Actively Speaking Podcast

The expectations coming out of the COVID pandemic was that China's economy would experience a rebound, but that has not materialized. In this episode we look at some of the potential reasons for that including a slowing housing market, the tapering of the migration from rural to urban regions and the buildup of debt.

With share buybacks on the rise, Shareholder Yield Portfolio Manager John Tobin, PhD joins to discuss how shareholders benefit when a company buys back its stock. He also explores why management teams should not try to time their buybacks. Finally, John and Steve explore the impact of the U.S. tax on buybacks that went into effect at the beginning of 2023.

We look at the importance of understanding how company management is compensated. At a very basic level, we believe that incentives matter. Presumably, executives want to maximize their compensation, so any time you are thinking of investing in a company, you should want to know what incentives those executives are responding to, because that will tell you what kinds of actions they are likely to take. (February 21, 2023)

For three decades, "globalization" was the dominant economic paradigm. But in the wake of pandemic, war, and a new geopolitical reality, the tide of globalization is reversing. In this episode, Global Investment Strategist Kevin Hebner explains what that will mean in the near term for some key industries like energy and technology, and what other impacts we might see in the longer term. We also discuss the challenges for Chinese equities and U.S.-based multinational corporations, which have been the two biggest beneficiaries of globalization. (December 1, 2022)

The impact of the Russian war in Ukraine has made many countries, especially Europe, reconsider their stance on nuclear power. Senior Research Analyst Michael Jin joins the podcast to discuss the history of nuclear power, the ESG implications, whether the need for nuclear power will be enough to overcome people's perhaps irrational fear of nuclear, and how the technology has changed since the first wave of plants were built decades ago. (September 14, 2022)

President Biden has appointed high profile antitrust activists to top positions at the Federal Trade Commission, Department of Justice and the White House. How do their views of market fairness fit into the U.S. history of antitrust? And will they be able to successfully reduce the power of today's tech behemoths? (June 20, 2022)

2022 has been a vicious year for crypto assets, but why now? In this episode, Global Investment Strategist Kevin Hebner explores the different types of stablecoins including those at the center of the latest downturn, We also discuss the potential for contagion into other asset classes, the diversification value of crypto and the outlook for the regulatory environment. (May 25, 2022)

While the Environmental and Governance components of ESG are often quantifiable, the Social component may not be. Ravi Varghese, Head of Sustainable Investing joins the podcast to explain how we look at the "S" including how it is analyzed against the backdrop of the war in Ukraine and pressure on Big Tech and energy companies. (April 26, 2022)

With inflation's macro impacts already being well covered, we look instead at its micro impacts. Senior Research Analyst Nikolay Petrakov joins the podcast to discuss the implications for financial services companies, particularly banks and insurers. Also joining is Portfolio Manager and Senior Research Analyst Glen Petraglia who discusses the effects consumer goods companies, which is where inflation is typically most visible. (March 1, 2022)

China, and more specifically, its Common Prosperity initiative have clearly been in the headlines of late but, what is not clear is how the initiative will impact investors. Will it lead to real policy moves and implications for Chinese companies, or is it just a catchy political slogan? Global Investment Strategist Kevin Hebner joins the podcast to discuss the macro backdrop of Common Prosperity and Emerging Markets Portfolio Manager Tim Sledge explores the potential implications for Chinese companies. (December 13, 2021)

Investors often wonder how portfolio managers react to major macro events, like the COVID-19 pandemic. Often times, making only small changes or no changes at all can be more beneficial than a significant overhaul. Quality Capital Reinvestment Portfolio Manager David Siino joins to discuss how he reacted the market events caused by the pandemic. He explores the changes made and not made, new company types that made it through the strategy's screen and lessons learned from the pandemic.

After struggling in the early part of the pandemic, U.S. small cap stocks have outperformed their large cap brethren since November 2020. Client Portfolio Manager Rick Vandale joins the podcast to discuss what has driven the small cap rally and why we feel it is still in its early innings. We also explore how Epoch looks at value, the prevalence of loss making companies in the small cap index and the importance of active management in the space. (August 17, 2021)

Inflation risks are at a four-decade high due to today's combination of a generous Treasury, an overly tolerant Fed, and a reopening economy. Epoch's Kevin Hebner returns to discuss his base-case scenario which assumes only a brief period of above-target inflation, investors should brace themselves for more inflation scares, which will likely remain a key driver of equity markets well into 2022 (June 16, 2021)

Central Bank Digital Currencies have progressed from a bold speculative concept to a seeming inevitability and will soon be a core feature of our financial ecosystem. The rollout of CBDCs will further accelerate the digitization of the economy, which is the key defining feature of markets over the past decade. Epoch's Kevin Hebner joins the show to discuss the history of money, the ways digital currencies can work, and the various implications of central bank digital currencies could have on wholesale banking and individual consumers as well as monetary and fiscal policy. (May 27, 2021)

We are pleased to welcome Gregory Milano, Managing Partner, Founder & CEO of Fortuna Advisors. A thought leader on capital deployment and financial strategies, Greg discusses with Actively Speaking the pitfalls companies can find themselves in when making capital allocation decisions. From evaluating executive compensation incentives to timing share buybacks, tune in to learn why so many companies struggle to find an effective capital allocation mix. (March 15, 2021)

Semiconductors are the eyes, ears and brains of digital world. They are being relied upon to solve greater and more complex problems all while being smaller, faster, less expensive and more energy efficient. Listen in as Epoch Senior Research Analyst Matthew Chan discusses how the explosion of exciting breakthroughs in AI, autonomous driving, 5G, and cloud computing could likely drive double-digit growth in the industry. (February 2, 2021)

President-elect Biden has been steadily building out his cabinet in recent weeks. Listen in as Steve Bleiberg and Kevin Hebner discuss key economic roles including Janet Yellen's appointment to Treasury Secretary and Katherine Tai as U.S. Trade Representative. We also explore anti-trust regulation and what impact a Biden administration might have on the Tech industry. Lastly, as the year comes to a close, Steve and Kevin share some books they recommend for some quality holiday season reading. (December 18, 2020)

From Big Pharma development to the boots on the ground efforts to eradicate polio, Epoch Research Analyst Jérôme Van Der Ghinst returns to Actively Speaking to provide insight into the economics behind vaccines. (October 23, 2020)

The last six months have been profoundly transformational, with the COVID shock acting as an accelerant for the digitization of the economy. This radical transition is especially advantageous for asset-light business models. Tune in, as Epoch's Kevin Hebner returns to Actively Speaking to discuss his latest paper, The Pandemic Accelerant (September 11, 2020)

The pandemic has brought air travel to a grinding halt in 2020, leaving many airlines struggling to adapt. But what about the aircraft manufacturers? What about their suppliers? Epoch Senior Research Analyst Chris Wolters joins Actively Speaking to share his insight on how are they fairing amid all this uncertainty. (August 7, 2020)

In the beginning of 2020, as COVID-19 infections began to surge globally, many investors were confronted by the same challenge, a severe lack of data. Hear from Epoch's Systematic Strategies team on how they've been utilizing data science and in house data sets to visualize the ever changing market environment and make informed portfolio decisions during this crisis. (July 9, 2020)

The pace of change in the food industry has never been this fast, and will never be this slow again. From plant based to gluten free, Epoch's Glen Petraglia dials into this episode of Actively Speaking to share his insight on the latest food trends , the impacts of COVID-19 on consumer habits, and how large food companies seek to compete in this ever-changing market. (May 20, 2020)

Today’s complex markets cannot be understood by solely relying on simple neo-classical economic models. In order to fully appreciate the risks and opportunities in a high VUCA (Volatility, Uncertainty, Complexity and Ambiguity) environment, Epoch CEO Philipp Hensler argues that asset managers must adopt a more mindful approach in order to adapt to unexpected events. (April 28, 2020)

COVID-19 has had a crippling impact on many companies. Economic, political, and social pressures have led some to either cut or suspend their dividends. Portfolio Manager John Tobin, PhD, CFA joins the show to discuss the varying reasons why companies could be cutting their dividends as well as the implications this crisis could have on the other components of shareholder yield. (April 16, 2020)

The helicopters are coming. Actively Speaking is back with Global Strategist Kevin Hebner as we discuss recent moves by the Fed and the $2tn fiscal package's goal to help mitigate the economic impact of COVID-19. Will these efforts be deployed efficiently and able to support vulnerable small and medium sized businesses? What are the prerequisites for markets to recover and begin to stabilize? Listen in. For more information and updated data from Epoch related to COVID-19 visit https://bit.ly/3dNbJNC . (March 31, 2020)

Many of the major wireless carriers are touting that the new era of 5G is here. But what does that mean? Will we really see any immediate effects? Epoch Co-CIO David Pearl rejoins Actively Speaking to break down this next generation wireless technology and discuss what impact it could have on consumers, cloud gaming, autonomous vehicles and the Internet of Things. (March 06, 2020)

Warren Buffett for years was an outspoken critic of airlines, going as far as to say that they were a “death trap” for investors. In 2016, he changed his tune with a position in Southwest Airlines. What happened? Epoch Analyst Nigel Frankson joins the show to discuss what has changed within the industry's competitive landscape. (February 21, 2020)

Does a stock’s price and its P/E ratio tell you how much a company is worth? Conventional wisdom says yes, but we think otherwise. In this episode, Steve explores the theory behind the discounted cash flow (DCF) valuation model and the underappreciated role that ROIC plays in the model. He demonstrates how we can use what we have learned about the DCF model to deconstruct P/E ratios in the real world to better understand what they do tell us. (February 06, 2020)

The UK is set to leave the EU on January 31st and will begin a yearlong transition period. How will this impact the UK and EU economies? What does the investment landscape look like during this transitional period? Epoch Co-CIO and Portfolio Manager Bill Booth joins the show to discuss the implications of Brexit in 2020. (January 24, 2020)

While the recent trade negotiations between the U.S. and China produced a welcomed truce, it should be quite apparent that this is so much more than a trade war. Greater than trade or tech are the values that will determine the architecture and governance of the global economic order. Epoch CEO and Co-CIO Bill Priest returns to discuss what this could mean for the global economy. (January 09, 2020)

Environmental, social and governance (ESG) factor consideration has grown substantially over the past decade as more managers seek to expand their investment lens to account for a growing number of issues. Epoch's Head of Sustainable Investment, Richard Watt, joins Actively Speaking to discuss ESG's growing influence on investing and the various hurdles it faces in achieving market standardization. (December 06, 2019)

What does a chief investment officer actually do? What's the difference between a portfolio manager and a CIO? How do you develop a team of analysts? TD Asset Management CEO Bruce Cooper (and former TDAM CIO) joins the show to discuss the role of a Chief Investment Officer. (November 14, 2019)

One of the biggest battles of this century is happening right in your living room. As more people say goodbye to their cable company, established players and big, new entrants including Apple and Disney are looking to transform how we consume media. Epoch Co-CIO and Portfolio Manager David Pearl walks us through the stakes of this heated fight for your screen time. (October 31, 2019)

Is that used-car you just bought really a lemon? Epoch analyst Stephen Salzone joins the show to shine a light on the various players in the used-car market, the economics behind each car sold, and how data is impacting this fragmented industry. (October 17, 2019)

From anchoring to mental accounting, host Steve Bleiberg does a deep dive into some of the behavioral biases investors should be aware of. (October 03, 2019)

Negative interest rates have been a distinguishing feature of the Japanese economy and many European economies for some years now, but how did we get here? Who would buy a bond with a negative yield? And how do they impact the profitability of banks? Epoch Senior Research Analyst Nikolay Petrakov answers these questions and more on Actively Speaking. (September 19, 2019)

Dividing the market up into "value stocks" and "growth stocks" has long been common practice in the investment world. But what do these labels really mean? Join Steve Bleiberg as he looks to answer "What is value?" (September 05, 2019)

Actively Speaking is going back to school. Listen in as guest Wayne Lin discusses the fundamentals of the Sharpe ratio, information ratio and active share how to use them when evaluating active managers. (August 22, 2019)

Epoch Global Strategist Kevin Hebner makes his first appearance on Actively Speaking to talk about his most recent whitepaper, "Blitzscale and Hope." Kevin dives into the current hype about two-sided digital platforms and the surge in IPO listings, their share class structures and the potential for regulation in the tech sector. (August 08, 2019)

Listen in as guest and Epoch Analyst Jérôme Van Der Ghinst discusses the future of autonomous vehicles, who are the likely winners in the space, and the externalities this revolutionary technology could have on other industries and infrastructure. (July 22, 2019)

Modern Portfolio Theory (MPT) dominates investment thinking today, but the pre-MPT view of the world still holds valuable insights. Listen in as host Steve Bleiberg discusses his white paper and explores the limits of MPT in aiding successful investing. (July 10, 2019)

In Actively Speaking's inaugural episode, Epoch CEO Bill Priest joins host Steve Bleiberg to discuss winning at active management. (June 18, 2019)