Podcasts about Chief investment officer

This episode is sponsored by EMXETF.comKevin T. Carter joins Kyle to talk about TGRZ, the China AI LLM Tigers ETF, and why China's role in the AI trade may be much bigger than most U.S. investors realize.Kevin breaks down the AI market as a five-layer stack: electricity, chips, data centers, models, and applications. From there, he explains why TGRZ is focused on the model layer, where Chinese open-weight AI models like DeepSeek, Kimi K3, GLM, and Qwen are increasingly competing with U.S. models from OpenAI, Anthropic, Google, and others.The conversation also gets into one of the biggest surprises from the episode: how differently China and the U.S. appear to view AI adoption. Kevin points to public sentiment around AI being roughly 80% favorable in China versus about 20% in the U.S., and Kyle explores whether that difference in adoption could matter as much as the technology itself.They also discuss Jack Ma, Alibaba, the blocked Ant IPO, and why Kevin believes some of the risks investors associate with China are more complicated (and possibly more overblown) than the headlines suggest.The episode closes with a look at AI infrastructure, data centers, power demand, underwater and space-based compute, and the broader question of whether AI destroys jobs, creates new ones, or does some combination of both.As always, none of this is investment advice. TGRZ is speculative and volatile. Do your own research, understand the risks, and make sure any investment fits your own strategy.Learn more at EMXETF.com.Chapter Timestamps:00:00 — Cold Open: Why Chinese AI Models Are Different00:35 — Introduction: Rethinking the AI Race01:40 — TGRZ and What It Takes to Launch an ETF04:03 — The Five-Layer AI Stack06:25 — The Emerging Market “Mag Three”: Samsung, Hynix, and TSMC07:34 — Why TGRZ Focuses on the AI Model Layer08:03 — DeepSeek and the Cost Question10:58 — What Open-Weight AI Actually Means13:14 — Alibaba, Qwen, and China's AI Ecosystem15:23 — Why U.S. Startups Are Using Chinese AI Models19:10 — Jack Ma, Ant IPO, and China Risk27:42 — TGRZ Volatility and Future EMXETF AI Products29:36 — Data Centers, Power Demand, and AI Infrastructure33:54 — AI Sentiment: China's 80% Favorable vs. the U.S. at 20%36:50 — AI, Jobs, ATMs, Radiology, and What Comes Next40:08 — EMXETF.com, TGRZ Risk, and Closing ThoughtsSponsors:For more than 20 years, the EMXETF team has been focused on technology and innovation across Emerging Markets. Today, we believe artificial intelligence represents the next major chapter of that growth story. From advanced semiconductors and AI infrastructure to models, applications and digital platforms, Emerging Markets are playing an increasingly important role in the global AI ecosystem. EMXETF combines our deep experience in these markets with focused research to give investors targeted exposure to the companies helping shape the future of AI.Kevin:‍ ‍Kevin T. Carter is the Founder & Chief Investment Officer of EMXETF. While he considers himself an active “value” investor first and foremost, he has collaborated with Princeton economist and indexing legend, Dr. Burton Malkiel, for more than 20 years. Their work together began in 1999 with the development of eInvesting, a pioneer firm in fractional share brokerage that was acquired by ETRADE in 2000. In 2002 they founded Active Index Advisors, a pioneer in so-called “direct indexing” that was acquired by Natixis Asset Management in 2005. In 2006, their efforts turned to China and Emerging Markets with Dr. Malkiel's publishing of “Investment Strategies to Exploit Economic Growth in China” and the subsequent book From Wall Street to the Great Wall. Working with Guggenheim Partners, they launched several China focused ETFs on the NYSE.China AI Tigers ETF: TGRZChina AI Research ReportConnect with Kevin on LinkedInAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode of Before the Tipping Point, Lourdes welcomes back Philipp Hämmerli, Managing Director and Chief Investment Officer at Bonafide Wealth Management, for an investor-operator perspective on the seafood and aquaculture value chain.Together, they explore the “protein supercycle” and why affordability—not marketing—is increasingly shaping consumer choices. Philipp shares his view on value-added convenience, salmon demand, feed resilience during El Niño conditions, and the commercial prospects for novel ingredients such as algae oil.The conversation also examines how policy, permitting, energy costs, and geography could determine which aquaculture regions thrive over the next several years. Finally, they discuss the role of AI in improving farm efficiency—especially through better feed conversion—while recognizing that food security, farmers, and collaboration remain central to a sustainable seafood future.In this episode:Why seafood can remain an accessible, high-protein food optionConsumer downtrading, value-added convenience, and salmon demandEl Niño, fish-oil availability, and resilient feed strategiesAlgae oil, insect meal, and the scaling challenge for novel ingredientsLand-based aquaculture, regulation, and the outlook for Chile and North AmericaHow AI can improve feed conversion and aquaculture efficiencyWhy industry collaboration is essential to sustainable growthLearn more about Bonafide Wealth Management at bonafide-ltd.com.This episode is for informational purposes only and should not be considered investment adviceSupport the show

Jonathan Liang discusses the most recent Fed policy rate decision and what we expect over the remainder of 2026.Speaker:Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

Shariah-compliant pensions remain limited, particularly within workplace schemes and default fund options, despite strong unmet demand. We examine how providers can close gaps in access, scale and pricing through digital platforms, Shariah-screened investment strategies and Takaful-based retirement income solutions, and how these innovations can support the development of credible and competitive Shariah-compliant pension offerings.Moderator:Sefian Kasem, Global Head of ETF and Indexing Investment Specialists and Lead Investment Specialist Portfolio Advisory and OCIO, HSBC Global Asset ManagementPanelists:James Lawrence, Chief Investment Officer, Smart PensionMuzzammil Dhedhy, Executive Director and Chief Risk and Compliance Officer, Hejaz GroupTolibjon Tursunov, Investment Manager, Baillie Gifford

Ahead of Climate Week NYC and the UN General Assembly, we look at how the world's largest multilateral climate fund is deploying capital in a moment when government commitment to climate finance is wavering.Host Anna Stablum is joined by Amer Baig, Chief Investment Officer of the Green Climate Fund —  a key financing mechanism under the United Nations Framework Convention on Climate Change. Over ten years, the fund has invested just over $20 billion across 135 developing countries, and Amer explains how this money unlocks private capital and opens doors to various financing mechanisms. He walks through how the fund uses flexible, patient capital to stretch that $20 billion into roughly $80 billion in total project value. Anna and Amer also get into the distance between what institutions say publicly and what they're doing privately, why "climate" may be the most misleading shorthand in the sector, and what perceived versus real risk means for capital flowing into developing markets.Don't miss an episode—subscribe to ESG Decoded on your favorite podcast platform and follow us on social for the latest updates!Episode ResourcesGreen Climate Fund: https://www.greenclimate.fund/ GCF project database: https://www.greenclimate.fund/projectsGAIA blended finance platform: https://www.findevcanada.ca/en/what-we-do/our-portfolio/gaiaUN Framework Convention on Climate Change: https://unfccc.int/New York Climate Week: https://www.climateweeknyc.org/-About ESG Decoded ESG Decoded, powered by ClimeCo, is a podcast for business leaders navigating sustainability, innovation, and the evolving expectations shaping organizations today.Hosted by Emma Cox, Erika Schiller, and Anna Stablum, the show features candid conversations with sustainability leaders and subject-matter experts across industries. Each episode cuts through the noise to explore the ideas, challenges, and actions moving sustainability forward—giving listeners practical insights to turn ambition into meaningful impact.ESG Decoded Resource Links Site:  https://www.climeco.com/podcast-series/Apple Podcasts: https://go.climeco.com/ApplePodcastsSpotify: https://go.climeco.com/SpotifyYouTube Music: https://go.climeco.com/YouTube-MusicLinkedIn: https://www.linkedin.com/company/esg-decoded/IG: https://www.instagram.com/esgdecoded/*This episode was produced by Singing Land Studio About ClimeCoClimeCo is an award-winning leader in decarbonization, empowering global organizations with customized sustainability pathways. Our respected scientists and industry experts collaborate with companies, governments, and capital markets to develop tailored ESG and decarbonization solutions. Recognized for creating high-quality, impactful projects, ClimeCo is committed to helping clients achieve their goals, maximize environmental assets, and enhance their brand.ClimeCo Resource LinksSite: https://climeco.com/ LinkedIn: https://www.linkedin.com/company/climeco/IG: https://www.instagram.com/climeco/

David Morehead is one of the most respected CIOs in the endowment fund world as Chief Investment Officer at Baylor University, overseeing its $2.6BN endowment. Before joining Baylor in 2011, he was a senior portfolio manager at several Chicago hedge funds, investing across corporate securities, distressed debt and public and private energy. AGENDA: 04:00 The Portfolio Construction of a $2.6 Billion University Endowment? 09:00 Why We Spend More Time on Porfolio Construction Than Manager Selection? 14:00 Should LPs Back VC's Biggest Names or Find the Next Breakout Manager? 21:00 How Baylor Made Millions in the SaaSpocalypse? 26:00 Are Public Markets a Casino or Are Private Valuations the Real Fiction? 34:00 How Do You Buy a Market Crash Without Catching a Falling Knife? 49:00 Would You Fire a Fund Manager Who's Making You Money? 57:00 Could the Backlash Against Data Centres Derail the AI Boom? 01:02:00 Which Asset Class Is Overhyped—and Where Is the Next Big Opportunity?  

The investments you own may be perfectly reasonable—and still be completely wrong for you.   In this episode of 20/20 Money: The Business of Optometry, I'm joined again by Peter Lazaroff, Chief Investment Officer at Plancorp and author of The Perfect Portfolio: A Proven Guide to Smart Investing for Long-Term Success, for a conversation about what actually makes an investment portfolio "perfect."   We discuss why portfolio construction has to begin with the investor rather than the investments, why simplicity is valuable but shouldn't become an ideology, and how to evaluate whether added complexity is actually solving an important problem. Peter shares a four-question framework for evaluating new investments, explains the difference between owning an index and following an indexing philosophy, and walks through why rules-based investing can look very different from simply buying an S&P 500 fund or target-date fund.   We also revisit direct indexing and the role tax-loss harvesting can play for business owners, particularly those who may eventually realize a significant capital gain from the sale of their practice. From there, we explore stocks versus bonds, the different ways investors should think about risk, and why reducing short-term volatility can sometimes introduce a different kind of long-term risk.   Most importantly for optometric practice owners, we discuss why your investment portfolio cannot be evaluated in isolation. Your practice is an asset on your personal balance sheet. Its cash flow, value, concentration risk, liquidity, insurance needs, and eventual sale should all influence how you think about the rest of your wealth.   Peter's central point throughout the conversation is a useful one: there may not be a universally perfect portfolio, but there can be a portfolio that is appropriate for you, your goals, your behavior, and the entirety of your financial life.   NBS (Next Best Step): Look beyond your brokerage and retirement accounts and create a complete picture of your personal balance sheet. Include the value of your practice, cash, real estate, retirement accounts, taxable investments, and other meaningful assets. Then ask yourself whether those pieces are working together intentionally—or whether you've been making investment decisions one account at a time.   Have a podcast-related question? Contact our team here!   Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's book: How to Buy an Optometry Practice   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!   Check out Adam's other podcast! The Optometry Success Podcast  Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM 

As macro fault lines widen from Treasury intervention to global reserve diversification, markets are flashing sharply conflicting signals across commodities and headline equities. This Weekend Show brings together macroeconomic asset manager Axel Merk to assess precious metals valuations and fiscal policy crosscurrents, alongside technical analyst TG Watkins to dissect alarming breadth breakdowns and unprecedented volume shifts in leveraged funds.  Segment 1 & 2 - Axel Merk, President and Chief Investment Officer of Merk Investments, joins the program to discuss the macroeconomic factors driving the precious metals sector, including Federal Reserve monetary policy, Treasury actions, and rising global debt. Throughout the discussion, he analyzes the durability of the current gold bull market and central bank demand while emphasizing the importance of strong management teams when evaluating undervalued mining equities.  Click here to learn more about Merk Investments - https://www.merkinvestments.com/   Segment 3 & 4 - TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, provides a technical chart analysis evaluating commodities, energy, and broad equity markets. He outlines anticipated pullbacks toward key moving averages for gold, silver, and copper, while warning that frothy crude oil prices and underlying weakness in equal-weight and small-cap indexes indicate an impending seasonal market correction before another leg higher.  Click here to visit TG's site - Profit Pilot - https://www.profit-pilot.com/   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Richard McGirr talks to August Biniaz, Chief Investment Officer and co-founder of CPI Capital, who has spent the last six years building a real estate private equity firm while navigating the brutal realities of entrepreneurship, capital preservation, and cycle risk. He breaks down why Canada's lower yields pushed him toward U.S. multifamily, why the current pricing reset has changed the opportunity set, and why the operators who survive this environment will be the ones who protect LPs first. August Biniaz Co-Founder and CIO of CPI Capital Based in: Naples, Florida Where to find them: https://www.linkedin.com/in/augustbiniaz https://cpicapital.ca/ For more information, visit https://superhuman.com/. Podcast production done by⁠ ⁠Outlier Audio⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jonathan Liang discusses the latest Non-Farm Payrolls report andthe implications for the Fed outlook.Speaker:- Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

Enjoy this special feed drop from our sister show 'In This Economy?!'US President Trump is touting what he calls the biggest energy deal ever: a plan to gain control of Venezuela's massive oil reserves and boost Us energy supply. But is it fact, fiction, or political spin?Host Mike Eppel speaks to Tim Pickering, Founder and Chief Investment Officer at Auspice Capital. They dig into the claims, the impact of rising global oil prices, growing tensions in key energy markets, and what it all could mean for Canada. We love feedback at The Big Story, as well as suggestions for future episodes. You can find us:Through email at hello@thebigstorypodcast.ca Or @thebigstory.bsky.social on Bluesky Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Global debt dynamics, sticky structural inflation, and shifting monetary policies are stripping central banks of their control over long-term interest rates. In this episode of the KE Report Weekend Show, macro strategist Peter Boockvar breaks down why bond vigilantes are dictating terms to fiscal authorities and how severe underinvestment has launched a broad-based commodity supercycle. Shifting to the charts, fund manager Dana Lyons maps out why copper and energy equities are quietly diverging to the upside while market internals beneath the S&P 500 begin to flash late-cycle warning signs.  Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners and editor of The Boock Report on Substack, kicks off the show to share his perspective on key global macroeconomic trends. He analyzes policy friction between the Federal Reserve and the U.S. Treasury regarding bond yields, evaluates the uneven nature of U.S. economic growth, and outlines his bullish outlook for commodities, energy, and precious metals.  Click here to follow Peter at The Boock Report - https://peterboockvar.substack.com/   Segment 3 & 4 - Dana Lyons, fund manager and editor of The Lyons Share Pro, joins the program to share his technical outlook across major commodities, equity benchmarks, and macro trends. He highlights constructive setups in copper and energy equities alongside a cautious "buy-the-dip" posture in precious metals, while warning of emerging internal cracks in broad U.S. stock indices and projecting a secular, multi-decade rise in interest rates.  Click here to visit the Lyons Share Pro website and learn more about Dana's investment services - https://lyonssharepro.com/ - This weekend Dana is offering 30% off memberships! Just click the link and sign up.    If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Dallas-Fort Worth is the national leader in retail real estate construction, with retail development there running nearly 40% higher than the next closest US market and roughly seven million square feet in the pipeline. On this episode, three guests will explain what is driving it.  Kenton McKeehan, President and Chief Investment Officer at Big V Property Group, and Mike Jordan, Director of Research, discuss their new open air retail development in Anna, Texas.  Rob Franks, Managing Director at JLL, covers the grocery wars, record-low vacancy, and the fast-growing suburbs of Anna, Melissa, Prosper and Celina, along with the billions in tech investment near Sherman that is adding rooftops across North Texas. James Cook is the Head of Retail Research for JLL.  Subscribe: Apple Podcasts | Spotify  Listen: WhereWeBuy.show  Email: jamesd.cook@jll.com  YouTube: http://everythingweknow.show/ Read more retail research here:  http://www.us.jll.com/retail Theme music is Run in the Night by The Good Lawdz, under Creative Commons license.  

Manpreet speaks to Rajat about why the risk of a Fed rate hike is rising, and what that means for bond and equity investors and their portfolios.You can read our latest Weekly Market View today here.Speaker(s):- Manpreet Gill, Chief Investment Officer, EMEA, Standard Chartered Bank - Rajat Bhattacharya, Senior Investment Strategist, Standard Chartered Bank For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, joins Jennifer Sanasie for a special edition of Markets Outlook from the New York Stock Exchange to unpack the market's overnight flip from despair to euphoria. Hougan explains why a traditional 60/40 portfolio is "100% fiat currency," why holding 0% Bitcoin has become a misallocation, and where he's allocating now. Plus, why he gives Bitcoin a good chance of reclaiming $100K this year and sees $1.3 million by 2035.  Stellar Development Foundation CEO Denelle Dixon also joins to unpack Stellar crossing $4 billion in tokenized real-world assets, a 400% jump since January. - Timecodes: 00:00 - Matt Hougan Joins Markets Outlook 00:45 - Despair to Euphoria: What Flipped the Market 03:20 - AI Stocks vs. Bitcoin 05:49 - Brand New Rails: Stellar Crosses $4B in Tokenized RWAs 08:05 - Bitcoin, Zcash, and the Tokenization Trade 14:15 - Matt's Bitcoin Price Prediction This Year and By 2035 - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, joins Jennifer Sanasie for a special edition of Markets Outlook from the New York Stock Exchange to unpack the market's overnight flip from despair to euphoria. Hougan explains why a traditional 60/40 portfolio is "100% fiat currency," why holding 0% Bitcoin has become a misallocation, and where he's allocating now. Plus, why he gives Bitcoin a good chance of reclaiming $100K this year and sees $1.3 million by 2035.  Stellar Development Foundation CEO Denelle Dixon also joins to unpack Stellar crossing $4 billion in tokenized real-world assets, a 400% jump since January. - Timecodes: 00:00 - Matt Hougan Joins Markets Outlook 00:45 - Despair to Euphoria: What Flipped the Market 03:20 - AI Stocks vs. Bitcoin 05:49 - Brand New Rails: Stellar Crosses $4B in Tokenized RWAs 08:05 - Bitcoin, Zcash, and the Tokenization Trade 14:15 - Matt's Bitcoin Price Prediction This Year and By 2035 - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

Hercules Capital provides senior secured loans to high-growth, venture capital-backed companies across technology and life sciences. Since its inception in 2003, Hercules has committed more than US$28 billion to more than 700 companies and works with more than 1,000 leading venture capital and private equity firms. In this episode of Connected With Latham, Haim Zaltzman, Global Vice Chair of Latham's Emerging Companies & Growth Practice, sits down with Scott Bluestein, Chief Executive Officer and Chief Investment Officer of Hercules Capital, to discuss Hercules' investment approach, the role of venture debt in the current market, and how AI could shape the future of technology and life sciences markets.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

Fresh off a trip to China, Raymond Cheng shares key insights into the country's current market landscape and emerging investment opportunities.Speaker:- Raymond Cheng, Chief Investment Officer, North Asia, Standard Chartered Bank For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

I really enjoyed hosting this Alpha Exchange discussion with Ulrike Hoffmann-Burchardi, CIO for the Americas and Global Head of Equities at UBS Global Wealth Management. Ulrike has had a long career in markets, having spent nearly 25 years at Tudor Investment Corporation working across quantitative macro and global tactical asset allocation before joining UBS. We begin with Ulrike's academic background in economics, political science and financial econometrics and the path that ultimately brought her from academia to Tudor. She reflects on the culture created by Paul Tudor Jones and several lessons that stayed with her throughout her career: the importance of respecting trends, sizing positions appropriately, understanding liquidity and recognizing that while markets continually evolve, the human emotions driving them remain remarkably consistent. We then turn to portfolio construction at UBS, where Ulrike and her team combine three distinct lenses: macro, bottom-up fundamentals and structural trends. Within that structural framework, they are focused on three transformational opportunities—artificial intelligence, power and resources, and longevity. We discuss how AI connects all three and why the enormous capital expenditure associated with its development is increasingly becoming a macro factor in its own right. Ulrike walks us through the potential bottlenecks to the AI buildout, from electricity and grid capacity to permitting, turbines and transformers, as well as the possibility that monetization fails to keep pace with investment. We also explore opportunities across the AI value chain, including semiconductors, power, industrials, materials and healthcare. Lastly, we discuss hidden correlations and why portfolios that appear diversified across traditional asset classes may share common underlying exposures. I hope you enjoy this episode of the Alpha Exchange, my conversation with Ulrike Hoffmann-Burchardi.

Jonathan Liang breaks down the hawkish and dovish commentary from the latest Warsh Speech at Jackson Hole.  Speaker:- Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

What separates exceptional leaders from everyone else?It's not talent.It's not intelligence.And it's not working harder.In this episode of Time to Reset, Penny Zenker sits down with Sébastien Page, Chief Investment Officer at T. Rowe Price and author of The Psychology of Leadership, to explore the mental habits that help leaders thrive under pressure.Together they unpack why the most successful leaders focus on mastery over ego, why resilience is built through setbacks—not avoiding them—and how a psychology-first approach creates stronger teams, better decisions, and long-term success.You'll also discover why leaders need more than measurable goals, how AI changes what leaders should prioritize, and why meaning—not metrics alone—is the key to engagement.In this episode:The difference between mastery goals and performance goalsWhy resilience starts with your mindset—not your circumstancesHow positive psychology differs from toxic positivityThe leadership psychology behind high-performing teamsWhy focusing on process leads to better resultsHow AI is changing effective leadershipThe hidden danger of goal-induced blindnessWhy meaning drives motivation more than metricsWhether you're leading a business, managing a team, or simply trying to become a better decision-maker, this conversation will help you build the mindset needed to succeed in today's rapidly changing world.If you enjoyed this episode, subscribe to Time to Reset for more conversations on leadership, focus, productivity, communication, and navigating change with clarity.Connect with Sébastien Page

In the latest Global Market Outlook release, Hannah and Manpreet discuss the implications of today's bond yields for fixed income and equity portfolio positioning. They also explore how gold is benefiting from the current environment, supporting the reinstatement of our Overweight stance on the precious metal.You can read our latest Weekly Market View today here.Speaker(s):- Manpreet Gill, Chief Investment Officer, EMEA, Standard Chartered Bank - Hannah Chew, Portfolio Strategist, Standard Chartered Bank For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

As Chief Investment Officer at T. Rowe Price, Sébastien Page leads a global team managing hundreds of billions and has been recognized with multiple research awards for his practical approach to finance and leadership. His journey is inspiring, from arriving in North America as a young Canadian immigrant barely speaking English to becoming one of the youngest Senior Managing Directors at State Street, then rising through senior roles at PIMCO and now T. Rowe Price. Sébastien's new book, The Psychology of Leadership, bridges real-world executive experience with the science of performance psychology. He spent over four years collaborating with sports psychologists and translates actionable principles from resilience and high-performance research into leadership strategies. His SEE framework (Systematize, Encourage, Exit) and concepts like "goal-induced blindness" offer sports-anchored lessons for teams, coaches, and business leaders alike. Plus, he doesn't shy from the human side of leadership: drawing on both elite athletics and the power of introverts, he helps people find meaning, motivation, and long-term fulfillment. If you want to understand performing under pressure and how to lead people when it matters most, you will want to listen to this interview.  Connect: www.psychologyofleadership.net The #1 Bestseller CAPTAIN: THE ATHLETE'S GUIDE TO BEING AN EXCEPTIONAL TEAM LEADER is now available!  CLICK HERE TO ORDER We are constantly asked "where have all the leaders gone?" Now more than ever, it is up to schools, clubs and coaches to develop our leaders, and this new book is a perfect guide to train and develop them. It is filled with stories of champion team captains on the professional and college level, Hall of Fame coaches, and more, and is a masterclass on leadership. Your athletes will learn from leaders such as Carles Puyol Abby Wambach, Tim Duncan, Shane Battier, Richie McCaw, Carla Overbeck and Simone Biles. It will help your athletes understand the qualities needed to lead, the responsibilities they must accept, and the most common challenges they will face. The chapters are short and sweet and have discussion questions so that your leaders can work through them together and set your team up for great success. The book also comes with a  FREE downloadable 10-session curriculum so you can guide your team or the leaders in your school or club through the entire book.  FOR ORDERS OF 10 OR MORE, WE OFFER A $5 PER BOOK DISCOUNT. EMAIL John@ChangingTheGameProject.com to place your order. BOOK A SPEAKER: Interested in having John present to your school, club or coaching event, either in person or virtually? Looking for leadership training for your student athletes, a coach development workshop or parent education? We are still booking Fall 2026 events, please email us to set up an introductory call John@ChangingTheGameProject.com PUT IN YOUR BULK BOOK ORDERS FOR OUR BESTSELLING BOOKS, AND JOIN 2026 CHAMPIONSHIP TEAMS FROM SYRACUSE MENS LAX, UNC AND NAVY WOMENS LAX, AND MORE! These are just the most recent championship teams using THE CHAMPION TEAMMATE book with their athletes and support teams. Many of these coaches are also getting THE CHAMPION SPORTS PARENT so their team parents can be part of a successful culture. Schools and clubs are using EVERY MOMENT MATTERS for staff development and book clubs. Are you?  We have been fulfilling numerous bulk orders for some of the top high school and collegiate sports programs in the country, will your team be next? Click here to visit John's author page on Amazon Click here to visit Jerry's author page on Amazon Please email John@ChangingTheGameProject.com if you want discounted pricing on 10 or more books on any of our books. Thanks everyone. This week's podcast is brought to you by our friends at Sprocket Sports.  Sprocket Sports is a software platform for youth sports clubs.  Yeah, there are a lot of these systems out there, but Sprocket provides the full enchilada. They give you all the cool front-end stuff to make your club look good– like websites, communication tools and marketing tools – AND all the back-end transactions and services to run your business better so you can focus on what really matters – your players and your teams. Sprocket is built for those clubs looking to thrive, not just survive, in the competitive world of youth sports clubs.  So if you've been looking for a true business partner – not just another app – check them out today at https://sprocketsports.me/CTG. Become a Podcast Champion! This weeks podcast is also sponsored by our Patreon Podcast Champions. Help Support the Podcast and get FREE access to our Premium Membership, with well over $1000 of courses and materials. If you love the podcast, we would love for you to become a Podcast Champion, (https://www.patreon.com/wayofchampions) for as little as a cup of coffee per month (OK, its a Venti Mocha), to help us up the ante and provide even better interviews, better sound, and an overall enhanced experience. Plus, as a $10 per month Podcast Super-Champion, you will be granted a Premium Changing the Game Project Membership, where you will have access to every course, interview and blog post we have created organized by topic from coaches to parents to athletes. Thank you for all your support these past eight years, and a special big thank you to all of you who become part of our inner circle, our patrons, who will enable us to take our podcast to the next level. https://www.patreon.com/wayofchampions

In this episode of Masters of Risk, host Stewart Webster sits down with Matthew Tuttle, CEO and Chief Investment Officer of Tuttle Capital Management, to discuss how investors can navigate an increasingly thematic market shaped by artificial intelligence, geopolitical shifts, and evolving investment risks. With more than two decades of investment experience and a reputation for challenging conventional portfolio construction, Matt shares why he believes many traditional investment frameworks no longer reflect today's market realities. He introduces his HEAT investment philosophy, an approach centered on Hedge, Edge, Asymmetry, and Theme, designed to help investors manage risk while identifying emerging opportunities. As AI investment accelerates across industries, Matt explains why the next generation of winners may extend far beyond the well-known technology giants. From memory and photonics to energy, utilities, materials, and even space infrastructure, he explores how investors can identify critical bottlenecks powering the AI economy and uncover opportunities before they become consensus trades. Stewart and Matt also examine several of the market's most pressing questions, including whether rising valuations present a growing risk to investors, how consumers may fare in a higher-rate environment, and what signals could indicate that AI-driven capital spending is beginning to slow. The conversation also explores the growing role of thematic ETFs, digital asset exposure, and the risks surrounding private credit products entering the ETF marketplace. Looking further ahead, Matt shares his perspective on emerging investment themes ranging from aerospace and defense to the rapidly developing space economy, where long-term opportunities may be created by the infrastructure required to support next-generation technologies. A thought-provoking discussion for investors, portfolio managers, risk professionals, and market participants seeking fresh perspectives on thematic investing, ETF innovation, portfolio risk management, and the forces shaping tomorrow's market opportunities. More S&P Global Resources: Proactive Risk Intelligence | S&P Global The Definitive Risk Conference | S&P Global ⁠Masters of Risk | Season 4 Episode 5 Video: Beyond Diversification: Strategic Risk Insights for Mod… ⁠Masters of Risk | Season 4 Episode 6: Private Credit Under Pressure: Liquidity, Distress, and Oppor… Credits: Host: Stewart Webster, CFA Guest: Matthew Tuttle, CEO & Chief Investment Officer, Tuttle Capital Management Editor: Carl Schmidt  Producer: Caitlin Bray Published with Assistance From: Sophie Carr and Feranmi Adeoshun  

My guest today is Mebane Faber. Mebane is the co-founder and Chief Investment Officer of Cambria Investment Management. He is also the manager of Cambria's ETFs, separate accounts and private investment funds, and author of multiple books. The topic is his book Investing in America: The Rise Of A 250-Year Bull Market. In this episode of Trend Following Radio we discuss: America's 250-year bull market and long-term wealth creation Entrepreneurship, capitalism, free markets, and creative destruction Global diversification and emerging-market opportunities Trend following, managed futures, and portfolio diversification Market valuations, bear markets, and current U.S. equity risks Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Brian Wiley and Alexandra Lundgren are joined by Eric Sterner, Chief Investment Officer at Apollon Wealth Management, for an extended conversation on portfolio strategy and where he sees opportunities developing across the investment landscape. Eric discusses why the AI investment story extends well beyond technology stocks, with potential beneficiaries across healthcare, utilities, industrials, materials and the infrastructure needed to support continued AI growth. The conversation also explores healthcare and biotech, portfolio diversification, private equity and private credit, and the tradeoffs investors should understand before allocating money to alternative investments. A listener considering SpaceX and XRP brings the discussion back to fundamentals: building emergency savings, using diversified investments as a foundation, and keeping speculative investments in perspective. The final hour shifts to insurance and risk management, including term versus permanent life insurance, IULs, annuities, long-term care and disability coverage, and what an insurance company's "guarantee" actually means.   Listen, Watch, & Connect! https://www.therealmoneypros.com ————————————————————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

Jonathan Liang discusses our updated forecast on the Bank of Japan's pace of rate hikes.Speaker:- Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

Manpreet discusses the outlook for gold in light of its recent surge and explains why we believe the asset class is worth accumulating.Speaker:- Manpreet Gill, Chief Investment Officer, EMEA, Standard Chartered Bank For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

India's next investment boom could be emerging across AI infrastructure, defence and metals. In this episode of The Core Report Special Edition, Abhay Laijawala, MD & Chief Investment Officer, India, Lighthouse Canton, joins financial journalist Govindraj Ethiraj to explain the biggest investment opportunities shaping India's stock market and economy in 2026.From data centres and AI infrastructure to defence manufacturing, copper, silver and aluminium, Laijawala explains why the next investment cycle may look very different from the one investors have just lived through.India may not dominate the semiconductor or memory chip business yet, but Laijawala argues that the country has a significant opportunity in the wider AI infrastructure ecosystem. Transformers, cooling systems, gensets, electrical equipment and data centre infrastructure could become major beneficiaries as India expands from under 2 GW of data centre capacity today towards an estimated 8 to 10 GW over the coming years.The conversation also looks at why defence manufacturing in India could be at the beginning of a multi-year growth cycle. Rising domestic procurement, stronger order books, exports, missiles, munitions, drones and a growing private-sector defence ecosystem are creating new opportunities outside the traditional large-cap universe.The next major investment theme is metals, particularly copper, silver and aluminium. Copper demand is rising with power grids, renewable energy, electric vehicles and data centres, while constrained global supply could create a significant copper shortage. Silver and aluminium could also benefit from the global shift towards electrification.Laijawala also explains why investors are looking beyond Indian equities towards US stocks, European equities, semiconductors and global diversification, and why gold and silver may deserve a larger place in portfolios as concerns around US debt and the dollar grow.Could India's next investment boom be driven by AI, defence and metals rather than the traditional market leaders?Govindraj Ethiraj and Abhay Laijawala also discuss whether India could be entering an economic cycle similar to 2003 and 2004, with stronger industrial growth, rising bank credit, corporate investment and potentially higher earnings growth.Watch the full conversation for Abhay Laijawala's outlook on the India stock market in 2026, AI infrastructure investment, defence manufacturing, copper and silver prices, aluminium, data centres, global equities, portfolio allocation and India's next investment cycle.Chapters:01:24 What Does Lighthouse Canton Actually Do? 02:47 What Wealthy Investors Want Now 03:54 Are Global Investors Still Committed to AI? 06:27 What Does It Mean When Investors Get Flushed Out? 07:06 Why Power and Copper Matter to India's AI Future 10:13 Where Will India's Next Industrial Growth Come From? 11:43 Which Equipment Is on the Approved List? 12:15 Will More Companies Enter This Opportunity? 13:21 How Industry Is Preparing for What's Next 14:11 Can India Capitalise on Rising Copper Demand? 20:16 Where Are India's Next Big Investment Themes? 22:56 Why Mining Could Matter More to Investors 24:15 Where Do Copper, Silver and Aluminium Go From Here? 26:54 How Should Investors Allocate Across Asset Classes? 29:00 Where Are the Next Opportunities in Defence? 32:32 What Are India Inc.'s Earnings Telling Investors? Could India's next investment boom come from AI infrastructure, defence manufacturing and metals? Govindraj Ethiraj and Abhay Laijawala discuss India's stock market outlook for 2026, data centres, AI investment, defence, copper, silver, aluminium and the next investment cycle shaping India's economy. Watch The Core Report Special Edition for the investment opportunities investors should be tracking.#IndiaInvesting #AIInfrastructure #DefenceManufacturing #StockMarketIndia #TheCoreReport #TheCore

48:01- Gen. Jack Keane, a retired 4-star general, the chairman of the Institute for the Study of War and Fox News Senior Strategic Analyst Topic: Iran looking to recover and rebuild what it lost 59:02- Eileen Chapman, Director of the Bruce Springsteen Center for American Music Topic: Ocean/Monmouth County Spotlight 1:06:27- Mike Gallagher, radio talk show host heard weekday mornings at 10 a.m. on AM 970 The Answer Topic: Primary results 1:27:21- Laine Schoneberger, Chief Investment Officer, Managing Partner, and Founder of Yrefy Topic: Latest from Yrefy 1:40:49- Tom Del Beccaro, attorney, acclaimed author, speaker and the former Chairman of the California Republican Party Topic: Democrats no longer have the No. 1 weapon to keep their socialist wing in line (Fox News op ed) 1:54:04- Alan Dershowitz, Harvard Law Professor Emeritus, host of "The DerShow," and the author of "The Ten Big Anti-Israel Lies: And How to Refute Them with Truth" and the new book "The Preventative State" Topic: 250 antisemitic incidents in NYC schools since October 7th; Legalities of the ballroom 2:03:18- Pastor Dave Watson, Senior Pastor of Calvary Chapel on Staten Island, Founder and President of the New York Institute of Biblical Studies, and the host of "God in Our City" on WMCA Topic: Significance of earthquakes; Understanding the BibleSee omnystudio.com/listener for privacy information.

Jonathan Liang discusses the US Treasury expanded treasury buyback program and its implication across asset classesSpeaker:- Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

In this episode of The Greatness Machine, Darius Mirshahzadeh sits down with Sébastien Page, Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price, award-winning investment researcher, and author of “The Psychology of Leadership,” for a wide-ranging conversation on what it truly takes to lead at the highest levels. Sébastien shares his remarkable origin story, crossing the Canadian border in a red Jetta with little more than a computer and a bag of clothes to chase his dream of working in financial markets.  From there, the conversation dives deep into the psychology behind elite performance, covering mastery vs. ego mindsets, goal-induced blindness, positive psychology, stress management, and the foundational role of relationships in both leadership and life. The episode is equal parts practical framework and personal reflection, offering leaders at every level a roadmap for managing themselves before they can effectively manage others. In this episode, Darius and Sébastien will discuss: (02:16) From Quebec to Managing Trillions: Sébastien's Journey (06:32) Mastery vs. Ego: A Better Way to Lead (13:36) Why Great Leaders Separate Luck from Skill (16:42) How to Turn Stress into Peak Performance (22:16) Why the Basics Beat Endless Optimization (28:29) The Hidden Danger of Goal-Induced Blindness (32:25) The Four Pillars of a Meaningful Career (35:00) Building a Cathedral: Creating Purpose at Work (42:32) Leading Teams Through the Age of AI (48:34) Redefining Success Beyond Money and Status (54:53) The Greatest Barrier to Success Is a Lack of Resilience Sébastien Page is the Head of Global Multi-Asset and Chief Investment Officer at T. Rowe Price, where he oversees more than $500 billion in assets under management. A recognized investment leader and award-winning researcher, he has authored multiple books on finance and leadership, including “The Psychology of Leadership”. Sébastien is a frequent contributor to CNBC and Bloomberg TV and has been featured in The New York Times, The Wall Street Journal, and Barron's. Connect with Sébastien: LinkedIn: https://www.linkedin.com/in/sebastien-page Instagram: https://www.instagram.com/sebastienpagebook/ Book: https://www.psychologyofleadership.net/  Connect with Darius: Website: https://therealdarius.com/ Linkedin: https://www.linkedin.com/in/dariusmirshahzadeh/ Instagram: https://www.instagram.com/imthedarius/ YouTube: https://www.youtube.com/@Thegreatnessmachine  Book: The Core Value Equation https://www.amazon.com/Core-Value-Equation-Framework-Limitless/dp/1544506708 Write a review for The Greatness Machine using this link: https://ratethispodcast.com/spreadinggreatness. 

In 2010, Brian Belski said we were entering a 25 year bull market. Fifteen years later, he hasn't changed his tune.  Brian Belski, CEO and Chief Investment Officer of Humulis Investment Strategies, sits down with SoFi Chief Market Strategist Liz Thomas to share his perspective on today's bull and what could shake it. He also discusses how Humulis is approaching current market conditions, including why he believes knowing what you don't know can be just as valuable as having all the answers.  Brian also discusses why he's looking beyond tech and what he's seeing in other areas of the market, including the financial sector. He shares how that broader outlook shapes his continued confidence in the American consumer. This episode is for informational purposes only and should not be considered investment advice. Additional resources: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠On The Money⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Sign up for SoFi's newsletter for intel, insights, and inspo to help you get your money right. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Investing 101 Center⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: At SoFi, we believe investing is for everyone — which is why we've created a hub with info for beginners and experts alike. Start exploring to get investment education, advice, resources, and more. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Wealth Investing Guide⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Information you need to know to make your money work harder for you. This podcast should be used for informational purposes only and not deemed as a recommendation. Our Automated investing is via SoFi Wealth LLC, and is a registered investment advisor. Our Active investing is via SoFi securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest® platforms, please visit www.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ SoFi.com/Legal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. ©2026 Social Finance, Inc. All Rights Reserved.

In a new episode of Conversations with Commerce Trust, Chief Investment Officer and host David Hagee is joined by Kelly Jernigan, Director of Family Wealth Strategy, to discuss the upcoming midterm elections and the economic and market issues taking shape around them Find all of our Podcasts at: https://www.commercetrustcompany.com/research-and-insights/podcasts

Fire the Whole Investment Team: Meb Faber on 250 Years of American Compounding and Why CalPERS Can’t Beat a 60/40 allocation https://youtu.be/9lBYkG4J2sY A dollar invested in the U.S. stock market in 1800 is worth roughly $200 million today, and Meb Faber says the giant pension funds paid to beat that kind of compounding usually can’t. In this episode of Wealth Actually, Frazer Rice talks with Meb Faber, co-founder and CIO of Cambria Investment Management and host of The Meb Faber Show, about his new coffee-table book Investing in America: The Rise of a 250-Year Bull Market, the shareholder yield thesis behind Cambria’s ETF lineup, and his long-running public campaign arguing that CalPERS and other giant institutional pools routinely fail to beat a simple, low-cost buy-and-hold portfolio. https://open.spotify.com/episode/4WmnPm3GN8jwQtJuCVV9XG?si=nLLcz8y8RSuydORA5_ZHGQ Key Takeaways America is, in Faber’s words, the greatest compounding machine in history. He puts a dollar invested in U.S. stocks in 1800 at roughly $200 million today — a number he uses to reframe how clients should think about staying invested through wars, depressions, and pandemics. The book’s origin story starts with meme stocks. Faber says COVID pulled a new generation of retail investors into the market through gamified trading apps, and he wanted to hand them a historically grounded alternative to day-trading and zero-day options. Diversification is older than the country itself. Faber traces the concept back to 15th- and 16th-century joint-stock voyages — the Mayflower and the Virginia Company among them — where spreading capital across many risky expeditions let “merchant adventurers” survive when any single ship was lost. Shareholder yield, not dividend yield, is Cambria’s core factor. Since the S&P 500’s dividend yield now sits near an all-time low of 1.04%, Faber argues the real signal is cash dividends plus net buybacks — net of the dilution from stock-based compensation that quietly erodes shareholders’ ownership every year. Faber’s CalPERS critique boils down to one line: “the returns are not bad, they’re just not good.” He’s built an entire body of work, including Cambria’s ENDW endowment-style ETF, arguing that giant pools with virtually unlimited access to managers still can’t consistently beat a disciplined global 60/40. Complexity is often the enemy, not the edge. Faber contrasts investing with almost every other field of expertise: hiring the best doctor or coach nearly always helps, but hiring the most sophisticated (and expensive) money manager frequently doesn’t. Illiquidity has a way of showing up at the worst possible time. Faber points to endowments getting caught upside down in 2008–2009 and to more recent leveraged blowups as the same lesson repeating: over-lever a portfolio and you’re out of chips at the poker table. The real accountability gap is career incentives, not investment theory. Faber contrasts Yale, which gets a pass for strong long-term results, with Harvard’s endowment, which he says has underperformed for two decades without anyone losing their job over it — a dynamic he says maps directly onto UHNW family governance. Timestamps [00:00] Cold open — CalPERS CIOs vs. UK prime ministers [00:29] Show open and disclaimer [00:54] Welcome: Meb Faber, Cambria, and the new book [02:07] The $76 price tag and the 1776 joke [03:13] Genesis of Investing in America: COVID, meme stocks, and joint-stock voyages [06:33] The most surprising find: Ben Franklin’s “Mind Your Business” motto [09:09] Argentina vs. the U.S. — what actually drove American exceptionalism [12:47] Cambria today: the shareholder yield thesis [17:46] Why politicians target buybacks instead of stock-based comp [20:54] The CalPERS critique begins [21:34] The Ivy Portfolio, the ENDW endowment ETF, and year-one results [25:45] The Nevada pension comparison and the liquidity-complexity pushback [26:56] Institutional blowups, Harvard’s endowment dysfunction, and misaligned incentives [29:36] The “anti-Switzerland of asset management” bit [31:16] Close: where to find Meb, Cambria, and the book Pull Quotes “No, no, no, no, Frazer — it is $76, in honor of 1776.” — Meb Faber “A dollar would be worth roughly $200 million today… despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world, this relentless compounding is such a fun story.” — Meb Faber “There are dividend funds in the U.S. today… whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026.” — Meb Faber “Who’s had more turnover in the past 10 years — CalPERS CIOs or UK prime ministers? Both totally dysfunctional. I think CalPERS has a slight edge, but it’s close.” — Meb Faber “I’m the anti-Switzerland of asset management.” — Meb Faber About the Guest Meb Faber is co-founder, CEO, and Chief Investment Officer of Cambria Investment Management, an independent, privately owned advisory firm built around quantitative asset management and alternative investment strategies (BusinessWire). He hosts The Meb Faber Show, one of the most widely followed investing podcasts, and is the author of eight books, including The Ivy Portfolio, Global Asset Allocation, Global Value, Shareholder Yield, and now Investing in America: The Rise of a 250-Year Bull Market — his first coffee-table book, released to coincide with the U.S. semiquincentennial (Curzio Research). Proceeds from the book go to charities that fund investment accounts for Americans born in the country. A ninth book, The Awesome Portfolio, is slated for release on September 8, 2026 (Meb Faber on X). Contact Meb Faber & Cambria Cambria Investment Management: cambriainvestments.com Cambria Funds: cambriafunds.com Meb’s blog, podcast & research: mebfaber.com The Meb Faber Show: themebfabershow.com Twitter/X: @MebFaber Book — Investing in America: available on Amazon, Barnes & Noble, and signed via Pages bookstore in Manhattan Beach, CA (Acquirer’s Multiple) Cambria Funds Mentioned Shareholder Yield suite (SYLD, FYLD, EYLD, plus small-cap and large-cap variants) — cash dividends plus net buybacks plus net debt reduction, divided by market cap (MarketWatch) GVAL — Global Value ETF screening the cheapest quartile of roughly 45 country markets by long-term valuation (Cambria — GVAL) TAIL / FAIL — U.S. and global ex-U.S. tail-risk ETFs pairing short-term Treasuries with a rolling ladder of out-of-the-money S&P 500 puts (Cambria — TAIL) Trinity Portfolio (TRTY) — roughly half buy-and-hold, half trend-following across a basket of other Cambria funds (Cambria — Trinity Portfolio) ENDW — Cambria’s endowment-style ETF, discussed on the show as roughly $150–180 million at launch and referenced later in conversation as having grown toward roughly $5 billion in assets with more than 100,000 investors (MebFaber.com) The CalPERS Critique — Further Reading 9 Institutions Can’t Beat a Basic Buy-and-Hold Allocation — MebFaber.com How California’s $450B Pension Fund Misses the Basics of Investing — YouTube Should a Robot Be Managing CalPERS’ Portfolio? — MebFaber.com, 2015 Index Funds vs. Ivy League — MarketWatch/Barron’s Streetwise CalPERS: America’s Misled and Misleading Pension Leader — Retired Public Employees Association CalPERS Section II Performance Tables (2026) — CalPERS.ca.gov Reducing the Noise of AI Investing – FrazerRice.com Frequently Asked Questions How much would a dollar invested in the U.S. stock market in 1800 be worth today?Meb Faber says roughly $200 million, using the figure to illustrate how relentless compounding has powered through wars, depressions, and pandemics over the country’s history. It’s an illustrative, back-of-envelope estimate rather than a precise index calculation, since standardized stock indexes didn’t exist in 1800. Why is Meb Faber’s new book priced at $76?It’s a nod to 1776 and the country’s founding, timed to the U.S. semiquincentennial. All proceeds go to charities that fund investment accounts for Americans born in the country. What is shareholder yield, and how is it different from dividend yield?Shareholder yield is cash dividends plus net stock buybacks (net of new share issuance, particularly from stock-based compensation), divided by market cap. Faber argues it captures real capital return to shareholders better than dividend yield alone, especially now that the S&P 500’s dividend yield sits near an all-time low of about 1.04% and share buybacks have outpaced dividends every year since the late 1990s. What is Meb Faber’s argument against CalPERS and other large pension funds?Faber’s recurring claim is “the returns are not bad, they’re just not good” — that giant institutional pools with access to virtually any manager on the planet still fail to consistently beat a simple, low-cost, diversified buy-and-hold portfolio, once fees and complexity are accounted for. Cambria launched an endowment-style ETF (ENDW) partly to make this a live, ongoing comparison rather than a hypothetical one. What is Cambria’s endowment-style ETF and how does it compare to institutions like CalPERS?ENDW replicates a Yale/Swensen-style endowment allocation — global stocks, global bonds, and real assets like gold, TIPS, and REITs — in a low-cost ETF with an all-in expense under 25 basis points. Faber uses it as a running, real-time benchmark against actual endowment and pension performance reported each fiscal year. Why does Meb Faber say complexity is often the enemy in investing?Unlike most fields, where more resources and the best available experts reliably produce better outcomes, Faber argues that in investing, more complexity and more access to exotic managers frequently doesn’t translate into better returns net of fees — and often just adds cost and illiquidity risk. What lesson does Meb Faber draw from institutional blowups and the 2008–2009 crisis?Endowments that mark their portfolios only once a year got caught badly offsides in 2008–2009, with illiquid positions falling even further than public markets. Faber sees the same pattern recur whenever a fund over-levers and gets forced out of the game — a basic failure of position sizing and situational awareness that keeps repeating at the highest levels of finance. Full Transcript [00:00] Cold Open (produced VO): I said, who’s had more turnover in the past 10 years — CalPERS CIOs or UK Prime Ministers? Both totally dysfunctional. And I think CalPERS has a slight edge, but it’s close. Meb Faber suggested that CalPERS should fire its entire investment team, and that complexity has become a major headwind to their ability to generate returns. Find out more on this episode of Wealth Actually. We’re also going to talk about Meb’s new book, which argues that America is one of the greatest compounding machines in the history of capitalism. [00:29] Show Open (produced VO): Welcome back to the Wealth Actually podcast — the show that features experts, entrepreneurs, and commentators who give you the right knowledge, planning, and guidance so you can preserve your assets and enjoy your wealth. Learn more and subscribe today at WealthActually.com. This podcast is for educational and entertainment purposes. It is not investment, legal, or tax advice. It does not represent the opinions of the employers of the host or guest. [00:54] Frazer Rice: Welcome back. Meb Faber is on the show. He founded Cambria Investment Management, which is a $4 billion ETF group. He also has The Meb Faber Show and does a lot of different writing. He’s famous for being on Twitter and taking on CalPERS. But most importantly, he has a new book out talking about America as a great compounding machine. It’s a lot of fun to have him on. Welcome aboard, Meb. [01:16] Meb Faber: My man, great to be here. Frazer Rice: Oh, thank you for being on. I thank you beforehand for including a piece of my writing in one of your old compendiums on best investment writing. I’ve never forgotten that, so thank you again. Meb Faber: Well, good job making the cut. Frazer Rice: Yeah, right, exactly. I passed the audition. Seen you a few times on The Idea Farm here and there over the years. Meb Faber: Yep. As I tell people with my girlfriend, I met expectations in my recent review, so we’re onto the next year. Look, key to life, Frazer — investors, we’re in a bull market, everyone expects 15% returns forever. Key to investing in life: just low expectations. That’s it. Set your expectations low, and you’ll be pleasantly surprised every day. Don’t lose principal over time — that’ll get you pretty far in life. [02:07] Frazer Rice: So anyway, you’ve got a new book out too, which I thought was pretty cool. I love the fact that you priced it at $17.76 and really focused on the— Meb Faber: No, no, no, no, Frazer — it is $76, in honor of 1776. Now to be clear, we don’t make any money on this book. We’re donating all the proceeds to the Invest America charities that fund accounts for Americans born in this country — a wonderful charity, big supporters of it. Frazer Rice: But yes, in honor of the country’s founding. This is why we have you all to make sure I get that stuff right. But the concept of America as the best compounding machine ever — I think that’s really interesting. First of all, what prompted you to get involved with putting this book together? You’ve written before — seems like you’ve been busy with other stuff, of course — but then you came back and decided this was a good topic to take on. What was the genesis of the book? [03:13] Meb Faber: Yeah, so this is my eighth book, and the first coffee-table book we’ve ever done. People were saying, “What the hell, $76? Are you guys crazy?” Look — this is a beautiful 200-page book. There’s probably 70 pictures, charts, tables. And the concept is in the subtitle: Investing in America: The Rise of a 250-Year Bull Market. And the origin story goes back to COVID. Nobody had anything to do — sports stopped, you couldn’t go to the beach. So people were sitting around, and Americans — look, they’re gamblers, they’re risk-takers, we know that. And I said, we can’t do anything about that. So this entire generation of young people turned their attention to the stock market, and we got meme stocks. Today that’s evolved into prediction markets and zero-day options and all sorts of other nonsense. We wanted to grab those young people and say, “No, you don’t understand — the real story is better than any of this. You don’t have to day-trade. You don’t have to bet against the casino and lose.” So we said, let’s do this history since the founding of our republic — what it would have looked like if you could invest from 1800. And the compounding math is so fantastical it seems wrong. A dollar invested in 1800 — and yes, I know there were no indexes back then, chill out, people — but just to be instructive, a dollar would be worth roughly $200 million today. The point is you get on this train despite wars and depressions and pandemics and everything else terrible that’s happened in the history of the world — despite all that, this relentless compounding is such a fun story. On top of that — the founding of our country, and a lot of people don’t know this: when you learn the history of America in elementary school, you learn about the immigration, particularly from Europe, people escaping religious persecution, seeking a better life through freedom — the Mayflower, all that. All true. But what they leave out is that most of these explorations and voyages were funded by companies. Back then they called them joint-stock companies; today we call them companies, LPs, C-corporations — corps, right, partnerships. Because the reality, going back to the 15th century, is that if you’re sending a ship to the New World to find gold, that ship could sink, or there were pirates — you’d lose all your money. So this brilliant invention we call diversification today has been around for hundreds and hundreds of years. These companies said, it’s risky to invest in one voyage, but you can own part of a company that invests in 10 or 20 or 30 of these, and maybe one of them will hit. That sounds like venture capital. They used to call these people “adventurers” or merchant adventurers. Hudson’s Bay, the Mayflower voyage, the Virginia Company — many of them failed, many didn’t make money, but some made spectacular profits. It’s a fun origin story that hasn’t really been told about these early entrepreneurs and risk-takers, who honestly still permeate our culture to this day. [06:33] Frazer Rice: In putting the book together, what was the most surprising chart you found that you ended up including? [06:41] Meb Faber: There’s a lot of fun historical statistics in the book. One of my favorite parts of writing it was buying — I don’t know, 50 or 100 financial history books I’d never heard of, books on financial crises globally from various markets. We just had an author on the podcast talking about the global financial crisis of 1873, and on and on — you learn so much. One I love telling people, especially young people — my son or his friends — is: look at a dollar bill or a quarter, and I ask, what’s the motto on there? Well, that used to not be the motto. Ben Franklin, back in the day, the motto on the Fugio cent used to say “Mind Your Business” — which I thought was amazing. And it’s not “mind your business, kid” in the nosy sense — it’s more like, mind your (own) business. It had a sundial on it, too: time is short, mind your business. I thought, let’s go back to that — such a great motto. A bunch of little fun stories, but to me one of the big takeaways of the book is: as a public stock investor, the news is always negative. You turn on CNBC, Bloomberg, pull up your phone, social media — negative, negative, negative, negative. It’s hard to sustain conviction. Look, we haven’t been through a big bear market in 17 years, but when you’re down 30%, 40%, 50%, and you’re reading “Lehman’s going under” and all these crazy headlines — the book lets you zoom out. Each chapter zooms into a decade and then zooms back out and says, okay, 1930s, Great Depression, you lost 80% in stocks — but guess what, here’s your return over the next 50 years. Even over a 20-year period, large-cap stocks become less volatile than bonds, which is an amazing takeaway. Being able to zoom out and say, “I’m a long-term investor, why am I even concerning myself with day-to-day negativity” — that shift in mindset is really important, because when you zoom out, you can barely even see 1987 on a long-term chart of the stock market. I think it’s a useful thing to send to clients, particularly at year-end if you’re a financial advisor. We’ve got big discounts if you buy 50 books online — send it to clients and say, hey, stop going crazy, this too shall pass. [09:09] Frazer Rice: One thing I always have in my mind — I don’t remember if this is exactly true, but Argentina and the US were on roughly equal economic footing back around 1900. When you were putting this together, did you see anything in the US’s political climate or structure — the things that gave it tailwinds to go from 1900 through to now with this rocket-ship growth — versus a country like Argentina, similarly situated, that just muddled along economically? Was there anything in particular that you saw that codified American exceptionalism? [09:51] Meb Faber: Yeah, you’ve got to remember, the US was an emerging market too, for a long period. We didn’t always hold the crown as the largest economy or the largest stock market in the world. The US is two-thirds of world market cap today — astonishing. But if you and I were sipping tea back in 1800 or 1900 and betting on what country would dominate the next century, you’d have gotten a whole host of different answers. That’s part of the fun of this book — you realize, when things got started in Amsterdam in the 1600s, they held the crown, but not forever. It shifted to London, then eventually to New York. And in our own lifetimes, the US wasn’t always the largest stock market — Japan was, in the 1980s. It’s a useful construct: look how much things change. Not even just on a country level — sectors too. Go back 100 years and you’re like, wait, where are the tech stocks? It was railroads. Go back another 100 years and it’s, wait, where are the railroads? There weren’t any — it was banks and insurance. The constant is always change and creative destruction. The big takeaway is you have to be an owner. This ownership mentality is particularly pervasive in the US. Talk to people in Sweden, Europe, Asia, Latin America — they own far fewer stocks than Americans do. Ask what they invest in, and it’s cash in the bank, real estate, maybe. There’s something in the water here. Same thing with entrepreneurship — talk to Americans about failure, and there’s no shame in it here. It’s almost celebrated; we cheer for it. The only thing we like seeing more than someone fail is their eventual rise after failure — the phoenix. There’s a lot of big takeaways in that. It feels like the last 17 years, the US is just going to dominate forever. We wrote a paper called The Bear Market and Diversification a few years back about how special this period has been for US stocks, crushing everything else — but it’s not totally without precedent. In the last hundred years it’s happened three other times where 10-year rolling stock returns hit 15%: the 1920s (the Roaring Twenties), the Nifty Fifty period in the mid-20th century, and my favorite bull market, the late 1990s. And now again today — COVID, meme stocks, the AI boom, whatever you want to call it. Eventually the good times don’t last forever; you probably shouldn’t expect 15% returns to the moon. But pat yourself on the back and celebrate it — it’s been a very special run. [12:47] Frazer Rice: Day-job-wise, at Cambria you’ve got a whole host of different investment theses that you build vehicles around. One that’s gotten my attention, and that I really like the idea of, is the shareholder yield concept — especially the global shareholder yield concept, for the reasons you just described, coming off a very long cycle of US exceptionalism in the stock market. I like the idea of cash flow as an indicator of good investment performance, and diversifying both within and outside the US. With an asterisk here that this is not investment advice, everyone — take us through what you’re thinking on that front, and what else you’re up to at Cambria that’s interesting in the investment ecosystem right now. [13:35] Meb Faber: Sure. It’s kind of crazy, Frazer, but we hit our 20-year anniversary this year, which feels like just yesterday when I started the company. Some of the shareholder yield funds — we now have three with over a 10-year track record, and our oldest, SYLD, is a pesky teenager now. What do you expect out of teenagers? More volatility — hopefully up volatility, not down. We wrote a book on this topic 10, 15 years ago, and a new second edition is out — it’s free online as an ebook, listeners, you can get it from the blog. The subtitle of the book is Shareholder Yield: A Better Approach to Dividend Investing — a pretty bold claim, given there are hundreds of dividend-type funds out there: dividend income, dividend growth, equity income, on and on. Our thesis was that there’s something the entire marketplace hadn’t noticed or appreciated: the rise of share buybacks. Starting in the late ’90s, share buybacks have outpaced dividend distributions in the United States every year. In fact, the US dividend yield on the S&P 500 is at an all-time low of 1.04% — it may cross below 1% for the first time ever, which is astonishing. Our thesis was that a shareholder yield approach — simply cash dividends plus net stock buybacks — outperforms, historically, any dividend strategy you can construct. The “net” matters because it accounts for share issuance, particularly stock-based compensation to the C-suite, which is everywhere in the US — my home state of California’s tech companies love to “make it rain” with stock-based comp. The problem is the average US stock is a diluter: your ownership share goes down every year because they keep issuing more shares. We’ve since demonstrated this in real time across SYLD, FYLD, EYLD (the emerging-market version), and now small-cap and large-cap variants — they’ve done exceptionally well. These funds effectively target a Buffett-like, value-and-quality approach: the average stock coming into the portfolios has roughly a double-digit shareholder yield. Let that sink in — there are dividend funds in the US today, ETFs and mutual funds, that claim to be high-yield or dividend-income funds whose actual dividend yield is lower than their management fee. A negative net dividend yield — an astonishing statistic in 2026. In the US, that shareholder yield is mostly driven by buybacks. In foreign developed and emerging markets, it’s closer to 50-50 — those markets still have more of a culture of cash dividends, so you’ll see yields there closer to 5-6%. But that’s changing, and changing fast. We did a blog post recently calling the UK the “buyback capital of the world” — the UK, China, Japan, and a bunch of other countries have hockey-sticked higher on this. It’s spreading globally, this idea of corporate responsibility: “my stock’s at half of book value, maybe we should consider buybacks.” There’s so much mythology around stock buybacks — we could do a whole podcast on it — and we try to tackle it in the book. Hopefully it’s like a red pill: once you take it, it’s hard to look at investing the same way again, because it feels like you were missing a major piece of the puzzle. [17:46] Frazer Rice: How infuriating is it when the Warrens of the world take aim at buybacks? It feels like an economically illiterate, and certainly politically driven, approach to legislating. To put the clamps on a genuinely useful capital allocation tool — I just don’t understand it. You must look at that and want to shake people and say, you’re missing the point, and you’re not even really targeting the abuses that exist. [18:20] Meb Faber: Well, I try not to be too dismissive of our lovely politicians — the joke I always make is, don’t look down on them, they weren’t taught finance and investing in school either. We don’t teach money and investing in school, and that’s sort of my white whale — I think we should be teaching it as early as elementary school, just basic classes on money. The good news is, roughly a quarter to a third of high schools are now requiring at least one class on the topic. What they’re actually targeting, I think somewhat thoughtfully underneath it, is executive compensation and stock issuance — which is the crazy part, because buybacks are the flip side of that. If a company is consistently loading up its CEO with options and diluting shareholders, and using buybacks to mop that dilution up — that’s what they’re really targeting, but it’s not the buyback itself. It’s the stock-based comp. Buybacks are the exhaust; that happens down the road. The cool part about our methodology is we’re only targeting companies trading at something like 80 cents on the dollar. Buffett is my favorite example here — Berkshire has never paid a dividend, and you might think that’s crazy, but he understands this better than anyone. He’s been writing about buybacks since the 1980s. There’s a great quote from an old Berkshire annual report where he says there’s no better use of cash than buying back your own shares when they’re trading below intrinsic value. Berkshire has bought back a ton of stock over the past several years — smart — they say they’ll buy back at 1.2 times book or below and run a valuation screen. There’s a great, somewhat surprising, takeaway in the book: there’s a myth that CEOs are megalomaniacs who just buy back stock whenever they think it’s expensive or cheap, but if you model it out historically, companies doing big buybacks (say, to retire 5% of market cap) tend to trade at a valuation discount to the market, and companies doing share issuance tend to trade at a valuation premium. There’s a real valuation arbitrage going on — CEOs aren’t dummies. That’s part of what you’re capturing with a shareholder yield approach, as long as it’s consistently recycled. And remember, a buyback is optional — there has to be someone willing to sell into it, so there are always two sides. [20:54] Frazer Rice: Let’s talk about one of my favorite parts of your persona, honestly — your fun critique of CalPERS and what large institutions do (and don’t do well) in managing money, and the inefficiencies that creep in with these big pools of capital as implementation and asset allocation get very complicated and very expensive. Walk me through your thinking when you first noticed the CalPERS phenomenon, and a bit of the history there. [21:34] Meb Faber: My very first book was called The Ivy Portfolio, and we looked at how top endowments manage their assets — Yale, the late David Swensen. One of the strange things about our world in asset management — almost unique among industries — is the assumption that more resources, more money, more access automatically equals better results. That’s true in almost every other endeavor: get the best doctor, you’re probably better off than with your local doctor; best trainer, best nutritionist, best coach, on and on. Not necessarily true in investing. The longer I’ve been in this business, the more I see complexity as often an enemy. So we love to pick on CalPERS — we’ve written a dozen articles: should CalPERS be run by a robot, should they just fire everyone and buy ETFs? We’ve run the simulations, and in many cases these giant institutions — with $500 billion, hundreds of employees, access to literally any fund on the planet — should be able to beat everyone, but they can’t. A very basic buy-and-hold portfolio can mimic what a lot of these top institutions actually deliver. Eventually I got tired of just talking about it. I’ve applied for the CalPERS CIO job at least half a dozen times — they have an opening every other year, listeners, it’s the most dysfunctional organization. I joked on Twitter the other day: who’s had more turnover in the past 10 years, CalPERS CIOs or UK prime ministers? Both totally dysfunctional — I think CalPERS has a slight edge, but it’s close. I said I’d do the job for free — I’d fire almost everyone and get rid of all the illiquid, high-fee investments. But there’s this entire ecosystem of people incentivized to keep the engine running: private equity consultants and the rest of the “two-and-20” crowd. So eventually we said, let’s make this a real, live contest. We launched an endowment-style ETF, ENDW — roughly $150-180 million in it now — and said every June 30th, once we’re through a fiscal year, we’re going to compare results head-to-head. This ETF has no management fee to speak of, all-in under 25 basis points. Can you beat a low-cost ETF like that? Let’s find out. Sure enough, year one — CalPERS has already reported, and they didn’t do badly, but it was basically like a 60/40 portfolio; you’d have been just as well off doing 60/40 and moving on. Our endowment-style allocation actually replicates the average endowment quite well — a nice global mix of global stocks, global bonds, and global real assets (gold, TIPS, REITs, and so on — that real-assets sleeve is one a lot of people leave out). To get closer to a Swensen-level result, you need a couple more ingredients, in my view: you can approximate something like private equity with small-cap value, and approximate the broader endowment risk profile with a bit of leverage, plus tilts to value, global exposure, and trend-following. We’ll see how year one shakes out once all the endowments report — UNC might actually beat us because they had a huge stake in SpaceX, so congrats to Chapel Hill. But I think year one goes to me, sorry to say, CalPERS. I’m going to be a giant irritant on this for years to come. The cool thing is you now have a genuinely investable benchmark. Every endowment investment committee suddenly has to ask, with real fiduciary teeth: can we beat this low-cost ETF? And if we can’t, what are we even doing — why are we studying all these crazy illiquid partnerships instead of just buying a basket of ETFs and calling it a day? That’s going to be an awkward conversation in a lot of boardrooms. [25:45] Frazer Rice: Two comments on that. First — isn’t there someone in the state of Nevada doing something similar, basically running one of the state pension pools with a team of about three people? [25:51] Meb Faber: Yes — we had him on the podcast. I told him, look, you’re putting your money where your mouth is on this. I won’t do his story justice here, I’ll tell you about it off-air — but it’s a great example that this doesn’t have to be as hard as people make it out to be. Frazer Rice: The second thing is — anytime I’ve talked to people in the industry about this, they come back and say, “yes, we technically have an infinite investing horizon, but we have very rigid liquidity needs, so we need to be complex, because our liquidity needs can shift at any moment.” Meanwhile, on one hand I’m thinking, that complexity doesn’t actually help you with liquidity, as far as I can tell — and on the other, it feels like a bit of a convenient excuse. Do you have a response to that? [26:56] Meb Faber: Oh boy, I’ve got a bunch. The endowments famously got caught upside-down in 2008-2009. They only mark their portfolios once a year, June 30th — I wish we could all do that; maybe we should just tell clients, you’re only allowed to look once a year. They were probably down roughly half in ’08-’09, and the illiquid positions were probably down even more. A lot of them got badly offsides, and I don’t think many of them have fully learned the lesson — if you look at the amount of private allocations still sitting in a lot of these portfolios today, it’s a massive amount. I hope they’ve learned the lesson. We’ll see. But it’s a story as old as time — we just saw a version of it recently with a fund blowup, a basic, one-oh-one level failure of situational awareness and position sizing: you over-lever a portfolio, you get taken out of the game, you lose all your money, and then you’re out of chips at the poker table. You watch these mistakes happen at the upper echelons of finance and wonder how it’s still happening — and the core problem is that the career incentives of the people running the money don’t necessarily match the actual investment problem. Yale gets a pass. When Swensen’s successors hit a rough patch, how long do they get a pass? Because Harvard has been a total mess for the last 20 years — there are entire books written about the Harvard endowment, which used to be the Yale before Yale. The Harvard Crimson ran article after article saying, you’re overpaying people, what’s going on here — and the fund would underperform and nobody would actually lose their job over it. That’s the real problem, and I have some sympathy for how hard it is to fix. You deal with a version of this on the personal client side too, with multigenerational wealth — it’s almost an unsolvable structural problem for a Harvard, an endowment, or a CalPERS, because — take Harvard — you’ve got current students, alumni, future students, professors, the people who work at the endowment itself, all with completely different incentives and interests. It creates a genuinely absurd situation where, in no realistic scenario, should the resulting portfolio look like what they actually end up with. It’s an outright disaster, structurally. [29:36] Frazer Rice: It reminds me of a car designed by committee — you end up with this stitched-together Frankenstein’s monster of a product that was never going to work or sell, and it ends up sinking the company. Meb Faber: Yeah, yeah — a Rube Goldberg machine is not what you need. But there’s a reason our endowment ETF, out of the roughly 20 funds we’ve launched, has gotten the least attention — even though it’s now about $5 billion in assets with over a hundred thousand investors. It’s received the least publicity of any ETF we’ve ever done, because it doesn’t benefit anyone in that whole existing ecosystem — it’s actually a genuine threat to it. I was at an institutional conference up in Santa Barbara, at a wine happy hour, talking to three women who run three of the most famous pension and endowment pools of real money in the country. We’d just launched an endowment-style ETF, and they just stared back at me with these icy daggers. I said, oh, sorry — I’m not really a competitor to you, you should easily be able to beat me, I’m just the table stakes. But I think they realized that’s probably not true — they’re going to have a very hard time beating me, which doesn’t exactly make me anyone’s friend. I’m the anti-Switzerland of asset management. [31:16] Frazer Rice: Meb, how do people find the firm, find the book, find you? [31:24] Meb Faber: With a name like Meb, it’s easy. Cambria Funds is the day job, with the ETFs. Meb Faber is the old blog, podcast, and Twitter presence — you can find that just about anywhere. And if you find yourself in Los Angeles, Manhattan Beach, come say hi. We’d love to hear from you if you pick up a copy of the book, Investing in America — let us know what you think. Frazer Rice: Really cool stuff. Thanks, Meb, for being on. This was a blast — let’s do it again. Meb Faber: Let’s do it. [31:50] Close (produced VO): This podcast is for educational and entertainment purposes. It is neither investment, legal, nor tax advice. It does not represent the opinions of the employers of the host or guests. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

What happens to your retirement portfolio when the next major market downturn arrives? Markets can spend years moving higher, making it easy to forget how quickly conditions can change. Preparing for uncertainty often starts long before volatility returns. In this episode, Robert Curtiss speaks with James St. Aubin, CFA®, CAIA®, Chief Investment Officer and Portfolio Manager at Ocean Park Asset Management, about protecting portfolios during market declines without relying solely on traditional diversification.  They explore trend following strategies, downside risk management, investor psychology, portfolio construction, changing stock and bond correlations, the strengths and limitations of AI investment tools, and why maintaining a disciplined investment process becomes increasingly important as retirement approaches. Key points: How trend following strategies seek to reduce large portfolio drawdowns through disciplined investment rules Why diversification alone may not provide enough protection during certain market environments How retirement timing changes an investor’s ability to recover from significant portfolio losses What recent bond market performance reveals about changing stock and bond correlations Why AI investing tools should support, rather than replace, thoughtful financial decision making And more! Resources: Educational videos (bottom of the page) Connect with James St. Aubin: LinkedIn: James St. Aubin Website: Ocean Park Asset Management Connect with Robert Curtiss: rcurtiss@seia.com (626) 795-2944 About Robert Curtiss  LinkedIn: Robert Curtiss Facebook: Robert Curtiss SEIA LinkedIn: SEIA About Our Guest: James St. Aubin, CFA®, CAIA®, is Chief Investment Officer and Portfolio Manager for Ocean Park Asset Management. He has oversight of all Investment Management department activities, in collaboration with Co-founders David Wright and Kenneth Sleeper. An experienced investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research, and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder.

Many of our listeners are interested in what financial history can tell us about the returns of financial assets – and particularly of equities. We are therefore delighted as Sandy Nairn and Michael O'Connell join Russell Napier to discuss their new paper for the University of Strathclyde – ‘What Does Shareholder Wealth Creation Tell Investors?'.Michael is an Accountancy and Finance Researcher at the University of Strathclyde. Sandy is Executive Director of Global Opportunities Trust plc, and was previously Chairman of Templeton Global Equity Group and Chief Investment Officer of Scottish Widows Investment Partnership.You can download the full report here:www.libraryofmistakes.com/blog/what-does-shareholder-wealth-creation-tell-investors(This episode was recorded around an office table during the Edinburgh Festival, and excitable pedestrians in the street outside joined in the fun by providing occasional background noises.)

Jonathan Liang discusses the drivers of the recent rise in long-term bond yields and the outlook going forward.Speaker:- Jonathan Liang, Chief Investment Officer, Fixed Income and FX, Standard Chartered BankFor more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

On this episode, Watson School dean and economist John Friedman spoke with Todd Fisher, a 1987 graduate of Brown University, about the inner workings and long-term effects of the CHIPS and Science Act. Fisher served as Chief Investment Officer of the White House's CHIPS Program Office from January 2023 to March 2025, and currently serves on the Watson School's Board of Governors.The Act, which was passed under President Biden, provided unprecedented government subsidies to the United States semiconductor manufacturing industry, reimagined how government can support private industry, and offered lessons for anyone interested in how to make government work more efficiently.John and Todd discuss the main opportunities and challenges the CHIPS Office faced, how the office's approach differed from previous models of public-private partnership, and what it was like trying to, as Todd describes, build a “startup within government.” They also discuss his current role as Senior Director of Strategic Initiatives and Economic Opportunity in the office of New Jersey Governor Mikie Sherrill.Read more about the CHIPS Program and Fisher's work at the “Factory Settings” Substack.Watch this conversation on our YouTube Channel.Transcript coming soon to our website.

Raymond and Hannah discuss the market implications of a prolonged stalemate in the Middle East conflict, expectations for policy decisions by the Fed, ECB, and BoJ, and potential investment opportunities across markets.You can read our latest Weekly Market View today here.Speaker(s):- Hannah Chew, Portfolio Strategist, Standard Chartered Bank - Raymond Cheng, Chief Investment Officer, North Asia, Standard Chartered Bank For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

Most high-income W-2 earners eventually run into the same problem. Their income gets better, but their structure does not. Airline pilots are one of the clearest examples. They can earn exceptional money, receive strong retirement contributions, and build what looks like a very successful financial life on paper. But as the income grows, so does the constraint: almost all of it is active, highly taxable, and tied to a system that gives them very few levers to pull. And pilots are not the only ones facing this. Doctors, executives, engineers, senior tech employees, corporate leaders, and employees sitting on major equity events can all end up in the same position. A big salary, bonus, liquidity event, or IPO can create life-changing income, but if that income is still flowing through a W-2 structure, the tax problem does not disappear. In many cases, it becomes more obvious. In this episode of Money School Elite, I sit down with Ryan Gibson, former airline pilot and co-founder of Spartan Investment Group, to talk about the difference between earning more money and changing the facts of your financial life. Ryan spent 17 years as an airline pilot before building a self-storage company with 90 facilities, roughly 7.5 million square feet, and about 200 employees. He understands the high-income W-2 problem because he lived it, and his perspective goes beyond simply making more, saving more, or maxing out retirement accounts. We get into why pilots and other high earners often pay more in taxes as their income rises, how strong retirement contributions should change the way they think about excess cash flow, why ownership opens up tax advantages employees often cannot access, and how self-storage can give investors exposure to real estate without buying themselves another job. This is not really a conversation about pilots, and it is not only about self-storage. It is about how high-income earners can turn income into structure, ownership, cash flow, tax efficiency, and long-term financial control.   About the Guest Ryan Gibson is the Co-Founder, President, and Chief Investment Officer of Spartan Investment Group, a commercial real estate firm focused on self-storage and private real estate investment opportunities. A former airline pilot with 17 years of active flying experience, Ryan brings a unique perspective to wealth-building for high-income W-2 professionals, especially pilots who are earning high incomes but often facing significant tax challenges. Through Spartan Investment Group, he helps individual investors access private real estate opportunities designed to create diversification, cash flow, tax advantages, and long-term wealth outside the traditional W-2 and 401(k) framework. Spartan has grown into a national self-storage platform with 90 facilities, roughly 7.5 million square feet, and approximately 200 employees. Ryan's real estate experience spans residential development, self-storage, infill development, finance, sales, marketing, investor relations, tax foreclosures, inherited homes and estates, and real estate syndication. He is also the co-founder of Passive Income Pilots, a platform and podcast that educates pilots and other high-income professionals on passive investing, tax strategy, real estate, and building wealth beyond the paycheck.   Spartan Investment Group: spartan-investors.com Join the Free Academy: ryan@spartan-investors.com Passive Income Pilots Podcast: https://passiveincomepilots.com/ Ryan Gibson on LinkedIn: https://www.linkedin.com/in/ryan-gibson1/   About Your Host From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is the founder of The Money School™ and Money Mentor for The Money Multiplier. His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works. Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans, delivering the financial knowledge that fuels lasting freedom.   Resources Private Money Guide:  https://go.moneyschoolrei.com/book-podcast Wealth Wednesday Webinar: https://go.moneyschoolrei.com/wednesday-webinar-podcast Mapping out the Millionaire Mystery:  https://go.moneyschoolrei.com/newbook-podcast    

Eric Johnston, Chief Equity and Macro Strategist at Cantor Fitzgerald, explains why rising forward earnings estimates should continue to support stocks and why he expects tech to lead despite potential headwinds over the next two months. Earnings from Cisco and Cerebras, including reaction from Wedbush's Matt Bryson. David Snyder, Managing Principal and Chief Investment Officer at Journey 1 Advisors, explains why he remains heavily invested but has added hedges as he prepares for the possibility of a correction or bear market. He identifies a potential oil price spike as a key risk that could tighten financial conditions. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests today are Chung Ma, Deputy Chief Investment Officer of the Virginia Retirement System, and Vivian Lau, CEO and CIO of Senado Management. Beyond their remarkable careers, Chung and Vivian share a unique personal connection—they are cousins who grew up together in the same household in Flushing, New York. Chung helps oversee the investment portfolio of the Virginia Retirement System, one of the largest public pension funds in the United States, managing more than $100 billion on behalf of public employees and retirees. His expertise spans asset allocation, portfolio construction, risk management, trading systems, and long-term institutional investing. Vivian is the founder of Senado Management, a special situations investment firm focused on opportunistic investments across credit, equities, and private markets. Most recently, she led Strategic Themes investing at Sixth Street and previously served as Co-Chief Investment Officer of Serengeti Asset Management after beginning her career in Goldman Sachs' renowned Special Situations Group, where she became a Managing Director at just 28 years old. Today we'll explore their career journeys, how they each developed their investment philosophies, and how two cousins from the same family built exceptional careers across public and private investing. Without further ado, here is our conversation with Chung and Vivian.

In today's episode, we welcome Don Wordell, CFA, Chief Investment Officer of Ceredex Value Advisors, an institutional asset manager specializing in value-oriented domestic small, mid and large cap equity strategies. Don has been with the firm since 1996, starting with Ceredex's predecessor firm as a research analyst covering value equity strategies. He became portfolio manager of the Mid-Cap Value Equity strategy in 2001 and portfolio manager of the Small Cap Value Equity strategy in 2023. Don earned a B.S. in finance and an M.B.A from the University of Central Florida. He has been a Chartered Financial Analyst (CFA®) charterholder since 2004. In our conversation, Don discusses his transition into the CIO role, Ceredex's investment philosophy, and why valuation alone is never enough to make a stock attractive. We explore the changing small-cap landscape, the impact of private equity on public markets, and why active management remains critical in less efficient areas of the market. A major focus of the discussion is the emergence of the "Physical Economy." While much of the market remains focused on software and mega-cap technology companies, Don argues that many of the most compelling AI-related opportunities may be found in the power, infrastructure, manufacturing, cooling, and data center ecosystems required to support AI's growth. Today's hosts are Steve Curley, CFA (Co-Managing Principal, 55 North Private Wealth) and Jeff Goll, CFA (Head of Capital Markets, Hillpointe) Please enjoy the episode. You can follow us on LinkedIn or at InvestorsFirstPodcast.com. Show Notes: Whitepaper: Finding Value in the Physical Economy: https://www.ceredexvalue.com/articles/finding-value-in-the-physical-economy Ceredex Value Advisors: https://www.ceredexvalue.com

War, inflation, and AI are converging to create a high risk moment in the market. But in this bull market, many are seeing high returns. On this episode, Shannon Saccocia, Chief Investment Officer for Neuberger Berman, sits down with SoFi's Chief Market Strategist Liz Thomas to discuss where the big risks are, how they're shifting, and what investors can look out for to manage their exposure.  They discuss how America and China's different approaches to AI build-out will shape the market going forward, the search for the next Mag 7, and how investors should think about investing in this maturing market. This episode is for informational purposes only and should not be considered investment advice. Subscribe to The Important Part for smarter conversations about markets, investing and the forces shaping your financial future. For more, read Liz's column every Thursday at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠On The Money⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ by SoFi⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and follow Liz on Twitter ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@LizThomasStrat⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Additional resources: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠On The Money⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Sign up for SoFi's newsletter for intel, insights, and inspo to help you get your money right. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Investing 101 Center⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: At SoFi, we believe investing is for everyone — which is why we've created a hub with info for beginners and experts alike. Start exploring to get investment education, advice, resources, and more. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Wealth Investing Guide⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Information you need to know to make your money work harder for you. This podcast should be used for informational purposes only and not deemed as a recommendation. Our Automated investing is via SoFi Wealth LLC, and is a registered investment advisor. Our Active investing is via SoFi securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest® platforms, please visit www.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ SoFi.com/Legal⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. ©2026 Social Finance, Inc. All Rights Reserved.

Building wealth isn't about owning more properties; it's about putting your money to work with intention. In this episode, Dani Lynn Robison shares her journey from cruise ship musician to real estate entrepreneur, explaining how she evolved from turnkey rentals to managing diversified, needs-based investment funds. She breaks down why passive investing, strategic partnerships, and aligning every investment with a clear purpose can create greater financial freedom. Tune in to learn how intentional investing can help you build wealth with confidence and peace of mind.   Key Takeaways To Listen For The surprising difference between owning rentals and creating passive income Why needs-based real estate continues attracting capital across market cycles A mindset shift from being an operator to becoming a capital allocator How every investment dollar should have a specific purpose Best-in-class operators: how they can outperform doing everything yourself   Resources/Links Mentioned In This Episode Chat With Freedom - Freedom Family Investments – Education-First Real Estate Investing Calm Money Never Panics by Dani Lynn Robison | Kindle, Paperback and Hardcover Who Not How by Dan Sullivan with Dr. Benjamin Hardy | Paperback and Hardcover   About Dani Lynn Robison Dani Lynn Robison is the Co-Founder, Owner, Chief Investment Officer, and CEO of Freedom Capital Investments, a private equity real estate firm specializing in multifamily acquisitions, asset management, and investor relations. With a background in finance, capital raising, and strategic leadership, Dani has helped grow the firm by combining disciplined investment strategies with a strong focus on building lasting relationships with investors. Passionate about financial education and wealth creation, she is dedicated to helping individuals achieve long-term financial freedom through passive real estate investing while leading a values-driven organization committed to transparency, integrity, and sustainable growth.   Connect with Dani Lynn Website: Freedom Family Investment  LinkedIn: Danielle (Dani Lynn) Robison  Instagram: @danilynnrobison    Connect With Us If you're looking to invest your hard-earned money into cash-flowing, value-add assets, reach out to us at https://slipstreamaii.com/.    Follow Keith's social media pages LinkedIn: Keith Borie Investor Club: Secret Passive Cashflow Investors Club Facebook: Keith Borie X: @BoboLlc80554

On this episode of The Distribution, Brandon Sedloff and Raphi Schorr explore what makes inefficient markets the last bastion of alpha in private investing. Schorr, Deputy Chief Investment Officer and Partner at HighVista Strategies, explains how his firm deploys $14 billion across overlooked corners of the market, from lower middle market private equity to venture capital, private credit, and public biotech, where large addressable markets, poor information, and limited competition still reward patient capital and deep networks. They discuss: - Why lower middle market private equity operates beneath the radar of most institutional investors - How backing fund one managers in venture capital creates decades of compounding access - Why 50% of the S&P 500 is venture-backed and what that means for where value is created today - The rise of GP-led secondaries in the lower middle market as sponsors seek to hold their crown jewels longer - How pattern recognition built over 20 years helps identify winning managers and companies in fragmented markets This episode offers a clear view into how experienced allocators find alpha in markets most investors never see. Topics: (00:00:00) - Intro (00:01:05) - Meeting Raphi Schorr and HighVista Strategies (00:02:32) - Mathematics and early investing exposure (00:06:40) - From physics to operations research (00:09:27) - Joining HighVista and the shift to private markets (00:12:10) - Building the firm from day one (00:16:28) - What HighVista does today (00:20:18) - Inefficient markets and where alpha lives (00:24:54) - Pattern recognition in lower middle market PE (00:28:00) - Balancing analytics with relationships (00:31:10) - Access and the venture capital power law (00:34:44) - Backing fund one managers (00:42:29) - Creating optionality through early partnerships (00:48:22) - Structural themes for the next 36 months (00:52:41) - What keeps Raphi up at night (00:54:54) - Closing thoughts on talent and opportunity Speaker Profiles:   Brandon Sedloff     LinkedIn — https://www.linkedin.com/in/bsedloff/     Website — https://brandonsedloff.substack.com/   Raphi Schorr     Linkedin - https://www.linkedin.com/in/raphaelschorr/ Companies:   Juniper Square — https://www.junipersquare.com/   HighVista Strategies — https://www.highvistastrategies.com/

Meb Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. He is the host of The Meb Faber Show podcast and has authored numerous white papers and leather-bound books. In this podcast, we talk about Meb's latest book, "Investing in America: The Rise of the 250-year bull market." This book is a US stock market fanatic's dream. It's a coffee-table-style book that breaks down US capitalism by decade, with beautiful charts and pictures and, most importantly, a narrative for each decade highlighting major business highlights, economic shortfalls, wars, and unexpected bumps in the road.   Rick Ferri, a long-time Boglehead and investment adviser, hosts this episode. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org, and the wiki site is Bogleheads® wiki.    Since 2000, the Bogleheads have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.   This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.

Most of us think we're pretty good drivers. But even experienced drivers develop bad habits without realizing it. Fortunately, a few simple adjustments can make you a safer, more alert driver—and could even help you avoid a serious crash.https://www.nhtsa.gov/road-safety Ask people to name the greatest investor of all time and chances are Warren Buffett will top the list. So what does he know that the rest of us don't? What principles has he followed for decades that allowed him to build one of history's greatest fortunes—and how can ordinary investors put those same ideas to work? Here to explain is John Longo, Professor of Professional Practice in the Finance and Economics Department at Rutgers Business School and Chief Investment Officer of Beacon Trust, a $3+ billion registered investment advisor. He is co-author of the book, Buffett's Tips: A Guide to Financial Literacy and Life.(https://amzn.to/4fjckqZ) No matter how hard we try to avoid them, disagreements are a part of life. The problem is that too many of them quickly turn into arguments where no one changes their mind and everyone walks away frustrated. But research shows there are surprisingly effective ways to disagree that make people more willing to listen, preserve relationships, and often lead to better outcomes. Here with that practical advice is Julia Minson, a behavioral scientist whose work focuses on the psychology of disagreement. Her research has been featured in TIME, The Atlantic, The Washington Post, and The New York Times. She is a professor at Harvard Kennedy School and author of the book How to Disagree Better (https://amzn.to/4wHHbEx). Many of us are making a common mistake with modern dishwashers that actually makes them clean worse. It feels like the right thing to do, but it can prevent the dishwasher from doing the job it was designed to do—and waste water in the process. https://www.consumerreports.org/appliances/dishwashers/how-to-load-a-dishwasher-a6704518317/ PLEASE SUPPORT OUR SPONSORS WAYFAIR: Ready to upgrade your home for way less? Head to ⁠⁠⁠⁠https://Wayfair.com⁠⁠⁠⁠ right now to shop all things home and get your space ready for less.  QUINCE: Elevate your summer wardrobe. Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://Quince.com/sysk⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for free shipping on your order and 365-day returns. Now available in Canada, too! SHOPIFY: It's time to turn those "what ifs" into CHA CHING with Shopify Today! Sign up for your $1 per month trail and start selling today at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://Shopify.com/sysk⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ INDEED: Get a $75 Sponsored Job credit to help get your job the premium status it deserves at ⁠⁠⁠https://Indeed.com/PODCAST⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Michelle Knudsen is Chief Investment Officer of NYU, where she oversees the university's $8 billion endowment. Michelle joined NYU two years ago, after fourteen years as an allocator at Partners Capital and the Mellon Foundation, with a mandate to build a best-in-class endowment from a clean sheet of paper. Our conversation traces Michelle's lessons learned working at Goldman Sachs, a growing OCIO, and a foundation that shaped her investment philosophy and views on portfolio construction, risk management, and manager selection. We then turn to the transformation of NYU's investment office from the ground up across governance, portfolio strategy, investment process, and the team. Along the way, we discuss manager selection, emerging managers, venture capital, hedge funds, AI, stress tests, and what it takes to build an enduring investment organization. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn more about our Strategic Investments: OWL. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)