Podcasts about global head

Retirement technology is rapidly transforming the way advisors and plan sponsors deliver planning advice. In this episode of the 401(k) Specialist Podcast, Editor-in-Chief Brian Anderson sits down with Michael Allen, Morningstar Retirement's Global Head of Retirement Technology, to explore how innovation is making retirement advice more personalized, scalable, and impactful.Allen shares insights on how Morningstar turns ideas into digital solutions, the technologies most likely to redefine the participant experience—like AI, predictive analytics, and behavioral nudges—and how innovation stays grounded in what participants really need.Key Insights:AI boosts personalization in retirement planningMichael Allen shares how AI lets Morningstar offer dynamic, personalized advice. Instead of long forms, participants now engage in simple, human-like conversations.Innovation solves real user pain pointsMorningstar's tools, like “AI Insights,” were built to fix specific issues—such as time-consuming reporting—by highlighting key data instantly.Advice at scale with human oversightMorningstar combines AI with trusted forecasting tools. The goal: deliver tailored advice while letting advisors focus on what humans do best.

Phil Orlando is the Chief Market Strategist and Global Head of Investment Directors at Federated Hermes. Phil reflects on the outcomes of the November elections and shares thoughts on the potential implications to the 2026 midterms. We also discuss the potential road ahead for U.S. trade policy, along with monetary policy ahead of the December FOMC meeting. Host: Daniel Cassidy

For episode 643 of the BlockHash Podcast, host Brandon Zemp is joined by Clare Adelgren, Global Head of Blockchain Sales and Operations for EY.EY Blockchain is delivering SaaS Solutions using privacy-enabled blockchain technologies to transform the ways enterprises transact and interact. ⏳ Timestamps: (0:00) Introduction(0:42) Who is Clare Adelgren?(2:31) EY at Blockchain Futurist(3:51) EY clients(5:28) What are enterprise companies most interested in with Web3?(11:11) Thoughts on the impact of regulations on Crypto(14:27) EY roadmap for 2026 

Artificial intelligence may appear weightless, but its backbone is built on vast, energy-hungry data centers. In this episode, host Kokou Agbo-Bloua explores how these facilities—from corporate server farms to hyperscale sites—have become the brain of the AI boom. Kokou dissects the dual demands of AI: training massive models and running inference, and how these processes are fundamentally reshaping global energy and water consumption, while fuelling a trillion-dollar investment race.Later, Sikander Rashid, Global Head of AI Infrastructure at Brookfield Asset Management, joins to discuss how investors are navigating soaring demand for computational power amid the global race towards Artificial General Intelligence (AGI). He shares his insights on how balancing carbon mitigation with capacity expansion could reshape global capital flows and addresses the age-old question: are we in an AI boom or a bubble?Tune in now to uncover the hidden infrastructure behind AI—and what it means for the future of technology, finance, and the planet.CreditsPresenter & Writer: Kokou Agbo-BlouaProducers & Editors: Jovaney Ashman, Jennifer Krumm, Louis TrouslardSound Director: La Vilaine, Pierre-Emmanuel Lurton. Music: Cézame Music AgencyGraphic Design: Cédric CazalyWhilst the following podcast discusses the financial markets, it does not recommend any particular investment decision. If you are unsure of the merits of any investment decision, please seek professional advice. Hosted by Ausha. See ausha.co/privacy-policy for more information.

The CPG Guys are joined in this episode by Kristi Argyilan, Global Head of Advertising at Uber.Follow Kristi on LinkedIn at: https://www.linkedin.com/in/kristiargyilan/Follow Uber on LinkedIn at: https://www.linkedin.com/company/uber-advertising/Follow Uber online at: https://www.uber.com/us/en/advertising/Kristi answers these questions:Can you walk us through your role at UBER Ads and how the organization fits within the broader UBER ecosystem?What unique value does UBER bring to the retail media landscape, especially compared to traditional players like retailers or streaming platforms?What makes advertising within the food delivery sector different from other consumer industries?  What types of CPG brands are seeing the most success on UBER Ads—and why?How do you balance the needs of large national CPGs vs. emerging or local brands?Can you share a campaign or partnership or examples that exemplify what "great" looks like on UBER Ads? aka what is best in class?What role does data play in segmenting and targeting audiences? How do you balance broad reach with personalization?What key performance indicators (KPIs) do you consider most critical when evaluating ad success at UBER? Can you share some examples of how data insights have directly influenced campaign adjustments?How do you tailor campaigns to resonate with diverse local markets versus a national audience? What does working with UBER ads entail - aka the customer experience?What advice would you give to brands, especially in the consumer packaged goods arena, looking to leverage digital advertising for growthCPG Guys Website: http://CPGguys.comFMCG Guys Website: http://FMCGguys.comSheCOMMERCE Website: https://shecommercepodcast.com/Rhea Raj's Website: http://rhearaj.comLara Raj in Katseye: https://www.katseye.world/DISCLAIMER: The content in this podcast episode is provided for general informational purposes only. By listening to our episode, you understand that no information contained in this episode should be construed as advice from CPGGUYS, LLC or the individual author, hosts, or guests, nor is it intended to be a substitute for research on any subject matter. Reference to any specific product or entity does not constitute an endorsement or recommendation by CPGGUYS, LLC. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. CPGGUYS LLC expressly disclaims any and all liability or responsibility for any direct, indirect, incidental, special, consequential or other damages arising out of any individual's use of, reference to, or inability to use this podcast or the information we presented in this podcast.

Dr. Anil Kane, Global Head of Technical & Scientific Affairs at Thermo Fisher Scientific, joins Ross Katz to discuss how AI, machine learning, and digital tools are reshaping drug development. From predictive modeling for formulation to digital manufacturing efficiencies, discover how data-driven approaches are reducing time, cost, and complexity in pharma innovation. What You'll Learn in This Episode: >> How predictive modeling eliminates trial-and-error in drug formulation >> The role of AI/ML in improving manufacturing efficiency and reducing downtime >> How Thermo Fisher's ASAP program accelerates stability testing >> The future of digital transformation in pharma, including OpenAI partnerships >> Where human expertise fits in a digitally enhanced development pipeline Meet Our Guest Dr. Anil Kane is the Executive Director and Global Head of Technical & Scientific Affairs at Thermo Fisher Scientific, where he oversees a global team supporting drug development, scale-up, and technical strategy across sites in North America and Europe.  About The Host Ross Katz is Principal and Data Science Lead at CorrDyn. Ross specializes in building intelligent data systems that empower biotech and healthcare organizations to extract insights and drive innovation. Connect with Our Guest: Sponsor: CorrDyn, a data consultancyConnect with Anil Kane on LinkedIn  Connect with Us: Follow the podcast for more insightful discussions on the latest in biotech and data science.Subscribe and leave a review if you enjoyed this episode!Connect with Ross Katz on LinkedIn Sponsored by… This episode is brought to you by CorrDyn, the leader in data-driven solutions for biotech and healthcare. Discover how CorrDyn is helping organizations turn data into breakthroughs at CorrDyn.

Send us a textThe spirits industry has fundamentally changed. While brands once viewed bars as non-negotiable, many of today's most successful brands have achieved success through a targeted approach at retail and e-commerce. Yet the on-premise isn't just surviving, it's evolving into a channel where brands need to be more strategic than ever.On this episode of the Park Street Insider Podcast, we explore why understanding cocktail culture remains essential for achieving brand success. With on-premise sales up 4% year-over-year and venue counts rising as we enter the peak holiday season, the bar world continues to serve as the critical channel ground where consumer trends are born, not just observed.Charlotte Voisey, Executive Director at Tales of the Cocktail and former Global Head of Ambassadors at William Grant & Sons, reveals how the most significant shifts in cocktail culture took root and why direct dialogue with bartenders delivers strategic intelligence that shapes smarter brand decisions. Then Overproof's Chief Analytics Officer Ed Dobbles breaks down exactly what's winning in the 2025 on-premise: which cocktails dominate menus, what flavors consumers crave, and why emerging brands have a unique advantage right now.Featured Guests:Charlotte Voisey, Executive Director, Tales of the Cocktail FoundationEd Dobbles, Chief Analytics Officer, OverproofMentioned in this episode:William Grant & SonsOverproofWatch on YouTube: The Evolution of Cocktail Trends in the Last 25 YearsCocktail Trends: How Bar Menus are ChangingWant to stay in the know about new episodes from the podcast? Fill out the form below: https://share.hsforms.com/1MEb-81x2TXi3f15qO_yEpA4tip1Learn More About Park StreetSign up for our Daily Industry Newsletter.Sign Up for our Monthly Newsletter.Check out Park Street's Guide to Getting Started in the U.S. MarketFollow us for more industry insights onLinkedIn FacebookTwitterInstagram

Kevin Shtofman is the Global Head of Alliances and Corporate Development at Cherre, a real estate data platform powering over $3.3 trillion in AUM. With 20+ years of experience across real estate, finance, and consulting, Kevin leads global initiatives to integrate and contextualize data from systems, third parties, and JV partners, helping investors, operators, and asset managers make smarter decisions. At Cherre, he also oversees strategic partnerships, global expansion, and the innovation roadmap. Prior to joining Cherre, Kevin held leadership roles across the industry, including Chief Operating Officer at NavigatorCRE, and Global Real Estate Technology Strategy Lead at Deloitte, where he advised clients on emerging technologies like AI, automation, and blockchain. A recognized voice in real estate innovation, Kevin brings two decades of experience bridging data, operations, and technology across global real estate markets. Outside of work, Kevin is a golf enthusiast, occasional Ironman, and proud father of three daughters.(02:05) - Kevin's Background(05:19) - Challenges in Real Estate Data Management(06:52) - Cherre's Approach to Data Integration(13:48) - Evolution of Cherre's Platform(21:41) - Client Success Stories(24:58) - Future of Real Estate and AI(25:23) - Feature: Blueprint - The Future of Real Estate - Register for 2026: The Premier Event for Industry Executives, Real Estate & Construction Tech Startups and VC's, at The Venetian, Las Vegas on September 22nd-24th, 2026. As a friend of Tangent, you can save $300 on your All-Access pass(29:58) - Introducing Cherre AI Agent Marketplace(33:58) - AI Use Cases(40:06) - The Future of Real Estate Data(42:29) - Affordable Housing and Investment(47:37) - Collaboration Superpower: William Levitt (Wiki) & Larry Brown (Wiki)

By  Adam Turteltaub Listen up people:  It's all about the people. That's the key message from Gabor Sulyok, Global Head of Commercial and Healthcare Compliance at BioNTech and experienced senior compliance counsel Luciane Mallmann. At its core, ethics and compliance is a human endeavor. While regulations and standards provide the structure, it's the people within an organization who bring these principles to life. A people-centered approach to compliance programs enhances engagement, supports better decision-making, and fosters a culture of integrity. From design to execution, every aspect of the program should reflect a deep understanding of how people learn, behave, and interact. This means rethinking how we educate, maintain awareness, and ensure accountability. Policies must be relatable and actionable. Training should be immersive and role-specific. And accountability should be balanced with support to avoid creating a risk-averse culture. They explain in the podcast that there are three key elements of a people-centered framework: Speak-Up Culture A healthy program starts with psychological safety. Employees must feel empowered to raise concerns without fear of retaliation. Transparency and Accountability Transparency builds trust. Training should include real-life ethical dilemmas and storytelling that resonates with employees. Sharing actual cases from within the company helps humanize compliance and makes it more relatable. Accountability, meanwhile, must be visible and fair. Leaders should model ethical behavior and be the first to complete training, setting the tone from the top. Ethical Decision-Making  Decision-making frameworks should incorporate diverse perspectives and encourage thoughtful deliberation. Employees need tools to navigate ambiguity, and those tools must be grounded in the organization's values. Listen in to learn more about how to put people front and center in your ethics and compliance program.

"You need to fall in love with the why, right, not just the numbers, not just the data, not just the metric." On the latest episode of the Shiny New Object Podcast, Kiesse Lamour, Global Head of Media, Commerce at VML, tells us why marketers need to understand the bigger picture and move slower to deliver higher-quality work that actually brings better results, faster. Tune in to hear why too many marketers lose sight of the bigger picture, how to build a career people will remember for the right reasons, and how to avoid management by spreadsheet.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Siddharth Dahiya, Global Head of Emerging Market Debt at Aberdeen Investments, to unpack one of the most dynamic and evolving areas of institutional fixed income—emerging market debt (EMD). With decades of experience in global markets and deep roots in insurance investing, Siddharth provides a clear and comprehensive breakdown of the EMD universe—from hard currency sovereigns and corporates to local currency bonds and frontier markets.   The discussion covers the structural advantages of EMD, including improving fundamentals, increasing credit rating upgrades, and attractive spreads versus similarly rated developed market debt. Siddharth also dives into how private credit within emerging markets is gaining traction with insurance portfolios, offering enhanced yields and structural protections. For insurance investors seeking diversification, real yield, and capital efficiency, this episode offers actionable insights into a sector that's once again demanding attention.   Whether you're seeking a defensive allocation or exploring yield-enhancing strategies, Siddharth shares why now may be the right time to give EMD a second look.

Veronika Kryuchkova, Global Head of Capability Building for the Reckitt Marketing Academy, joins Rishad to explore how we can thrive in a world that's becoming more human and more machine.She reveals why high-agency professionals, those who combine belief, action, and ownership, will dominate the future of work. Veronika reframes career growth for the new era: it's no longer about climbing the ladder but designing your own Capability Stack, the intentional blend of core, human, and future capabilities that compounds like an investment portfolio. And she makes a bold case for continuous micro-reinventions as the growth engines of fulfilling careers. Her message is clear and timely: in a human-machine age, those who thrive will treat their careers as investments to grow, not contracts to protect.#FutureOfWork #Advertising #Business

Larry Wade, Global Head of Compliance and Regulatory Relations for Crypto at PayPal, joined me at Chainlink SmartCon to discuss PayPal's crypto services and its PYUSD stablecoin.Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/

Robert's LinkedIn: https://www.linkedin.com/in/robert-s-goldman/Inato: https://go.inato.com/3VnSro6CRIO: http://www.clinicalresearch.ioMy PatientACE recruitment company: https://patientace.com/Join me at my conference! http://www.saveoursites.comText Me: (949) 415-6256Listen on Spotify: https://open.spotify.com/show/7JF6FNvoLnBpfIrLNCcg7aGET THE BOOK! https://www.amazon.com/Comprehensive-Guide-Clinical-Research-Practical/dp/1090349521/ref=sr_1_1?keywords=Dan+Sfera&qid=1691974540&s=audible&sr=1-1-catcorrText "guru" to 855-942-5288 to join VIP list!My blog: http://www.TheClinicalTrialsGuru.comMy CRO and Site Network: http://www.DSCScro.comMy CRA Academy: http://www.TheCRAacademy.comMy CRC Academy: http://www.TheCRCacademy.comLatinos In Clinical Research: http://www.LatinosinClinicalResearch.comThe University Of Clinical Research: https://www.theuniversityofclinicalresearch.com/My TikTok: DanSfera

Paul Mackel, Global Head of FX Research, and Joseph Incalcaterra, Head of LatAm Macro Strategy, look at what's in store for the major currencies in 2026.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/mFbXLNmStay connected and access free to view reports and videos from HSBC Global Investment Research follow us on LinkedIn https://www.linkedin.com/feed/hashtag/hsbcresearch/ or click here: https://www.gbm.hsbc.com/insights/global-research.

In this episode with Robbie Mitchnick, Global Head of Digital Assets for BlackRock, we discuss: How BlackRock's $IBIT spot Bitcoin ETF became a historic success (and smashed gold's ETF record) Whether spot Bitcoin ETF flows are really being driven by retail investors or institutions Bitcoin has libertarian/cypherpunk roots: should we be concerned that large institutions are now involved The biggest misconceptions about Bitcoin Robbie hears from investors and skeptics How much Bitcoin BlackRock recommends in a diversified portfolio Learn more: https://www.blackrock.com/sg/en/insights  ---- It's officially out! Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to our financial system and the best performing asset:  https://amzn.to/3WzFzfU ---- Coin Stories is powered by Gemini. Invest as you spend with the Gemini Credit Card. Sign up today to earn a $200 intro Bitcoin bonus. The Gemini Credit Card is issued by WebBank. See website for rates & fees. Learn more at https://www.gemini.com/natalie  ---- Coin Stories is powered by Bitwise. Bitwise has over $10B in client assets, 32 investment products, and a team of 100+ employees across the U.S. and Europe, all solely focused on Bitcoin and digital assets since 2017. Learn more at https://www.bitwiseinvestments.com  ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Natalie's Bitcoin Product and Event Links: For easy, low-cost, instant Bitcoin payments, I use Speed Lightning Wallet. Play Bitcoin trivia and win up to 1 million sats! Download and use promo code COINSTORIES10 for 5,000 free sats: https://www.speed.app/coinstories  Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 20% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  Genius Group (NYSE: $GNS) is building a 10,000 BTC treasury and educating the world through the Genius Academy. Check out *free* courses from Saifedean Ammous and myself at https://www.geniusgroup.ai Earn passive Bitcoin income with industry-leading uptime, renewable energy, ideal climate, expert support, and one month of free hosting when you join Abundant Mines at https://www.abundantmines.com/natalie  Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

In this FOMO Sapiens episode, Patrick McGinnis speaks with Byron Lofflin, Global Head of Board Advisory at NASDAQ and co-author of CEO Ready, about how to build better boards, smarter leaders, and more resilient organizations. Lofflin's career was shaped by the 2008 financial crisis, when he saw firsthand the cost of poor governance and weak risk oversight. Since then, he's made it his mission to elevate board standards and prepare future CEOs for the realities of leadership.He argues that true readiness goes beyond qualifications; it's about humility, process, and the courage to ask the right questions. Lofflin explains how succession planning should be a continuous improvement cycle, not a last-minute search, and why boards must proactively manage stakeholder dynamics to avoid surprises like the OpenAI leadership crisis. Through case studies and practical frameworks, Lofflin offers a playbook for leaders who want to build excellence at every level, from boardrooms to executive suites. Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textIn this podcast we will pick his brain to talk with us about the Business Model of Myopia Management. He will walk us through the business models he heard of. Here we can learn the biggest roadblock oh how he incorporates myopia management to a busy primary care practice. As we all know Myopia practice takes a little bit of time.If you want to implement and you don't want to do this yourself then you need to HIRE a recent graduate that has an interest in children and myopia management.  About Dr. Dwight Akerman: Dr. Dwight Akerman serves as the Chief Medical Editor at Review of Myopia Management, the world's most widely subscribed myopia journal. He is an internationally recognized senior healthcare leader with extensive experience in myopia management, peer education & communications, medical marketing, innovation, financial management, and M&A/business development & licensing.Dr. Akerman was the Vice President & Global Head of Professional Affairs & Business Development for Alcon before retiring from this role in 2019. He has published widely and is a frequently invited peer educator on myopia management, cornea, contact lens, and business management topics. Dr. Akerman graduated cum laude from the Illinois College of Optometry and earned an MBA degree from the University of Texas. He has achieved the status of Diplomate of the American Academy of Optometry Cornea, Contact Lenses & Refractive Technologies Section, Fellow of the International Association of Contact Lens Educators, and Fellow of the British Contact Lens Association. He currently serves as Chairman of the Board of Trustees of the Illinois College of Optometry. --------Thanks to TEEM for their support of this episode. If you're considering or have ever considered getting a virtual team member for your practice check out hiredteem.com, mention The Myopia Podcast when signing up for a $250 dollar discount off of your first month's teem member.https://hireteem.com/myopia-podcast/

Chaos isn't the enemy, unmanaged chaos is. In this episode, Kader Sakkaria, Global Head of Data Technology (DoE) and Delivery at Gallagher, joins TC Gill to unpack why chaos can actually fuel innovation when leaders know how to harness it. From cultural transformation to navigating complexity in fast-moving environments, this conversation is a practical guide for tech leaders looking to turn disruption into opportunity.

In this episode of Corporate Treasury 101, we sit down with Stephen Randall, Global Head of Liquidity Management Services at Citi, to dive into the evolving landscape of treasury management and the future of liquidity solutions. With extensive experience in the treasury function, Stephen provides invaluable insights into how businesses are navigating volatility, the increasing need for real-time liquidity, and the role of technology, including AI, in transforming treasury operations.Stephen discusses the key challenges treasury teams face today, from managing liquidity in real-time to leveraging AI for better decision-making and risk management. He also explores the significant shifts in treasury operations over the past few years, the role of data in modern treasury functions, and what future treasury teams must do to stay ahead in a rapidly changing financial landscape.Whether you're leading a finance function, navigating the complex treasury landscape, or preparing for your first CFO seat, this conversation offers practical advice on managing liquidity, leveraging technology for efficiency, and future-proofing your treasury operations. Stephen's insights into adapting to rapid technological advancements, data strategy, and embracing real-time liquidity management are crucial for professionals looking to stay ahead in today's fast-evolving financial world.What You'll Learn in This Episode:The Future of Liquidity Management: How companies are preparing for volatility while ensuring they have enough liquidity to capitalize on new opportunities in 2025 and beyond.The Speed of Change in Treasury: The shift towards real-time liquidity management and how treasury teams must adapt to faster data flows and transaction speeds.AI in Treasury: How AI is shaping the treasury function by enhancing forecasting, anomaly detection, and automating routine tasks for better efficiency.The Importance of Data: Why having clean, standardized data is crucial for modern treasury teams to make informed decisions and optimize liquidity.Treasury's Evolving Role: How the relationship between treasury teams and their banking partners is changing and what that means for the future of liquidity management.Episode Breakdown with Timestamps:[00:00] – Introduction to Stephen Randall and the future of liquidity management[03:30] – The biggest shifts in treasury operations over the last five years[07:00] – Managing liquidity during uncertain times and volatile markets[12:00] – The role of AI in treasury management and its impact on decision-making[15:30] – Real-time liquidity and the rise of 24/7 treasury functions[21:00] – Overcoming data challenges in treasury and how clean data drives better decisions[26:00] – Key strategies for treasury teams to implement AI and automate operations[30:00] – The future of treasury technology and the need for end-to-end connectivity[34:30] – How Citi supports treasury teams in navigating these challenges and embracing new technologyFollow our guest Stephen Randall: LinkedIn: https://www.linkedin.com/in/stephen-randall-b97997207/ Citi: https://www.citigroup.com/global Treasury Leadership: An Antidote to Market Stress:

As markets evolve and the traditional 60/40 portfolio faces new challenges, are hedge funds becoming the next core allocation for resilient investing? In this episode of Beyond Markets, William Fong, Head of Alternatives Specialists at Julius Baer for Asia and the Middle East, speaks with Joe Dowling, Senior Managing Director and Global Head of Blackstone's Multi-Asset Investing, about how the endowment model is reshaping portfolio construction.Joe shares insights on why institutions have leaned heavily into alternatives, how multi-strategy hedge funds are delivering uncorrelated returns, and what private investors can learn from the playbook of elite endowments. From risk management to the “democratisation of alternatives”, this episode explores how hedge funds may just be part of the new 60/40 for long-term investors seeking durability and diversification.This episode was recorded on 28 October 2025.(00:10) - – The endowment model (03:24) - – Is it limited to institutional investors? (05:02) - – A typical allocation split (06:28) - – The importance of a long-term approach (07:16) - – Recent criticisms of the endowment model (09:03) - – Hedge funds: a bond substitute? (11:23) - – The rise of multi-strategy funds (13:24) - – How multi-strategy funds have performed throughout volatility (15:13) - – What to look for in a good multi-strategy fund (16:33) - – Absolute return vs index investing (18:33) - – Are multi-strategy funds getting too big? (20:17) - – Are single-manager, single-strategy funds still relevant? (21:32) - – Rebalancing – a critical element (22:44) - – Fund manager expertise, and the art of portfolio construction (27:01) - – Thoughts on private equity and infrastructure (31:33) - – An ivy league education? Or an alternatives portfolio?

From sleep to shift work, jetlag to stress, Helen gets the lowdown from Dr. Kristen Holmes, Global Head of Human Performance at WHOOP. Plus, we talk specialist vet care, meet the 10-year old author navigating diabetes at primary school, and as the world marks Women's Entrepreneurship Day, we ask why it's still harder to find funding for female run businesses.See omnystudio.com/listener for privacy information.

As digital assets move into the regulatory spotlight, few have the global vantage point of Tom Duff Gordon, Vice President of International Policy at Coinbase. With experience ranging from banking at Credit Suisse to steering policy at one of the world's largest crypto firms, Tom offers a rare behind-the-scenes view into how crypto policy is shaped around the world.In this episode, Tom joins Ari, TRM's Global Head of Policy, to unpack the evolving global crypto policy landscape, from the rollout of MiCA in Europe to new frameworks taking shape across APAC, LATAM, and the Middle East. He reflects on how his early TradFi experiences during the global financial crisis informed his belief in blockchain's promise — and why he made the leap to Coinbase.Tom and Ari also discuss:Why Stand With Crypto is redefining grassroots advocacyHow stablecoin and tokenization policy is evolving globallyWhy Coinbase champions both centralized and decentralized financeThe power of crypto storytelling in policymaker conversationsFrom running policy playbooks across continents to running literal miles with Ari at TRM Run Club, this wide-ranging conversation spotlights the people and principles behind crypto's global expansion.

On this episode, Alex explores the role of synthetic data in health care and life sciences with Harry Keen, Co-Founder of Hazy, and Dr. Mark Lambrecht, Global Head of Health and Life Sciences Advisory at SAS. The conversation explores practical use cases for synthetic data in the health ecosystem as well as important limitations and considerations for ensuring security and governance.A core challenge for all health and life sciences organizations is the fragmented and decentralized nature of their data. Keen and Dr. Lambrecht agree that synthetic data can be used to remove barriers, improve efficiency and test approaches to extract more value from existing data, thereby driving innovation and enhancing patient outcomes. Tune in to hear their advice for all leaders interested in building or growing the utility of synthetic data for their organizations.

My Interview with Ari Redbord, Global Head of Policy & Government Affairs of TRMLabs. Excited to launch The Future of Crypto Compliance — a new podcast series dedicated to unpacking the latest trends, innovations, and regulatory shifts shaping the world of digital assets. Each episode brings together leading voices in crypto compliance to explore where the industry is headed, what challenges lie ahead, and how professionals can stay ahead of the latest evolving global trends. By crypto compliance professionals. For crypto compliance professionals. Topics discussed in this episode: - How the U.S. crypto policy landscape evolved in 2025 - Genius Act and market-structure laws — new rules for crypto and stablecoins - Why banks are finally embracing crypto compliance and custody - How TRM Labs launched the Beacon Network with Coinbase, Binance and others - The rise of professional money-laundering networks in China and Russia - How DeFi protocols like 1inch and Rhino Phi help block illicit funds - Why public-private partnerships are key to crypto security and trust Powered by ACX Compliance - the world's largest crypto compliance specialised managed services provider. The full interview is also available on my YouTube channel: YouTube: https://bit.ly/3LDaQg2  

President Trump hosts Saudi Crown Prince Mohammed bin Salman at the White House. Looking to strike a number of investment deals. Plus, Citi's Global Head of Tech breaks down how investors should be thinking about the market's fears of an AI bubble. And the CEO of Medtronic reacts to results after raising guidance. The stock the top gainer on the S&P 500 in early trade. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We look into the roller coaster ride of Edu Gaspar 5 month tenure at Nottingham Forest! To Buy Wolfie A Coffee! Click Here: https://buymeacoffee.com/forestfantv Join Wolfie on Forest Fan TV for an in-depth exploration of Edu Gaspar's tenure as Global Head of Football at Nottingham Forest, a role he took on in July 2025 to oversee the Marinakis group's football operations across clubs like Olympiacos and Rio Ave. Wolfie examines the highs and lows of Edu's time with the Reds, from strategic signings and squad building efforts that have shown promise in the Premier League to the controversies that have marked his early months. Drawing on his experience as Arsenal's former sporting director, Edu's impact is dissected with a balanced view of the positives that could elevate Forest's multi-club model. Delving into the drama, Wolfie covers the explosive bust-up with former manager Nuno Espírito Santo, which reportedly contributed to Nuno's sacking in August 2025 and highlighted tensions within the club's hierarchy. Has Edu's stint been a resounding success, positioning him as a genius in football management, or have the setbacks exposed him as overhyped? Wolfie weighs the evidence, analysing key decisions, fan reactions, and long-term implications for Nottingham Forest's stability and ambitions. What's your take on Edu Gaspar—genius or fraud? Drop your thoughts in the comments below! Don't forget to like, subscribe, and hit the notification bell for more exclusive Forest insights, transfer news, and deep dives. #nffc #arsenal #nottinghamforest Learn more about your ad choices. Visit podcastchoices.com/adchoices

Guests: Alexander Pabst, Deputy Group CISO, Allianz Lars Koenig,  Global Head of D&R, Allianz  Topics:  Moving from traditional SIEM to an agentic SOC model, especially in a heavily regulated insurer, is a massive undertaking. What did the collaboration model with your vendor look like?  Agentic AI introduces a new layer of risk - that of unconstrained or unintended autonomous action. In the context of Allianz, how did you establish the governance framework for the SOC alert triage agents? Where did you draw the line between fully automated action and the mandatory "human-in-the-loop" for investigation or response? Agentic triage is only as good as the data it analyzes. From your perspective, what were the biggest challenges - and wins - in ensuring the data fidelity, freshness, and completeness in your SIEM to fuel reliable agent decisions? We've been talking about SOC automation for years, but this agentic wave feels different. As a deputy CISO, what was your primary, non-negotiable goal for the agent? Was it purely Mean Time to Respond (MTTR) reduction, or was the bigger strategic prize to fundamentally re-skill and uplevel your Tier 2/3 analysts by removing the low-value alert noise? As you built this out, were there any surprises along the way that left you shaking your head or laughing at the unexpected AI behaviors? We felt a major lack of proof - Anton kept asking for pudding - that any of the agentic SOC vendors we saw at RSA had actually achieved anything beyond hype! When it comes to your org, how are you measuring agent success?  What are the key metrics you are using right now? Resources: EP238 Google Lessons for Using AI Agents for Securing Our Enterprise EP242 The AI SOC: Is This The Automation We've Been Waiting For? EP249 Data First: What Really Makes Your SOC 'AI Ready'? EP236 Accelerated SIEM Journey: A SOC Leader's Playbook for Modernization and AI "Simple to Ask: Is Your SOC AI Ready? Not Simple to Answer!" blog "How Google Does It: Building AI agents for cybersecurity and defense" blog Company annual report to look for risk "How to Win Friends and Influence People" by Dale Carnegie "Will It Make the Boat Go Faster?" book

In this episode of the AdTech Heroes podcast, Jon Wallett welcomes Jacob Davis, Executive Director & Global Head of Performance at Crossmedia.They discuss Jacob's perspective on the rise of the “undernet,” the evolution of ad tech, and how agent-to-agent interactions could reshape the future of advertising. They also explore the growing importance of structured data, the challenges of discoverability in an AI-driven world, and the role of performance teams in preparing for a new era of automated consumer journeys.Interested in being a guest? Contact us: adtechheroespodcast.com/contact

Re-engineering Tokenization continues this week with Carrie Jaquith, Global Head of Digital Product at Abaxx Technologies. David Greely sits down with Carrie to discuss what makes new technology adoptable by large institutions, the importance of it being interoperable and auditable, and why we should be thinking of augmenting existing PDF-based processes rather than replacing them as we re-engineer tokenization.

Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, highlights what investors need to watch out for ahead of next year's U.S. congressional elections.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we're tackling a question that's top of mind after last week's off-cycle elections in New Jersey, New York, Virginia, and California: What could next year's midterm elections mean for investors, especially if Democrats take control of Congress?It's Friday, Nov 14th at 10:30am in New York.In last week's elections, Democrats outperformed expectations. In California, a new redistricting measure could flip several house seats; and in New Jersey and Virginia Democrat candidates, won with meaningfully higher margins than polls suggested was likely. As such prediction markets now give Democrats a roughly 70 percent chance of winning the House next year.But before we jump to conclusions, let's pump the brakes. It might not be too early to think about the midterms as a market catalyst. We'll be doing plenty of that. But we think it's too early to strategize around it. Why? First, a lot can change—both in terms of likely outcomes and the issues driving the electorate. While Democrats are favored today, redistricting, turnout, and evolving voter concerns could reshape the landscape in the months to come. Second, even if Democrats take control of the House, it may not change the trajectory of the policies that matter most to market pricing. In our view, Republicans already achieved their main legislative goals through the tax and fiscal bill earlier this year. The other market-moving policy shifts this year—think tariffs and regulatory changes—have come through executive action, not legislation. The administration has leaned heavily on executive powers to set trade policy, including the so-called Liberation Day tariffs, and to push regulatory changes. Future potential moves investors are watching, like additional regulation or targeted stimulus, would likely come the same way. Meanwhile, the plausible Republican legislative agenda—like further tax cuts—would face steep hurdles. Any majority would be slim, and fiscal hawks in the party nearly blocked the last round of cuts due to concerns over spending offsets. Moderates, for their part, are unlikely to tolerate deeper cuts, especially after the contentious debate over Medicaid in the OBBBA (One Big Beautiful Bill Act). So, what could change this view? If we're wrong, it's likely because the economy slows and tips into recession, making fiscal stimulus more politically appealing—consistent with historical patterns. Or, Democrats could win so decisively on economic and affordability issues that the White House considers standalone stimulus measures, like reducing some tariffs. How does this all connect to markets? For U.S. equities, the current policy mix—industrial incentives, tax cuts, and AI-driven capex—has supported risk assets and driven opportunities in sectors like technology and manufacturing. But it also means that, looking deeper into next year, if growth disappoints, fiscal concerns could emerge as a risk factor challenging the market. There doesn't appear an obvious political setup to shift policies to deal with elevated U.S. deficits, meaning the burden is on better growth to deal with this issue. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We'll keep you updated as the story unfolds.

Josh Duitz, Global Head of Income for Aberdeen — Manager of the Aberdeen Total Dynamic Dividend Fund — talks about where he is finding success in generating elevated income at a time when rate cuts are making it harder for investors to earn easy yields. Duitz discusses international investing and whether the rally overseas can continue in the face of reduced currency impacts, where high-flyers like the Magnificent Seven stocks fit in with his portfolio (or don't), and which sectors he is finding most attractive right now. 

Nick Galakatos, Senior Managing Director, & Global Head of Life Sciences at Blackstone joins Daniel Cassidy at the UBS podcast studio in New York for a comprehensive discussion on trends and developments within Life Sciences, including a look at funding innovations, the regulatory landscape, and the investment case for Life Sciences.

Hosts: Lalo Solorzano & Andy Shiles Guests: Lila Landis – JAS Worldwide, Global Head of Compliance Jason Kenner – Sandler, Travis & Rosenberg Published: November 2025 Presented by: Global Training Center Length: ~30 minutes Episode Summary This week on Simply Trade, hosts Lalo Solorzano and Andy Shiles dive into the recent Supreme Court hearings on IEEPA tariffs. What are the implications for trade compliance, importers, and exporters? Can tariffs truly be challenged, and what does that mean for revenue collection and the midterm elections? Guests Lila Landis (JAS Worldwide) and Jason Kenner (Sandler, Travis & Rosenberg) provide expert insights on the legal arguments, practical impacts on compliance teams, and the political and economic consequences of the Court's decision. They break down how emergency tariffs have been applied, the challenges of refunds, and what importers should expect moving forward. Whether you're a customs professional or a policy observer, this episode offers a clear and practical view of the rapidly evolving tariff landscape. Key Topics ⚖️ The legal debate over IEEPA authority and presidential power to impose tariffs

In this episode of the Look Forward Podcast, host Andy Critchlow is joined by Lindsey Hall, Global Head of Thought Leadership at Sustainable One, and Eklavya Gupte, Head of Carbon News Reporting at S&P Global Commodity Insights. Together, they delve into the critical discussions surrounding COP 30, the "Davos of climate change." With the conference taking place in Brazil, the episode explores key themes such as carbon emissions reduction, the balance between economic development and sustainability, and the evolving role of private sector finance in climate adaptation. Tune in to gain insights on the geopolitical landscape, the significance of multilateralism, and the expectations for meaningful outcomes from this pivotal global gathering. For more from Lindsey and Eklavya, please check our their respective podcasts All Things Systainable (Lindsey Hall) Energy Evolution (Eklavya Gupte) Don't forget to subscribe on Spotify, Apple Podcasts, or YouTube for more insightful discussions from S&P Global's Look Forward Podcast!  

In this episode, Lindsay Hanson, CMO at John Hancock and Global Head of Behavioral Insurance Strategy at Manulife, invites us to take a closer look at the Longevity Preparedness Index — a groundbreaking framework designed to help financial professionals and individuals take a more holistic approach to aging.Why you should tune in:See the full picture: The report covers health, care, housing, social connection, and more.Spot planning gaps: Low scores in care, housing, and health reveal where better preparation is needed.Start meaningful conversations: Use the insights to talk about tough topics like caregiving and life transitions.Stand out: Position yourself as a longevity partner, not just a financial advisor.INTENDED FOR FINANCIAL PROFESSIONAL USE ONLY. NOT INTENDED FOR USE WITH THE GENERAL PUBLIC. Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.MLINY110425893-2

Why This Episode Is a Must-Listen Are you intrigued by the intersection of passion and profit in wine collecting? This Inspired Money episode, hosted by Andy Wang, brings together top minds from wine auctions, investment platforms, and market experts for an eye-opening look at how wine has become a bona fide asset class. Whether you're a seasoned collector, investor, or simply wine-curious, this discussion unpacks strategies to maximize both enjoyment and value. Episodes like this are packed with insights that demystify the fine wine market, reveal what really drives price appreciation, and share hard-earned advice on avoiding costly mistakes. Meet the Expert Panelists Nick Pegna is the Global Head of Wine & Spirits at Sotheby's, bringing over 30 years of international experience in building and leading fine wine businesses across Europe and Asia. Formerly a senior executive at Berry Bros. & Rudd, where he helped shape global markets and co-led Hong Kong's successful campaign to abolish wine duties, Pegna now oversees Sotheby's record-setting global auction and retail operations. https://www.sothebys.com Callum Woodcock is the Founder and CEO of WineFi, a London-based investment platform that combines institutional-grade analytics with expert curation to make fine wine investing more transparent and accessible. A former J.P. Morgan asset manager with degrees from the University of Bristol and the University of Cambridge, he's leading WineFi's mission to position fine wine as a data-driven, tax-efficient, and inflation-resilient asset class. https://www.winefi.co Amanda McCrossin is a sommelier, media personality, and creator of @sommvivant, where her wine-focused content reaches over 450,000 followers across Instagram, TikTok, and YouTube. Formerly the Wine Director at PRESS Restaurant in Napa Valley—the world's largest collection of Napa Valley wines—she's now a leading voice in wine education and storytelling, hosting the Wine Access Unfiltered podcast and appearing regularly at major global wine events. https://www.amandamccrossin.com https://www.sommvivant.me Robbie Stevens is the Head of Broking at Live-ex, the global exchange for fine wine, market data, and insight. On a daily basis he deals with the largest fine wine buyers and sellers globally, offering them data-driven intelligence and opportunities to trade. With over a decade at Liv-ex and experience across global wine markets, as well as regularly sharing his experience on the international stage, speaking at conferences such as Vinexpo and the National Association of Wine Retailers, he combines deep knowledge of the fine wine market with strong industry perspective. https://www.liv-ex.com Unfortunately, Dustin Wilson was not able to make this episode but appears on "The Art of Wine Pairing: Elevating Retirement Gastronomy with Fine Wines" from April 2025. Dustin Wilson is a Master Sommelier, entrepreneur, and co-founder of Verve Wine, a modern retail and hospitality brand with locations in New York, San Francisco, and Chicago. Known for his role in the SOMM film series, Wilson has also launched Après Cru, a firm supporting the growth of visionary restaurant concepts. https://ny.vervewine.com Key Highlights 1. Disciplined Bidding at Auctions Nick Pegna reveals why preparation and strategy, including setting a maximum bid and understanding total costs, safeguard buyers against emotional overspending: "The most careful and frequent buyers at auction have a strategy. They've planned what they're looking to bid on...across multiple auctions." 2. Secondary Market Liquidity Drives Investment Value Callum Woodcock emphasizes the importance of focusing on wines with proven resale liquidity, not just brand prestige or critics' scores. Data-driven models and decades of market transaction history are now key to "blue chip" wine selection. 3. Storytelling Fuels Scarcity and Demand Amanda McCrossin illustrates how narrative and personal connection make certain bottles iconic and drive up their market value, citing Napa's Screaming Eagle as a prime example. "Scarcity is really only informed by storytelling...what has made Napa Valley so successful is the storytelling element." 4. Transparency and Technology Are Raising the Bar Robbie Stevens shares Liv-ex's role in fostering trust: from vetting merchants, digitizing provenance, to benchmarking prices. The expansion of data access and seller management tools allows collectors to track market movements and optimize timing for liquidation. Call-to-Action Take a look at one item in your own collection, wine, art, or even another collectible, and think about it like an investor. What makes it valuable? How would you verify its authenticity, track its performance, and decide the right time to sell? Just doing that exercise will give you a new lens for appreciating your investments, and maybe even inspire your next move. Find the Inspired Money channel on YouTube or listen to Inspired Money in your favorite podcast player. Andy Wang, Host/Producer of Inspired Money

In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.

Adam Hoy is the VP and Global Head of Real Estate who leads the global workplace, real estate, and facilities function at PepsiCo. As the Past President of CoreNet Global UK Chapter, he hosts a podcast called the "Voice of the Occupier" which is committed to advancing the profession and sharing insights and learnings with the wider CRE industry. Mike Petrusky asks Adam about the evolving role of CRE and FM professionals as there is a growing need to become more oriented toward business outcomes and strategic thinking. Adam says that focusing on the needs of the company and understanding broader business strategies is essential today, and he wants to see a joined-up approach between real estate and FM teams within an organization. Mike and Adam explore workplace technologies, including AI and space utilization tools, as they embrace the opportunity to better inform decisions about the built environment. They offer practical advice for staying focused on the fundamental needs of the business, while also encouraging and inspiring you to be a Workplace Innovator in your organization! Connect with Adam on LinkedIn: https://www.linkedin.com/in/adam-hoy-72a2ab7/ Listen to the "Voice of the Occupier" Podcast: https://www.buzzsprout.com/2357096/episodes Learn more about CoreNet: https://www.corenetglobal.org/ Discover free resources and explore past interviews at: https://eptura.com/discover-more/podcasts/workplace-innovator/ Learn more about Eptura™: https://eptura.com/ Connect with Mike on LinkedIn: https://www.linkedin.com/in/mikepetrusky/  

Aakash is the Global Head of Gold Strategy at State Street Investment Management, one of the world's largest asset managers. He shares insights on gold's historic resilience, its role as a portfolio diversifier, market dynamics, and how investors should approach strategic allocation in light of current global trends.

Keith Crawford, Global Head of Corporate Development and M&A at State Street Corporation Keith Crawford, Global Head of Corporate Development and M&A at State Street Corporation, brings over 20 years of expertise executing some of the most intricate custody business carve-outs in financial services. In this episode, Keith breaks down the realities of carve-out transactions—from proactive deal sourcing and dependency mapping to navigating TSAs and post-close integration. He shares hard-won lessons on avoiding common pitfalls like scope creep, third-party contract renegotiations, and employee retention challenges that can derail even the most promising deals. Things You'll Learn Why carve-out transactions demand bespoke approaches: No two deals are alike—discover how to identify the 20% of unknowns that templates can't capture and build flexibility into your diligence process. How to source carve-out opportunities proactively: Learn State Street's strategy for targeting custody business carve-outs, including the "why us" narrative and who to approach (hint: not the business unit leader). The integration secrets that prevent deal failure: From embedding integration experts early in diligence to managing employee retention and TSA timelines, Keith reveals how to align synergy assumptions with operational reality. ____________________ Share Your M&A Experience for the Chance at $500 Giftcard M&A moved fast in 2025. But what actually changed? We're collecting real insights from practitioners—not consultants on the sidelines—to understand how corp dev teams, PE firms, and advisors are adapting. Takes 10 min. Get early access to results + chance at $500 gift card. Share your experience: https://hubs.ly/Q03Rr89G0 ____________________ This episode is brought to you by S&P Global. Today's episode of M&A Science is brought to you by S&P Global Market Intelligence. If you're in corp dev or PE, you know the pain — good private company data is hard to come by. Everyone's still chasing clean, reliable, up-to-date data. I started out using CapIQ Pro for public comps, but didn't realize until recently how deep their private company coverage has gotten. Over 58 million private companies, global reach, and actually usable for real deal work.  This isn't surface-level. You get real metrics — ownership, financials, funding rounds, even asset-level insights. So if you're still toggling between a dozen tools trying to piece together the picture, maybe it's time to stop guessing and start sourcing better.  Learn More Here: https://www.spglobal.com/market-intelligence/en/solutions/products/private-company-data?utm_source=podcast&utm_medium=video&utm_campaign=MAScienceH225 _______________ Episode Chapters: [00:03:30] From Accountant to M&A Leader – Keith's journey from audit to becoming a dealmaking general contractor [00:06:00] The General Contractor Mindset – Why successful M&A requires orchestrating expert teams across tax, operations, IT, and risk [00:06:30] The 80/20 Rule of Carve-Outs – Why templates work for most deals but the 20% whitespace requires bespoke analysis [00:10:00] Third-Party Contract Landmines – How change-of-control provisions can blow up your valuation assumptions [00:16:00] Building Strategic Alignment Early – Embedding integration experts into diligence to bridge deal models with operational reality [00:23:00] Proactive Deal Sourcing Strategy – State Street's approach to targeting custody business carve-outs with a clear "why us" narrative [00:35:00] Leveraging Banker Networks Strategically – How mid-tier investment banks often have better contacts for carve-out opportunities [00:48:00] Culture Preservation in Integration – Lessons from the Charles River acquisition on maintaining employee morale and retention [00:52:30] Major Deal Breakers – The two red flags that cause State Street to walk away from carve-out transactions [00:55:00] The Craziest M&A Moment – A hospital room negotiation that almost derailed a major international carve-out ____________________ Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A.

On today's Legally Speaking Podcast, I'm delighted to be joined by Emerald De Leeuw-Goggin. Emerald is the Global Head of AI Governance and Privacy at Logitech. She is also the Co-Founder of Women in AI Governance, a professional network advancing women's leadership in AI regulation, policy and governance. Emerald has been recognised as one of the top 100 European Female Founders to follow. She has been awarded European Young Innovator of the Year, Privacy Executive of the Year 2023 and Women in AI Ambassador in 2024.So why should you be listening in? You can hear Rob and Emerald discussing:- Values-Driven AI and Privacy Governance- Cross-Functional, Collaborative AI Governance- Global Compliance Through Unified Standards- Women in AI Governance and Inclusive Leadership- Balancing Innovation and Ethics Through Stable PrinciplesConnect with Emerald De Leeuw-Goggin here - https://ie.linkedin.com/in/emeralddeleeuw

Our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach discuss potential next steps for the FOMC and the risks to their views from the U.S. government shutdown. Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy.Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Matthew Hornbach: The October FOMC meeting delivered a quarter percent rate cut as widely expected – but things are more complicated, and policy is not on a preset path from here.It's Friday, November 7th at 10am in New York.So, Mike, the Fed did cut by 25 basis points in October, but it was not a unanimous decision. And the Federal Open Market Committee decided to end the reduction of its balance sheet on December 1st – earlier than we expected. How did things unfold and does this change your outlook in any way?Michael Gapen: Yeah, Matt, it was a surprise to me. Not so much the statement or the decision, but there were dissents. There was a dissent in favor of a 50-basis point cut. There was a dissent in favor of no cut. And that foreshadowed the press conference – where really the conversation was about, I think, a divided committee; and a committee that didn't have a lot of consensus on what would come next.The balance sheet discussion, which we can get into, it came a little sooner than we thought, but it was largely in line with our view. And I'm not sure it's a macro critical decision right now. But I do think it was a surprise to markets and it was certainly a surprise to me – how much Powell's tone shifted between September and October, in terms of what the market could expect from the Fed going forward.So, what he said in essence, the key points, you know. The policy's not on a preset path from here. Or [a] cut in December is maybe not decidedly part of the baseline; or certainly is not a foregone conclusion. And I think what that reflects is a couple of things.One is that they're recalibrating policy based on a risk management view. So, you can cut almost independent of the data, at least in the beginning. And so now I think Powell's saying, ‘Well, at least from here, future cuts are probably more data dependent than those initial cuts.' But second, and I think most importantly is the division that appeared within the Fed. I think there's one group that's hawkish, one group that's dovish, and I think it reflects the division and the tension that we have in the economic data.So, I think the hawkish crowd is looking at strong activity data, strong AI spending, an upper income consumer that seems to be doing just fine. And they're saying, ‘Why are we cutting? Financial conditions for the business community is pretty easy. Maybe the neutral rate of interest is higher. We're probably less restrictive than you think.' And then I think the other side of the committee, which I believe still that Chair Powell is in, is looking at a market slowdown in hiring a weak labor market. What that means for growth in real income for those households that depend on labor market income to consume; there's probably some front running of autos that artificially boosted growth in the third quarter.So, I think that the dissents, or I should say the division within the FOMC, I think reflects the tension in the underlying data. So, to know which way monetary policy evolves, Matt, it's essentially trying to decide: does the labor market rebound towards the activity data or does the activity data decelerate at least temporarily to the labor market?Matthew Hornbach: Mike, you talked a lot about data just now, and we're not exactly getting a lot of government data at the moment. How are you thinking about the path for the data in terms of its availability between now and the December FOMC meeting? And how do you think that may affect the Fed's willingness to move forward with another rate cut in the cycle?Michael Gapen: Right. So that's key and critical to understanding, right? We're operating under the assumption, of course the federal government shutdowns going to end at some point. We're going to get all this back data released and we can assess where the economy is or has been. I think the way markets should think about this is if the government shutdown has ended in the next few weeks, say before Thanksgiving – then I think we, markets, the Fed will have the bulk of the data in front of them and available to assess the economy at the December FOMC meeting.They may not have it all, but they should get at least some of that data released. We can assess it. If the economy has moderated and weakened a bit, the labor market has continued to cool, the Fed can cut. If it shows maybe the labor market rebounding downside risk to employment being diminished, maybe the Fed doesn't cut.So that's a world and it is our expectation the shutdown should end in the next few weeks. We're already at the longest shutdown on record, so we will get some data in hand to make the decision for December. Perhaps that's wishful thinking, Matt, and maybe we go beyond Thanksgiving, and the shutdown extends into December.My suspicion though, is if the government is still shut down in December, I can't imagine the economy's getting better. So, I think the Fed could lean in the direction of taking one more step.Matthew Hornbach: This is going to be very critical for how the markets think about the outlook in 2026 and price the outlook for 2026. The last FOMC meeting of the year has that type of importance for markets – pricing, the path of Fed policy, and the path of the economy into 2026. Because if we end up receiving a rate cut from the Fed, the dialogue in the investment community will be focused on when might the next cut arrive. Versus if we don't get that rate cut in December, the dialogue will focus on, maybe we will never see another rate cut in the cycle. And what if we see a rate hike as we make our way through the second half of 2026? So that can have a dramatic impact on the U.S. Treasury market and how investors think about the outlook for policy and the economy.Michael Gapen: So, I think that's right. And as you know, our baseline outlook is at least through the first quarter, if not into the second quarter. The private sector will still be attempting to pass through tariffs into prices. And I think in the meantime, demand for labor and the hiring rate will remain low.And so, we look for additional labor market slack to build. Not a lot, but the unemployment rate moving to more like 4.6, maybe 4.7 – and that underpins our expectation the Fed will be reducing rates in in 2026. But I think as you note, and as I mentioned earlier, there is this tension in the data and it's not inconceivable that the labor market accelerates. And you get, kind of, an animal spirits driven 2026; where a combination of momentum in the data, AI-related business spending, wealth effects for upper income consumers and maybe a larger fiscal stimulus from the One Big Beautiful Bill Act, lead the economy to outperform.And to your point, if that is happening, it's not farfetched to think, well, if the Fed put in risk management insurance cuts, perhaps they need to take those out. And that could build in a way where that expectation, let's say towards the second half or the fourth quarter maybe of 2026, maybe it takes into 2027. But I agree with you that if the Fed can't cut in December because the economy's doing well and the data show that, and we learn more of that in 2026, you're right.So, it would… And may maybe to put it more simply, the more the Fed cuts, the more you need to open both sides of the rate path distribution, right? The deeper they cut, the greater the probability over time, they're going to have to raise those rates. And so, if the Fed is forced to stop in December, yeah, you can make that argument.Matthew Hornbach: Indeed, a lot of the factors that you mentioned are factors that are coming up in investor conversations increasingly. The way I've been framing it in my discussions is that investors want to see the glass as half full today, versus in the middle of this year the glass was looking half empty. And of course, as we head into the holiday season, the glass will be filled with something perhaps a bit tastier than water. And so…Michael Gapen: Fill my glass please.Matthew Hornbach: Indeed. So, I do think that we could be setting up for a bright 2026 ahead. And so, with that, Mike, look forward to seeing you again in December – with a glass of eggnog perhaps. And a decision in hand for the meeting that the Fed holds then. Thanks for taking the time to talk.Michael Gapen: Great speaking with you, Matt.Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Today's guest is Joe Davis, Vanguard's Global Chief Economist and Global Head of Vanguard's Investment Strategy Group. His latest research on megatrends is covered in his book, Coming Into View: How AI and Other Megatrends Will Shape Your Investments. In today's episode, Joe explains why the coming decade for the U.S. economy will be shaped by a tug-of-war between AI and demographics-driven deficits. While the most likely outcome is optimistic (the benefits of AI offset demographic pressures), the next most likely outcome is pessimistic (AI fails to meet our expectations and growth tumbles, putting pressure on the government's balance sheet). Joe emphasizes the need for investors to prepare for non-consensus outcomes and embrace diversification to navigate this uncertain future.  Listen to Joe's first appearance on the show in February 2020. (0:00) Starts (1:40) AI's impact on the economy (7:26) Megatrends and technological change (19:18) Financial market signals, narratives, and nonconsensus outcomes (25:23) Comparing hype in AI stocks, gold, and economic scenarios (32:44) Historical technology cycles (41:48) The role of international bonds in a diversified portfolio (47:47) AI's impact on financial advisors (55:10) The future of automation & AI ----- Sponsor: ⁠AcreTrader⁠ is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit ⁠acretrader.com/meb⁠. ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Marketing Over Coffee: Learn about big branding campaigns vs always on, ad tech, generative ads and more! Direct Link to File Chloe is Spotify's Global Head of Product and Commercial Growth, overseeing a team of Product Marketers, Trainers and Marketing Scientists, responsible for accelerating product adoption and commercial growth for Spotify Advertising. Starting […] The post Chloe Wix Of Spotify On Building An Ad Platform For The Future appeared first on Marketing Over Coffee Marketing Podcast.

What if the most powerful tool for saving time, making money, and transforming your life was already right in front of you? And yet you're most likely using it incorrectly or not using it at all. That tool is AI – artificial intelligence. Have you noticed: it seems like everybody is talking about AI everywhere you turn? You're already living with it every single day, whether you notice it or not. So, you might as well be the one in charge of how you use it. That's why Mel has been searching for the right expert to come on the show to empower you, step by step, on how you can best use AI to benefit your life. That's what you'll hear today from Allie K. Miller, who Mel calls “The AI Whisperer” because she is in the ear advising some of the world's leading brands on AI. Allie launched the first multimodal AI team at IBM, was the Global Head of AI for Startups and Venture Capital at Amazon Web Services, is the most-followed AI voice on LinkedIn and one of TIME Magazine's 100 Most Influential People in AI. And she isn't here to scare you about artificial intelligence. She's here to show you how to use it in ways that can improve your life, starting today. Allie breaks down how AI actually works, what it can do for your day-to-day life, and how you can use it to make your days better and easier. You don't need to be a coder or a tech person to follow along. Mel is right there with you as a beginner to AI. Allie explains it all clearly, with real-life examples. In fact, if you've ever felt behind on technology or overwhelmed by the hype, this episode will leave you feeling empowered. It's time for a real, human conversation about AI – one that will give you the truth, the confidence, and the step-by-step moves that will help you take control of your time, your money, and your life. For more resources related to today's episode, click here for the podcast episode page. If you liked the episode, check out this one next: How to Get Things Done, Stay Focused and Be More ProductiveConnect with Mel:  Get Mel's newsletter, packed with tools, coaching, and inspiration.Get Mel's #1 bestselling book, The Let Them TheoryWatch the episodes on YouTubeFollow Mel on Instagram The Mel Robbins Podcast InstagramMel's TikTok Subscribe to SiriusXM Podcasts+ to listen to new episodes ad-freeDisclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Earlier this week, the U.S. Supreme Court heard a case challenging the current administration's tariff policy. Our Head of Fixed Income Research and Public Policy Research explains the potential magnitude of the case's outcome for markets.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we discuss the challenge against tariffs at the Supreme Court and how it might affect markets.It's Thursday, Nov 6th at 11am in New York.This week, the U.S. Supreme Court heard arguments about the legality of most of the tariffs implemented by the Trump administration. Investors are paying close attention because if the Supreme rules against the administration, it could undo much of the four-five times tariff increase that's taken place in the U.S. this year. That would seem to set up this hearing, and a subsequent ruling which could come as early as this month, as a clear market catalyst. But, like many policy issues affecting the economic and markets outlook, the reality is more complicated. Here's what you need to know.First, there's ample debate among experts about how the court will rule. That may seem surprising given the court's makeup. Three of the nine judges were appointed by President Trump, and six of the nine by Republican Presidents. But it's not clear they'll agree that the President used his executive power in a way consistent with the law that granted the executive branch this particular power. That law is the International Emergency Economic Powers Act, or IEEPA. And, without getting into too much detail, the law appears to have been designed to deal with economic crises and foreign adversaries, which the court might argue is not evident when considering tariffs levied against traditional allies.But, the next important point is that a ruling against the Trump administration might not actually change much around U.S. tariff levels. How is that possible? It's because the administration has other executive tariff powers it can deploy if needed, and ones that are arguably more durable. For example, Section 301 gives a President wide latitude to designate a trading partner as undertaking unfair trade practices. So this authority could be swapped in for IEEPA. That could take time, as Section 301 requires a study to be submitted, but there are other temporary authorities that could bridge the gap. So the U.S. can likely ensure continuity of current tariff levels if it wants – keeping tariffs more of a constant than a variable in our outlook.Of course, we have to consider ways we could be wrong. For example, the administration could use a ruling against it to re-focus instead on product specific tariffs through Section 232. That likely would result in U.S. effective tariff rates drifting a bit lower, alleviating some of the pressure our economists see on the consumer and corporate importers, adding more support to risk assets. But that scenario might come with some volatility along the way if the administration feels the need to float larger product specific tariff levels before settling on more palatable levels – similar to what happened in April.So bottom line, there's more tariff policy noise to navigate this year. It could bring some market volatility, and maybe even a bit of upside, but the most likely outcome is that we circle back to the approximate levels we are today. Setting up for 2026, that means other debates – like how companies respond to tariffs and capital spending incentives – are probably more important to the outlook than the level of tariffs themselves. We're digging in on all that and will keep you in the loop.Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

Concluding a two-part roundtable discussion, our global heads of Research, Thematic Research and Firmwide AI focus on the human impacts of AI adoption in the workplace.Read more insights from Morgan Stanley.----- Transcript -----Kathryn Huberty: Welcome to Thoughts in The Market, and to part two of our conversation on AI adoption. I'm Katy Huberty, Morgan Stanley's Global Head of Research. Once again, I'm joined by Stephen Byrd, Global Head of Thematic Research, and Jeff McMillan, Morgan Stanley's Head of Firm-wide AI. Today, let's focus on the human level. What this paradigm shift means for individual workers. It's Wednesday, November 5th at 10am in New York. Kathryn Huberty: Stephen, there's a lot of simultaneous fear and excitement around widespread AI adoption. There's obviously concern that AI could lead to massive job losses. But you seem optimistic about this paradigm shift. Why is that? Stephen Byrd: Yeah, as I mentioned in part one, this is the most popular discussion topic with my children. And I would say younger folks are quite concerned about this. There's a lot of angst among young folks thinking about what is that job market really going to look like for them. And admittedly, AI could be quite disruptive. So, we don't want to sugarcoat that. There's clearly going to be impacts across many jobs. Our work showed that around 90 percent of jobs will be impacted in some way. Oh, in the long term, I would guess nearly every job will be impacted in some way. The reason we are more optimistic is that what we see is a range of what we would think of as augmentation, where AI can essentially help you do something much better. It can help you expand your capabilities. And it will result in entirely new jobs. Now with any new technology, it's always hard to predict exactly what those new jobs are. But examples that I see in my world of energy would be smart grid analysis, predictive maintenance, managing systems in a much more efficient way. Systems that are so complicated that they're really beyond the capability of humans to manage very effectively. So, I'm quite excited there. I'm extremely excited in the life sciences where we could see entire new approaches to curing some of the worst diseases plaguing humankind. So, I am really very excited in terms of those new areas of job creation. In terms of job losses, one interesting analysis that a lot of investors are really focused on that we included in our Future of Work report was the ratio – within a job – of augmentation to automation. The lower the ratio, the higher the risk of job loss in the sense that that shows a sign that more of what AI is going to do, is going to replace that type of human work. Examples of that would be in professional services. As I mentioned, you know, one of my former professions, law would be an example of an area where you could see this. But essentially, tasks that don't require a lot of proprietary data, require less creativity. Those are the types of tasks that are more likely to be automated. Kathryn Huberty: One theme I hear both in Silicon Valley and in our industry is the value of domain expertise goes up. So, the lawyer that's very good in the courtroom or handling a really complicated situation because they have decades of experience, the value of that labor and talent goes up. And so, when my friends ask me what their kids should pursue in school and as a career, I tell them it's less about what job they pursue. Pick a passion and become a domain expert really quickly. Stephen Byrd: I think that's excellent advice. Kathryn Huberty: Jeff, how do you see AI changing the skills we'll need at Morgan Stanley and the way that people should think about their careers? Jeff McMillan: I think you have to break this down into three pieces – and Stephen sort of alluded to it. One, you have to look at the jobs that are likely to disappear. Two, you have to look at the jobs that are going to change. And then finally, you have to look at the new jobs that are going to actually emerge from this phenomena. You should be thinking right now about how you are going to prepare yourself with the right skills around learning how to prompt and learning how to move into those functions that are not going to be eliminated. In terms of jobs that are changing, they're going to require a far, far greater sense of collaboration, creativity. And again, prompting; prompt engineering is sort of the center of that. And I would highly encourage every single person who's listening to this to become the single best prompt engineer in their group, in their friend[s group], in their organization. And then in terms of the jobs that are being created, I'm actually pretty optimistic here. As we build agents, there's actually a bull case that we're going to create so much complexity in our environment that we're going to need more people to help manage that. But the skills are not going to be repetitive linear skills. They're going to require real time decision-making, leadership skills, collaboration skills. But again, I would go back to every single person: learn how to talk to the machine, learn how to be creative, and practice every day your engagement with this technology. Kathryn Huberty: So then how are companies balancing the re-skilling with the inevitable culture shifts that come with any new paradigm? Jeff McMillan: So, first of all, I think if you think about this as a tool, you've already lost the plot. I think that number one, you have to remind yourself what your strategy is; whatever that strategy is, this is an enabler of your strategy. The second point I'd make is that you have to go from both – the top down, in terms of leadership messaging that this change is here, it's important and it needs to be embraced. And then it's a bottoms-up because you have to empower people with the right tools and the technology to transform their own work. Because if you're trying to tell people that this is the path that they have to follow. You don't get the buy-in that you need. You really want to empower people to leverage these tools. And what excites me most is when people walk into my office and say, ‘Hey Jeff, let me show you what I built today.' And it could be some 22-year-old who; it's their first month on the job. And what's exciting about this technology is you do not need a technology background. You need to be smart; you need to be creative. And if you've got those skills, you can build things that are really innovative. And I think that's what's exciting. So, if you can combine the top down that this is important and the bottoms up with giving people the skills and the technology and the motivation – that's the secret sauce. Kathryn Huberty: Jeff, what's your advice for the next generation college students, recent college graduates as they're thinking about navigating the early parts of their career in this environment? Jeff McMillan: Well, Katy, I first of all, I'd agree with what you say. You know, everyone's like, ‘What should I study?' And the answer is – I don't actually know the answer to that question. But I would study what you care about. I would do something that you're passionate about. And the second point, and I hate to be a broken record on this. But I would be the single best user of GenerativeAI at your college. Volunteer with some nonprofit, build a use case with your friends. When you walk into your first job, impress in your interview that you are able to use this technology in really effective ways – because that will make a difference, in your first job. Kathryn Huberty: And I'm curious, are there areas where you think humans will always beat AI, whether it's in financial services or other industries? Jeff McMillan: I like to think that we are human and that gives us the ability to build trust and emotional relationships. And I think not only are we going to be better at that than machines are. But I think that's something that we as humans will always want. I think that there may be some individuals in the society that may feel differently. But I think as a general rule, the human-to-human relationship is something that's really important. And I like to think that it will be a differentiator for a long time to come. So, Katy, from where you sit as the Head of Global Research, how has GenAI changed the way research is being done? Kathryn Huberty: With the help of your team, Jeff, we have now embedded AI through the life cycle of investigating a hypothesis, doing the analysis, writing the research in a concise, effective way. Pushing that through our publishing process, developing digital content in our analysts' voice, in the local language of the client. And now we're working on a client engagement tool that helps direct our research team's time. And so, the impact here is it reduces the time to market to get a alpha generating idea to our clients and, you know, and it's freeing up time for our teams. Stephen Byrd: So, Katy, I want to build on that. Productivity is a big theme. And away from the research itself, from a management perspective, how are you and your team using AI? And what do you see as the benefits? And how are you spending the extra time that's freed up by AI? Kathryn Huberty: I like to say that the research AI strategy is less about the tools. I mean, those are critical and foundational. But it's more about how we're evolving workflow and how our teams are spending time. And so, the savings are being reinvested in actually your area – thematic research – which takes a lot more coordination, collaboration. A global cross-asset view, which just takes more time to develop, and test a hypothesis, and debate internally, and get those reports to market. But it's critical for our core strategy, which is to help our clients generate alpha. When you look at equity markets over the past 30 years, a very small number of stocks drive all of the alpha. And they tend to link to themes. And so, we're reinvesting time in identifying those themes earlier than the market to allow our clients to capture that alpha. And then the other piece is when we look at our analyst teams, they spend about a quarter of their time with clients because they have to meet with experts in the industry. They need to do the analysis, they have to build the financial forecast, manage their teams. You know, we have internal activities, build culture. And with the ability to leverage these tools to speed up some of those tasks, we think we can double the amount of time that our analysts are spending with clients. And if we're putting thought-provoking, you know, often thematic global collaborative content into the market, our clients want to spend more time with us. And so, that's the ultimate impact. On a personal level, and I think both of you can relate. I think a lot of the freed-up time right now is just following the fast pace of change in AI and keeping up with the latest technology, the latest vendors. But long term, my hope is that this frees up time for more human activities on a personal level. Learning the arts, staying active. So, this could be potentially very beneficial to society if we reinvest that time in both productive activities that have impact in business. But also productive, rewarding activities outside of the office.As we wrap up, it's clear that the influence of AI is expanding rapidly, not just in digital- and knowledge-based sectors, but increasingly in tangible real-world applications. As these innovations unfold, the way we interact with both technology and our environments will continue to evolve – both on the job and elsewhere in our lives. Jeff, Stephen, thank you both for sharing your insights. And to our listeners, thank you for joining us. If you enjoy the show, please leave us a review wherever you listen, and share Thoughts on the Market with a friend and colleague today.

In the first of a two-part roundtable discussion, our Global Head of Research joins our Global Head of Thematic Research and Head of Firmwide AI to discuss how the economic and labor impacts of AI adoption.Read more insights from Morgan Stanley.----- Transcript ----- Kathryn Huberty: Welcome to Thoughts on the Market. I'm Katy Huberty, Morgan Stanley's Global Head of Research, and I'm joined by Stephen Byrd, Global Head of Thematic Research, and Jeff McMillan, Morgan Stanley's Head of Firm-wide AI.Today and tomorrow, we have a special two-part episode on the number one question everyone is asking us: What does the future of work look like as we scale AI?It's Tuesday, November 4th at 10am in New York.I wanted to talk to you both because Stephen, your groundbreaking work provides a foundation for thinking through labor and economic impacts of implementing AI across industries. And Jeff, you're leading Morgan Stanley's efforts to implement AI across our more than 80,000 employee firm, requiring critical change management to unlock the full value of this technology.Let's start big picture and look at this from the industry level. And then tomorrow we'll dig into how AI is changing the nature of work for individuals.Stephen, one of the big questions in the news – and from investors – is the size of AI adoption opportunity in terms of earnings potential for S&P 500 companies and the economy as a whole. What's the headline takeaway from your analysis?Stephen Byrd: Yeah, this is the most popular topic with my children when we talk about the work that I do. And the impacts are so broad. So, let's start with the headline numbers. We did a deep dive into the S&P 500 in terms of AI adoption benefits. The net benefits based on where the technology is now, would be about little over $900 billion. And that can translate to well over 20 percent increased earnings power that could generate over $13 trillion of market cap upon adoption. And importantly, that's where the technology is now.So, what's so interesting to me is the technology is evolving very, very quickly. We've been writing a lot about the nonlinear rate of improvement of AI. And what's especially exciting right now is a number of the big American labs, the well-known companies developing these LLMs, are now gathering about 10 times the computational power to train their next model. If scaling laws hold that would result in models that are about twice as capable as they are today. So, I think 2026 is going to be a big year in terms of thinking about where we're headed in terms of adoption. So, it's frankly challenging to basically take a snapshot because the picture is moving so quickly.Kathryn Huberty: Stephen, you referenced just the fast pace of change and the daily news flow. What's the view of the timeline here? Are we measuring progress at the industry level in months, in years?Stephen Byrd: It's definitely in years. It's fast and slow. Slow in the sense that, you know, it's taken some companies a little while now and some over a year to really prepare. But now what we're seeing in our CIO survey is many companies are now moving into the first, I'd say, full fledged adoption of AI, when you can start to really see this in numbers.So, it sort of starts with a trickle, but then in 2026, it really turns into something much, much bigger. And then I go back to this point about non-linear improvement. So, what looks like, areas where AI cannot perform a task six months from now will look very different. And I think – I'm a former lawyer myself. In the field of law, for example, this has changed so quickly as to what AI can actually do. So, what I expect is it starts slow and then suddenly we look at a wide variety of tasks and AI is fairly suddenly able to do a lot more than we expect.Kathryn Huberty: Which industries are likely to be most impacted by the shift? And when you broke down the analysis to the industry and job level, what were some of the surprises?Stephen Byrd: I thought what we would see would be fairly high-tech oriented sectors – and including our own – would be top of the list. What I found was very different. So, think instead of sectors where there's fairly low profit per employee, often low margin businesses, very labor-intensive businesses. A number of areas in healthcare staples came to the top. A few real estate management businesses. So, very different than I expected.The very high-tech sectors actually had some of the lowest numbers, simply because those companies in high-tech tend to have extremely high profit per employee. So, the impact is a lot less. So that was surprising learning. A lot of clients have been digging into that.Kathryn Huberty: I could see why that would've surprised you. But let's focus on banking for a moment since we have the expert here. Jeff, what are some of the most exciting AI use cases in banking right now?Jeff McMillan: You know, I would start with software development, which was probably the first Gen AI use case out of the gate. And not only was it first, but it continues to be the most rapidly advancing. And that's probably; mostly a function of the software, you know, development community. I mean, these are developers that are constantly fiddling and making the technology better.But productivity continues to advance at a linear pace. You know, we have over 20,000 folks here at Morgan Stanley. That's 25 percent of our population. And, you know, the impact both in terms of the size of that population and the efficiencies are really, really significant.So, I would start there. And then, you know, once you start moving past that, it may not seem, you know, sexy. It's really powerful around things like document processing. Financial services firms move massive amounts of paper. We take paper in, whether it be an account opening, whether it be a contract. Somebody reads that information, they reason about it, and then they type that information into a system. AI is really purpose built for that.And then finally, just document generation. I mean, the number of presentations, portfolio reviews, you know, even in your world, Katy, research reports that we create. Once again, AI is really just – it's right down the middle in terms of its ability to generate just content and help people reduce the time and effort to do that.Kathryn Huberty: There's a lot of excitement around AI, but as Stephen mentioned, it's not a linear path. What are the biggest challenges, Jeff, to AI adoption for a big global enterprise like Morgan Stanley? What keeps you up at night?Jeff McMillan: I've often made the analogy that we own a Ferrari and we're driving around circles in a parking lot. And what I mean by that is that the technology has so far advanced beyond our own capacity to leverage it. And the biggest issue is – it's our own capacity and awareness and education.So, what keeps me up at night? it's the firm's understanding. It's each person's and each leader's ability to understand what this technology can do. Candidly, it's the basics of prompting. We spend a lot of time here at the firm just teaching people how to prompt, understanding how to speak to the machine because until you know how to do that, you don't really understand the art of the possible. I tell people, if you have $100 to spend, you should start spending [$]90, on educating your employee base. Because until you do that, you cannot effectively get the best out of the technology.Kathryn Huberty: And as we look out to 2026, what AI trends are you watching closely and how are we preparing the firm to take advantage of that?Jeff McMillan: You and I were just out in Silicon Valley a couple of weeks ago, and seemingly overnight, every firm has become an agentic one. While much of that is aspirational, I think it's actually going to be, in the long term, a true narrative, right? And I think that step where we are right now is really about experimentation, right? I think we have to learn which tools work, what new governance processes we need to put in place, where the lines are drawn. I think we're still in the early stage, but we're leaning in really hard.We've got about 20 use cases that we're experimenting with right now. As things settle down and the vendor landscape really starts to pan out, we'll be down position to fully take advantage of that.Kathryn Huberty: A key element of the agentic solutions is linking to the data, the tools, the application that we use every day in our workflow. And that ecosystem is developing, and it feels that we're now on the cusp of those agentic workflow applications taking hold.Stephen Byrd: So, Katy, I want to jump in here and ask you a question too. With your own background as an IT hardware analyst, how does the AI era compare to past tech or computing cycles? And what sort of lessons from those cycles shape your view of the opportunities and challenges ahead?Kathryn Huberty: The other big question in the market right now is whether an AI bubble is forming. You hear that in the press. It's one of the questions all three of us are hearing regularly from clients. And implicit in that question is a view that this doesn't look like past cycles, past trends. And I just don't believe that to be the case.We actually see the development of AI following a very similar path. If you go back to mainframe and then minicomputer, the PC, internet, mobile, cloud, and now AI. Each compute cycle is roughly 10 times larger in terms of the amount of installed compute.The reality is we've gone from millions to billions to trillions, and so it feels very different. But the reality is we have a trillion dollars of installed CPU compute, and that means we likely need $10 trillion of installed GPU compute. And so, we are following the same pattern. Yes, the numbers are bigger because we keep 10x-ing, but the pattern is the same. And so again, that tells us we're in the early innings. You know, we're still at the point of the semiconductor technology shipping out into infrastructure. The applications will come.The other pattern from past cycles is that exponential growth is really difficult for humans to model. So, I think back to the early days when Morgan Stanley's technology team was really bullish, laying the groundwork for the PC era, the internet era, the mobile era. When we go back and look at our forecasts, we always underestimated the potential. And so that would suggest that what we've seen with the upward earnings revisions for the AI enablers and soon the AI adopters is likely to continue.And so, I see many patterns, you know, that are thread across computing cycles, and I would just encourage investors to realize that AI so far is following similar patterns.Jeff McMillan: Katy, you make the point that much of the playbook is the same. But is there anything fundamentally different about the AI cycle that investors should be thinking about?Kathryn Huberty: The breadth of impact to industries and corporates, which speaks to Stephen's work. We have now four times over mapped the 3,700 companies globally that Morgan Stanley research covers to understand their role in this theme.Are they enabling AI? Are they adopting? Are they disrupted by it? How important is it to the thesis? Do they have pricing power? It's very valuable data to go and capture the alpha. But I was looking at that dataset recently and a third of those nearly 4,000 companies we cover, our analysts are saying that AI has an impact on the investment thesis. A third. And yet we're still in the early innings. And so, what may be different, and make the impact much bigger and broader is just the sheer number of corporations that will be impacted by the theme.Let's pause here and pick up tomorrow with more on workforce transformation and the impact on individual workers.Thank you to our listeners. Please join us tomorrow for part two of our conversation. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.