lessons he learned as a competitive baseball pitcher to investment teams and discusses the importance of creating a sell discipline for losers and winners in an investment portfolio, his many writing projects, and living with ALS, or Lou Gehrig's disease. ____

► Subscribe to our Take 15 Podcast YouTube channel here: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g

►Transcript: https://cfainst.is/3loZLxT

►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____

Topics discussed: 2:10 Michael's love for baseball and lessons to learn from the sport 4:33 Becoming a better listener 8:05 Sell discipline 11:11 When to retire and succession planning 15:17 Michael's article, Everything You Want to Know About Investing 18:30 Michael's new paper on stakeholder capitalism 21:25 Bitcoin: how should investors be thinking about cryptocurrencies 25:30 Michael's thoughts on blockchain technology 27:28 Michael's clinical trial 34:28 Embracing vulnerability 38:08 Flight or invisibility?

Related articles and links:

Everything You Need to Know About Investing https://www.iwmonitordigital.com/iwmonitor/november_december_2020/MobilePagedArticle.action?articleId=1652473&app=false&cmsId=3881786#articleId1652473 Crypto Dreamin'? The Good, the Bad, and the Ugly https://blogs.cfainstitute.org/investor/2020/06/16/crypto-dreamin-the-good-the-bad-and-the-ugly/

Michael S. Falk, CFA, on Safety Nets, Trampolines, and Opportunity Equality https://blogs.cfainstitute.org/investor/2020/09/15/michael-s-falk-cfa-on-safety-nets-trampolines-and-opportunity-equality/

Drug May Extend A.L.S. Patients' Lives by Several Months, Study Finds https://www.nytimes.com/2020/10/16/health/ALS-treatment.html

Brené Brown's TED talk, The Power of Vulnerability https://www.youtube.com/watch?app=desktop&v=iCvmsMzlF7o

John Hodgman on This American Life ep.178 https://www.thisamericanlife.org/178/superpowers/act-one-0

HBR video "Five Whys" https://hbr.org/video/2189146765001/5-whys

HBR article The Contradictions That Drive Toyota's Success https://hbr.org/2008/06/the-contradictions-that-drive-toyotas-success

This American Life ep. 178: Invisible Man Vs. Hawkman

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/

Find Michael here: LinkedIn: https://www.linkedin.com/in/mlfalk/ Twitter: https://twitter.com/msfalk?lang=en

Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc

Connect with the Research Foundation: RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5

Understanding Risk Management: From Surfing to Retirement

CFA Institute — Wed, 07 Apr 2021 10:00:00 +0000

Perfect risk estimates do not exist, so how do we balance risk and reward? Risk scholar Allison Schrager, author of the CFA Institute Research Foundation brief "Learning About Risk Management: Insights from Unconventional Risk-Takers," provides insights on the nature of risk and uncertainty and potential reward and how to manage the trade-off. ____ ► Subscribe to our Take 15 Podcast YouTube channel ►Transcript: https://cfainst.is/2P87gNN ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:25 Brothel, pimp, and risk management? 5:30 More noes than yeses 7:42 The art of storytelling 9:41 Lessons learned from big wave surfing 13:16 Allison's book, An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk 14:40 What is risk? And what is prudent or good risk management? 15:50 Retirement: What does it look like in the US right now? What worries you? And what gives you hope? 17:45 Should the idea of retirement be reimagined? [HBR link] 19:41 Why shouldn't Americans own stocks? 22:10 What's next on Allison's to-do-list? 23:15 Allison's advice on encouraging people to take on more sensible risk 24:05 Wrap-up questions o One long-term change that you hope to see as a result of the pandemic o What one item would you bring on a long space flight? o Flight vs. invisibility? ___ Related articles and links: Learning about Risk Management: Insights from Unconventional Risk-Takers: https://www.cfainstitute.org/en/research/foundation/2020/learning-about-risk-management An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk: https://www.amazon.com/Economist-Walks-into-Brothel-Unexpected-ebook/dp/B07FLK37HC#:~:text=Amazon.com%3A%20An%20Economist%20Walks,%3A%20Schrager%2C%20Allison%3A%20Kindle%20Store HBR article Why Retirement Is a Flawed Concept: https://hbr.org/2016/04/why-retirement-is-a-flawed-concept CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Allison here: LinkedIn: https://www.linkedin.com/in/allison-schrager-4109015/ Twitter: https://twitter.com/AllisonSchrager Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc Connect with the Research Foundation: RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5

Why Financial Advisers Must Generate Relationship Alpha

CFA Institute — Wed, 31 Mar 2021 10:00:00 +0000

Charlotte Beyer, founder and former CEO of the Institute for Private Investors and author or the CFA Institute Research Foundation brief "Relationship Alpha: The Emerging Competitive Advantage in Wealth Management," explains what relationship alpha is and why it's important and how advisers can better serve their clients. ____ ► Subscribe to the Take 15 channel here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Transcript: https://cfainst.is/2QAbHkV ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 2:15 Intro: How Charlotte founded the Institute for Private Investors (IPI) 3:56 What has changed in wealth management over the last four decades 7:00 What really works well for advisors? 9:57 Research Foundation brief, Relationship Alpha: what is the relationship alpha and why should advisees care more about it? 3:18 How do advisors improve their authenticity in a virtual setting? 14:45 How does one measure relationship alpha? And can you train relationship alpha? 18:55 Key takeaways for marketing to prospects 21:38 Work at Wharton and eight components of wealth management chats 25:40 How do advisors distinguish themselves? How can advisors know if the client meeting is being successful? 29:25 Charlotte's book list 32:25 Wrap-up questions o One long-term change that you hope to see as a result of the pandemic o What one item would you bring on a long space flight? o Flight vs. invisibility? ___ Related articles and links: Research Foundation Brief: https://www.cfainstitute.org/en/research/foundation/2019/beyer-brief Link to the CFA Institute research: https://www.cfainstitute.org/-/media/documents/support/membership/value-of-premium-wealth-management.ashx (The research is cited on footnote #8 on page 19) That's What She Said: What Men Need to Know (and Women Need to Tell Them) About Working Together by Joanne Lipman A Wealth of Possibilities: Navigating Family, Money, and Legacy by Ellen Miley Perry CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc Find Charlotte here: LinkedIn: https://www.linkedin.com/in/charlottebeyer/ Twitter: https://twitter.com/CharlotteBBeyer Connect with the Research Foundation: RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5

Cryptoassets: Complex, Risky, and Exciting

CFA Institute — Wed, 24 Mar 2021 09:00:00 -0100

Matt Hougan, chief investment officer at Bitwise Asset Management and co-author of the CFA Institute Research Foundation brief, "Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," discusses valuation, risks, and what watch for on the horizon. ____ ► Subscribe to the Take 15 channel here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Transcript: https://cfainst.is/30VPT5n ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Topics discussed: 4:00 - Philosophy to ETFs and the leap into Bitcoin 4:43 - The light-bulb moment 11:45 - Crypto: the next big disruptive area of finance 14:40 - The reason behind why there is more than one cryptoasset? 17:29 - What role, if any, should cryptoassets have in a professionally managed portfolio and individual investors? 20:26 - What should financial advisors be thinking about and should they be caring about crypto? What should they be doing about the clients in crypto? 22:30 - What Matt thinks the biggest misunderstanding about crypto is? What is the actual reality? 24:36 - What do you say to the naysayers on crypto? 26:35 - Matt discusses allegations that the benefits of blockchain are exaggerated 29:11 - Five most widely used cryptoasset valuation techniques 23:19 - What should we watch out for on the horizon? 36:24 - What Matt holds in his crypto portfolio 37:20 - Closing questions - Ray of sunshine: long-term positive change from the pandemic - What do you take with you on a long NASA flight? - Flight vs. invisibility Related articles and links: Research Foundation Briefs: Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals White paper: "The Case for Bitcoin in the Institutional Portfolio" Download and share Research Foundation content (free to all): https://lnkd.in/emhTTi5 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc Find Matt here: LinkedIn: https://www.linkedin.com/in/matthew-hougan Twitter: https://twitter.com/matt_hougan?lang=en Connect with the Research Foundation: RF Showcase page: https://lnkd.in/e66zSKD Download and share RF content (free to all): https://lnkd.in/emhTTi5

Investing in Africa: Perspective from the Continent

CFA Institute — Wed, 17 Mar 2021 11:17:20 -0100

Herman Warren, Africa Director for The Economist Corporate Network, discusses the economic and social impact of Covid-19 on sub-Saharan Africa in general, and South Africa in particular, the outlook for the continent post-pandemic, whether the commodities boom will turn into a supercycle, the role of China, and what Africa can expect from the Biden administration.

Machine Learning Applications: What We Can Learn from Healthcare Finance

CFA Institute — Wed, 10 Mar 2021 10:00:00 -0100

Andrew Lo discusses his various fields of expertise and research with Anastasia Diakaki. Professor Lo's most recent work in healthcare finance, more timely than ever, serves as the starting point for a conversation covering the COVID-19 pandemic, machine learning applications in biopharma, artificial intelligence and the interpretability of machine learning results in the finance industry. When it comes to preparing for the future, we ask Andrew Lo: "Do we all need to become computer scientists?"

Topics discussed:

1:30 - Professor Lo's philosophy and approach in health care finance sector

2:43 - Applications: what are the implications of these tools?

4:51 - Lo's view on the pandemic and the acceleration of some processes

6:41 - Machine learning applications and health care

8:58 - Successes and improvements to algorithms in practice

10:57 - Computer science – the new life skill to have

13:24 - Machine learning algorithm used in the investment process

15:25 - Are your current students more comfortable with science skills?

16:55 - AI and human intelligence

Related articles and links:

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/

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Find Andrew here:

LinkedIn: https://www.linkedin.com/in/andrewwlo/

Twitter: https://twitter.com/AndrewWLo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Find Anastasia here:

LinkedIn: https://www.linkedin.com/in/anastasiadiakaki/?originalSubdomain=uk

Twitter: https://twitter.com/anastdiakaki

Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren-foster/

Twitter: https://twitter.com/laurenfosternyc

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Will Digital Asset Securities Revolutionize Capital Markets?

CFA Institute — Wed, 03 Mar 2021 11:35:09 -0100

Episode #452 Will Digital Asset Securities Revolutionize Capital Markets? Serial technology entrepreneur and investor Carlos Domingo, CEO and co-founder of Securitize, discusses blockchain technology and the power of digital securities, or security tokens, to drive liquidity for private securities and democratize access to investing. Topics discussed: 2:30 - Intro: working in Tokyo and Japan 6:24 - Carlos' first introductions to Blockchain 9:03 - What is Securitize? 10:18 - Defining terms 12:30 - Types of assets that are issues for digital assets against 13:56 - Revolutionizing the marketplace 19:40 - 3-part question: Is this a quirky trend? How will the public broadly adopt digital assets? Are investors ready for digital assets securitize? 22:45 - Cyber security risks 25:47 - Are regulators happy or unhappy with the state of the technology 27:17 - What is Project Aquaman? 29:26 – What is the industry going to look like to Carolos in the near and far future and what trends are driving the industry? 31:37 - Wrap-up questions Ray of sunshine NASA trip Flight vs. invisibility Related articles and links: "The tokenization of alternative assets" https://caia.org/tokenisation II article "This quirky trend": https://www.institutionalinvestor.com/article/b1qdqlgr4mq0w6/This-Quirky-Trend-Could-Bring-Alternative-Assets-to-the-Masses Blog about Project Aquaman: https://medium.com/securitize/introducing-project-aquaman-driving-liquidity-in-the-digital-securities-market-164e71107d3c John Hodgman on This American Life ep.178: https://www.thisamericanlife.org/178/superpowers/act-one-0 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren- foster/ Twitter: https://twitter.com/laurenfosternyc Find Carlos here: Twitter: https://twitter.com/carlosdomingo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Linkedin: https://www.linkedin.com/in/carlosdomingo

Investing in Esoteric Assets

CFA Institute — Wed, 24 Feb 2021 10:00:00 -0100

Episode #451 Investing in Esoteric Assets Rishi Ganti, CFA, founder of Orthogon Partners, a private investment fund focused solely on esoteric assets, explains why he searches for what he calls esoteric assets and why this is the area where investors should be hunting for opportunities. Episode Transcript: https://cfainst.is/3pvys5u Topics discussed: 2:32 - City living nowadays 4:35 - "The come-to-Jesus" moment 8:47 - What conceptions we might have wrong and what led Rishi to the Orthogon path 14:33 - More about Orthogon 17:04 - What is an esoteric asset? 21:40 - Opportunities discovered 25:52 - The intensive process of surfacing opportunities 32:58 - What ray of sunshine has some from the pandemic? 35:18 - What would you bring on a NASA flight 37:15 - Flight or invisibility, which would you choose? Related articles and links:

Institutional Investor: https://www.institutionalinvestor.com/article/b1phwnq5888jf2/Why- Modern- Finance- Is- Ruining- the- World

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

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How to Make Smarter Decisions about Money

CFA Institute — Wed, 17 Feb 2021 10:00:00 -0100

Episode #450 How to Make Smarter Decisions about Money Paul Sullivan, author of the Wealth Matters column for The New York Times and the Money Game column in GOLF Magazine, discusses why it's important for financial advisers to discuss money scripts with clients and for families to talk to their children about money. A lifelong golfer, Paul also shares anecdotes from some of the legendary pros, as well as a few things he learned after writing more than 500 columns about money. Episode Transcript: https://cfainst.is/3u2Dzh3 Topics discussed: 2:00 - Launching Wealth Matters column in the financial crisis 4:13 - Lessons gleaned over 500 columns 5:42 - Paul's; favorite column 7:54 - Why do we have an aversion to talking to kids about money? 11:00 - Strategies for helping people talk about money 13:17 - Money scripts 16:00 - Paul's writing process and how he keeps finding ideas 18:49 - Flops and mistakes in behavioral finance 21:30 - Richard Thaler and The Thin Green Line 24:54 - Clutch and Tiger Woods 27:58 - Writing for Golf Magazine 30:48 - Paul's favorite golfing character and his favorite golfing story 33:06 - Ray of sunshine question 33:48 - NASA question 34:45 - Flight vs. Invisibility

Related articles and links:

NYT Wealth Matters https://www.nytimes.com/column/wealth-matters

Paul's favorite column's: Somebody's Watching ... and Ready to Sue https://www.nytimes.com/2009/09/05/your-money/05wealth.html

A Bespoke Perfume Doesn't Come Cheap https://www.nytimes.com/2015/03/14/your-money/designing-personal-perfumes.html The Green Line Secrets https://www.amazon.com/Thin-Green-Line-Secrets-Wealthy/dp/1451687257

Clutch: Why Some People Excel Under Pressure and Others Don't https://www.amazon.com/Clutch-Excel-Pressure-Paul-Sullivan/dp/1591844290

Golf Magazine: https://golf.com/contributor/paul-sullivan/

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

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LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc

Find Paul here:

LinkedIn: https://www.linkedin.com/in/sullivanpaulj/

Twitter: https://twitter.com/sullivanpaul?lang=en

Outlook on Emerging Markets: Trading Fixed Income and FX

CFA Institute — Wed, 10 Feb 2021 10:00:00 -0100

Dirk Willer, a managing director and global head of emerging market strategy at Citi and co-author of Trading Fixed Income and FX in Emerging Markets: A Practitioner's Guide, discusses the outlook emerging market economies amid the rollout of the Covid-19 vaccine, what to expect from China, and his guide to trading foreign exchange.

A Quant Pioneer Reflects on Machine Learning, Big Data, ESG, and Value Investing

CFA Institute — Wed, 03 Feb 2021 10:00:00 -0100

Episode #449 A Quant Pioneer Reflects on Machine Learning, Big Data, ESG, and Value Investing John Chisholm, CFA, co-CEO and co-founder of Acadian Asset Management, a global, quantitative investment manager, takes the audience deep into the world of machine learning and data science as he discusses where he sees innovation taking place and what is important in building a firm culture where quants can thrive. He offers advice for those considering a career in quantitative investing and shares his views on ESG investing, the outlook for value, and more.

Episode Transcript: http://static.3playmedia.com/p/files/5653820/threeplay_transcripts/16847103?format_id=46&project_id=18442&format=pdf Topics discussed: 2:00 – How optimistic are you for the new year? 3:20 – John's approach at Acadian 6:51 – Building culture 11:29 – How to get involved in quantitative investing 13:44 – John's opinion on drivers of value's recent underperformance and conditions for a comeback 18:01 – Acadian's approach to value investing and how John's Quant skills help compete with other value managers. 20:32 – Does your approach look to leverage a common theme across asset classes? Or are you looking to diversify by exploiting different causal factors? 20:09 – Acadian's ESG philosophy. 27:11 – Lesson's learned over three decades at Acadian that are helpful to understanding the current environment 32:00 – Ray of sunshine question: what is one positive long-term change that you hope to see as a result of the pandemic? 34:03 – NASA question: what one item would you bring on a long flight to space? 35:29 – Flight or invisibility? Which superpower would you choose?

Related articles and links:

This American Life: https://www.thisamericanlife.org/

Acadian: https://www.acadian-asset.com/

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g

►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org

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Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc

Find John here:

LinkedIn: https://www.linkedin.com/in/john-chisholm-cfa-6459547

Twitter: https://twitter.com/johndchisholm?lang=en

Acadian: https://www.acadian-asset.com/about-acadian/leadership

Discovering Young Urban Investment Talent

CFA Institute — Wed, 27 Jan 2021 13:33:03 -0100

In this episode #447, Troy Prince founder of Wall Street Bound discusses how his organization is creating pathways of success for urban youth through careers in finance, despite the many challenges they often face.

Episode Transcript: http://static.3playmedia.com/p/files/5648975/threeplay_transcripts/16831037?format_id=46&project_id=18442&format=pdf Topics discussed:

1:23 – Background about yourself and Wall Street Bound 3:34 – Inner city youth: what are the biggest roadblocks that keep them from finding positions within investment management? 5:30 – Diversity: how do we get employers and investment management to value this underserved part of the talent pool? 7:06 – Stories or examples on how have you been able to help these young people and get them positions within investment management? 9:39 – Credentialing: Ways you have helped your students get credentialing to move into investment management. 11:49 – Current status of diversity in the industry 15:53 – Hiring people from diverse backgrounds: What do employers do to find talent, valuable talent in the inner city? 17:52 – Skills that you are recommending helping students and/or young people so they can better compete for positions in the industry? 23:43 – How would you like to see the investment management industry evolve over the next 5 to 10 years? And what do you think they should focus on first? 26:37– What is the best way to find good inner-city talent?

Related articles and links:

Wall Street Bound: https:///www.wallstreetbound.org info@wallstreetbound.org

CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____

► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g

►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org

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Find Lauren here:

LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc

Find Troy here:

LinkedIn: https://www.linkedin.com/in/troyaprincecaia

Twitter: https://twitter.com/wallst_bound?lang=cs

BlackRock's Salim Ramji, CFA, on ETFs and Indexing

CFA Institute — Wed, 20 Jan 2021 10:00:00 -0100

Episode #446. Salim Ramji, CFA, Global Head of iShares and Index Investments for BlackRock, discusses three ETF trends investors should be watching and the outlook for the industry in 2021 and beyond. Episode Transcript: http://static.3playmedia.com/p/files/5596947/threeplay_transcripts/16696191?format_id=46&project_id=18442&format=pdf Topics discussed: • 2:39 - The State of the Industry and the misperceptions about ETFs and indexing • 13:29 - What are the three biggest growth opportunities for 2021? • 25:53 - Clean Energy ETFs • 27:20 - When is scale good and when is it too much? • 29:20 - What else is next on the ETF landscape? • 32:50 - What longer term scars will COVID-19 leave on investors of your generation? • 35:35 - What is the one object or item you would take with you on a long duration space flight? • 37:38 – Wrap up questions Related articles and Links: Enterprising Investor Blog: https://blogs.cfainstitute.org/investor/2020/03/30/dispelling-the-misperceptions-three-ways-etfs-benefit-financial-markets/ Financial Times Article: https://www.ft.com/content/537c45ca-5e2b-11ea-b0ab-339c2307bcd4 Professional Learning Tracker for CFA Institute members and charterholders: https://cpd.cfainstitute.org/ Connect: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Subscribe to our YouTube channel: https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org

Trailer: Take 15 Podcast

CFA Institute — Tue, 19 Jan 2021 19:13:53 -0100

Listen to our quick 20-second trailer to find out what our show is all about. Enjoy short interviews with the greatest thinkers in investments, economics, and many other related financial industry topics.

Subscribe at here or https://take15audio.libsyn.com/.

What Lies Ahead for the Investment Management Industry?

CFA Institute — Wed, 13 Jan 2021 10:00:00 -0100

Episode #445 What Lies Ahead for the Investment Management Industry? Heather Brilliant, CFA, chief executive and president of Diamond Hill Capital Management, discusses the outlook for active management, value investing, and small caps and what these forces mean for the future of the industry and CFA charterholders. Episode Transcript: http://static.3playmedia.com/p/files/5531340/threeplay_transcripts/16494450?format_id=46&project_id=18442&format=pdf Topics discussed: • 3:45 - Values vs. Growth: Has the demise of value been exaggerated? Or has value done better than we think? • 7:10 - Do we have a flowed definition of value? • 9:10 - The implications of the shift to passive • 11:01 - What are some other areas where you think active management outperforms? • 13:20 - How to stay relevant and what is the future of work in the asset management industry? • 15:00 - Asset industry is becoming the barbell industry. What types of firms are on either side and what's happening in the middle? • 16:58 - ESG factors and sustainable investing. How is Diamond Hill thinking about ESG? • 19:39 How do you prevent a focus on short-termism as a public company? • 20:31 - COVID-19: How are you keeping employees motivated? What did you do this year that was different than in previous years? • 23:05 What longer term scars will COVID-19 leave on investors of your generation? • 25:20 - What have you read this year that you enjoyed or got you thinking? • 26:23 – Wrap up questions Related article and links: Greenwich Associates: https://www.greenwich.com/decision-time-asset-managers-report-download Diamond Hill Sustainability Policy: https://www.diamond-hill.com/content/sustainability-policy/default.fs Diamond Hill's Pledge: https://www.diamond-hill.com/diamond-hill-pledge/ CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find Heather here: LinkedIn: https://www.linkedin.com/in/heather-brilliant-cfa-aa5a18/ Twitter: https://twitter.com/brilliantheath?lang=en

Why the "A-Game" Is Key to High-Performing Investment Teams

CFA Institute — Wed, 06 Jan 2021 10:00:00 -0100

Episode #444. Fran Skinner, CFA, CPA, discusses the importance of identifying your "A-game" so you can improve performance in all aspects of your work, tips on how to take advantage of virtual networking sessions to expand your network, and much more.

Investing Lessons from Warren Buffett to the Great Literary Detectives

CFA Institute — Wed, 30 Dec 2020 10:00:00 -0100

Investing Lessons from Warren Buffett to the Great Literary Detectiv Episode #443. Robert G. Hagstrom, CFA, senior portfolio manager at EquityCompass and author of the New York Times bestseller "The Warren Buffett Way," discusses his writing process, managing high active share portfolios, and hiring and firing portfolio managers. Episode transcript: http://static.3playmedia.com/p/files/5524640/threeplay_transcripts/16479796?format_id=46&project_id=18442&format=pdf Topics discussed: • 2:23 – How did you into the money management world? • 3:33 – Writing career • 6:13 – The writing process • 7:31 – A few highlights from the new book • 9:05 – What can investors learn from great literary detectives? • 10:41 – The challenges of managing high active share portfolios • 13:51 – How can investors who are selecting active equity manager maximize their odds for success? • 16:21 – How do you ensure that each day you become smarter and what roll does creativity play in your process? • 18:32: - Books that you find yourself returning to or recommending? • 20:33 – Luck vs. skill • 23:40 – What do you think separates the best from the average investor? • 24:30 – Wrap up questions Related articles and links: Enterprising Investor, Liberal Arts Investing: https://blogs.cfainstitute.org/investor/2019/10/10/robert-g-hagstrom-cfa-on-liberal-arts-investing/ Enterprising Investor, Hiring and Firing Portfolio Managers: Process and Outcomes: https://blogs.cfainstitute.org/investor/2019/01/16/hiring-and-firing-portfolio-managers-process-and-outcomes/ Pre-order Warren Buffet: Inside the Ultimate Money Mind on Amazon: https://www.amazon.com/Warren-Buffett-Inside-Ultimate-Money/dp/1119714591/ref=sr_1_1?dchild=1&qid=1611600866&refinements=p_27%3ARobert+Hagstrom&s=books&sr=1-1 CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find Robert here: LinkedIn: https://www.linkedin.com/in/roberthagstrom Twitter: https://twitter.com/robertghagstrom?lang=en

How AI and Neuroscience Can Reduce Bias in Hiring

CFA Institute — Wed, 16 Dec 2020 10:00:00 -0100

Episode #442. Dr. Frida Polli, CEO and co-founder of pymetrics, a company that uses neuroscience and AI to improve the accuracy, fairness, and diversity of hiring, discusses how hiring is broken and why soft skills are key for accurate and fair talent matching.

Geopolitical Alpha: A Framework for Investors

CFA Institute — Wed, 09 Dec 2020 10:00:00 -0100

Episode #441. Marko Papic, a partner and chief strategist at Clocktower Group and author of Geopolitical Alpha: An Investment Framework for Predicting the Future, takes listeners on a geopolitical tour that starts with his constraints-based framework and continues through the recent US presidential election to US-China relations, Brexit, the Middle East, and Russia.

Big Tech and the Antitrust Threat: What History Can Teach Us

CFA Institute — Wed, 02 Dec 2020 10:00:00 -0100

Episode #440. It has been 20 years since the last major antitrust case in the US, and with the recent bi-partisan investigation, Google, Amazon, Apple, and Facebook are now seemingly in the government's crosshairs. Join us with founder of SGH Wealth Management's Sam G. Huszczo, CFA, CFP as we explore the historical parallels of Microsoft's antitrust case and the potential investment opportunities this uncovers in Big Tech.

What Constitutes an "A" Rated Pension System?

CFA Institute — Mon, 30 Nov 2020 12:26:26 -0100

In episode #439, David Knox, senior partner at Mercer Australia and the lead author of the Mercer CFA Institute Global Pension Index, discusses the characteristics that make up a good pension system.

Finance and Human Progress - Two Sides of the Same Coin

CFA Institute — Wed, 11 Nov 2020 10:00:00 -0100

Episode #437. Renowned financial market historian William N. Goetzmann of the Yale School of Management takes the audience on a fascinating journey that spans stock market bubbles and lessons for today's investors to interplanetary finance.

ESG Investing and the Asset Management Firm of the Future

CFA Institute — Wed, 04 Nov 2020 10:00:00 -0100

Episode #436. Heidi Ridley, CFA, co-founder of Radiant ESG, discusses why she believes ESG is probably the single most important change to asset management, her journey from CEO of Rosenberg Equities to launching her own firm, and what it takes to build a strong organizational culture.

Randall Kroszner on Central Banks and Crisis Responses

CFA Institute — Wed, 28 Oct 2020 09:00:00 -0100

In episode #435, Randall Kroszner discusses central bank responses to COVID-19, the impact of lower rates on savers and plan sponsors, the toolkit to deal with future crises, and a way forward for bailouts of insolvent firms.

Investing and Beyond: Living your Best Life

CFA Institute — Wed, 21 Oct 2020 10:00:00 +0000

Episode #434. In a wide-ranging and frank conversation, Michael Falk, CFA, a partner at the Focus Consulting Group, discusses the one question every investor must answer right now, how to take investment teams from good to great, what he believes to be the progenitor behavioral bias, and his diagnosis with ALS, often called Lou Gehrig's disease.

Inside the Mind of a VIX Pioneer

CFA Institute — Wed, 14 Oct 2020 10:00:00 +0000

In episode #433, Sandy Rattray, CIO of Man Group, discusses whether the VIX is a fair estimate of volatility, building a work culture for data scientists and machine learning experts, and the role of technology and data in investing.

Government pension schemes: how they rank and what makes a good one.

CFA Institute — Wed, 07 Oct 2020 10:00:00 +0000

In episode #432, Maria Wilton, CFA, discusses the 2020 CFA Institute/Mercer co-branded Global Pension Index. Who is responsible for providing retirement income: the government or individual? What are the features of a good government pension scheme?

Lessons in Asset Allocation and Manager Selection

CFA Institute — Wed, 30 Sep 2020 10:00:00 +0000

Lessons in Asset Allocation and Manager Selection In episode #431, Mark W. Yusko, founder, CEO, and CIO of Morgan Creek Capital Management, shares his views on a range of topics, including the US economic recovery, asset allocation, manager selection, and really good versus great investors. Episode transcript: http://static.3playmedia.com/p/files/5205271/threeplay_transcripts/15531158?format_id=46&project_id=18442&format=pdf Topics discussed: • 1:40 – Mark's road trip experience from North Carolina to California • 7:30 – How are you thinking about asset allocation today? • 13:38 – Bitcoin: what changed your mind? How are you allocating in this area, and how should other investors be thinking of in terms of percentagewise for a hedge like Bitcoin? • 18:39 – Innovations that are getting you excited today? • 22:58 – Mark's process for evaluating managers and the characteristics he looks for • 31:37 – What was your biggest mistake? • 34:54 – What was your greatest learning moment? • 37:34 – Wrap up question Related articles and links: CFA Institute members and charterholders Professional Learning Tracker https://cpd.cfainstitute.org/ ____ ► Subscribe to the Take 15 Channel Here https://www.youtube.com/channel/UCA3HUMuK4FSp_CvQH_2Ji7g ►Email us for comments, questions, or appearance requests:Take15podcast@cfainstitute.org ____ Find Lauren here: LinkedIn: https://www.linkedin.com/in/lauren-foster/ Twitter: https://twitter.com/laurenfosternyc Find Mark here: Twitter: https://twitter.com/MarkYusko?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Grasping alternative sources of alpha in today's investment landscape

CFA Institute — Wed, 23 Sep 2020 10:00:00 +0000

Internet and related technologies have been creating data like never before. Jumps in computing power and competition have made it increasingly difficult for active managers to get an edge through traditional data sources. Episode #430 provides an overview of the fast-changing canvas of data and alternative sources of alpha.

Investment Outlook and Thoughts from APAC

CFA Institute — Wed, 16 Sep 2020 10:00:00 +0000

Episode #429. Neil Govier, CFA, talks to Ken Siazon and Manish Sharma, CFA, both from Southeastern Asset Management, about the outlook for APAC equity markets, value investing, investment opportunities, and the likely speed of recovery from COVID-19.

Data Analytics and Improving Investor Behavior

CFA Institute — Wed, 09 Sep 2020 10:00:00 +0000

In episode #428, Clare Flynn Levy, founder & CEO of Essentia Analytics, discusses common behavioral errors and how to mitigate them, where alpha is lost and found, and what investors can do to build decision-making resilience.

Investing in Africa: Is Now the Time?

CFA Institute — Wed, 02 Sep 2020 10:00:00 +0000

In episode #427, Melissa Cook, CFA, founder and managing director of African Sunrise Partners LLC, dispels some of the biggest misconceptions investors have when considering Africa and makes the case for investing in the continent.

Risks and Opportunities in Global Bond Markets

CFA Institute — Wed, 26 Aug 2020 10:00:00 +0000

In episode #426, Anne Walsh, CFA, chief investment officer for fixed income at Guggenheim Partners, discusses risks and opportunities in global bond markets, Guggenheim's investment process, and why investment management is a high calling.

The Art of Talking Trust

CFA Institute — Wed, 19 Aug 2020 10:00:00 +0000

In episode #425, we invited Scott West, the Head of Invesco Consulting and Lisa Kueng, their Director of Creative Campaigns, to get a better understanding of the actions that investment professionals can take right away to build trust with clients and how investment professionals can harness language to help grow, keep, and optimize their businesses.

History and Investing: Gold, ETFs, and Alexander Hamilton

CFA Institute — Wed, 12 Aug 2020 10:00:00 +0000

In episode #424, Jan van Eck, president and CEO of Van Eck Associates Corporation, discusses his outlook on gold and China, the firm's approach to launching ETFs, five things to know about former US president Ulysses S. Grant, and much more.

Whither Dividends?

CFA Institute — Wed, 05 Aug 2020 10:00:00 +0000

In episode #423, John Tobin, CFA, explains why he believes the death of dividends is greatly exaggerated and shares advice on how investment analysts can deal with the daily information overload.

Conviction: A Critical Element of a Successful Investment Process

CFA Institute — Wed, 29 Jul 2020 10:00:00 +0000

In episode #422, Sean Stannard-Stockton, CFA, president and CIO of Ensemble Capital, shares why conviction in an idea is one of the most under-appreciated elements of a successful investment process and also one of the most critical.

Breaking the Taboo of Race with the RACE Framework

CFA Institute — Wed, 22 Jul 2020 13:15:43 +0000

In episode #421, Stephanie J. Creary, assistant professor of management at the Wharton School of the University of Pennsylvania, discusses the RACE framework she created to help employees initiate workplace conversations about race.

The Convergence of Stakeholder Capitalism and Desires for More Sustainable Investing

CFA Institute — Wed, 15 Jul 2020 10:00:00 +0000

In episode #420, Lutfey Siddiqi discusses his thoughts on the convergence of stakeholder capitalism and investors' desires for more sustainable investing while touching on the subject of trust and whether investee companies have truly embraced long-term sustainability. Lutfey expands on this conversation in a recent blog he has written which can be found at https://blogs.lse.ac.uk/businessreview/2020/07/09/covid-19-makes-inclusion-a-strategic-imperative-for-companies-and-investors/

A Robo-Adviser's Take on Financial Education

CFA Institute — Wed, 08 Jul 2020 10:00:00 +0000

In episode #419, Jon Stein, CFA, the CEO and founder of Betterment, discusses the past and future of the online adviser, and the building of financial fortitude and resilience required by an uncertain environment.

Understanding Sentiment Analysis and Trading on Fear

CFA Institute — Wed, 01 Jul 2020 15:33:46 +0000

In episode #418, psychiatrist Richard L. Peterson, CEO of MarketPsych, a behavioral economics consultancy, discusses sentiment analysis and fear as a driver of decision-making. He also shares tips for managing stress and anxious clients.

Addiction: Helping Clients, Families, and Loved Ones in Distress

CFA Institute — Wed, 24 Jun 2020 13:58:23 +0000

In episode #417, Arden O'Connor discusses how financial advisers can recognize potential addiction issues with clients and shares effective communication strategies and resources for helping clients and families in sensitive situations.

Will COVID-19 accelerate or slow down the inevitable changes to the investment management industry

CFA Institute — Wed, 17 Jun 2020 10:00:00 +0000

In episode #416, Sam Stubbs, founder and managing director of Simplicity, talks to Neil Govier, CFA, about the impact, positive or negative, that COVID-19 will have on the changes taking place within the finance industry and its impact on investor trust.

Financial Advisers and Female Clients: Risks and Opportunities

CFA Institute — Wed, 10 Jun 2020 10:00:00 +0000

In episode #415, Barbara Stewart, CFA, shares insights from a decade spent researching women and finance. She dispels some common myths about women investors and explains why the investment industry must change to better serve female clients.

How to Read Financial News and Set Aside our Biases

CFA Institute — Wed, 03 Jun 2020 10:00:00 +0000

In episode #414, Robert Martorana, CFA, author of the How to Read Financial News series, explains why we need to read the news with a clear eye about our emotions and biases, especially our tendency towards confirmation and political bias.

Investing in the Era of COVID-19: Geopolitics, Risk, and Forecasts

CFA Institute — Wed, 27 May 2020 13:01:47 +0000

In episode #413, Joachim Klement, CFA discusses how investors can assess which geopolitical risks are important for their portfolios, shares advice on forecasting, and explains why investors must pay attention to climate change.

Peter Zeihan on COVID-19 and the Coming Global Disorder

CFA Institute — Fri, 22 May 2020 10:00:00 +0000

In this bonus episode, Geopolitical strategist and author Peter Zeihan discusses why the global order, as we know it, is about to collapse, touches on the US presidential elections, and takes listeners on a whistle-stop of where we stand in the current COVID-19 crisis and what to expect in the coming weeks. This conversation was recorded during the 73rd CFA Institute Annual Virtual Conference.

Decision-Making: Morgan Housel in Conversation with Annie Duke

CFA Institute — Thu, 21 May 2020 10:00:00 +0000

In this bonus episode, Morgan Housel, author of the forthcoming book, "The Psychology of Money," interviews author, business consultant, and former professional poker player Annie Duke, about the science and strategy of decision-making and Annie's forthcoming book, "How to Decide."Their conversation was recorded at the 73rd CFA Institute Annual Virtual Conference.

Saving the Human Race One Project at a Time

CFA Institute — Wed, 20 May 2020 12:49:44 +0000

In episode #412, Ashby Monk, executive and research director of the Stanford Global Projects Center and a member of the Future of Finance council, talks about innovation and tech disruption in finance, the future of ESG investing, and more.

Building Relevance and Resilience in Times of Crisis

CFA Institute — Wed, 13 May 2020 10:00:00 +0000

In episode #411, Rebecca Fender, CFA, and Bob Stammers, CFA, co-authors of the award-winning report "Investment Professional of the Future," discuss the findings in light of the COVID-19 pandemic and the disruption that has roiled businesses and financial markets.

COVID-19: How Big Governments and Big Tech Will Emerge Stronger

CFA Institute — Thu, 07 May 2020 10:00:00 +0000

In episode #410, Andrew Sheng discusses the current and potential impacts COVID-19 will have on globalization, governments, and the economy. What will happen to investors' trust in the finance industry, and who or what will emerge stronger?

Trust and Leadership in the Investment Industry during COVID-19

CFA Institute — Wed, 29 Apr 2020 10:00:00 +0000

In episode #409, Margaret Franklin, CFA, CEO and President of CFA Institute, discusses how CFA Institute is helping the investment management industry during COVID-19, long-term ramifications, and how to lead and build trust during a crisis.

Trust in the Era of Artificial Intelligence, Innovation, and Technology

CFA Institute — Wed, 22 Apr 2020 10:00:00 +0000

Episode #408. We use the word "trust" a lot, but what does it mean, and why is it important in the investment industry and beyond? How can financial firms and professionals build trust? Can innovation and technology enhance trust? In this episode, Rebecca Fender, CFA, and Bob Stammers, CFA, discuss these questions and more and share some of the findings from the recent Investor Trust Study 2020 published by CFA Institute.

Meditation Tips for Staying Calm During a Crisis

CFA Institute — Wed, 08 Apr 2020 10:00:00 +0000

Episode #407. The outbreak of coronavirus disease 2019 (COVID-19) is causing widespread concern, fear, and stress. In this episode, Jason Voss, CFA, a lifelong meditator who has spent the last 20 years researching meditation and its benefits, explains how meditation can help reduce stress, especially during times of crisis, and provides listeners with some tips on how to get started.

Panics and Pandemics: What We Can Learn from the Past

CFA Institute — Wed, 01 Apr 2020 14:08:54 +0000

Episode #406. Pandemic panic has engulfed financial markets. In this timely and wide-ranging episode, financial economist Robert F. Bruner, co-author of The Panic of 1907: Lessons Learned from the Market's Perfect Storm, discusses the 1907 panic, what the Spanish Flu can teach us about the Novel Coronavirus (COVID-19) crisis, facts versus fiction when it comes to financial crises, how investors can identify signs of recovery, and leadership lessons in times of crisis.

Yanis Varoufakis on the State of Europe

CFA Institute — Wed, 25 Mar 2020 09:00:00 -0100

Episode #405. Yanis Varoufakis discusses the lessons he learned during his tenure as Minister of Finance of Greece and how they led to his co-founding DiEM 25, the pan-European movement for the democratization of Europe. In this short interview, he shares his views on the relationship between politics and the investment industry and the role of capital markets within society.

Olof Granstrom on Facts and Truth

CFA Institute — Wed, 18 Mar 2020 12:19:23 -0100

Episode #404. Olof Granstrom discusses the concept of factfulness and his work on helping people understand the world through data. In this short interview, Granstrom talks about dealing with conflicting facts and incorporating them into decision making.

From Activist to Altruist: Bill Browder's Journey

CFA Institute — Wed, 11 Mar 2020 09:00:00 -0100

In episode #403, human rights activist Bill Browder discusses the role personal history and timing played in his career trajectory. From the founding of Hermitage Capital Management just after the fall of the Soviet Union, to his current role fighting state-sponsored corruption and human rights abuses through the Magnitsky Act, Browder shares his evolution from rebel capitalist, to activist investor, to full-time human rights activist, detailed in his book, Red Notice.

Stephanie Kelton on Modern Monetary Theory

CFA Institute — Wed, 04 Mar 2020 10:00:00 -0100

Episode #402. Stephanie Kelton explains modern monetary theory, a new approach to economics. She explains how to break free of the myths and misunderstandings about money and the role of taxes, debt, and deficits that have hamstrung policymakers around the world.

Integrating ESG in Fixed-Income Investing

CFA Institute — Wed, 26 Feb 2020 10:00:00 -0100

In episode #401, Kathleen M. Bochman, CFA, discusses the state of the art of ESG (environmental, social, and governance) integration in fixed-income management.

The End of a Decade

CFA Institute — Wed, 19 Feb 2020 10:00:00 -0100

In this 400th episode of the Take 15 Podcast, Mebane Faber, a cofounder and chief investment officer of Cambria Investment Management, and our guest host, Rodney Sullivan, CFA, discuss industry trends and global asset allocation strategy as we head into a new decade of the 2020s. Mr. Faber cautions investors about "home country bias" and recommends allocating investments toward the world market portfolio, particularly with lofty valuation levels in the United States from an historical perspective. Mr. Faber discusses changes to the industry that will affect financial advisers, including the impact of zero commissions and the rise of systematic or quantitative investing. He also shares why he believes financial advisers need to reassess their business risks as we enter the later stages of the economic cycle.

Feelings and Forecasts: Overconfidence in Human Decision Making

CFA Institute — Wed, 12 Feb 2020 10:00:00 -0100

Episode #399. Overconfidence is a behavioral bias that plagues many investors. What does overconfidence mean, and where does one draw the line between confidence and overly optimistic behavior? What are the most common forms of overconfidence? In this episode, Ryan O. Murphy, head of decision sciences at Morningstar Investment Management, provides the answers and offers practical tips on restraining this common bias.

Big Data and Disruption: Implications for Investing

CFA Institute — Wed, 05 Feb 2020 17:10:41 -0100

Episode #398. Paula Campbell Roberts leads KKR's efforts to incorporate big data and machine learning into many of its investing and value creation efforts. In this episode, she discusses how data analytics can be used to identify investment themes and talks more broadly about "the new consumer" and the investment implications from the disruption in the renting and sharing economies.

Is There an Alternative to Equities?

CFA Institute — Wed, 29 Jan 2020 10:00:00 -0100

Episode #397. Have Central Banks exhausted their ability to engender growth? Is there an alternative to equities? Will there be a US-China trade deal? In this episode, Jason DeSena Trennert, chairman and chief executive officer of Strategas Research Partners and one of Wall Street's thought leaders on the subject of markets and economic policy, discusses these questions and much more.

Nouriel Roubini on What Could Trigger the Next Global Recession

CFA Institute — Wed, 22 Jan 2020 10:00:00 -0100

Episode #396. Nouriel Roubini, sometimes known as "Dr. Doom" for his gloomy predictions, lays out four "games of chicken" that could crash the global economy and markets: US-China trade war, the US-Iran conflict, Brexit implications, and Argentina. He also shares his views on the US presidential elections in 2020 and why crypto is a "scam" and bitcoin "the most over-hyped technology ever."

Aswath Damodaran on Valuing the Disruptors and Disrupted

CFA Institute — Wed, 15 Jan 2020 10:00:00 -0100

Episode #395. We live in disruptive times. But as valuation expert Aswath Damodaran often says, disruption is easy, but making money from disruption is hard. In this episode, the author of five books on valuation discusses the "disruption dilemma," shares his advice for investors trying to value the disruptors, and gives viewers and listeners a preview of what attendees can expect from an extended session on valuation that he will be teaching at the 73rd CFA Institute Annual Conference in Atlanta in May 2020.

Finding Value in the Global Bond Markets

CFA Institute — Wed, 08 Jan 2020 10:00:00 -0100

Episode #394. There is no shortage of negative headlines, but Lucy Johns, CFA, a vice president at Dodge & Cox, is optimistic about global bonds. In this Take 15 episode, she explains why she believes investors can find real positive yield and have an edge through security selection, being benchmark agnostic, and managing currency exposure.

Hans Humes Discusses Investing in Emerging Market Debt

CFA Institute — Thu, 02 Jan 2020 10:00:00 -0100

In episode #393, Hans Humes, founding partner, CEO, and chief investment officer of Greylock Capital, has deep experience investing in distressed debt in emerging markets. In this episode (recorded in mid-October 2019), he discusses the outlook for Argentina, factors that are different about investing in emerging markets that investors should be aware of, and his top pick for a long-term investment.

Developing and Demonstrating Leadership Presence

CFA Institute — Thu, 26 Dec 2019 10:00:00 -0100

In episode #392, executive coach and leadership development specialist, Christiane St-Amour, discusses the concept of leadership presence, why it's important no matter one's role, how it changes over the course of one's career, and the linkage with emotional intelligence.

Why Micro-Resilience Is the Meta-Skill of the Future

CFA Institute — Wed, 18 Dec 2019 10:00:00 -0100

In episode #391, Best-selling author and Paralympic athlete Bonnie St. John shares the story behind becoming the first African American athlete to win medals in Winter Olympics competition and key takeaways from two of her books, Micro-Resilience and How Great Women Lead.

Becoming Board Ready

CFA Institute — Wed, 11 Dec 2019 10:00:00 -0100

In episode #390, Julie Castro Abrams, chair and CEO of How Women Lead, discusses the sought-after skills and experience for corporate boards, considerations for taking a corporate board role, and progress made and opportunities to move the needle on corporate board diversity.

A Sense of Mission: Leadership Lessons from Space

CFA Institute — Wed, 04 Dec 2019 10:00:00 -0100

Episode #389. Former NASA astronaut Cady Coleman completed three trips to space: She flew on two space shuttle missions and spent six months aboard the International Space Station. In this episode, Dr. Coleman discusses critical skills for building and leading teams, including resilience and trust.

Morningstar's Kunal Kapoor, Storyteller in Chief

CFA Institute — Wed, 27 Nov 2019 10:00:00 -0100

In episode #388, Kunal Kapoor, CFA, chief executive officer of Morningstar, a leading provider of independent investment research, took the helm of the industry giant in January 2017 after joining the firm as a a data analyst in 1997. In this brief conversation, he shares what has changed and what has stayed the same, why Morningstar launched a family of mutual funds, why ESG and sustainability are important to him, and what he would ask prospective employees if he could only ask one question in the interview. **This conversation was recorded near a construction site, so we apologize for any background noise.**

Cryptocurrency in Context: An Insider's View

CFA Institute — Wed, 20 Nov 2019 10:00:00 -0100

Episode #387. Cryptocurrency is a fascinating but polarizing topic. In this episode, Meltem Demirors, chief strategy officer at CoinShares, a digital asset manager, helps explain the broader macro context for the rise of bitcoin including economic, political, and social drivers. She discusses macro tailwinds, whether bitcoin is a risk asset or a flight-to-quality asset, Facebook's Libra, and her top three science fiction book recommendations.

An Insider's View on the Fed and Global Economic Trends

CFA Institute — Wed, 13 Nov 2019 10:00:00 -0100

In episode #386, Danielle DiMartino Booth, CEO and director of intelligence at Quill Intelligence LLC, a research and analytics firm, and author of FED UP: An Insider's Take on Why the Federal Reserve Is Bad for America, tells us what, if anything, has changed since she wrote her book and shares her views on macro risks to global economic growth, the data she watches most closely, and whether millennials can grow the US economy.

How Digital Platforms are Transforming Trust and Governance

CFA Institute — Wed, 06 Nov 2019 14:42:13 -0100

Episode #385. Platform businesses are all around us, but not every technology platform is a platform business. What makes a company a platform business, and how is this business model changing the landscape for trust and governance? What does sound platform governance look like? Arun Sundararajan, a professor at New York University Stern School of Business, helps answer those questions and explains why platforms are not like democracies but rather like benevolent dictatorships.

Using Digital Technology to Improve Clients' Experiences

CFA Institute — Wed, 30 Oct 2019 09:00:00 -0100

In episode #384, Vanguard Center for Investor Research's head of research, Jane E. Henshaw, discusses insights gained through her work and how it may be used to improve investment clientele's customer experience.

How Daniel Pink can help improve your investment performance

CFA Institute — Wed, 23 Oct 2019 10:00:00 +0000

In episode #383, world-renowned and best-selling author of the books When, Drive, and a Whole New Mind, Daniel Pink provides insight into how he times key decisions, anticipates possible futures, and simplifies complex subjects. Each subject is also shared by active investment managers.

When the Unthinkable Becomes Reality

CFA Institute — Wed, 16 Oct 2019 10:00:00 +0000

Episode #382. Named one of the Top 100 Thinkers by Foreign Policy magazine for four consecutive years, Mohamed El-Erian, chief economic advisor at Allianz, discusses his top three concerns with respect to the global economy. Touching on unpredictability, divergence among advanced economies, and the interplay of politics and economics, El-Erian also brings in relations between the U.S. and China. Finally, he shares his unique career trajectory and the most important advice he ever received.

Applying Behavioral Finance to the Investment Process

CFA Institute — Wed, 09 Oct 2019 10:00:00 +0000

In episode #381, Clare Flynn Levy, founder of Essentia Analytics, discusses why solely focusing on performance misses an important point; how top managers are competing for survival of the fittest and why others are missing a trick; and how to mitigate behavioral bias in your own investment process.

Reinventing Capitalism in the Age of Big Data

CFA Institute — Wed, 02 Oct 2019 10:00:00 +0000

In episode #380, Viktor Mayer-Schönberger discusses why he believes that data isn't just the new oil, but an even more important commodity. He believes that it not only greatly enhances markets, but also reshapes the economy. Last, he discusses data's new role and how he believes it has profound implications for the financial services sector and for finance capitalism more generally. The biggest challenge for the data economy is structural, and competition rules are ill suited to address this challenge.

AI and Traditional Investment Analysis

CFA Institute — Wed, 25 Sep 2019 10:00:00 +0000

In episode #379, Malcolm White, CFA, discusses the benefits and limitations of artificial intelligence (AI) in active investment management. Subjects include whether AI should be feared or embraced by investment professionals; things AI is good and bad at doing; neural networks; and how to avoid programming bias into algorithms.

The New World (Dis)Order

CFA Institute — Wed, 18 Sep 2019 10:00:00 +0000

In episode #378, Peter Zeihan discusses major geopolitics trends occurring currently, as well as the importance of geopolitics for financial professionals. Specifically: 1. The more than two decades breakdown in the world order, including the United States returning to isolationism and indifference about what happens in the rest of the world. 2. What reality that is worse that the Global Financial Crisis that is just around the corner? 3. Why finance pros should pay greater attention to geopolitics. 4. Zeihan's approach to geopolitical analysis. 5. The importance of intuition in his work.

Bringing Your Best Brain

CFA Institute — Wed, 11 Sep 2019 10:00:00 +0000

In episode #377, Pete Ronayne offers practical insights on how professionals in demanding environments can optimize performance by focusing on keeping their brain refreshed and renewed.

Investment Decision Making in an AI World

CFA Institute — Thu, 05 Sep 2019 14:14:35 +0000

In episode #376, we cover cover some of the basic terminologies and then chart a map of the AI-driven landscape. From small data to big data, from desktops to the cloud, and from simplistic programming to machine learning, the world has been moving at a rapid pace.

Psychology and the Good Life

CFA Institute — Wed, 28 Aug 2019 10:00:00 +0000

In episode #375, Professor Laurie Santos developed and taught Yale University's most popular course ever in which she introduced the science of happiness. Building on that experience, Dr. Santos appeared at the 72nd CFA Institute Annual Conference to help professionals in our demanding, dynamic profession learn what science teaches us about being happier at work—and in all facets of our lives.

Investment Decision Making for the Emerging Markets Investor

CFA Institute — Wed, 21 Aug 2019 10:00:00 +0000

In episode #374, we discuss how emerging markets have been the place where the action is and the future will be. How near is the future for emerging markets? Does investing in emerging markets translate into a superior risk-adjusted performance?

Interview: Leadership Insights with Sartaj Garewal

CFA Institute — Wed, 14 Aug 2019 10:00:00 +0000

In episode #373, recorded at the 72nd CFA Institute Annual Conference in London, Sartaj Garewal, an actor and coach, discusses innate and acquired traits of good leaders. Having started his career as a financial analyst before moving into acting, he uses his unique background to offer useful tips on leadership development as well as practical advice on commonly encountered workplace anxieties, such as dealing with stage fright.

Crashed: Looking Back on a Decade of Financial Crises

CFA Institute — Wed, 07 Aug 2019 20:39:06 +0000

In episode #372, recorded at the 72nd CFA Institute Annual Conference in London, Adam Tooze, a professor of history and director of the European Institute at Columbia University, discusses his most recent book, Crashed: How a Decade of Financial Crises Changed the World. Crashed has been described as "an eye-opening reinterpretation of the 2008 financial crisis and its aftermath, leading to the political shock waves you are feeling in the world today." In this short conversation, Professor Tooze discusses his main purpose in writing the book, connects the dots from 2008 to Brexit, and reflects on whether the global financial system is more resilient now.

ESG Investing: Into the Mainstream

CFA Institute — Wed, 31 Jul 2019 10:00:00 +0000

In episode #371, recorded at the 72nd CFA Institute Conference in London, Amanda Young discusses a wide range of general ESG topics including "are oil companies bad but wind farm companies good?" and "who/what are the drivers pushing ESG into the mainstream?" The answer to the first question is that it is not that simple (!), whereas the second question considers large vs. small companies, the demand from retail investors, and effecting change through engagement.

Mind over Matter: Staying Organized in the Age of Information Overload

CFA Institute — Wed, 24 Jul 2019 10:00:00 +0000

In episode #370, recorded at the 72nd CFA Institute Annual Conference in London, Daniel J. Levitin, an award-winning scientist, musician, writer, and record producer, discusses his book, The Organized Mind: Thinking Straight in the Age of Overload, why multi-tasking is a myth, how music affects the brain, and much more.

Leadership: How to Enhance Your Presence, Power, and Influence

CFA Institute — Wed, 17 Jul 2019 10:00:00 +0000

In episode #369, recorded at the 72nd CFA Institute Annual Conference in London, Connson Locke, senior lecturer in practice in the department of management at the London School of Economics, talks about the what the underlying question in the leadership research has been: Are leaders born or made? Moreover, what makes a great leader? What are some tips for developing presence and influence as a leader?

Tips and strategies to achieve communication excellence

CFA Institute — Wed, 10 Jul 2019 04:10:13 +0000

In Episode #368, we highlight some of the key attributes and tricks of the trade required to ensure you sell your self effectively in business meetings. We all know the importance of first impressions but what does LWAR stand for and what are the 3Cs and how do they lead to communication excellence. In this interview all is explained.

The Behavioral Investor: Where the Mind Meets the Markets

CFA Institute — Wed, 03 Jul 2019 19:33:24 +0000

In Episode #367, Psychologist and behavioral finance expert Dr. Daniel Crosby helps unlock investor behavior by explaining the four primary psychological tendencies that affect investment decision making and discussing how advisers can build rules-based behavioral portfolios for their clients.

How to Shape a Life of Money and Meaning

CFA Institute — Tue, 25 Jun 2019 13:55:31 +0000

In Episode #366, Brian Portnoy, CFA, explains wealth is "funded contentment." It is the ability to underwrite a meaningful life however one chooses to define that. Being rich is having "more." In this episode, Dr. Portnoy discusses his latest book, The Geometry of Wealth, explains what drives a more meaningful life, and shares how financial advisers should be coaches who can help their clients underwrite a life of meaning.

Wisdom of Finance

CFA Institute — Wed, 12 Jun 2019 17:19:04 +0000

In Episode #366, Professor Mihir Desai talks about his book "The Wisdom of Finance - discovering humanity in a world of risk and return."

Incorporating Geopolitical Analysis into Your Investment Process

CFA Institute — Tue, 28 May 2019 12:50:17 +0000

In Episode #365, we take a brief look at the US-China trade wars, to elections in India, and the ongoing Brexit debate. Never has there been a time when markets seem so closely connected with so many large-impact events unwinding.

Decision Making under Uncertainty – Less Is More

CFA Institute — Tue, 28 May 2019 12:47:51 +0000

In Episode #364, we walk about the difference between risk and uncertainty, and what implication does this difference have for decision making? This distinction is important in finance where pricing and investment decisions often use complex models that use assumed distribution to encapsulate risk. In reality, however, it can be argued that the future is inherently one of uncertainty and cannot be captured via a probability distribution and that a heuristic approach to decision making might be optimal. This leads to the proposition that less is more and that a heuristic approach, using less information, can produce better outcomes than a complex model dependent on numerous assumptions.

Why Investors Must Understand and Manage Chronic Stress

CFA Institute — Mon, 29 Apr 2019 13:55:34 +0000

In Episode #363, Mithu Storoni, an eye surgeon who holds a PhD in Neuro-ophthalmology and author of the book "Stress-Proof," explains that chronic stress is changing the structure of the brain, thinning the part that carries the seat of sophisticated decision making and this is a problem for investors today because we have to compete with artificial intelligence (AI).

Geopolitical Risk in an Increasingly Fractured World

CFA Institute — Mon, 15 Apr 2019 15:53:10 +0000

In Episode #362, Marko Papic, chief political strategist and senior vice president at BCA Research, discusses a variety of geopolitical risks, including the rise and implications of populism, the biggest threat to the single market in Europe, what's happening in China, and whether US President Donald Trump will be re-elected in 2020. He also provides investors an update on geopolitical risks to watch in 2019.

AI and the Future of Equity Research

CFA Institute — Wed, 13 Mar 2019 15:46:17 -0100

In Episode #361, we talk with Ken Sena and Bryan Healey, co-founders of Aiera, an adaptive, deep-learning platform designed to enhance active fundamental investment strategies. Aiera is also short for "artificially intelligent equity research analyst."

Bitcoin, Blockchain, and Beyond

CFA Institute — Fri, 01 Mar 2019 23:38:23 -0100

In Episode #359, Caitlin Long, a Wall Street veteran who has been a blockchain evangelist since 2014 and bitcoin since 2012, discusses bitcoin, blockchain myths versus reality, cryptocurrencies, why the world needs more systemic thinkers, how Satoshi Nakamoto solved the "Byzantine Generals Problem", and more.

BlackRock's Kate Moore Shares Her Views on US Equities

CFA Institute — Tue, 12 Feb 2019 15:46:36 -0100

In Episode #358, BlackRock's chief equity strategist, Kate Moore, tells viewers what she is counseling clients, offers advice on building a portfolio that is adequately defensive, and shares her outlook on China, among other things. She also discusses traits that make for the best investors and "the number one thing" that has contributed to her career success.

Whither Emerging Market Debt?

CFA Institute — Tue, 05 Feb 2019 18:00:00 -0100

In Episode #357, Shamaila Khan, director, emerging market debt at AllianceBernstein, discusses a number of issues related to this market, including concerns about broader contagion, which countries look most fragile, bright spots, global macro trends, and active versus passive investing.

The Future of Fixed Income

CFA Institute — Thu, 24 Jan 2019 15:26:08 -0100

In Episode #356, Priscilla Hancock, a managing director, senior fixed-income specialist, and head of the fixed-income insights team at J.P. Morgan Asset Management, explains why investors should stay in fixed income, what attributes fixed-income portfolios should have to be well positioned for the future, and where there are risks and opportunities in the municipal bond markets.

Unique Situations in Managing Pension Assets

CFA Institute — Thu, 10 Jan 2019 16:10:19 -0100

In Episode #355, Philippe Desfosses, CIO of ERAFP, France's public service pension scheme, discusses the unique situation ERAFP is in-including regular inflows and a funding ratio of 105%--and the resulting challenges they face in applying the traditional framework. To further complicated things, some sovereign bonds have been producing negative returns. He suggests a number of changes that need to be made by the industry so pension fund managers can properly deal with the challenges presented by these unique situations.

Building Your Path to the C-Suite

CFA Institute — Thu, 13 Dec 2018 16:23:04 -0100

In Episode #354, Shazia Syed, chief executive and chairperson of Unilever Pakistan Limited, describes her journey from management trainee to CEO, including the skills she needed to cultivate and lessons learned along the way. As an active advocate for greater gender diversity, Syed also discusses the importance of mentors in building one's career.

Uncovering Hidden Risks in Investment Portfolios

CFA Institute — Wed, 05 Dec 2018 12:39:36 -0100

In Episode #353, Professor Raphael Douady and Ron Rimkus, CFA, discuss the evolution of risk management practices and where we are today. Douady believes even with the "quantitative-ization" of risk management and increased sophistication in data analysis, investors need to strive to uncover the invisible or hidden risks of their investment portfolios. Risk management strategies that only focus on the visible risks could exacerbate the invisible risks inadvertently. Douady also explains that the evaluation of risk is not just about fat tails, it is also about where the risks are coming from. Douady's "Dominant Factor Analysis" is one method that helps investors determine dominant factors and the possible sources of risks in the portfolio as a window to portfolio sensitivities under different market conditions. Finally, Douady warns that investors cannot seriously avoid economic cycles and notes it is better for investors to be prepared for a "Minsky Moment" rather than trying to predict it.

The Outlook for Real Estate

CFA Institute — Thu, 29 Nov 2018 17:05:09 -0100

In Episode #352, Sonny Kalsi discusses his outlook, including the megatrends affecting real estate investment opportunities today. Kalsi examines the effects of disrupters—from the growth of online retail to the sharing economy and changing generational preferences. Kalsi explores single-family and multi-family housing in the United States 10 years after the Great Recession and changes he expects going forward during a rising interest rate environment. He shares his mistakes and lessons learned in his nearly 30 years as a real estate investor and discusses how his philosophy, process, and people have adapted to better position his firm for the future.

Fixing the Broken Side of Capitalism

CFA Institute — Wed, 14 Nov 2018 12:40:16 -0100

In Episode #351, Professor Luigi Zingales discusses Capitalism and the economic system—what works, what doesn't work, and what can be done to fix the parts that are broken. Zingales focuses on the problems with capitalism, such as the concentration of market power and where distortions occur that benefit the few—not the many. In addition, Zingales proposes a unique alternative to the public company model of maximizing shareholder wealth and recommends companies instead "maximize shareholder welfare" to focus on what investors care about—not just profits and market value—but also the environment, governance, and society.

Prioritizing Pension Risk Management in Japan

CFA Institute — Tue, 13 Nov 2018 14:19:58 -0100

In Episode #350, we continue our talk on with the Pension Fund Association of Japan, which manages over US$ 110 billion in assets for pension clients.

An Industry Veteran Identifies Risks in the Credit Market

CFA Institute — Tue, 30 Oct 2018 12:55:23 -0100

In Episode #349, Martin S. Fridson, CFA, chief investment officer at Lehmann Livian Fridson Advisors LLC, is regarded as one of Wall Street's most thoughtful and perceptive analysts and has been dubbed "the dean of the high yield bond market". In a wide-ranging interview, he discusses a number of issues, including the investment grade and the high yield credit markets, how to correctly forecast the default rate, and how the leveraged buyout market has evolved since the 1980s.

Unique Situations in Managing Pension Assets

CFA Institute — Wed, 03 Oct 2018 19:47:56 +0000

In Episode #348, we talk pension funds and how they tend to have regular outflows and are often underfunded, as a result the tools the industry has developed tend to be based on these assumptions.

Why Integrated Reports are Superior to GAAP from an Investor Point of View

CFA Institute — Thu, 27 Sep 2018 12:35:40 +0000

In Episode #347, Richard Howitt, CEO of the International Integrated Reporting Council, discusses the power of Integrated Reports for investors. For example, their additional detail on multiple sources of capital and return; their prospective, not retroactive nature; and their insistence on executive management narrative to help make sense of data.

The Investment Firm of the Future

CFA Institute — Tue, 25 Sep 2018 11:16:41 +0000

In Episode #346, Roger Urwin, lead author of the CFA Institute report Investment Firm of the Future, and Willis Towers Watson's global head of content, along with Richard Howitt, CEO of the International Integrated Reporting Council, discuss the report, as well as pertinent details with which all investment pros should familiarize themselves.

A Ten-Minute Tour: The Hottest Geopolitical Issues

CFA Institute — Mon, 17 Sep 2018 12:41:13 +0000

In Episode #345, Matt Gertken, geopolitical strategist at BCA Research, shares his thoughts on some of the current largest geopolitical topics that we should all be thinking about. From China to Russia, via the United States, there is a lot to consider in terms of the big picture. Mr. Gertken talks about the likely shift in power from west to east—both politically (global influence) and economically (trade wars). With China facing domestic demands as well as global ones, the topic of the country's growth outlook makes for fascinating listening.

Find Your Voice and Avoid Ethical Pitfalls

CFA Institute — Wed, 05 Sep 2018 14:51:15 +0000

In Episode #344, recorded at the 71st CFA Institute Annual Conference in Hong Kong, Mary C. Gentile, creator and director of Giving Voice to Values (GVV) at the University of Virginia Darden School of Business, explains the values-driven leadership that is at the center of GVV, an innovative approach to values-driven leadership development in business education and the workplace.

Cross Culture and Its Importance for Your Career

CFA Institute — Wed, 29 Aug 2018 12:32:30 +0000

In Episode #343, Jane Hyun, founder and president of Hyun & Associates and former recruiting executive at multiple investment banks, discusses the nuances and importance of understanding cross culturalism for advancing your career.

The Illusion of Control in an Uncertain World

CFA Institute — Wed, 22 Aug 2018 12:24:30 +0000

In Episode #342, Anil Gaba, professor of decision sciences and the Orpar Chaired Professor of Risk Management at INSEAD, explains how risk and uncertainty are not the same and how control can be gained by paradoxically giving up control. Professor Gaba offers a fascinating insight into luck, chance, control, the illusion of control, and decision making. For example, behaviorally we have cognitive biases—such as overconfidence—and emotional biases, which make it hard to learn from experience. This gives an illusion of control that, if we could learn to overcome, could lead to better investment decisions. Can we make our own luck, or do we just have to deal with the cruel vicissitudes of life? At the end of the day, Professor Gaba says that we have to make the best decisions that we can in the moment but that we are all exposed to the uncertainty of life.

Identifying Skill and Performance Measurement

CFA Institute — Thu, 16 Aug 2018 12:26:15 +0000

In Episode #341, Bruce Tomlinson, CFA, draws upon his extensive experience as an alternative assets manager to provide an overview of qualitative and quantitative techniques asset owners can use to screen for superior performance.

Capitalizing on Experience

CFA Institute — Wed, 08 Aug 2018 13:58:17 +0000

In Episode #340, investment strategist Joachim Klement, CFA, explains how seasoned investors might better capitalize on their experience, shares his views on a range of behavioral biases that affect the decision-making of both asset managers and asset owners, and weighs in on the efficacy of certain valuation conventions and market anomalies.

CIO's Insights on Corporate Governance

CFA Institute — Thu, 02 Aug 2018 14:06:09 +0000

In Episode #339, Chris Ailman provides his insights as a CIO on dealing with governance issues in the marketplace. The interview provides a comprehensive overview of a range of topics from governance issues and the mistakes companies make to the latest trends in the ESG world.

Some Applications of Natural Language Processing in Earnings Analysis

CFA Institute — Mon, 30 Jul 2018 20:37:19 +0000

In Episode #338, David Pope, CFA, of S&P Global Market Intelligence, explains both the general development and specific projects they have conducted to explore developing tools for investment professionals. These tools leverage some of the most recent developments in NLP technology that are used to perform investment analysis.

The Art of Stillness

CFA Institute — Wed, 18 Jul 2018 18:06:50 +0000

In Episode #337, New York Times bestselling author and Ted Talk regular, Pico Iyer, discusses the importance of silence for all of us in the modern world.

Investing in Nigeria: Is Now the Time?

CFA Institute — Wed, 11 Jul 2018 14:57:54 +0000

In Episode #336, recorded live at the 71st CFA Institute Annual Conference in Hong Kong, Oscar N. Onyema, chief executive officer of the Nigerian Stock Exchange and member of the National Council, makes the case for why now is an opportune time to invest in Nigeria, despite ongoing challenges.

Who Are We Protecting with Robot Ethics?

CFA Institute — Thu, 05 Jul 2018 14:30:20 +0000

In Episode #335, Kate Darling asks the question, "Do robots have rights?" How should we approach this topic from a regulatory perspective? Who are we really protecting when we discuss appropriate human behavior toward robots? Robot ethics is an "emerging" topic—so much so that there is no standard definition as to what it entails.

Kahneman's Insights: Beyond Thinking Fast and Slow

CFA Institute — Thu, 28 Jun 2018 16:13:42 +0000

In Episode #334, Nobel Laureate Daniel Kahneman's talks with us about his simple yet powerful principles on intelligent thinking—such as the System 1 and System 2 thinking processes—provide a practical framework for understanding the mental structures that drive our choices. Investment professionals are constantly required to make decisions in the face of uncertainty. Kahneman's contributions are of special significance to the financial marketplace. In this interview, Kahneman reviews his work and also provides insights on ways behavioral thinking could evolve.

A Short Conversation with Steve Eisman

CFA Institute — Wed, 20 Jun 2018 13:05:56 +0000

In Episode #333, Steven Eisman, managing director at Neuberger Berman and portfolio manager for the Eisman Group, is known for predicting the global financial crash of 2008 and for being portrayed in the book and the film, The Big Short. In this interview, he addresses several questions, including: Are markets more ethical today than they were in the past? Are there systemic risks in today's market that could see a repeat of 2008? Have regulators done a good job? And the burning question that everyone seems to want the answer to: Does Steve believe there is another "big short" opportunity approaching? Tune in for the answers to these questions and more.

Technology and Innovation in Personal Financial

CFA Institute — Wed, 23 May 2018 16:01:21 +0000

In Episode #332, Alex Murguia, co-founder of inStream and managing principal of McLean Asset Management, discusses the impact of technology on financial planning and wealth management. Financial planning remains a key component of many wealth management offerings and can be a point of differentiation for advisers in otherwise crowded markets. In recent years, increasingly agile technology has transformed financial plans from the multi-paged volumes that tended to gather dust to more cost effective, dynamic, real-time roadmaps and guides for clients' financial lives.

Building Long-Term Relations with Clients through Compassionate Conversations

CFA Institute — Mon, 21 May 2018 14:28:04 +0000

In Episode #331, Amy Florian, CEO of Corgenius, a consulting firm that teaches financial services professionals how to support clients in times of grief, loss, and transition, explains that grief is triggered when there is a break in an attachment. And while we tend to think of this break as the loss of a loved one, positive transitions—such as retirement—can also trigger grief. Florian discusses why it's important for financial advisers to communicate with clients when they are grieving and experiencing difficult times and offers practical tips for compassionate conversations.

Luck, Skill, and Behavioral Biases

CFA Institute — Tue, 01 May 2018 14:51:20 +0000

In Episode #330, Michael J. Mauboussin, author of The Success Equation, considers the continuum between luck and skill as it pertains to investing. He also shares his thoughts on the price/earnings multiple as a valuation tool, the hallmarks of an effective investment process, and how professional investors might mitigate some of the most common behavioral biases.

Lessons from a Small-Cap Value Manager

CFA Institute — Wed, 11 Apr 2018 13:26:43 +0000

In Episode #329, Elizabeth M. Lilly, CFA, founder of a long-only investment firm focused on small-cap and micro-cap equities, explains how her investing style was shaped, in part, by Warren Buffett. She also discusses how she finds investment opportunities, the importance of a strong governance structure in firms, and how she avoids value traps and other pitfalls facing small cap value-oriented fund managers.

Neuroscience and Performance: Unlocking Your Potential

CFA Institute — Mon, 09 Apr 2018 16:40:39 +0000

In Episode #328, we visit with Dr. Notebaert,founder and CEO of One Step Ahead—Notebaert Consulting, which specializes in helping companies and people put neuroscience into practice.

The Intersection of ESG and a Values-Based Asset Management Firm

CFA Institute — Wed, 14 Mar 2018 12:09:57 -0100

In Episode #327, Omar Selim, founder and CEO of Arabesque, an ESG quant asset management firm, sits at the nexus of ESG, machine learning, and big data. In this interview, Selim tells viewers why he believes Arabesque is "the Tesla of finance," what he thinks finance will look like in the next decade, and what it means to build a values-based asset management firm.

The Billion Prices Project: Using Big Data to Measure Inflation

CFA Institute — Wed, 28 Feb 2018 13:08:09 -0100

In Episode #326, Roberto Rigobon describes the Billion Prices Project, an alternative measure of inflation he developed with a colleague at MIT. He discusses the inspiration behind the Billion Prices Index, its composition and correlation to the US Consumer Price Index (CPI), and the practical implications of this work for policymakers and asset managers.

ESG Investing: Opportunities and Challenges

CFA Institute — Fri, 16 Feb 2018 13:39:28 -0100

In Episode #325, John Wilson explains how to integrate key tenets of environmental, social, and governance (ESG) investing into the equity research process. He also offers insights into the outlook for ESG investing, including the opportunities and challenges it offers, as well as the prospects for improved ESG-related disclosure by firms.

The Case for US Municipal Bonds

CFA Institute — Wed, 14 Feb 2018 13:07:50 -0100

In Episode #324, Christine L. Todd, CFA, shares her outlook for infrastructure spending in the United States and explains both the benefits and risks associated with investing in infrastructure through US municipal bonds.

Why the Industry Must Put Clients First

CFA Institute — Wed, 07 Feb 2018 13:09:24 -0100

In Episode #323, Heather Brilliant, CFA, Managing Director, Americas, at First State Investments, explains what it will take to make that shift and what needs to change for the industry to routinely act in the best interests of the client. She also discusses why we need to rebuild trust in the industry and the importance of assembling diverse investment and leadership teams.

Creating a Culture of Accountability in Investment Management

CFA Institute — Wed, 24 Jan 2018 13:13:23 -0100

In Episode #322, Elizabeth Corley, non-executive vice chair of Allianz Global Investors, a global asset manager owned by Allianz, has worked in the financial industry for 40 years and helped steer her company through the global financial crisis. In this interview, she discusses why it's critical that investment firms create a culture of accountability and inclusivity. She also explains why it's imperative that leaders help employees and clients focus their outlooks on the longer term and discusses the need for more diverse investment and leadership teams. Corley also offers her answers to the questions of what major trends investment firms must adapt to in order to be successful, trends that are most worrisome, and what will be the biggest change to the profession in the next decade.

Geopolitical Risk: What Investors Should Be Watching in 2018

CFA Institute — Wed, 17 Jan 2018 13:06:05 -0100

In Episode #321, Dr. George Friedman, founder and chairman of Geopolitical Futures, a firm that specializes in geopolitical forecasting. Dr. Friedman also discusses immigration in Europe, the ramifications of secession movements, and much more, including his view of China five years down the road and why he draws inspiration from Hegel, the German philosopher.

Venture Capital: Unlocking the Power of Women Entrepreneurs and Investors

CFA Institute — Wed, 10 Jan 2018 13:10:23 -0100

In Episode #320, Andrea Turner Moffitt, a co-founder of Plum Alley Investments, a private investment platform that supports promising women entrepreneurs and gender-diverse teams, provides an overview of early-stage investing — how much was invested in 2016, what is getting funded, and who is making the decisions — and discusses why certain ideas and founders stand out, some of the challenges of being an early stage investor, and why women entrepreneurs need funding. She also shares with viewers the three key takeaways of her book, Harness the Power of Purse: Winning Women Investor, and explains why it is crucial that financial advisers today be "gender smart."

Innovations in Factor Investing

CFA Institute — Tue, 02 Jan 2018 18:55:41 -0100

In Episode #319, Wesley Gray delivers a thorough discussion and analysis of factor investing. Gray explores the limits to arbitrage, making a compelling case for investing using opportunities that others hypothesize should not exist.

Landscape of Risk in 2017

CFA Institute — Wed, 13 Dec 2017 13:19:06 -0100

In Episode #318, Russell Napier, ASIP, discusses global financial risks. He explores central banking, emerging markets, and global asset allocation. In particular, Napier hones in on the fragility of today's global debt situation and suggests that the present monetary system may not make it.

Emerging Market Activism

CFA Institute — Wed, 29 Nov 2017 13:08:00 -0100

In Episode #317, Teresa C. Barger discusses her firm's approach to successful emerging market investing. Her approach might be best characterized as influential activism, in contrast with adversarial activism. She tries to work with her target companies to persuade them to adopt practices that she believes will unlock hidden value.

Challenges to Policy Making in Emerging Markets

CFA Institute — Thu, 16 Nov 2017 16:00:00 -0100

In Episode #316, Randall S. Kroszner, Professor of Economics at the University of Chicago's Booth School of Business, discusses his views on fragilities faced by emerging market economies and recommendations to counter them.

How the ABCD of FinTech is Changing Financial Services in China

CFA Institute — Wed, 08 Nov 2017 16:00:00 -0100

In Episode #315, Ming Shu, CFA, partner at Lingfeng Capital and former chief strategist of Ant Financial, shares his thoughts on the subject with us. Ming Shu's unique experience of having worked with many aspects of the FinTech ecosystem makes his views particularly interesting. He will discuss how artificial intelligence, blockchain, cloud computing, and big data are finding applications in the areas of consumer finance, wealth management, and insurance in China.

Setting up a Goals-Based Wealth Management Practice

CFA Institute — Wed, 01 Nov 2017 15:00:00 -0100

In Episode #314, Jean Brunel, CFA, gives advice and insights for setting up a goals-based wealth management practice.

20th Century Institutions Under Duress

CFA Institute — Wed, 27 Sep 2017 13:21:30 +0000

In Episode #313, Michele Wucker, author of The Gray Rhino: How to Recognize and Respond to the Obvious Dangers We Ignore, discusses the duress being suffered by the twin paramount institutions of the 20th century, capitalism, and democracy. Wucker provides reasons for why these institutions' wounds are both self-inflicted, and a matter of misfortune. Will the institutions survive until the end of the 21st century? If so, she proposes some important changes that must occur.

Strategic and Tactical Asset Allocation Processes- A Case Study

CFA Institute — Fri, 22 Sep 2017 14:40:51 +0000

In Episode #3012, Larry Cao, CFA, spoke with Robert P. Browne, CFA, EVP and CIO of Northern Trust, about his team's investment process. From quantitative approaches and factor analysis to more fundamental approaches, such as macroeconomic and valuation analysis, Browne shares his perspectives on the pertinent topics and, more importantly, on how to tie them together. Browne also spoke on their market outlook and where they see opportunities in the market. Are equities expensive after the sharp run-ups? Are bonds at risk given the rising interest rate environment in the US? Tune in, and find out for yourself.

Blockchain: Putting It to Work in Finance

CFA Institute — Wed, 13 Sep 2017 16:00:00 +0000

In Episode #311, Frank Lu, Director of the Blockchain Department at Ping An OneConnect, a former IBMer, and co-author of the HyperLedger white paper, lays out his view of where the true value of blockchain lies. He will discuss hurdles of blockchain adoption, as well as how the business models may evolve for blockchain. The interview was conducted by Larry Cao, CFA, at the LendIt China 2017 conference in Shanghai.

Geopolitics: Why It Is Important and Current Hot Spots

CFA Institute — Wed, 28 Jun 2017 15:58:07 +0000

In Episode #310, Willis Sparks, director of global macro at Eurasia Group, argues that geopolitics is an important subject deserving of the attention of all investment professionals. Sparks believes an understanding of geopolitics is both a source of both alpha and an important consideration in risk management. Additionally, Sparks takes viewers around the globe to discuss the geopolitical hot spots deserving of investors' attention right now.

Innovations in Managing Concentrated Single Stock Positions

CFA Institute — Wed, 31 May 2017 14:05:26 +0000

In Episode #309, Elizabeth Ostrander, CFA, discusses some of the common approaches to managing such concentrated positions, including a recent "stock protection fund" innovation that involves investors pooling a cash buffer to diminish or negate losses over time.

Whether the result of equity-based compensation from employment at public companies, or the rewards of a liquidity event borne of entrepreneurial success, concentrated single-stock positions are a relatively common circumstance for wealthy individuals. Clients may prefer to maintain ownership for a variety of reasons, leaving a significant risk management challenge for the advisor.

Direct Private Equity Investing for the High-Net-Worth Client

CFA Institute — Tue, 16 May 2017 19:36:43 +0000

In Episode #308, Daniel S. Meader, CFA, founder and a managing partner of Trinity Private Equity Group, discusses his firm's investment philosophy.

Fintech for Financial Advisers: Industry Trends, Challenges, and Opportunities

CFA Institute — Wed, 03 May 2017 12:18:54 +0000

In Episode #301, Joel Bruckenstein, an expert on applied technology for financial professionals and publisher of Technology Tools for Today (T3), discusses cyber-security, improving the client experience, the rise robo-advisers, what's in store for financial technology in the near future, and more.

How Financial Advisers Can Better Serve Women

CFA Institute — Thu, 13 Apr 2017 14:05:44 +0000

In Episode #306, Adrienne Penta, executive director of the Brown Brothers Harriman Center for Women & Wealth, discusses this problem—explaining what women clients want from their financial advisers and how advisers can better serve this important segment of their clientele.

Women control more wealth than ever in the United States, tend to outlive men by about 15 years, and make or contribute to 90% of US philanthropic decisions. And yet there is a major disconnect: Many women are not satisfied with what the wealth management industry is offering them.

The Future of Robo Advice in Japan and Asia

CFA Institute — Wed, 29 Mar 2017 14:08:21 +0000

In Episode #305, Keisuke Ito, CFA, head of investment technology at Mizuho–DL Financial Technology, shares his perspectives.

Robo advice is all the rage in wealth management, particularly in developed markets such as the United States. What is the potential for robo advice in Japan and the rest of Asia? Will robo-advisers replace all human advisers, or will they peacefully coexist? And how do such megabanks as Mizuho balance their traditional channels with the robo advice channel?

The Future of Investment Advice

CFA Institute — Mon, 13 Mar 2017 16:42:44 -0100

In Episode #304, Anthony Serhan, managing director of the Asia Pacific Research Strategy at Morning Star, will provide his insights into these important questions that will shape the "future of investment advice."

The need and demand for attention toward the end client has never been higher. Investment advice is one of the high impact areas within financial services where this need has been growing. Is the "advice for a fee model" where the end customer decides the fee, the right model? What roles do technology and robo-advisory have to play?

Meb Faber on the Challenges of Active Management

CFA Institute — Mon, 27 Feb 2017 13:35:53 -0100

In Episode #303, Mebane Faber, co-founder and chief investment officer at Cambria Investment Management, takes a quantitative approach to investing. In this brief interview, he shares his views on common behavioral pitfalls, active management, shareholder yield, and the exaggerated impact of asset allocation on returns.

How Emotions Undermine Our Investment Decision Making

CFA Institute — Wed, 15 Feb 2017 11:41:40 -0100

In Episode #302, Frank Murtha, co-founder of MarketPsych, a behavioral finance consulting firm, has researched investor psychology extensively to better understand why investors often make irrational decisions. In this interview, Murtha explains how personality affects investing, how important self-awareness is, and how investors can mitigate their behavioral blind spots. He also identifies some of the common traits of successful financial advisers.

Abenomics, Zombie Firms, And More: The Outlook for China and Japan

CFA Institute — Wed, 01 Feb 2017 22:35:59 -0100

In Episode #301, Freya Beamish, a senior economist at Lombard Street Research with extensive knowledge of China and Japan, answers whether Chinese zombie debt provides a threat to the wider economy, if Abenomics is a success or failure, and offers her insights into the RMB/USD exchange rate.

The Future of Digital Banking

CFA Institute — Wed, 18 Jan 2017 11:51:12 -0100

In Episode #300, David Brear, co-founder and CEO of 11:FS, a fintech consultancy, explains why he believes this is the case, what he's most excited about in fintech, and what the future looks like.

Ending Super-Cycles and Their Investment Opportunities

CFA Institute — Wed, 04 Jan 2017 11:55:30 -0100

In Episode #299, BlackRock managing director and CIO of model-based fixed income strategies, Thomas B. Parker, CFA, describes the three major super-cycles coming to a close and the investment opportunities that exist therein. Also, listen as he provides a very contrarian view about the role of central banks in the current interest rate environment.

Advice on Investing in Emerging Market Fixed Income

CFA Institute — Wed, 21 Dec 2016 11:42:09 -0100

In Episode #298, Kristin J. Ceva, CFA, managing principal at Payden & Rygel, briefly discusses how to invest in emerging market fixed income. She specifically addresses the three things you must get right, common fictions, and the biggest obstacles.

The Funny Side of Leadership and Office Life

CFA Institute — Wed, 07 Dec 2016 12:10:01 -0100

In Episode #297, Lucy Kellaway, author and long-time columnist for the Financial Times, talks about her storied career poking fun at management fads, jargon, and the vagaries of office life.

Outlook on China's Economic Growth

CFA Institute — Mon, 21 Nov 2016 02:06:22 -0100

In Episode #296, Larry Cao, CFA, recently sat down with Hao Hong, CFA, chief strategist of Bank of Communications International, and discussed these questions.

In The Chinese economy has been the focal point for many investors around the world given its slowing growth. Has the investment-driven growth phase come to an end? Have real estate developers finally come to accept that the "if you build it, they will come" era is finally over? Will supply-side reforms save the day?

Retirement Savings and the Gaping Gender Investing Gap in the US

CFA Institute — Wed, 09 Nov 2016 12:12:28 -0100

In Episode #296, Sallie Krawcheck discusses why it is critical that women invest, why the investment management is lagging when it comes to gender diversity, and what needs to be done to improve diversity across the industry. The US is facing a retirement savings crisis. But if you dig through the numbers, it is, in large part, a women's crisis, says Sallie Krawcheck, founder and CEO of Ellevest, a digital investment platform for women, and the owner and chair of Ellevate Network.

Adding China A Shares to the MSCI Emerging Market Index

CFA Institute — Wed, 26 Oct 2016 12:10:20 +0000

In Episode #295, Larry Cao, CFA, recently sat down with Chris Ryan, managing director and head of the Asia Pacific region for MSCI in Hong Kong, and discussed these questions. This summer, investors anxiously waiting for MSCI's decision on whether to add China. A shares to the MSCI index were met with another disappointment. For the third year in a row, MSCI decided against including China A shares in its popular emerging market index. What are the general criteria a market needs to satisfy for it to be included? What's missing from the China A shares market and what will it take for China A shares to be added?

The Impact of Politics and Policy on Investing

CFA Institute — Wed, 12 Oct 2016 11:20:56 +0000

In Episode #294, Greg Valliere discusses the possible implications of the US presidential election. In particular, he highlights winning businesses and sectors resulting from the election of either Hillary Clinton or Donald Trump.

Small Cap Investing in a Global Mandate

CFA Institute — Mon, 26 Sep 2016 11:23:09 +0000

In Episode #293, Leah Joy Zell, CFA, shares the triumphs and tribulations of international small cap investing. Though she has produced an excellent long-term track record, Zell says she doesn't get sucked into predicting market movements. Rather, she focuses on bottom-up analysis supplemented by her deep knowledge of history in local markets. By having the flexibility to roam around the world in search of opportunities, she also feels that the combination of discipline and flexibility gives her firm a distinct advantage.

A Japanese Manager's Take on Multi-Asset Strategy and Opportunities in Japan

CFA Institute — Mon, 12 Sep 2016 08:29:53 +0000

In Episode #292, we sat down with Yuichi Chiguchi, Head of Multi-Asset Strategies, BlackRock Japan, to discuss the best practices in managing these strategies. He also shared his views on whether long-term investing works in Japan given the slump in its stock market in recent decades and how he and his team are navigating the negative interest rate environment and finding opportunities in the Japanese bond market.

Merchant, Not Samurai: The Japanese Approach to Asset Management

CFA Institute — Tue, 30 Aug 2016 16:00:00 +0000

In Episode #290, Kazuhisa Okamoto, CFA, from I-O Wealth Advisors in Tokyo, formerly President of CFA Society Japan and CEO of Barclays Global Investors Japan, offered an explanation from the angle of Japan's deep cultural heritage and, in particular, the "merchants' way" (as opposed to the "samurai's way" that is well known in popular culture), the origin of which traces back to the Endo era.

The Technologies Moving the Frontier of Investment

CFA Institute — Tue, 30 Aug 2016 12:32:28 +0000

In Episode #291, Ashby Monk discusses how leading investors are making use of these emergent technologies. Technology has been a force in investment management since the telegraph machine, but recent developments are intensifying the pace of change. As executive and research director of the global projects center at Stanford University, Ashby Monk is a frontline observer of what these changes mean for the world's major investors.

The Future of Energy

CFA Institute — Wed, 03 Aug 2016 13:17:01 +0000

In Episode #288, Energy expert Amy Myers Jaffe walks through the breadth of innovation in the energy markets both in traditional energy sources (e.g., oil) and so-called alternative energy technologies (e.g., solar). Energy breakthroughs have lowered the costs of alternatives dramatically and provide a viable channel for both capital investment and government policy to flow. In particular, Jaffe expects a wave of climate change related policies to push economies more forcefully into alternatives going forward.

Avoiding the Madness of Crowds

CFA Institute — Wed, 03 Aug 2016 11:51:11 +0000

In Episode #289, Rupal J. Bhansali, a value investor whose patience and emphasis on risk management has helped set her apart from her peers, draws the important distinction between risk and volatility, addresses the perils of "value traps," and shares other valuable lessons that she has learned over the course of her investing career.

Emotional Intelligence, Empathy, and Being a Force for Good

CFA Institute — Thu, 07 Jul 2016 05:34:26 +0000

In Episode #287, Dr. Daniel Goleman, best-selling author of Emotional Intelligence and A Force For Good, the Dalai Lama's Vision for Our World, discusses the role of empathy in emotional intelligence and ways emotional intelligence can help finance professionals succeed and be a force for good.

Skill, Scale, and Luck in Active Management

CFA Institute — Thu, 16 Jun 2016 17:39:57 +0000

In Episode #286, Investment manager and author Jacques Lussier, CFA, discusses what, other than superior analytical abilities, leads to investment manager outperformance, as well as the proper way of assessing investment manager performance. Hint: a factor-based approach is his preference. Additionally, Lussier discusses the important role that risk management has in driving outperformance, as well as what kinds of clients make for the best kind of client for investment managers.

Rock Singer Turned Private Equity Investor Bob Geldof on Investing in Africa

CFA Institute — Mon, 06 Jun 2016 09:00:48 +0000

In Episode #285, Sir Bob Geldof, a businessman, political activist, songwriter, musician, author, and former lead singer of the Boomtown Rats, sat down with John Authers of The Financial Times following the 69th CFA Institute Annual Conference to talk about Geldof's journey from rock star to private equity investor. Amid the topics discussed: What's the case for investing in Africa? Why aren't more investors harnessing the continent's prospects? What about concerns about corruption? And, where in Ethiopia is 8 Miles LLP, the London-based private-equity firm he chairs, finding investment opportunities?

Emerging Markets: How to Better Understand and Mitigate Risk Going Forward

CFA Institute — Mon, 23 May 2016 15:34:56 +0000

In Episode #284, Martyn Davies, managing director of emerging markets and Africa at Deloitte Frontier Advisory, discusses the coming demand shock for some emerging markets, the relationship between China and Africa, and what needs to happen for emerging markets to divorce themselves from moves in commodities and simple currency fluctuations.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Why Memory Training Matters for Financial Professionals

CFA Institute — Mon, 09 May 2016 04:47:45 +0000

In Episode #283, Chester Santos, one of the world's foremost experts on memory training and the 2008 USA Memory Champion, discusses why it's important for financial professionals to exercise their memories. Santos reviews the three main principles of memorization—visualization, invoking additional senses, and applying creativity; and offers practical tips on how to become better at remembering people's names.

Health Care Is An Essential Element of Wealth Care

CFA Institute — Thu, 28 Apr 2016 12:32:56 +0000

In Episode #282, Carolyn McClanahan, a physician and founder of Life Planning Partners, tells CFA Institute why it is essential that financial advisers talk to their clients about their health and then walks us through the components of a health care discussion.

The Reformed Broker Joshua M. Brown Talks Business

CFA Institute — Tue, 19 Apr 2016 11:34:43 +0000

In Episode #281, Joshua M. Brown, CEO of Ritholtz Wealth Management, the persona behind the highly successful financial blog, The Reformed Broker, talks about his views on the Obama administration's push for a fiduciary standard for brokers; the story behind his "reformation"; the outlook for fintech; how social media has helped business; and who he considers "must-reads."

Designing Financial Products

CFA Institute — Thu, 17 Mar 2016 14:22:14 -0100

In Episode #280, John Kay asks which design principles can financial service providers use for building products that can help investors achieve their goals.

Approaches to Equity Country Allocation

CFA Institute — Tue, 01 Mar 2016 11:28:43 -0100

In Episode #279, Borderless markets have made it easier for fund managers to seamlessly invest in equities. Yet, country allocation and local risk factors are among dominant considerations for global fund managers. In this interview, Aswath Damodaran discusses approaches and limitations in equity country selection.

Fixed Income for the Next Thirty Years?

CFA Institute — Thu, 11 Feb 2016 12:08:27 -0100

In Episode #278, David Schawel, CFA, discusses the appropriate role for fixed income as investors contemplate the end of a thirty year bull market in rates. Schawel also discusses how professional investors use Twitter and his outlook for Marketplace lending.

Through the Eye of the Storm with Feminine Values

CFA Institute — Mon, 01 Feb 2016 16:18:36 -0100

In Episode #276, Halla Tomasdottir, Founder and CEO of Sisters Capital, outlines the arguments for a more balanced approach and evaluates the connections to a more sustainable financial services industry.

Risks and Opportunities in International Small Cap Equities

CFA Institute — Mon, 25 Jan 2016 07:28:35 -0100

In Episode #276, Jon Moog at US-based Lizard Investors discusses why international small cap investing should come with a warning label, "Don't try this at home." While opportunities abound for the savvy investor, poor corporate governance, illiquidity, and lax accounting standards are just some of the risks Moog and his colleagues wrestle with as part of their due diligence process. Learn about the importance of "time arbitrage" as well as risks and rewards of international small cap investing in this brief interview with a well-travelled industry veteran.

The Wrong Way of Thinking About Money

CFA Institute — Wed, 13 Jan 2016 16:11:01 -0100

In Episode #275, Dan Ariely, as he provides a more rational approach to money and opportunity costs. There is a rational or right way as well as an irrational or wrong of thinking about money. As human beings we are prone to thinking about money in the wrong way, but fortunately, there are some things we can do about our irrationality.

In Search of Economic Moats

CFA Institute — Fri, 18 Dec 2015 12:43:53 -0100

In Episode #274, Elizabeth Collins, CFA, of Morningstar explains how investors can generate alpha through the disciplined application of their Moats methodology and fundamental equity valuation principles.

Nerve-Wracking Developments in Currency Markets

CFA Institute — Wed, 02 Dec 2015 13:30:05 -0100

In Episode #273, Ronald G. Layard-Liesching, chairman and founder, Mountain Pacific Group, a firm dedicated to risk management, quantitative finance, and currency investing discusses the current interrelationship of currencies with financial markets, and a particularly troubling scenario for which most investors are unprepared.

Macroeconomic Redux

CFA Institute — Thu, 12 Nov 2015 15:20:21 -0100

In Episode #272, Karin Kimbrough, managing director and head of macro and economic policy at Bank of America Merrill Lynch, discusses how central banks' quantitative easing has affected both global economic and productivity growth.

Solving Problems through Effective Philanthropy

CFA Institute — Tue, 27 Oct 2015 09:19:48 -0100

In Episode #271, Will Ortel sits down with an investor, Ron Bruder, who has made the transition in the hopes that others can learn from his journey. Ron Bruder established Education for Employment at the beginning of the century to target the problem of Arab youth unemployment. Since that time, his foundation has spread throughout the Middle East and North Africa and won acclaim from the World Economic Forum, The Guardian, and former US President Bill Clinton. In this interview, Bruder discusses how he chose to dedicate himself to philanthropy, the tools he has found useful, and how philanthropy can influence the future.

Progress in Japan's Corporate Governance

CFA Institute — Fri, 02 Oct 2015 16:00:00 +0000

In episode #270, Dr. Yoshiko Takayama, former board governor of International Corporate Governance Network and a current member of Japan Corporate Governance Forum, shared her perspectives on the subject with us.

Many changes have taken place in Japan's corporate governance in recent years. Last year the Stewardship Code was approved with much fanfare and now the corporate governance code. What's really happening on the ground? What can foreign investors expect and what to watch for in the future?

Strategies for Effective Leadership in Crisis Situations

CFA Institute — Wed, 16 Sep 2015 15:02:20 +0000

In episode #269, Erika James, dean of Goizueta Business School at Emory University, is well-known for her research in the areas of crisis leadership and workplace diversity. She has written that crises are inevitable and every organization will experience a crisis of some magnitude. In this interview, Dean James discusses how leaders can prepare for a crisis and then take the experience and use it to take the organization to the next level once the crisis ends. She also talks about the business case for diversity and the importance of corporate culture.

It's long past time for investors to pay attention to Africa

CFA Institute — Wed, 02 Sep 2015 06:17:09 +0000

In episode #268, Will Ortel and Melissa Cook, CFA, discuss why it's critical for companies and investors to pay attention to the continent, where they can fruitfully devote their attention, and how it is emerging as a battleground for a new category of company.

Why Using Data on Your Own Behavior Is Key to Improving Investment Decision Making

CFA Institute — Wed, 19 Aug 2015 12:53:21 +0000

In episode #267, Clare Flynn Levy is founder and CEO at Essentia Analytics, a software firm that allows fund managers to capture data about their own behavior so they can improve their investment processes. In this interview, she discusses a fundamental problem that investment professionals share: they sell skill, but get paid for performance, and yet the two are not the same. Ms. Levy explains how and why it's important for fund managers to keep track of their investment processes so they can learn to avoid, or minimize, behavioral biases in the future.

What It Takes to Win on Wall Street: Proven Strategies

CFA Institute — Wed, 05 Aug 2015 08:15:02 +0000

In episode #266, Carla Harris, a managing director and vice chairman of global wealth management at Morgan Stanley and author of Expect to Win, explains the business case for diversity in the business world. She also shares career advice, or what she calls "pearls of wisdom," acquired over a nearly three-decade career on Wall Street, and talks about how she hires and how her leadership style has evolved over time.

The Biology of Risk Taking

CFA Institute — Wed, 29 Jul 2015 12:48:25 +0000

In episode #265, John Coates, research fellow in neuroscience and finance at the University of Cambridge, researches the biology of risk taking and stress. Previously, he traded derivatives for Goldman Sachs and ran a trading desk for Deutsche Bank. Dr. Coates's book, The Hour between Dog and Wolf, was short-listed for both the Financial Times/Goldman Sachs Book of the Year Award and the UK Wellcome Trust Science Writing Prize. His research on risk taking has attracted interest from business, medicine, the military, and elite sports teams. Foreign Policy named Dr. Coates one of the most influential thinkers of the year. He holds an MPhil and a PhD from the University of Cambridge.

Macro Investing for all Seasons

CFA Institute — Wed, 15 Jul 2015 08:55:59 +0000

In episode #264, Andreas J. Sauer, CFA, shares key characteristics of his approach to macro investing, which infers market expectations for both real growth and monetary policy. Sauer also discusses how he developed trading strategies based on this approach.

The Art and Science of Short-Selling

CFA Institute — Tue, 30 Jun 2015 16:04:25 +0000

In episode #263, James Clunie, CFA, ASIP, a fund management director at Jupiter Asset Management, manages an absolute return fund with a global long/short investment mandate. In this brief interview, he discusses the role of shorting in the price discovery process, what makes a stock an attractive candidate for shorting, and the risks associated with the practice.

The Financial Crisis: Cause and Effects

CFA Institute — Wed, 17 Jun 2015 01:53:59 +0000

In episode #262, Martin Wolf joins Robert Stammers, CFA, to discuss his newest book and his presentation at the 68th CFA Institute Annual Conference in Frankfurt, Germany. Wolf discusses the causes of the financial crisis and what options are available to investment professionals and policy makers to strengthen the financial system and to potentially avoid additional financial calamities. Martin Wolf also explains the need to change the role and focus of central banks in relation to their part in the crisis, and what they can do to reduce the risk of continued financial insecurity. Wolf concludes the interview with practical insights for investment professionals.

Geopolitics in the 21st Century: a New Paradigm Emerges

CFA Institute — Fri, 05 Jun 2015 13:49:08 +0000

In episode #261, Philippa Malmgren makes the case for an emerging world order that is quite different from what we've known since the end of World War II. In particular, she highlights developments in Asia, such as the Asian Infrastructure Bank and BRICS bank as being significant symbols of a desired shift away from US hegemony.

Understanding Millennials and Money and the Implications for Financial Advisers

CFA Institute — Fri, 01 May 2015 06:20:18 +0000

In episode #260, Patrick O'Shaughnessy, CFA, principal and portfolio manager at O'Shaughnessy Asset Management and author of Millennial Money, discusses how millennial investors are different from prior generations, including the events that shaped their outlook and risk tolerance, and offers some advice for traditional wealth managers who want to work with millennials.

What Financial Advisers and Small Firms Need to Know about Cyber Risk

CFA Institute — Fri, 17 Apr 2015 12:39:59 +0000

In episode #259, Thomas D. Giachetti, chair of the securities practice at Stark & Stark, is a frequent speaker on the topic of cyber risk in financial services. Here he talks about potential exposures and consequences of a cybersecurity breach; duty to clients; and steps that financial advisers and firms should take to protect their practices.

Helping Clients Plan for Retirement Living

CFA Institute — Tue, 31 Mar 2015 15:29:06 +0000

In episode #258, Michael Finke, professor and director of retirement planning at Texas Tech University, discusses a number of new trends in longevity and why this is such an important part of retirement planning. He also reviews what the research tells us about what makes retirees happy and talks about the implications of cognitive decline on wealth and well-being.

Asia: Global Growth Driver

CFA Institute — Wed, 18 Mar 2015 09:43:11 -0100

In episode #257, Jim Walker, a leading economist and Founder of Asianomics Group Limited, evaluates the global economy from the perspective of investors with a focus on Asia and emerging markets.

Investing in SME: Role of the State

CFA Institute — Tue, 10 Mar 2015 09:22:07 -0100

In episode #256, Abdulaziz B. Al Loughani explains the role of the state in development of small and medium-size enterprises in the Gulf Cooperation Council (GCC) countries.

Roubini: Unconventional Truth Six Years After the Global Financial Crisis

CFA Institute — Fri, 20 Feb 2015 11:21:34 -0100

In episode #255, Nouriel Roubini explains why six years after the global financial crisis, reality has continued to defy the expectations from unconventional monetary policies, with neither a robust global economic recovery nor fears of hyperinflation being realized. He also shares his views on potential causes of economic inequality and going forward, what could be a better set of policies.

Entrepreneurship, Diversity, and Value Investing

CFA Institute — Mon, 02 Feb 2015 10:56:49 -0100

In episode #254, Kim Shannon, CFA, president and chief investment officer at Sionna Investment Managers and an experienced value investor, discusses the lessons she learned in starting her own asset management firm, as well as the need for greater gender diversity in corporate governance. Shannon also shares insights on the discipline of value investing and the principal challenges facing investors today.

CEO Candor and Stock Price Performance

CFA Institute — Fri, 16 Jan 2015 08:37:53 -0100

In episode #253, Laura Rittenhouse, CEO of Rittenhouse Rankings, conducts annual benchmark surveys of corporate communications, and has identified a link between the authenticity and transparency of executive communications and a firm's stock price performance. Rittenhouse explains how investors can detect a lack of candor on the part of a firm's CEO.

Climate Bonds Primer

CFA Institute — Tue, 30 Dec 2014 14:19:55 -0100

In episode #252, Founder and CEO of the Climate Bonds Initiative, Sean Kidney, provides a primer about climate bonds. This includes: what they are; how they are helping change the climate story in investing; and what the future of the business might be.

Investment Lessons from John Maynard Keynes

CFA Institute — Wed, 17 Dec 2014 09:40:28 -0100

In episode #251, Elroy Dimson discusses his research on John Maynard Keynes, collectables, and indices, and draws out some investment lessons from the past.

Must Understand Demographic Trends

CFA Institute — Tue, 02 Dec 2014 17:58:14 -0100

In episode #250, Rob Arnott discusses the many demographic headwinds confronted by the global economy and how they explain much of the post-Great Recession economic malaise.

Myths of Financial Theory and Emerging Markets

CFA Institute — Fri, 07 Nov 2014 15:58:17 -0100

In episode #249, Jerome Booth argues that 80% of financial theory is not fit for purpose and describes how investors in the developed world cannot afford to ignore emerging markets. Proper asset allocation requires a strategic view about macro-economic forces, like funds flows, and geopolitical factors rather than traditional optimization models.

Trends in Asian Wealth Management

CFA Institute — Tue, 28 Oct 2014 02:51:11 -0100

In episode #248, There has been significant wealth accumulation in Asia in recent years. Vineet Vohra, CFA, of HSBC discusses trends and developments that are taking place across the region, including asset allocation, fees, and ETFs.

The GIPS Guidance Statement for Asset Owners

CFA Institute — Fri, 10 Oct 2014 13:19:02 +0000

In episode #247, John P. Meier, CFA, discusses the newly released Guidance Statement on the Applicability of the GIPS Standards for Asset Owners, including the reasons behind issuing the guidance statement and how claiming compliance with the GIPS standards can benefit these asset owners.

The Pooled Fund Guidance Project

CFA Institute — Wed, 01 Oct 2014 13:00:00 +0000

In episode #246, Ann Putallaz provides an update on the pooled funds guidance project, highlighting key issues for consideration during the guidance drafting process and discusses why such guidance is needed in the industry.

The Economics of Happiness and the Value of Prediction Markets

CFA Institute — Tue, 02 Sep 2014 13:00:00 +0000

In episode #245, Justin Wolfers challenges the prevailing view that there is a limit to the happiness that money can buy.

The Value of Alternative Investments

CFA Institute — Wed, 20 Aug 2014 13:00:00 +0000

In episode #244, Thomas R. Schneeweis questions the relevancy of modern portfolio theory and addresses common misconceptions associated with alternative investments.

A New Approach to Estimating Variations in the Equity Risk Premium

CFA Institute — Wed, 06 Aug 2014 13:00:00 +0000

In episode #243, Dr. Katsunari Yamaguchi, CFA, president of Ibbotson Associates, Japan, has developed a new approach to estimating the equity risk premium that conveniently addresses its variations over time.

The Signal and The Noise: Making Sense of Big Data

CFA Institute — Wed, 23 Jul 2014 13:00:00 +0000

In episode #242, We live in an era where we are deluged with data, what many refer to as the 'era of big data'.

Tomas Sedlacek Highlights Hidden Moralism in Economic Models

CFA Institute — Wed, 09 Jul 2014 13:00:00 +0000

In episode #241, Tomas Sedlacek examines the Old and New Testaments as well as ancient Greek and Roman myths that contain archetypal stories that he believes inform modern economic thinking.

Why Do Investment Managers Give Away Their Best Ideas?

CFA Institute — Wed, 02 Jul 2014 13:00:00 +0000

In episode #240, Divya Narendra, CEO of SumZero, discusses the impact of online collaboration and crowdsourcing on the investment research process.

Unconstrained Bond Funds: The Future of Fixed Income Investing

CFA Institute — Fri, 13 Jun 2014 13:00:00 +0000

In episode #239, The bond fund managed by Kathleen C. Gaffney, CFA, has an unconstrained mandate, allowing her to invest across asset classes and geographies. She discusses how she manages the risks inherent in investing in such a diverse mix of assets, as well as where she currently sees the most attractive investment opportunities.

Lessons from the Financial Crisis of 2008

CFA Institute — Fri, 30 May 2014 13:00:00 +0000

In episode #238, Ron Rimkus, CFA, talks with Sheila C. Bair about her perspective on the financial crisis and the state of the financial system in 2014.

Debt: What's Wrong With It?

CFA Institute — Tue, 13 May 2014 13:00:00 +0000

In episode #237, Paul Mills questions the conventional wisdom on debt.

A History of Finance and its Lessons for Modern Investors

CFA Institute — Wed, 30 Apr 2014 13:00:00 +0000

In episode #236, Professor Adrian R. Bell is an expert in financial history. Listen to him discuss the origins of finance, its Medieval evolution, and, compare and contrast ancient and modern finance.

Asia or the West: Who Will Dominate the 21st Century?

CFA Institute — Thu, 17 Apr 2014 13:00:00 +0000

In episode #235, Kishore Mahbubani explains why he believes that Asia will dominate the 21st century.

The Elder Care Imperative

CFA Institute — Wed, 02 Apr 2014 13:00:00 +0000

In episode #234, Bernard Krooks, founding partner of the law firm Littman Krooks LLP and Chair of its Elder Law and Special Needs Department, explains what long-term care is, how it can be covered, and why it's important for clients to have an advance directive.

Financial Decision Making: The Key to Your Clients' Retirement Security

CFA Institute — Thu, 06 Mar 2014 12:00:00 -0100

In episode #232, William Reichenstein, CFA, explains the key concepts of tax-efficient investing and how it affects an investment decision. He also suggests easy adjustments that a wealth manager can make that would have a big impact on the client.

Can Germany Save the Eurozone?

CFA Institute — Wed, 12 Feb 2014 12:00:00 -0100

In episode #231, Kai A. Konrad, Director at the Max Planck Institute for Tax Law and Public Finance, shares his views on the Eurozone including why Germany may not have the economic force necessary to save the Eurozone.

The Devaluation of Money and Language

CFA Institute — Wed, 15 Jan 2014 12:00:00 -0100

In episode #229, Dylan Grice, Director of Research at Edelweiss Holdings, explains the unintended consequences and implications of three decades of financial engineering by central bankers.

Value Investing

CFA Institute — Tue, 31 Dec 2013 12:00:00 -0100

In episode #228, Scott M. Black explains his style of value investing, skills needed for success, what the future may hold for active management and tips on finding value in the art market.

Obstacles to Investing in Africa

CFA Institute — Thu, 19 Dec 2013 12:00:00 -0100

In episode #227, Tendai Musikavanhu, CFA, shares his views on the obstacles to investing in Africa such as insufficient information, illiquid markets, limited investor protection, and a poor perception.

Uniqueness of the Current Fixed Income Market

CFA Institute — Wed, 04 Dec 2013 12:00:00 -0100

In episode #226, Thomas H. Atteberry, CFA, reveals solutions to some of the problems being faced by fixed income investors due to yield curve distortions caused by central banks.

Understand Alternative Investments

CFA Institute — Wed, 20 Nov 2013 12:00:00 -0100

In episode #225, Globally recognized alternative investments expert discusses their importance for portfolio managers.

Stress at Work: A New Global Epidemic?

CFA Institute — Wed, 06 Nov 2013 12:00:00 -0100

In episode #224, Cristina Daverio shares her insights into the risk associated with stress at work and what companies can do to help employees manage stress.

Exploring Hedge Funds: A Conversation with the Greenwich Roundtable

CFA Institute — Wed, 23 Oct 2013 13:00:00 +0000

In episode #222, CFA Institute Managing director Kurt Schacht, CFA, talks with Greenwich Roundtable President Stephen McMenamin on the current state of the hedge fund industry.

Cutting Edge Earnings Estimates

CFA Institute — Mon, 14 Oct 2013 13:00:00 +0000

In episode #223, Leigh Drogen, founder and CEO of Estimize, explains how Estimize uses cutting edge technology to improve earnings estimates by ensuring the estimates are based on merit and not pedigree.

Enhanced ESG Disclosure and Long Term Investing in Europe

CFA Institute — Wed, 25 Sep 2013 13:00:00 +0000

In episode #221, Steve Waygood explains European Commission's adoption of a proposal in April 2013 to enhance business transparency on environmental and social issues and the implications for long term investing.

Anthony Neoh on Fast-Tracking China's Financial Reforms: CNH, Qianhai, IPO, and Next-Generation QFII

CFA Institute — Wed, 11 Sep 2013 13:00:00 +0000

In episode #220, Anthony Neoh, SC, former chief advisor to the China Securities Regulatory Commission and ex-chairman of the Hong Kong Securities and Futures Commission, discusses the progress of financial sector reforms and capital market liberalizations in China.

Asian Family-Controlled Business Groups: Dynasty Planning and Leadership Transition Challenges

CFA Institute — Wed, 28 Aug 2013 13:00:00 +0000

In episode #217, Dr. Joseph P. H. Fan has spent many years studying, researching and consulting with family-controlled business groups in Asia.

The Difference Between Model Ambiguity and Uncertainty

CFA Institute — Wed, 14 Aug 2013 13:00:00 +0000

In episode #216, Nobel Prize Winner Thomas J. Sargent discusses his views on model ambiguity and how uncertainty over the correct choice of distribution plays a big part in the pricing of risk.

Meditation: One of the Most Meaningful Tools for Your Investment Toolkit

CFA Institute — Wed, 07 Aug 2013 13:00:00 +0000

In episode #214, Ng Kok Song, adviser and chair of global investments at the Government of Singapore Investment Corporation (GIC), discusses one of the most meaningful tools in his investment toolkit: meditation.

A Conversation with Michael Woodford: A Whistleblower's Role in Today's World

CFA Institute — Wed, 31 Jul 2013 13:00:00 +0000

In episode #215, Michael Woodford, former president and CEO of Olympus Corporation, is interviewed about his whistleblowing activities while serving at Olympus Corporation.

Singapore: The New Switzerland of Wealth Management?

CFA Institute — Wed, 24 Jul 2013 13:00:00 +0000

In episode #212, Christopher Tan talks broadly about the wealth management industry in Singapore, including commission vs. fee-only advisors, establishing and maintaining trust with clients, and retirement planning.

The Second Wave of Developing Economies

CFA Institute — Wed, 17 Jul 2013 13:00:00 +0000

In episode #213, Economist Dambisa Moyo discusses her views on the transformative role emerging markets are playing in the global economy.

Some Neuroeconomics Tips for Improving Investment Decision Making

CFA Institute — Wed, 10 Jul 2013 13:00:00 +0000

In episode #211, The Wall Street Journal's Jason Zweig interviews Duke University's Scott A. Huettel about the emerging field of neuroeconomics.

Good Governance Goes a Long Way for This Pension Fund

CFA Institute — Wed, 03 Jul 2013 13:00:00 +0000

In episode #210, Jim Leech, president and chief executive officer at Ontario Teachers' Pension Plan, discusses the state of the pension fund industry.

The Behavior Gap

CFA Institute — Wed, 26 Jun 2013 13:00:00 +0000

In episode #208, Carl Richards explores the role that emotions play in financial decisions. He explains the so-called behavior gap -- the distance between what we should do and what we actually do when it comes to decisions involving money -- and discusses how financial advisers can become better advisers to their clients.

Demutualization of Stock Exchanges: The Case of Istanbul Stock Exchange

CFA Institute — Wed, 19 Jun 2013 05:00:00 +0000

In episode #207, Dr. Ibrahim M. Turhan explains why and how Borsa Istanbul has demutualized and the implications for investors.

An Introduction to Impact Investing

CFA Institute — Wed, 12 Jun 2013 13:00:00 +0000

In episode #209, Professor Harry Hummels explains impact investing and shares his insights on how and why impact investing is similar to and different from traditional investing.

The Hunt for Yield, the Municipal Bond Market, and Crossover Buyers

CFA Institute — Wed, 05 Jun 2013 13:00:00 +0000

In episode #206, Cate Long provides an overview of the municipal bond market in terms of size and the primary holders of the debt.

Rise of the Shale Gas: Economic and Political Implications

CFA Institute — Wed, 29 May 2013 05:00:00 +0000

In episode #205, Peter Zeihan shares his analysis of economic and political implications of the rise of shale gas production in North America.

Better Investment Decisions Under Uncertainty

CFA Institute — Wed, 22 May 2013 13:00:00 +0000

In episode #204, Anil Gaba, Professor of Risk Management at INSEAD Business School, describes some of the challenges and solutions for investors of taking investment decisions under conditions of uncertainty.

Improving Client Service, Increasing Philanthropic Capital: The Financial Adviser's Role

CFA Institute — Wed, 15 May 2013 13:00:00 +0000

In episode #203, Jim Coutré explains why supporting clients in their philanthropy can be a triple win, benefiting the client, the financial adviser's practice, and society.

Challenges and Opportunities for Arab Securities Regulators

CFA Institute — Wed, 08 May 2013 05:00:00 +0000

In episode #201, Jalil Tarif, secretary general at the Union for Arab Securities Authority, explains the challenges and opportunities facing the securities regulators in the Arab countries.

Investment Professionals in MENA Favor Political Stability and Good Governance

CFA Institute — Wed, 01 May 2013 13:00:00 +0000

In episode #202, Dr. Bassem I. Awadallah provides expert commentary on some of the findings of CFA Institute survey of investment professionals in the Middle East and North Africa (MENA) region which was done in Feb-Mar, 2013.

The Global Impact of the U.S. Shale Energy Boom

CFA Institute — Wed, 17 Apr 2013 13:00:00 +0000

In episode #199, Robert Johnston addresses the prospects for the U.S. becoming a natural gas superpower and the global geopolitical and investment implications of the U.S. shale energy boom.

QFII, RQFII and the IPO Pipeline: A New Era for China A-Shares?

CFA Institute — Wed, 10 Apr 2013 13:00:00 +0000

In episode #196, Mr. Anthony Yau, who has been managing portfolios in the A-shares market for several years at State Street Global Advisors as a senior portfolio manager and head of Asia emerging markets, discusses the issues and outlook of the domestic equity market in China.

Modern Portfolio Theory and Behavioral Finance: The Mathematics of Turbulence

CFA Institute — Wed, 03 Apr 2013 13:00:00 +0000

In episode #198, Kent Osband offers that the mathematics of turbulence provides a mathematical framework for bridging modern portfolio theory's rationalism with behavioral finance's irrationalism.

An Update on the Banking Industry with Michael L. Mayo, CFA

CFA Institute — Wed, 27 Mar 2013 12:00:00 -0100

In episode #197, Michael L. Mayo, CFA, discusses the state of corporate governance, whether he expects to see more shareholder activism, and how breaking up the mega-banks would unlock value for shareholders.

Equity Market Outlook with Strategas' Jason Trennert

CFA Institute — Wed, 20 Mar 2013 04:00:00 -0100

In episode #195, Jason Trennert of Strategas offers his sometimes contrarian outlook for equity markets while sharing insights on the European currency crisis and the prospects for inflation.

Bank Credit Quality after the Great Recession: An Interview with an Insider's Outsider

CFA Institute — Wed, 13 Mar 2013 12:00:00 -0100

In episode #194, Kamal Mustafa discusses how best to examine and understand bank credit quality.

Dodd Frank Act: A New Paradigm for Family Offices

CFA Institute — Thu, 07 Mar 2013 12:00:00 -0100

In episode #193, David Guin, a partner at Withers Bergman LLP, discusses the implications of the SEC's new definition of family offices and explains what a good compliance policy should look like.

Economics of the Arab Spring: Is Regional Integration MENA's Best Option?

CFA Institute — Wed, 27 Feb 2013 04:00:00 -0100

In episode #192, Dr. Adeel Malik explains why he thinks regional economic integration and a strong private sector are essential to address the economic challenges, such as youth unemployment, facing the Middle East and North Africa (MENA) region.

The Future of the MBA: Financial Professionals in a Changing World

CFA Institute — Wed, 20 Feb 2013 12:00:00 -0100

In episode #190, Robert F. Bruner, Dean of the Darden School of Business at the University of Virginia, discusses the evolution of the MBA program.

The Church of England as an Institutional Investor

CFA Institute — Wed, 13 Feb 2013 04:00:00 -0100

In episode #191, Edward Mason shares his views on how the Church of England reflects its moral values in its investments as an institutional investor.

The Importance of Financial Crises: Past and Present

CFA Institute — Wed, 06 Feb 2013 12:00:00 -0100

In episode #189, Robert F. Bruner discusses the importance of financial crises. He focuses on the importance of studying past crises in order to better understand and mitigate future crises.

Understanding India's Economy and Capital Markets: Past, Present, and Future

CFA Institute — Wed, 30 Jan 2013 12:00:00 -0100

In episode #188, Satyajit Das, former banker and author of Traders, Guns, and Money, and Extreme Money, discusses and assesses India's recent reform efforts.

Making the Case for Equities

CFA Institute — Wed, 23 Jan 2013 12:00:00 -0100

In episode #186, Jeremy J. Siegel asserts that historical asset class returns, the prospect for continued strength in corporate earnings, and current valuation levels all support the case for investment in equities.

Insights from an Indexing Pioneer

CFA Institute — Wed, 16 Jan 2013 12:00:00 -0100

In episode #179, Gus Sauter reflects on the merits of passive and active investing, while sharing his thoughts on financial industry innovation.

The Future of the Wealth Management Industry

CFA Institute — Wed, 09 Jan 2013 04:00:00 -0100

In episode #185, Sebastian Dovey explains the importance of a deeper understanding of the client, the implications of the digital revolution, the cross-cultural influences on client profile, and how these dynamics will shape the future of the wealth management industry.

Insights into Investing in Africa

CFA Institute — Wed, 19 Dec 2012 04:00:00 -0100

In episode #183, Dr. Nkosana Moyo shares some of the longer term political-economic developments taking place in Africa and explains why he believes the perception of risks in Africa is worse than reality.

Key Macroeconomic Risks and Portfolio Management Implications

CFA Institute — Thu, 13 Dec 2012 12:00:00 -0100

In episode #181, Campbell Harvey discusses the limitations of quantitative easing in today's macroeconomic environment. His analysis has implications for the role of commodities, specifically gold, in a diversified portfolio.

How Experience Determines Financial Risk Preferences

CFA Institute — Wed, 05 Dec 2012 04:00:00 -0100

In episode #184, Joachim Klement examines the role of personal experiences in determining financial risk preferences among investors, and how this can help financial advisers.

An Options Approach to Analyzing and Managing Macro-Financial Risk

CFA Institute — Mon, 03 Dec 2012 12:00:00 -0100

In episode #178, Nobel laureate Robert C. Merton challenges traditional models used by investors to measure sovereign and financial system credit risk, while proposing an alternative framework.

Global Geopolitics: Identifying Sources of Risk and Understanding Market-Moving Turmoil

CFA Institute — Wed, 14 Nov 2012 12:00:00 -0100

In episode #180, Willis Sparks discussed whether we are likely to see more market-moving turmoil around the globe over the next decade and why geopolitics is increasingly becoming a factor in investment decisions.

Eurozone Crisis: Is the End in Sight?

CFA Institute — Wed, 07 Nov 2012 04:00:00 -0100

In episode #182, Wolfgang Münchau discusses the current state of the Eurozone crisis and potential resolutions. He explains potential implications of a breakup and the costs and benefits to various countries across the region.

Crush of Debt Threatens First World

CFA Institute — Wed, 31 Oct 2012 12:00:00 -0100

In episode #176, Lacy H. Hunt examines research that demonstrates how current levels of first world debt threaten to cause an economic catastrophe unless action is taken soon.

Finding Investments in a Low Yield Environment

CFA Institute — Wed, 31 Oct 2012 12:00:00 -0100

In episode #177, Leo J. de Bever discusses ways of finding global investment opportunities in the current low yield environment.

ETFs and Other ETPs: Key Global Trends and Industry Outlook for the Asia-Pacific Region

CFA Institute — Wed, 17 Oct 2012 13:00:00 +0000

In episode #175, Deborah A. Fuhr discusses the landscape and key trends in the global ETF/ETP industry as well as the recently implemented RQFII scheme in China and other developments in the Asia-Pacific markets, giving her views about the outlook for the ETF/ETP industry in the region.

Overcoming Key Challenges in Portfolio Management: Fat Tails, Downside Risk, Equity Risk Premium, and Trade Execution

CFA Institute — Wed, 10 Oct 2012 13:00:00 +0000

In episode #173, Dr. Peng Chen, CEO Asia (ex-Japan) at Dimensional Fund Advisors, a firm noted for its collaboration with Nobel laureates and top financial economists, discusses the latest development in investment portfolio management that deals with the key challenges that are once again highlighted by the global financial crisis.

Fixed Income in a Prolonged Low-Interest Environment

CFA Institute — Wed, 03 Oct 2012 13:00:00 +0000

In episode #174, With interest rates so low, and a Fed determined to keep them low for a prolonged period, does it make sense to allocate money to fixed income securities right now?

The Value of Constructive Dissonance

CFA Institute — Wed, 26 Sep 2012 08:00:00 +0000

In episode #172, John Linehan, CFA, describes his firm's investment philosophy and the value of "constructive dissonance," and discusses why maintaining a global perspective is more important than ever.

Key Trends and Issues for Financial Advisers

CFA Institute — Wed, 19 Sep 2012 08:00:00 +0000

In episode #171, Michael Kitces discusses some of the key issues and trends for financial advisers, including the looming fiscal cliff and the potential for tax rates to rise significantly in the future.

Value Manager Focused on Free Cash Flow

CFA Institute — Wed, 12 Sep 2012 13:00:00 +0000

In episode #170, Sam Peters, CFA, discusses his firm's free cash flow-based approach to valuation, and the challenges and opportunities in today's stock market.

Analyst Risks and Pitfalls: Best Practices for Investment Research

CFA Institute — Wed, 05 Sep 2012 13:00:00 +0000

In episode #168, Jeremy Bolland discusses the best practices for banks, brokerages, and research analysts for the production and dissemination of investment research, as well as the regulatory landscape in the Asia Pacific region.

Marc Faber: Money Printing Bad, Hard Assets Good

CFA Institute — Wed, 29 Aug 2012 13:00:00 +0000

In episode #167, Marc Faber, editor of "The Gloom, Boom and Doom Report", speaks about his views on money printing, inflation, central banking, China, the Eurozone, and the Fed's monetary policy.

Ethical Behavior in the Investment Industry

CFA Institute — Wed, 22 Aug 2012 13:00:00 +0000

In episode #165, John R. Boatright discusses the ethical issues facing investment professionals in the investment industry and how to manage them.

Venture Capital: Excess Capital Meets Revolution in Software

CFA Institute — Fri, 17 Aug 2012 13:00:00 +0000

In episode #166, Chris Douvos of Venture Investment Associates speaks about the evolution of the venture capital industry.

Investing Globally: The Rise of the Middle Class

CFA Institute — Wed, 08 Aug 2012 13:00:00 +0000

In episode #164, John P. Calamos, Sr., discusses the rise of the middle class in emerging markets and what investors in these markets should focus on.

Pension Finance with Barton Waring

CFA Institute — Wed, 25 Jul 2012 13:00:00 +0000

In episode #163, Learn ways that defined benefit funds can be modified to provide adequate benefits for employees and acceptable cost for employers.

Daniel Kahneman Discusses the Past and Future of Behavioral Finance Research

CFA Institute — Thu, 19 Jul 2012 13:00:00 +0000

In episode #158, Nobel Laureate Daniel Kahneman discusses behavioral finance with Ashvin Chhabra, including what insight the discipline can lend to the global financial crisis and the direction of future research.

Why Emotional Intelligence Is Critical to Your Success

CFA Institute — Tue, 10 Jul 2012 13:00:00 +0000

In episode #162, Demonstrating proficiency in emotional intelligence is a critical skill set that is in demand across all roles in the investment industry. Why is this the case, are there challenges unique to investment professionals, and what practical steps can you take to develop this soft skill?

Hedge Funds: A Stabilizing Force for the Financial System

CFA Institute — Tue, 03 Jul 2012 13:00:00 +0000

In episode #161, Sebastian Mallaby makes the case that hedge funds are important providers of liquidity to financial markets and not a destabilizing threat to the financial system.

The State of Lie Detection in Finance

CFA Institute — Fri, 29 Jun 2012 13:00:00 +0000

In episode #150, Dr. Maria Hartwig, a deception and lying behavior expert, discusses the state of lie detection in finance. She also reviews important lie detection research and what the future holds for lie detection in finance.

Key Principles for Successful Private Client Investing

CFA Institute — Wed, 27 Jun 2012 13:00:00 +0000

In episode #160, Dean A. Junkans, CFA, discusses the most interesting and most surprising results of a recent survey of 500 individual investors.

Fatal Conceit: What the Fed Imagines It Can Design

CFA Institute — Fri, 15 Jun 2012 13:00:00 +0000

In episode #159, Gary P. Brinson, CFA, discusses the impact that the Federal Reserve's prolonged low-rate environment is having on plan sponsors. He argues that we are observing Hayek's fatal conceit where a handful of people in the government imagine they can redesign markets and do better than markets themselves can.

Risks and Opportunities in the MENA Economies

CFA Institute — Wed, 06 Jun 2012 13:00:00 +0000

In episode #155, Dr. George Abed, Senior Counsellor and Director for Africa and Middle East at the IIF, discusses the economic and political transition taking place among the Arab countries around the Mediterranean and implications for the wider region.

Driving Forces in Currency Markets and the Renminbi

CFA Institute — Wed, 30 May 2012 13:00:00 +0000

In episode #157, Professor Avinash D. Persaud followed and traded the currency markets for many years at UBS, J.P. Morgan, and other institutions. He shares the insight he accumulated and discusses the real driving forces in currency markets over periods that matter to investors and corporations. The situation of the Renminbi in the context of his framework is also discussed.

Consumption vs. Investment: The Gigantic Task of Rebalancing the Chinese Economy and the Investment Implications

CFA Institute — Wed, 23 May 2012 13:00:00 +0000

In episode #156, Professor Patrick Chovanec discusses the economic and investment implications involved in rebalancing the Chinese economy. He touches upon the current economic climate in light of the 2008 financial crisis with regards to China's infrastructure, a trend toward urban migration, and general investment trends since the crisis.

Free Markets in Russia

CFA Institute — Wed, 16 May 2012 13:00:00 +0000

In episode #152, John T. Connor discusses how Russia's markets are more open and free than commonly thought. He also discusses the growth of the investable universe of companies over the past 15 years.

China: Nothing Is Investable, but Everything Is Tradable!

CFA Institute — Wed, 02 May 2012 13:00:00 +0000

In episode #151, Fraser Howie discusses fundamental issues with China's banking system. Specifically, he explains China's continual creation of superficial solutions to problems, which often fail to solve the underlying issues.

Dark Pools and Market Transparency

CFA Institute — Mon, 30 Apr 2012 13:00:00 +0000

In episode #154, Frédéric Romand discusses the role of dark pools and their relative merits and drawbacks in the context of equity market investing. The importance of transparency and information quality is also addressed, along with efforts to achieve more consistent regulation.

The MENA Economy: One Year after the Arab Spring

CFA Institute — Wed, 25 Apr 2012 13:00:00 +0000

In episode #153, Henry T. Azzam shares his views on economic prospects of the Middle East and North Africa (MENA) region one year after the Arab Spring.

The Good, the Bad, the Ugly of Target-Date Retirement Funds

CFA Institute — Wed, 18 Apr 2012 13:00:00 +0000

In episode #148, Thomas M. Idzorek, CFA, discusses the problems associated with benchmarking these instruments and outlines a glide path stability score. Although target-date retirement funds are a ubiquitous retirement planning tool, their glide paths vary considerably from one provider to the next. Moreover, the glide paths themselves tend to change over time.

Defining, Motivating, and Achieving Client Engagement

CFA Institute — Wed, 11 Apr 2012 13:00:00 +0000

In episode #149, Julie Littlechild discusses how enhancing client engagement can support referrals and how to increase the likelihood that your clients become your most ardent advocates.

A New Take on Behavioral Finance

CFA Institute — Wed, 04 Apr 2012 13:00:00 +0000

In episode #147, Greg B. Davies explains the concept of behavioralizing finance and the implications for the wealth management industry.

Best Practices in Managing Outliers in the Investment Industry

CFA Institute — Wed, 28 Mar 2012 13:00:00 +0000

In episode #145, Keith Robinson provides practical advice on how to identify outliers, discusses the impacts they can have on a firm's culture, and offers best practices and strategies in managing outliers.

India's Opportunities in Tomorrow's World

CFA Institute — Wed, 21 Mar 2012 12:00:00 -0100

In episode #146, Clint R. Laurent discusses how the resolution of sovereign debt problems in the United States and the Eurozone will affect economic activity and the flows of trade and finance across the globe.

Trends in Algorithmic Trading and Developments in Asia

CFA Institute — Wed, 14 Mar 2012 12:00:00 -0100

In episode #144, Giorgio Valente discusses recent trends in algorithmic and high frequency trading and related developments in the Asia Pacific region.

Turning Colleagues into Partners in Complying with the GIPS Standards

CFA Institute — Thu, 08 Mar 2012 12:00:00 -0100

In episode #128, Ann F. Putallaz, CIPM, discusses the role of an investment performance leader, or GIPS champion, within a GIPS compliant firm.

Global Demographic Trends and Investment Opportunities in Africa

CFA Institute — Wed, 29 Feb 2012 12:00:00 -0100

In episode #139, Richard Hokenson discusses the investment implications of global demographic trends and the investment opportunities these trends represent for Africa.

India: Rediscovery and Investment Outlook

CFA Institute — Wed, 22 Feb 2012 12:00:00 -0100

In episode #143, Lord Meghnad Desai discusses his "rediscovered" historical perspective on India as well as the Indian economy, capital markets, and its people going forward and the implications for investment professionals.

New Tool for Bond Managers: Leveraging on Equity Market Analysis to Outperform?

CFA Institute — Wed, 15 Feb 2012 12:00:00 -0100

In episode #140, Dan diBartolomeo discusses how bond managers can leverage information in equity markets to improve performance.

Trends in Investment Reporting and Challenges in Performance Reporting to Private Wealth Clients

CFA Institute — Wed, 08 Feb 2012 12:00:00 -0100

In episode #138, James M. Edmonds, CFA, sheds light on the intricacies and challenges of performance reporting for high-net-worth investors and financial advisers.

Selecting and Implementing a Fixed-Income Attribution System

CFA Institute — Thu, 02 Feb 2012 12:00:00 -0100

In episode #130, Ralf Hudert, CIPM, discusses practical issues selecting and implementing a fixed-income attribution system.

The Benefits of Complying with the GIPS Standards

CFA Institute — Wed, 25 Jan 2012 12:00:00 -0100

In episode #125, Iain W. McAra provides insight into the many benefits gained by firms claiming compliance with the Global Investment Performance Standards (GIPS).

The New Normal, Cap-Weighted Indexing, and Passive Strategies in Europe and Asia

CFA Institute — Wed, 18 Jan 2012 12:00:00 -0100

In episode #137, Lower expectations for economic growth and capital markets returns stem from increasing indebtedness and deficits, as well as from demographic trends in the "New Normal." Jason Hsu discusses the implications for passive index strategies and cap-weighted index investing and talks about how asset owners and investing institutions view these issues in Europe and Asia.

The Case for Investing in Africa

CFA Institute — Wed, 11 Jan 2012 12:00:00 -0100

Clifford D. Mpare, CFA, discusses which African nations have the most improved macro environments and how these factors can support equity investments. Mr. Mpare also explores valuation of African equities including long-term trends, sectors of interest, and company case studies, as well as the importance of diversification.

ROE The Wrong Performance Measure for Banks (Take 15 Series)

CFA Institute — Wed, 28 Dec 2011 12:00:00 -0100

In episode #132, Robert Jenkins cites the flaws in the traditional Return on Equity (ROE) measure in measuring bank financial performance and proposes some much needed alternatives.

How Much Is the Financial Sector Contributing to the Real Economy?

CFA Institute — Wed, 21 Dec 2011 12:00:00 -0100

In episode #133, Roger Bootle shares his views on concerns about the relative size of pay and performance in the financial sector as well as what needs to be done to address these concerns.

Valuation: Lessons Learned from the Crisis

CFA Institute — Thu, 15 Dec 2011 12:00:00 -0100

In episode #135, Steven J. Sherman discusses the role of the International Valuation Standards Council and how it differs from that of the accounting standard setters.

Evolution of Risk Reporting: What's Next?

CFA Institute — Wed, 30 Nov 2011 12:00:00 -0100

In episode #129, Frances Barney, CFA, reveals the latest trends in risk reporting, which lead to increased transparency and control exposures.

Evaluating Performance Attributions and New Models to Measure Risk

CFA Institute — Wed, 16 Nov 2011 12:00:00 -0100

In episode #127, Carl R. Bacon, CIPM, a performance measurement specialist, discusses the evolution of performance attribution, the latest developments in performance measurement, and the issue of ex post risk.

Applying Institutional Principles in the Wealth Management Industry

CFA Institute — Wed, 09 Nov 2011 12:00:00 -0100

In episode #126, What can the private client advisory arena learn from the institutional business? David B. Smith, CFA, draws on a career straddling the private wealth and institutional worlds to provide important lessons.

Incorporating Environmental, Social, and Governance Standards in Emerging Market Companies

CFA Institute — Tue, 01 Nov 2011 12:00:00 -0100

In episode #124, Helga Birgden discusses responsible investing practices in Asia Pacific and makes a comparison with those in Europe and North America. She also addresses the latest trends in ESG investing globally and in Asia Pacific and the implications for the investment industry, as well as other pertinent issues.

Is Liquidity the Missing Equity Investment Style?

CFA Institute — Wed, 26 Oct 2011 13:00:00 +0000

In episode #123, Roger Ibbotson argues that a liquidity strategy meets the criteria for a legitimate and sustainable style with clear performance advantages.

Why Is Leadership Critical to Your and Your Firm's Success?

CFA Institute — Wed, 19 Oct 2011 13:00:00 +0000

In episode #121, James Ware, CFA, discusses the importance of leadership skills in the investment industry in light of the recent global financial crisis, how firm culture contributes to (or detracts from) success, and critical skills investment professionals need in today's climate.

Rebalancing: What's Next for the China Growth Story?

CFA Institute — Wed, 12 Oct 2011 13:00:00 +0000

In episode #120, Michael Pettis reviews the growth track record of China over the past decades and discusses how rebalancing from an investment and export driven economy to a more consumption focused economy could take place going forward. He also discusses Renminbi internationalization and the impact that China's rebalancing could have on Australia and similar commodity exporting countries.

Global Investing in the New World Order

CFA Institute — Wed, 05 Oct 2011 13:00:00 +0000

In episode #122, With much of the developed world in a sovereign debt crisis, what implications will this have on your portfolio risk profile, benchmark, and asset allocation? Having spent his entire career in emerging market and non-U.S. investments, Jeffrey P. Davis, CFA, describes what he believes is a fundamental shift in the global market portfolio.

High-Frequency Trading, Flow Toxicity, and the Flash Crash

CFA Institute — Thu, 29 Sep 2011 13:00:00 +0000

In episode #119, Maureen O'Hara discusses high-frequency markets, algorithmic trading, flow toxicity, and differential access to price information in Asia, as well as the flash crash and market fragmentation.

Sovereign Credit Risk and Market Turmoil: Challenges for China's Economic Policies

CFA Institute — Mon, 26 Sep 2011 13:00:00 +0000

In episode #118, Jing Ulrich discusses the economic situation in China, the challenges for policymakers, the development of China's capital markets, and the management of trillions of dollars of foreign exchange reserve assets.

Lower Volatility and Higher Yield with Options

CFA Institute — Wed, 14 Sep 2011 13:00:00 +0000

In episode #117, Matthew T. Moran discusses using options and futures to manage risk and improve income.

Superior Risk Management through Value Investing

CFA Institute — Wed, 07 Sep 2011 13:00:00 +0000

In episode #116, Charles K. Bobrinskoy describes how Ariel Investments puts Buffett value investing principles to work.

Ethics in Investment Management

CFA Institute — Wed, 31 Aug 2011 13:00:00 +0000

Industry expert Marianne M. Jennings discusses the ethical issues present in the financial crisis including the seven signs of ethical collapse, cross-cultural differences in ethics, and what universities can do to promote ethical behavior.

Rogers of Ariel Investments Is Bullish on Equities

CFA Institute — Wed, 24 Aug 2011 13:00:00 +0000

In episode #114, John W. Rogers, Jr. discusses his 30 years of investment experience and compares today's markets with those of the early 1980s.

How Are Asian Financial Institutions Impacted by Changing Accounting and Regulatory Regimes?

CFA Institute — Wed, 17 Aug 2011 13:00:00 +0000

In episode #113, Yin Toa Lee, CFA, reviews the new global regulatory initiatives and changing accounting standards and their business impacts on Asian financial institutions.

Synthetic Risk and Reward Indicator: Simplifying or Over-Simplifying Risk?

CFA Institute — Wed, 10 Aug 2011 13:00:00 +0000

In episode #112, Paul D. Kaplan, CFA, shares his analysis of the Synthetic Risk and Reward Indicator (SRRI) that has been introduced by the European Commission for investment funds as a part of the UCITS.

Wall Street Revalued

CFA Institute — Wed, 03 Aug 2011 13:00:00 +0000

In episode #111, Andrew Smithers discusses why the U.S. equity market is currently overvalued and argues that central banks should be encouraging a reduction in debt levels and quality growth over time, rather than rapid growth now.

The Latin American Investment Climate

CFA Institute — Wed, 20 Jul 2011 13:00:00 +0000

In episode #109, Melvin Escudero discusses some of the elements that will be critical for Latin America's continued growth into the future.

The Gold Standard: Is It an Option?

CFA Institute — Wed, 13 Jul 2011 13:00:00 +0000

In episode #108, John Authers discusses the merits of returning to the gold standard and offers some potential alternatives.

Geopolitical Joust

CFA Institute — Thu, 07 Jul 2011 13:00:00 +0000

In episode #107, As the globalization of the investment profession continues and international uncertainty abounds, geopolitical risks are growing in importance. Pippa Malmgren examines these risks and highlights ways to identify and deal with their challenges.

The Investment Philosophy of a Seasoned Investor

CFA Institute — Wed, 29 Jun 2011 13:00:00 +0000

In episode #106, Felix Zulauf shares his investment philosophy and his views on the Euro and investing in gold.

Demographic Trends and Their Investment Implications

CFA Institute — Mon, 20 Jun 2011 13:00:00 +0000

In episode #105, Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries.

Sustainability and Pension Fund Investing

CFA Institute — Wed, 15 Jun 2011 13:00:00 +0000

In episode #104, Roger Urwin discusses the concept of sustainability as it applies to pension fund investing.

Failures and Successes of Wall Street

CFA Institute — Wed, 08 Jun 2011 13:00:00 +0000

In episode #103, Roger Lowenstein discusses the continued importance of Wall Street, but takes issue with abusive practices that led to asset bubbles and costly bailouts.

Hedge Fund Alpha: Where to Find It and How to Capture It

CFA Institute — Tue, 31 May 2011 13:00:00 +0000

In episode #102, Clifford S. Asness addresses issues regarding hedge funds, including the different risk and reward profiles of various strategies, the never-ending quest for alpha, and the growing interest in hedge fund replication.

ESG Data and the Investment Process

CFA Institute — Wed, 25 May 2011 13:00:00 +0000

In episode #096, Curtis Ravenel discusses the use of environmental, social, and governance factors in the investment management process and the data currently available in these areas.

Managing an Investment Management Firm

CFA Institute — Wed, 18 May 2011 13:00:00 +0000

In episode #101, Howard Marks, CFA, discusses his widely read client memos, his core investment philosophy, and strategies for making sure culture and philosophy at his firm are properly aligned across regions.

The Proper Role of the Fed

CFA Institute — Wed, 11 May 2011 13:00:00 +0000

In episode #100, William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time.

Geopolitical Risks and Trends

CFA Institute — Wed, 04 May 2011 13:00:00 +0000

In episode #098, Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks.

The Power behind Investing in Alternative Energy

CFA Institute — Wed, 27 Apr 2011 13:00:00 +0000

In episode #099, Russell Read, CFA, discusses the changing dynamics and where the opportunities lie for alternative energy.

Japan: Change in a Time of Crisis

CFA Institute — Fri, 22 Apr 2011 13:00:00 +0000

In episode #094, Yasuhiro Oshima, CFA, gives his thoughts on Japan's recovery from the recent earthquake, tsunami, and nuclear crises.

Incorporating Family Dynamics into a Wealth Manager's Advisory Process

CFA Institute — Wed, 20 Apr 2011 13:00:00 +0000

In episode #097, Lisa Gray discusses the importance of incorporating family dynamics into the advisory process.

The Proper Role of Art in an Investment Portfolio

CFA Institute — Wed, 13 Apr 2011 13:00:00 +0000

In episode #095, The allure of investing in art is compelling to many investors, but is unfamiliar territory to many financial advisers. Jeffrey Horvitz discusses the pros and cons of adding art to your portfolio.

Risk and Portfolio Management

CFA Institute — Wed, 06 Apr 2011 13:00:00 +0000

In episode #093, Attilio Meucci, CFA, offers a systematic approach to risk and portfolio management and describes some of the challenges and tradeoffs investors face when it comes to controlling risk in their portfolios.

Reflections on Decision Making and Counterintuition

CFA Institute — Thu, 31 Mar 2011 13:00:00 +0000

In episode #090, Michael J. Mauboussin discusses the role of technical competence, "counterintuition," and the application of multiple mental models to the discipline of financial analysis.

Incorporating ESG Data in the Investment Process

CFA Institute — Wed, 23 Mar 2011 12:00:00 -0100

In episode #092, Michelle Clayman, CFA, discusses incorporating non-financial environmental, social, and governance (ESG) data in the investment process.

Free Cash Flow and the Cost of Equity Capital

CFA Institute — Wed, 16 Mar 2011 12:00:00 -0100

In episode #089, Kenneth S. Hackel, CFA, author of the book Security Valuation and Risk Analysis, challenges traditional thinking on important concepts like the cost of capital and free cash flow.

Equity Risk Premiums

CFA Institute — Thu, 10 Mar 2011 12:00:00 -0100

In episode #091, Clifford S. Asness discusses a recent roundtable meeting on the equity risk premium (ERP) where forecasts for the future ERP were below historical levels.

Compensation Discussion and Analysis Template

CFA Institute — Wed, 02 Mar 2011 12:00:00 -0100

In episode #088, Kurt Schacht, CFA, discusses the new CFA Institute Compensation Discussion and Analysis Template.

Hedge Fund Leverage

CFA Institute — Wed, 23 Feb 2011 12:00:00 -0100

In episode #087, Andrew Ang analyzes the use of leverage in hedge funds including the high and low ranges in leverage, which strategies employ more leverage, and how the levels of leverage have changed based on changing market conditions.

Criticisms of Traditional DCF Analysis

CFA Institute — Wed, 16 Feb 2011 12:00:00 -0100

In episode #086, Professor Aswath Damodaran discusses current approaches to valuation, particularly discounted cash flow valuation.

Value Investing Perspectives

CFA Institute — Wed, 02 Feb 2011 12:00:00 -0100

In episode #084, Matthew B. McLennan, CFA, discusses his firm's utilization of classic Graham and Dodd investing principles and shares his perspectives on the current opportunities and risks in the equity markets.

Behavioral Finance Compared to Efficient Markets

CFA Institute — Wed, 26 Jan 2011 12:00:00 -0100

In episode #085, Christopher Malloy contrasts the efficient market hypothesis and behavioral finance and discusses how investors can think about an inefficient market.

Best Practices in Fund Management

CFA Institute — Wed, 19 Jan 2011 12:00:00 -0100

In episode #083, Daniel Broby, FSIP, discusses some of the best practices in the fund management industry today, the importance of fiduciary responsibility, and the role of codes of conduct.

Opportunities and Challenges in Eastern European Markets

CFA Institute — Wed, 12 Jan 2011 12:00:00 -0100

In episode #082, Lars Christensen discusses central and eastern European markets and compares them with other emerging markets.

The Risk Factors and Economic Impact behind Commercial and Sovereign Debt

CFA Institute — Wed, 05 Jan 2011 12:00:00 -0100

In episode #134, Stephen G. Cecchetti discusses commercial bank leverage, calculating risk weightings, and the long-term effects of excessive sovereign debt.

The State of European Banks and Credit Markets after the Financial Crisis

CFA Institute — Wed, 29 Dec 2010 12:00:00 -0100

In episode #081, Matt King discusses how recent regulation affects credit investors and markets, noting that these are palliatives that are overshadowed by huge debt accumulation.

Convergence of Accounting Standards

CFA Institute — Tue, 21 Dec 2010 12:00:00 -0100

In episode #080, Karl Debenham shares his views on the benefits and implications of the convergence of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

The Role of Family Governance in Private Wealth Management

CFA Institute — Tue, 14 Dec 2010 12:00:00 -0100

In episode #079, Barbara Hauser discusses the kinds of families that can benefit from a formalized governance structure and discusses key considerations when implementing a family governance plan.

How the Corruption of Capitalism Is Affecting the Economic and Capital Markets Outlook

CFA Institute — Mon, 06 Dec 2010 12:00:00 -0100

In episode #078, Richard Duncan discusses the corruption of capitalism, the secular decline of developed economies, and how global imbalances are destabilizing the world economy.

Family Governance and Intergenerational Planning in Asia

CFA Institute — Thu, 02 Dec 2010 12:00:00 -0100

In episode #077, Dr. Roger King reviews characteristics and complexities of Asian wealth-owning families and the role of family governance in preserving family relationships.

Applying Asset Liability Management to Private Wealth Management

CFA Institute — Fri, 12 Nov 2010 12:00:00 -0100

In episode #074, Dan diBartolomeo discusses how pension fund managers have long used asset-liability management (ALM) to manage pension assets.

Considerations in Emerging Market Debt Investing

CFA Institute — Fri, 12 Nov 2010 12:00:00 -0100

In episode #076, Kristin J. Ceva, CFA, discusses how emerging market debt fits into a global portfolio from the perspectives of risk, return, and correlation.

Lessons from Japan's Balance Sheet Recession

CFA Institute — Thu, 04 Nov 2010 12:00:00 -0100

In episode #075, Richard Koo discusses effects on Japan's economic growth and policy responses from the real estate bubble that burst in Japan 20 years ago.

Developments and Opportunities in the Emerging Markets Fund Management Industry

CFA Institute — Fri, 29 Oct 2010 13:00:00 +0000

In episode #073, Aaron Low, CFA, describes development in the industry in these emerging markets, including the evolution of different business models and prospects for hedge funds.

Applying Capital Management Concepts in Managing Wealth

CFA Institute — Fri, 22 Oct 2010 13:00:00 +0000

In episode #062, Michael Syn discusses the basic concepts of capital management and why it is important in wealth management. He offers a fresh perspective on asset allocation as it relates to mean reversion, market timing, bet sizing and leverage.

Risk Management in Fund of Funds Portfolios

CFA Institute — Thu, 07 Oct 2010 13:00:00 +0000

In episode #071, Peter D.A. Stein, CFA, discusses the fallout from the endowment model investment approach of heavily relying on illiquid alternative investments.

Faith-Consistent Investing

CFA Institute — Thu, 07 Oct 2010 13:00:00 +0000

In episode #072, Séamus P. Finn shares his views on faith-consistent investing in the Christian tradition.

U.S. Residential Real Estate Markets and Financing

CFA Institute — Mon, 27 Sep 2010 13:00:00 +0000

In episode #070, Michael Lustig discusses the state of the U.S. residential real estate market and the future of residential mortgage securitization finance including the role of Fannie Mae and Freddie Mac.

Low Volatility Equity Portfolios

CFA Institute — Mon, 20 Sep 2010 13:00:00 +0000

In episode #069, Roger Clarke discusses his research into the returns of low volatility vs. high volatility portfolios.

Rethinking Risk and Diversification

CFA Institute — Tue, 07 Sep 2010 13:00:00 +0000

In episode #060, Scott Welch discusses whether diversification failed, the best way to manage risk, and the future of the Yale endowment model.

Investing in Farmland

CFA Institute — Thu, 02 Sep 2010 13:00:00 +0000

In episode #059, Shonda Warner discusses the prospects for the agriculture industry, how to invest in farmland, and risks in the farmland sector.

After-Tax Mutual Fund Reporting

CFA Institute — Mon, 30 Aug 2010 13:00:00 +0000

Doug S. Rogers, CFA, discusses the history of after-tax mutual fund reporting, and the basics of pre- and post-liquidation reporting, and how to use after-tax reporting in making investment decisions.

Sensible Decumulation Strategies

CFA Institute — Fri, 27 Aug 2010 13:00:00 +0000

In episode #068, Robert N. Gordon discusses retirement withdrawal strategies and tax considerations, as well as other questions that remain unanswered.

The Role of Frontier Equity Markets in Portfolio Management

CFA Institute — Mon, 23 Aug 2010 13:00:00 +0000

In episode #067, Cliff Quisenberry, CFA, discusses the risk and return characteristics of frontier equity markets and their role in a diversified portfolio.

Volatility and Tax-Aware Investment Management

CFA Institute — Thu, 19 Aug 2010 13:00:00 +0000

In episode #044, Paul Bouchey, CFA, discusses the effect of volatility on long-term capital accumulation and the implications for active tax-management and tax-aware passive portfolio management.

How to Deal with Irate Clients

CFA Institute — Mon, 16 Aug 2010 13:00:00 +0000

In episode #066, Richard L. Peterson provides a medical and emotional description of irate clients and discusses techniques for dealing with them and how advisors should frame solutions.

Information Exchange in Global Private Banking

CFA Institute — Thu, 12 Aug 2010 13:00:00 +0000

In episode #065, Philip Marcovici discusses the implications of increased cross-border information exchanges, the forces driving bank secrecy, and how to regularize a client's tax situation.

Family Offices: Trends and Success Factors

CFA Institute — Mon, 09 Aug 2010 13:00:00 +0000

In episode #064, Laird Pendleton discusses recent trends and changes in multi- and single-family offices and regional differences between the two models.

Identifying Accounting Shenanigans

CFA Institute — Fri, 06 Aug 2010 13:00:00 +0000

In episode #063, Howard Schilit reviews a few cases of accounting fraud and discusses techniques on how to identify accounting irregularities.

Estimating Market Volatility with Sentiment Data

CFA Institute — Mon, 02 Aug 2010 13:00:00 +0000

In episode #057, Dan diBartelomeo discusses how to estimate market sentiment and how to incorporate it into portfolio management and use it to estimate volatility.

Geopolitics and Investing

CFA Institute — Fri, 30 Jul 2010 13:00:00 +0000

In episode #056, Ian Bremmer discusses the geopolitics of the BRIC nations, the Greek debt crisis, and the dramatic global political change over the last 18 months.

Analyzing Hedge Funds

CFA Institute — Mon, 26 Jul 2010 13:00:00 +0000

In episode #058, Ted Seides, CFA, discusses hedge funds, due diligence, and quantitative/qualitative issues with hedge fund selection.

Applying Financial Engineering to Wealth Management

CFA Institute — Mon, 19 Jul 2010 13:00:00 +0000

In episode #055, Zvi Bodie discusses a new starting point for evaluating client needs and approaching wealth management as an exercise in risk management.

Benjamin Graham: Building a Profession

CFA Institute — Mon, 12 Jul 2010 13:00:00 +0000

In episode #054, Rodney Sullivan, CFA, discusses with Jason Zweig a new collection of articles written by Ben Graham.

Give Us (Earnings) Guidance

CFA Institute — Mon, 21 Jun 2010 13:00:00 +0000

In episode #053, Vahan Janjigian, CFA, discusses why efforts to curb earnings guidance are misguided and how best to provide guidance.

Portfolio Management through Time: Transaction Costs, Rebalancing, and Taxes

CFA Institute — Mon, 21 Jun 2010 13:00:00 +0000

In episode #052, Scott Stewart, CFA, discusses main elements of portfolio shortfall and transaction costs and the impact of rising tax rates.

Issues in Risk Management

CFA Institute — Mon, 14 Jun 2010 13:00:00 +0000

In episode #051, Richard Bookstaber discusses risk management issues such as liquidity risk, fat tails, and challenges with correlation.

Emerging Markets and International Capital Flows

CFA Institute — Fri, 11 Jun 2010 13:00:00 +0000

In episode #046, Tarun Ramadorai discusses the difference between current credit crisis and Asian financial crisis as regarding emerging economies.

Insights on Human Behavior and Markets

CFA Institute — Mon, 07 Jun 2010 13:00:00 +0000

In episode #050, Dan Ariely discusses Behavioral Economics vs. Rational Economics and the future directions of economic research.

Private Equity after the Credit Crisis

CFA Institute — Fri, 04 Jun 2010 13:00:00 +0000

In episode #042, Tim Jenkinson discusses the drying up of bank financing, difficulty in exiting investments, and the shift in balance of power within the private equity asset class.

Exchange-Traded Funds: What Investors Need to Know

CFA Institute — Wed, 02 Jun 2010 13:00:00 +0000

In episode #049, Mark Armbruster, CFA, discusses what makes ETFs different from mutual funds and the advantages and disadvantages of ETFs.

Asset Liability Management in Private Wealth

CFA Institute — Tue, 25 May 2010 13:00:00 +0000

In episode #048, Noël Amenc discusses current private wealth management practices and how they can take into account a client's specific concerns regarding risk management, spending objectives, and time horizon.

Strategic Wealth Management in Asia and Europe

CFA Institute — Tue, 25 May 2010 13:00:00 +0000

In episode #047, Stuart Lucas, CFA, discusses the wealth strategist and strategic wealth management principles applicable in the European and Asian contexts.

Hedge Fund Due Diligence after Madoff

CFA Institute — Fri, 14 May 2010 13:00:00 +0000

In episode #045,François Lhabitant discusses if it is possible to prevent another Madoff-like scandal by means of better due diligence.

Risk Return Efficiency of Equity Benchmarks

CFA Institute — Fri, 07 May 2010 13:00:00 +0000

In episode #041,Felix Goltz discusses why cap-weighted equity benchmarks are not risk–return efficient portfolios and alternatives to current cap-weighted equity benchmarks.

Applying Behavioral Finance to Personal Investment Management

CFA Institute — Wed, 28 Apr 2010 13:00:00 +0000

In episode #040, Harold Evensky discusses how behavioral biases affect individual decision making and techniques for illustrating these behavior patterns to clients.

A View into Distressed Mortgage Credit

CFA Institute — Mon, 26 Apr 2010 13:00:00 +0000

In episode #039, Randy Appleyard discusses the landscape of non-agency MBS after the financial crisis and how mortgage finance will evolve in the future.

Sovereign Wealth Funds Sourced by Oil Revenue

CFA Institute — Mon, 19 Apr 2010 13:00:00 +0000

In episode #038, Bernd Scherer discusses sovereign wealth funds (SWF) sourced by oil revenue and the impact uncertainty of oil reserves has on asset allocation by SWFs.

Sustainability and Investing

CFA Institute — Fri, 16 Apr 2010 13:00:00 +0000

In episode #037, Cary Krosinsky discusses companies that embody sustainability and speaks about the future of sustainability and investing.

Entrepreneurial Stewardship and Selling the Family Business

CFA Institute — Wed, 14 Apr 2010 13:00:00 +0000

In episode #036, Stuart Lucas, CFA, discusses inter-generational dynasty planning and entrepreneurial stewardship.

Bank Loans: Risk, Return, and the Future of the Asset Class

CFA Institute — Mon, 12 Apr 2010 13:00:00 +0000

In episode #035, Paul Travers discusses leveraged loans and the bank loan asset class.

Trade Management

CFA Institute — Fri, 09 Apr 2010 13:00:00 +0000

In episode #034, Theodore R. Aronson, CFA, discusses issues with regulation, trade management in different asset classes, and how trading has become more sophisticated.

Asset Allocation for Taxable Private Clients

CFA Institute — Wed, 07 Apr 2010 13:00:00 +0000

In episode #033, Gordon B. Fowler, Jr. discusses how a wealth manager should approach asset allocation and the role of index funds and alternative assets in a private client portfolio.

After-Tax Performance Benchmarks: The Australian Experience

CFA Institute — Mon, 05 Apr 2010 13:00:00 +0000

In episode #032, Jamie Perrett explains what a tax-adjusted index is and how the Australian experience influenced and motivated the design of after-tax indices.

Stimulus, Liquidity, and Bubbles: Is China Leading the Global Economic Recovery?

CFA Institute — Fri, 02 Apr 2010 13:00:00 +0000

In episode #031, Jie Gan evaluates China's role in the global economy.

Derivatives: Past, Present, and Future

CFA Institute — Fri, 26 Mar 2010 12:00:00 -0100

In episode #030, Philip Gocke discusses growth in US and non-US derivatives markets, the impact of the crisis on derivatives use, regulation changes, and the future of derivatives use.

Behavioral Finance: What Can Investors Learn from Their Mistakes?

CFA Institute — Fri, 19 Mar 2010 12:22:00 -0100

In episode #029, Jason Zweig discusses how investor goals should be pursued instead of focusing on risk tolerance and practical applications of behavioral finance.

Unintended Consequences of U.S. Tax Changes

CFA Institute — Fri, 12 Mar 2010 12:22:00 -0100

In episode #028, Robert Gordon discusses the changes to U.S. estate tax law, challenges with formula based wills, and the intricacies of deductibility of interest.

Equity Market Inefficiency

CFA Institute — Fri, 22 Jan 2010 12:20:00 -0100

In episode #026, Robert Haugen discusses the changes fundamental factors that drive stock price performance, components of equity risk, and equity market inefficiency.

Advances in Asset Allocation

CFA Institute — Mon, 11 Jan 2010 12:20:00 -0100

In episode #025, Lionel Martellini discusses the changes have taken place in investment management approaches and how asset allocation and risk management related to each other.

Equity Investing for 2010

CFA Institute — Fri, 18 Dec 2009 12:20:00 -0100

In episode #024, Steven M. Galbraith discusses the following: Equity values in the current economic environment -- Elevated money market balances -- Market strategies for 2010.

Asset Backed Securities: Where Have We Been and Where Are We Going?

CFA Institute — Wed, 25 Nov 2009 12:20:00 -0100

In episode #023, Bob K. Behal, CFA, and David Van Ommeren discuss the following: Dislocation in asset-backed securities markets during the financial crisis -- ABS markets that are working on their own -- ABS markets supported by the government -- Commercial mortgage market outlook and risks.

TIPS Overview and Strategies

CFA Institute — Thu, 12 Nov 2009 14:20:00 -0100

In episode #022, Kenneth E. Volpert, CFA, discusses the following: TIPs mechanics -- Strategies used by active managers with TIPs -- Where are real rates versus history -- Inflation and TIPs performance outlook.

What are Sovereign Wealth Funds?

CFA Institute — Wed, 21 Oct 2009 15:00:00 +0000

In episode #021, George Hoguet, CFA, discusses the following: Historical development of sovereign wealth funds -- Role of sovereign wealth funds during the financial crisis -- Importance of sovereign wealth funds as investors -- Concerns over active ownership of foreign companies by sovereign wealth funds.

Sukuk: Concepts and Applications

CFA Institute — Sat, 01 Aug 2009 15:19:00 +0000

In episode #020, Richard T. de Belder discusses the following: What are Sukuk? -- Are Sukuk similar to asset backed securities? -- What are some of the current Sheriah issues facing Sukuk?

Global Equity Investing

CFA Institute — Wed, 15 Jul 2009 16:19:00 +0000

In episode #018, Erik B. Granade, CFA, discusses the following: Global Equity valuation, how the credit crisis has affected global markets, and risks associated with Global Equity investing.

Understanding Sustainable Investing

CFA Institute — Wed, 01 Jul 2009 16:18:00 +0000

In episode #018, Nick Robins discusses the following: What is sustainable investing and how is it different from ethical or socially responsible investing? -- What asset classes are covered by sustainable investing? -- What are some of the challenges and opportunities facing sustainable investing?

Risk Management and Tax-Aware Portfolio Strategies for Private Clients

CFA Institute — Mon, 15 Jun 2009 16:18:00 +0000

In episode #017, David M. Stein discusses portfolio and tax management in the context of the current market environment. He describes: Limitations of diversification and risk management strategies -- Tax efficient portfolio management and the importance of tax management -- Standard and new tax management strategies.

Understanding Negative Screening by Islamic Equity Indexes and Funds

CFA Institute — Tue, 02 Jun 2009 16:18:00 +0000

In episode #016, Shaykh Yusuf Talal DeLorenzo discusses the screening process used by Islamic (Shari'a compliant) equity indexes and funds. In addition, Mr. DeLorenzo describes how a company deemed Shari'a compliant can become non-compliant and why investors not seeking Shari'a compliance could be interested in Shari'a compliant investments.

The EVA Framework and the Current Economy

CFA Institute — Tue, 09 Dec 2008 15:11:00 -0100

In episode #015, Joel M. Stern explains the origins and applications of EVA. In addition, Mr. Stern describes the current market conditions, the collapse of the comparative advantage period, and alternative sources of equity funding for public companies.

An Introduction to Islamic Finance

CFA Institute — Thu, 30 Oct 2008 16:31:00 -0100

In episode #014, Usman Hayat, CFA, discusses the fundamentals of Islamic finance and its implications for institutional and private investors.

Economic Observations from Bloomberg News' Editor-at-Large

CFA Institute — Thu, 16 Oct 2008 15:31:00 +0000

In episode #013, Thomas R. Keene discusses Federal Reserve policy, economic uncertainty, and the changing risk appetite of the market.

Counterparty Risk in Credit Derivatives2

CFA Institute — Wed, 17 Sep 2008 16:31:00 +0000

In episode #012, Adam Litke discusses the problem of counterparty risk in credit derivatives and provides possible solutions including a clearing house for derivatives trades.

Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors

CFA Institute — Thu, 17 Jul 2008 15:31:00 +0000

In episode #011, Matt Orsagh, CFA, CIPM, discusses the report recently released by the CFA Institute Centre for Financial Market Integrity entitled "Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors".

Performance Issues in Private Equity

CFA Institute — Tue, 15 Apr 2008 15:30:00 +0000

In episode #010, Ludovic Phalippou discusses the problems with internal rates of return as the performance metric of choice in the world of private equity.

Hedge Fund Demand for Equity Tranches in CDOs

CFA Institute — Fri, 28 Mar 2008 15:31:00 -0100

In episode #009, Shishir M. Udani, CFA, discusses hedge fund demand for equity tranches in CDOs. Please visit http://www.cfawebcasts.org/ for more info.

Executive Compensation: An Investor's Guide to Appropriate Disclosures

CFA Institute — Fri, 14 Mar 2008 15:31:00 -0100

In episode #008, Jim Allen, CFA, discusses the report recently released by the CFA Institute Centre for Financial Market Integrity entitled The Compensation of Senior Executives at Listed Companies: A Manual for Investors. Please visit http://www.cfawebcasts.org/ for more info.

Pension Funds and Inflation Risk

CFA Institute — Fri, 29 Feb 2008 15:30:00 -0100

In episode #007, Christopher C. Finger, Head of Research at RiskMetrics Group, Inc., discusses techniques that can be used by pension funds to hedge their natural exposure to inflation.

Asset Manager Ethics in Proxy Voting, Avoidance of Front Running, and GIPS Compliance

CFA Institute — Fri, 15 Feb 2008 15:30:00 -0100

In episode #006, Charles Tschampion, CFA, discusses applications of ethics in proxy voting, front running, and GIPS presentation situations. Please visit http://www.cfawebcasts.org/ for more info.

Ethical Dilemmas in Soft Dollars, Gift Giving, and Proxy Voting

CFA Institute — Thu, 31 Jan 2008 14:30:00 -0100

In episode #005, Charles Tschampion, CFA, discusses applications of the CFA Institute Centre for Financial Market Integrity Asset Manager Code of Professional Conduct as well as an application of its Corporate Governance Manual. Please visit http://www.cfawebcasts.org/ for more info.

The Pricing of Illiquid Securities in the Subprime Space

CFA Institute — Tue, 15 Jan 2008 15:30:00 -0100

In episode #004, Christopher C. Finger, Head of Research at RiskMetrics Group, LLC, discusses the use of the ABX index to help with the problems of accurate marking of positions. Please visit http://www.cfawebcasts.org/ for more info.

Systemic Risk in Structured Products

CFA Institute — Fri, 28 Dec 2007 15:30:00 -0100

In episode #003, Kenneth L. Grant, President of Risk Resources, LLC, discusses where we've been, where we are now, and where we may be going with systemic risk in structured products. Please visit http://www.cfawebcasts.org/ for more info.

Moral Hazard and Excess Liquidity

CFA Institute — Wed, 12 Dec 2007 15:30:00 -0100

In episode #002, Richard F. DeMong, CFA, defines the concept of moral hazard and discusses its significance for the subprime mortgage market problems. Please visit http://www.cfawebcasts.org/ for more info.

Basics of Mortgage Securitization

CFA Institute — Wed, 14 Nov 2007 15:30:00 -0100

In episode #001, Richard F. DeMong, CFA, discusses the following topics in interview format: The basics of mortgage securitization and creation of CDOs -- Risk transfer and rating risk. Please visit http://www.cfawebcasts.org/ for more info.