Podcasts about global head

WIth consumers increasingly skeptical of advertising, what's the real difference between a brand that's being genuinely helpful and one that's just being creepy? Agility requires brands to not just react to consumer behavior, but to anticipate it with smarter technology. It's about shifting from broad assumptions to a nuanced understanding of intent, especially when economic uncertainty changes the rules of engagement. Today we are here at eTail Palm Springs, and we're going to talk about the evolution of performance marketing in an era of signal loss and consumer uncertainty. As traditional methods like third-party cookies fade away, marketers need new tools and strategies that are not just incrementally better, but fundamentally different in their approach to engaging customers and driving results. To help me discuss this topic, I'd like to welcome back to the show Jaysen Gillespie, Global Head of Analytics and Product Marketing at RTB House. About Jaysen Gillespie Jaysen Gillespie is a seasoned product and analytics leader with over 15 years in Adtech and data science. As VP of Global Product Commercialization and Analytics at RTB House, he's known for translating insights into simple narratives that marketers can actually use. Whether guiding global teams or speaking on stage, Jaysen has a knack for making performance results understandable and immediately relevant. His focus is always on what drives real business outcomes, not just what looks good on a dashboard. For him, data is only powerful when it leads to smarter decisions and measurable impact. Jaysen Gillespie on LinkedIn: https://www.linkedin.com/in/jaysengillespie/ Resources RTB House: https://www.rtbhouse.com Take your personal data back with Incogni! Use code AGILE at the link below and get 60% off an annual plan: https://aglbrnd.co/r/c43e68ce5cfb321e The Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://aglbrnd.co/r/2868abd8085a9703 Drive your customers to new horizons at the premier retail event of the year for Retail and Brand marketers. Learn more at CRMC 2026, June 1-3. https://aglbrnd.co/r/d15ec37a537c0d74 Enjoyed the show? Tell us more at and give us a rating so others can find the show at: https://aglbrnd.co/r/faaed112fc9887f3 Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstromDon't miss a thing: get the latest episodes, sign up for our newsletter and more: https://aglbrnd.co/r/35ded3ccfb6716ba Check out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.com The Agile Brand is produced by Missing Link—a Latina-owned strategy-driven, creatively fueled production co-op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. https://www.missinglink.company

Our analysts Andrew Sheets and Martijn Rats discuss why a prolonged disruption of oil flow through the Strait of Hormuz would be unprecedented—and nearly impossible for the market to absorb.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Martijn Rats: I'm Martijn Rats, Head of Commodity Research at Morgan Stanley.Andrew Sheets: Today on the program we're going to talk about why investors everywhere are tracking ships through the Strait of Hormuz.It's Wednesday, March 11th at 2pm in London.Andrew Sheets: Martijn, the oil market, which is often volatile, has been historically volatile over the last couple of weeks following renewed military conflict between the United States and Iran.Now, there are a lot of different angles to this, but the oil market is really at the center of the market's focus on this conflict. And so, I think before we get into the specifics, I think it's helpful to set some context. How big is the global oil market and where does the Persian Gulf, the Strait of Hormuz fit within that global picture?Martijn Rats: Yeah, so the global oil consumption is a little bit more than a 100 million barrels a day. But that splits in two parts. There is a pipeline market and there is a seaborne market. And when it comes to prices, the seaborne market is really where it's at. If you're sitting in China, you're buying oil from the Middle East, all of a sudden, it's not available. Sure, if there is a pipeline that goes from Canada into the United States, that doesn't really help you all that much.Andrew Sheets: So, it's the oil on the ships that really matters.Martijn Rats: It's the oil on ships that is the flexible part of the market that we can redirect to where the oil is needed. And that is also the market where prices are formed. The seaborne market is in the order of 60 million barrels a day. So, only a subset of the 100 [million]. Now relative to that 60 million barrel a day, the Strait of Hormuz flows about 20 [million]. So, the Strait of Hormuz is responsible for about a third of seaborne supply, which is, of course, very large and therefore, you know, very critical to the system.Andrew Sheets: And I think an important thing we should also discuss here, which we were just discussing earlier today on another call, is – this is a market that could be quite sensitive to actually quite small disruptions in oil. So, can you give just some sense of sensitivity? I mean, in normal times, what sort of disruptions, in terms of barrels of oil, kind of, move markets; get investors' attention?Martijn Rats: Yeah, look, this is part of why this situation is so unusual, and oil analysts really sort of struggle with this. Look normally, at relative to the 100 million barrels a day of consumption, we care about supply demand imbalances of a couple of 100,000 barrels a day. That becomes interesting.If that, increases to say 1 million barrel a day, over- or undersupplied, you can expect prices to move. You can expect them to move by meaningful amounts. We can write research; the clients can trade. You have a tradable idea in front of you. When that becomes 2 to 3 million barrels a day, either side, you have major historical market moving events.So, in [20]08-09, oil famously fell from over 100 [million] down to something like 30 [million], on the basis that the oil market was 2-2.5 million barrel day oversupplied for two quarters. In 2022, we all thought – this actually never happened, but we all thought that Russia was going to lose about 3 million barrel day of supply. And on that basis, just on the basis of the expectation alone, Brent went to $130 per barrel. So, 2-3 [million] either side you have historically large moves. Now we're talking about 20 [million].Andrew Sheets: And I think that's what's so striking. I mean, again, I think investors, people listening to this, they can do that arithmetic too. If this is a market where 2 to 3 million barrels a day have caused some of the largest moves that we've seen in history, something that's 20 [million] is exceptional. And I think it's also fair to say this type of closure of the Strait [of Hormuz] is something we haven't seen before.Martijn Rats: No, which also made it very hard to forecast, by the way. Because the historical track records did not point in that direction, and yet here we are. The historical track record – look, you can look at other major disruptions historically.The largest disruption in the history of the oil market is the Suez Crisis in the mid-1950s that took away about 10 percent of global oil consumption. This is easily double that. So really unusual. If you look at supply and demand shocks of this order of magnitude, you can think about COVID. In April 2020, for one month, at the peak of COVID, when we're all sitting at home. Nobody driving, nobody flying. Yeah, we lost very briefly 20 million barrels a day of demand. Now we're losing 20 million barrels a day of supply. So, look, the sign is flipped, but it's in the same order of magnitude. And yeah, these are unusual events that you wouldn't actually, sort of, forecast them that easily. But that is what is in front of us at the moment.Andrew Sheets: So, I think the next kind of logical question is if shipping remains disrupted, and I'd love for you to talk a little bit about, you know, you're sitting there with satellite maps on your screen tracking shipping, which is – a development. But, you know, what are the options that are available in the region, maybe globally to temporarily balance this supply and create some offset?Martijn Rats: Yeah. So, like of course when we have a big disruption like this one, of course the market is going to try to solve for this. There are a few blocks that we can work with. I'll run you through them one by one, including some of the numbers. But very quickly you arrive at the conclusion that this is; this puzzle – we can't really solve it.Like in 2022, the market was very stressed. We thought Russia was going to lose 3 million barrels a day of supply, but we could move things around in our supply demand model. Russia oil goes to China and India. Oil that they buy, we can get in Europe, we can move stuff around to kind of sort of solve a puzzle.This puzzle is very, very difficult to solve. So, through the Strait of Hormuz, 15 million barrels a day have crude, 5 million barrels a day of refined product, 20 million barrels a day in total. What can we do?Well, the biggest offset, is arguably the Saudi EastWest pipeline. Saudi Arabia has a pipeline that effectively allows it to ship oil to the Red Sea at the Port of Yanbu, where it can be evacuated on tankers there. That pipeline has a capacity of 7 million barrels a day. We think it was probably already flowing at something like 3 million barrels a day. So, there's probably an incremental 4 [million] that can become available through that. That's the biggest block, that we can see of workaround capacity, so to say.After that the numbers do get smaller. The UAE has a pipeline that goes through Fujairah that's also beyond the Strait of Hormuz. We think there is maybe 0.5 million barrel a day of capacity there. Then you're basically, sort of, done within the region, and you have to look globally for other sources of oil.If there are sanctions relief, maybe on Russian oil, you can find a 0.5 million barrel day there. Here, there and everywhere. 100,000 barrels a day, 200,000 barrels a day. But the numbers get…Andrew Sheets: It's still not… So, if you kind of put all of those, you know, kind of, almost in a best-case scenario relative to the 20 million that's getting disrupted.Martijn Rats: If you add another one or two from a massive SPR release, the fastest release from SPR…Andrew Sheets: That's the Strategic Petroleum Reserve.Martijn Rats: Yeah, exactly. Earlier today, we got an announcement, that the IEA is proposing to release 400 million barrels from Strategic Reserve across its member countries. That is a very large number. But – and that is important. But more important is how fast can it flow because the extraction rate from these tanks is not infinite. The fastest ever rate of SPR release is only 1.3 million barrels a day. Now, maybe the circumstances are so extraordinary, we can do better than that and we can get it to 2 [million]. But beyond that, you're really in very, very uncharted territory.So maybe in the region, work around sanctions relief, SPR release, we can probably find like 7 million barrels a day out of a problem that is 20 [million]. You're left with another 13 [million]. The 13 [million] is four times what we thought Russia would lose. So, you're left with this conclusion: Look, this really needs to come to an end.Andrew Sheets: And the other rebalancing mechanism, which again, you know, when we come back to markets and forecasting, this is obviously price. And, you know, you talk about this idea of demand destruction, which I think we could paraphrase as – the price is higher so people use less of it and then you can rebalance the market that way.But give us just a little sense of, you know, as you and your team are sitting there modeling, how do you think about, kind of, the price of oil? Where it would need to go to – to potentially rebalance this the other way.Martijn Rats: Yeah, that price is very high. So, what it's a[n] really interesting analysis to do is to look at the historical frequency distribution of inflation adjusted oil prices.You take 20 years of oil prices. You convert it all in money of the day, adjusted for inflation, and then simply plot the frequency distribution. What you get is not one single bell curve centered around the middle with some variation around the midpoint. You get, sort of, two partially overlapping bell curves.There is a slightly larger one, which is, sort of, the normal regime. Lower prices, 60, 70, 80 bucks. There's a lot of density there in the frequency distribution, that's where we are normally. What's interesting is that actually, if you go from there to higher prices, there are prices that are actually very rare in inflation adjusted terms.Like a [$] 100-110. In nominal terms, we might feel that that has happened. In inflation adjusted terms, these prices are extremely rare. They are way rarer than prices that live even further to the right. [$]130, 140.The oil market has this other regime of these very high prices. If you go back in history, when did those prices prevail? They always prevailed in periods where we asked the same question. What is the demand destruction price? And yeah, to erode demand by a somewhat meaningful quantity, yeah, you end up in that regime. These very high prices, like [$]130. And it's… It's not a gradual scale. You sort of at one point shoot through these levels and that's where you then end up.Andrew Sheets: It's quite, quite serious stuff.Martijn Rats: Well, yeah. Also, because we can casually say in the oil market, ‘Oh, demand erosion has to be the answer.' But we don't erode demand in isolation. Like, you know, diesel is trucking. Yeah, jet is flying. NAFTA is petrochemicals.Andrew Sheets: These are real core parts of economic activity.Martijn Rats: It's all GDP.Andrew Sheets: So maybe Martijn, in conclusion, let me give you a slightly different scenario. Let's say that the conflict goes on for another couple of weeks, but then there is a resolution. Traffic goes back to normal. Walk us through a little bit of what that would mean. You know, kind of how long does it take to get back to normal in a market like this?Martijn Rats: Yeah. So, if you say, weeks, I would say that is an uncomfortable period of time actually.Andrew Sheets: Feel free to use a slightly different scenario.Martijn Rats: If you say days. Let's say next week something happens, the whole thing comes soon to end. Look, then we will have logistical supply chain issues. But look, we can work through that.There is at the moment somewhat of an air pocket in the global oil supply chain. There should be oil tankers on their way to refineries for arrival in April and May that currently are not. So, we will have hiccups and things need to be rerouted and we draw on some inventories here or there, but… And that will keep commodity prices tense, I would imagine. The equity market will probably look through it.We'll have a month or six weeks, not more than two months, I would imagine of logistical issues to sort out. Look, of course, if that, you know, doesn't happen, then we're back in the scenario that we discussed. But yeah, look, that that's equally true. If it's short, we can sort of live with a disruption.Andrew Sheets: It's fair to say that this is a situation where days really matter, where weeks make a big difference.Martijn Rats: Oh, totally. Look, the oil industry has built in various, sort of, compensatory measures, I think. You know, inventories along the supply chains. But nothing of the scale that can work with this. I mean, this is truly yet another order of magnitude.Andrew Sheets: Martijn, thank you for taking the time to talk.Martijn Rats: My pleasure.Andrew Sheets: And thank you as always for your time. If you find Thoughts on the Market useful, let us know by leaving review wherever you listen. And also tell a friend or colleague about us today.Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.

Credit index spreads have been largely unchanged this year — but the calm surface belies a more complex picture underneath. Rising dispersion, AI-driven disruption fears, widening BDC spreads, and the military conflict in the Middle East are reshaping the risk landscape for fixed income investors — without much additional compensation showing up at the credit index level.  On this episode of Disruptive Forces, host Anu Rajakumar sits down with Ashok Bhatia, Neuberger's Chief Investment Officer and Global Head of Fixed Income, to unpack what's really going on beneath the surface in credit markets. Together, they discuss the growing pressure on BDCs and their software loan exposures, why a crude oil price spike historically favors Fed easing over hiking, how AI disruption is forcing a repricing of software company capital structures, labor market risks that could unlock additional Fed cuts, and where Neuberger's fixed income team is selectively finding opportunity across emerging markets, repriced technology names, and more.   This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results.  Use of Artificial Intelligence Tools. Neuberger Berman may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2026 Neuberger Berman Group LLC. All rights reserved. WF2921150  

Rzadko gościmy w studio kogoś, kto planuje koniec kariery w dniu jej rozpoczęcia.Aleksander Poniewierski w wieku 31 lat został equity partnerem EY. Przez 20 lat wspierał klientów w wykorzystywaniu technologii cyfrowych do optymalizacji procesów, wdrażaniu innowacji biznesowych i zabezpieczaniu ich przed zagrożeniami z zewnątrz. Gdy odchodził z korporacji jako Global Head of Digital & Emerging Technology, miał już plan na kolejne 20 lat.Ta rozmowa to unikalny zestaw refleksji i rekomendacji związanych z przedsiębiorczością, wykorzystaniem technologii w biznesie i skalowaniem go na międzynarodowych rynkach. Czego jeszcze dowiesz się z tego odcinka?✅ W czym mogą Ci pomóc konsultanci i dlaczego firma konsultingowa jest niczym galeria sklepów?✅ Kiedy sukces może stać się pułapką i jak temu zaradzić?✅ Dlaczego nie ma złych pomysłów, a jest jedynie asymetria informacji?✅ Czy Polska może być jak Singapur i wejść do TOP10 krajów o najwyższym poziomie rozwoju? ✅ Dlaczego warto mieć plan na siebie, zanim zabierzesz się za budowę własnego biznesu? Myli się ten, kto myśli, że Aleksander Poniewierski spędza resztę swojego życia na kanapie. Owszem z pasją oddaje się fotografii i planuje kolejne wyprawy motocyklowe, ale wciąż intensywnie pracuje, doradzając kluczowym w Polsce spółkom i organizacjom. I pisze, a jego blog i choćby ostatnia książka pt. “Nie bądź naiwny”, to w naszej opinii, pozycje obowiązkowe. Zapraszamy do rozmowy ▶️

In this episode of The Distribution, Brandon Sedloff sits down with Henry Steinberg, Global Head of EQT Real Estate, to discuss the evolution of one of the world's largest real estate investment platforms. Henry shares the story of his path into the industry, from consulting and business school to building a career in logistics real estate through Liberty Property Trust and Exeter Property Group before merging with EQT in 2021. The conversation explores how sector specialization, operational expertise, and scale have shaped EQT Real Estate's strategy today. Henry also explains how data, geospatial analytics, and AI are transforming investment decisions across global real estate markets. They discuss:• Henry's career journey from Arthur Andersen consulting to real estate investing• The history from Liberty Property Trust to Exeter Property Group and the merger with EQT• Why specialization in logistics real estate created a durable competitive advantage• How EQT uses geospatial data and analytics to evaluate acquisitions and development opportunities• Market outlook for logistics, student housing, and data centers across the US and Europe Links: EQT Real Estate - https://eqtgroup.com/real-estate Henry on LinkedIn - https://www.linkedin.com/in/henry-steinberg-5653ba223/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro(00:01:58) - Henry's background and career(00:15:31) - Liberty to Exeter origins(00:20:46) - Exeter growth and EQT merger(00:24:49) - Eqt platform and scale(00:26:26) - Real estate strategy mix(00:27:16) - Diversifying beyond logistics(00:27:44) - Living and logistics growth(00:31:17) - Scale through data and AI(00:39:10) - Geospatial data edge(00:43:52) - Student housing signals(00:46:14) - Logistics outlook US vs Europe(00:52:06) - Build or buy expansion

Bex Moorhouse is Global Head of Strategy, Ops Excellence & Performance - Procurement & REWS at WPP where she is passionate about helping to prioritize employee experience and create environments where people thrive. Mike Petrusky asks Bex about her new role and her passion for cultivating such engaging environments where all employees feel seen, valued, and empowered. She believes that empathy and curiosity are crucial "power skills" for workplace professionals, enabling them to adapt, learn, and lead effectively in changing environments, so she shares that storytelling and clear communication are essential. Bex and Mike discuss how real estate and facility management teams often need to better articulate their value in business terms and focus less on justification and more on impact for end users. Continual adaptation, embracing new technologies, and focusing on both operational excellence and human experience will keep the FM profession relevant, so Mike and Bex offer the inspiration you will need to be a Workplace Innovator in your organization! Connect with Bex on LinkedIn: https://www.linkedin.com/in/bexmoorhouse/ Learn more about Bex's work: https://www.bexmoorhouse.com/ Find out more about WPP: https://www.wpp.com/en-us Watch the podcast on YouTube: https://www.youtube.com/playlist?list=PLSkmmkVFvM4H3pwnlU2AuqynuRDpvnh4J 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/  

Iran names Ayatollah Ali Khamenei's son, Mojtaba Khamenei, as the new supreme leader. Plus, global central bankers are eying the jump in crude prices and the impact on inflation, and Gulf businesses seek more insurance coverage as the war in Iran continues. And, fears of food price spikes are growing.Mentioned in this podcast:Mojtaba Khamenei becomes Iran's supreme leaderOil surges past $100 a barrel for the first time in four yearsQatar warns war will force Gulf to stop energy exports ‘within days'Iran war muddles expectations of likely Federal Reserve interest rate cutsFertiliser disruption from Iran conflict prompts global food shortage warningsNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, and produced by Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Markets respond to fast moving geopolitical headlines and fresh swings in energy. Oil dominates the market conversation. Pippa Stevens tracks price moves while Helima Croft, Global Head of Commodity Strategy at RBC Capital Markets, breaks down supply risks, geopolitical crosscurrents and what it would take for crude to move higher or stabilize. Matt Stucky of Northwestern Mutual Wealth Management and Anastasia Amoroso of Partners Group assess the broader market setup and debate how investors should position amid volatility. Earnings from HPE add another data point for tech. Jason Furman, former Chair of the Council of Economic Advisers, weighs in on the Fed and the economic outlook. Dan Levy of Barclays explains how higher oil prices could ripple through the auto sector. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nottingham Forest have reportedly severed ties with Edu after he was named Global Head of Football for the Marinakis group of clubs last summer. Matt Davies is joined by Pete Blackburn and the i paper's Daniel Storey to discuss the former Arsenal man's departure, as well as how much he is to blame for this season's failings and what should happen next. Should Forest go all out to bring in former Crystal Palace sporting director (and former Forest player and manager) Dougie Freedman? We also sit down the Jobi McAnuff to get the pundit's take on the relegation battle after he covered the 2-2 draw with Manchester City. We also discuss his experience of playing for four managers in a season at Leyton Orient. #nffc #nottinghamforest

In this episode of Debtwired!, host Amelia Weitzman speaks with Matthew Harvey, Global Head of Middle Market Direct Lending, about the evolution and maturation of the direct lending market since the GFC.They explore improving M&A activity, underwriting discipline amid AI-driven disruption in software, the growing opportunity in non-sponsored middle-market lending and how direct lenders can stay resilient and competitive through the next credit cycle.

How do you scale employer branding when multiple teams, stakeholders and regions are involved?Whether you work in a global company or a growing organisation with several departments, employer branding quickly becomes complex.In this episode, Chris Le'cand-Harwood speaks with Jane Mehringer, Global Head of Talent Attraction at ABB, about how organisations bring employer branding together across teams, stakeholders and locations.While ABB operates globally, the challenges Jane describes are familiar to any organisation trying to coordinate employer branding across different parts of the business.This conversation explores how to:- Align multiple stakeholders and departments- Maintain consistent employer branding across teams or regions- Balance global guidelines with local flexibility- Build processes that help teams collaborate- Use technology and platforms to scale employer branding- Prove the value of employer branding to the wider business- Build internal communities that drive adoption and momentumThe key lesson:Scaling employer branding is about aligning people, processes and technology across the organisation.This episode is part of a series supported by Cliquify - the Employer Branding Operating System for organisations - featuring conversations with in-house practitioners about how employer branding really works inside organisations.Find out more about Cliquify here: https://www.cliquify.me/Subscribe to the Employer Content Marketing Newsletter here: https://www.employercontent.marketing/Connect with Jane here: https://www.linkedin.com/in/janemehringer/

This week on SmarterMarkets™, we present a Special Episode Iranian Conflict: Geopolitics and Energy Markets with Helima Croft, Managing Director & Global Head of Commodity Strategy at RBC Capital Markets.   David Greely sat down with Helima yesterday to talk about the current state of play in the conflict between Iran, Israel, and the United States. They discuss its implications for global geopolitics and energy markets – and the inflection points to watch to determine how the situation may unfold.  

Prediction markets like Kalshi and Polymarket are rapidly expanding—with over $63 billion in 2025 volume—and are increasingly likely to reach the U.S. Supreme Court (SCOTUS) by 2026–2027. A legal battle is brewing between platforms arguing they are federally regulated "event contracts" (via CFTC) and state regulators labeling them illegal gambling.Guest: Ryan VanGrack, VP of Legal and Global Head of Litigation at Coinbase00:00 intro00:09 Private Market Exposure00:44 Investing in Polymarket vs Kalshi01:49 USDC Yields & No Fees02:50 A.I. Agents Will Look For Lowest Fees03:50 Chris Christie vs Prediction Markets04:29 Quacks Like Gary Gensler06:09 Sportsbook vs Derivatives07:40 Federal vs State Regulators08:39 Kalshi Contract Outrage12:18 War Markets?13:46 Social Utility16:20 Insider Trading & Manipulation16:57 It's Already Being Policed18:15 New Tax on Losses if States Win20:03 LIGHTNING ROUND#Crypto #Polymarket #Kalshi~Will Prediction Markets Be Banned?

Forest look set to sacked Edu Gaspar from his role at Nottingham Forest!

Live from Morgan Stanley's TMT conference, our panel break down where AI is already delivering real returns—and where rapid advances are raising new risks.Read more insights from Morgan Stanley.----- Transcript -----Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, U.S. Thematic and Equity Strategist here at Morgan Stanley.Today we've got a special episode on AI adoption. And this is a first in a two-part conversation live from our Technology, Media and Telecom conference.It's Thursday, March 5th at 11am in San Francisco.We're really excited to be here with all of you taping live. And we've got on stage with me. Stephen Byrd, he's our Global Head of Thematic and Sustainability Research; Josh Baer, Software Analyst; and Lindsay Tyler, TMT Credit Research Analyst.So, Stephen, I want to start with you, pretty broad, pretty high level. We recently published our fifth AI Mapping Survey that identifies how different companies are exposed to the broad AI theme. Can you just share with us some insights from that piece and how stocks are performing with this AI exposure?Stephen Byrd: Yeah, it's interesting. I mean, we've been doing this survey now, thanks to you, Michelle, and your excellent work, for quite a while. And every six months it is pretty telling to see the progression.I would say a few things that got my attention from our most recent mapping was the number of companies that are quantifying the adoption benefits continues to go up quite a bit. And to me that feels like that's going to be table stakes very soon as in every industry you see two or three companies that are really laying out quite specifically what they expect to be able to do with AI and lay out the math. I think that really is going to pull all the other companies to follow suit. So, we're seeing that in a big way.We do see adopters, with real tangible benefits performing well. But a new thing that we're seeing now, of course, in the market is concerns that in some cases adoption can lead to dramatic deflation, disruption, et cetera. That's coming up as well. So, we're seeing greater concerns around disruption as well.But broadly, I'd say a proliferation of adoption, that that universe of companies continues to grow, increases in quantification of the benefits. So, that is good. What's really surprised me though, is the narrative among investors has so quickly moved from those benefits which we've talked about into flipping that to toggle all negative, which I know some of our analysts have to deal with every day. The mapping work suggests significant benefits. But the market is fast forwarding to very powerful AI that is very disruptive in deflation. And that's been a surprise to me.Michelle Weaver: Mm-hmm. Josh, I want to bring software into this. Your team has been arguing that AI is actually good for software. And it's really something that you need that application layer to then enable other companies to adopt AI. Can you tell us a little bit about how much GenAI could add to the broader enterprise software market? And how are you thinking about monetization these days?Josh Baer: Of course. I think the best starting place is a reminder that AI is software, and so we see software as a TAM expander. And in many ways, even though this is extremely exciting innovation, it's following past innovation trends where first you see value accrue and market cap accrue to semiconductors, and then hardware and devices, and then eventually software and services. And we do think that that absolutely will occur just given [$]3 trillion in infrastructure investment into data centers and GPUs.There's got to be an application layer that brings all of these productivity and efficiency gains to enterprises and advanced capabilities to consumers as well. And so we see AI more as an evolution for software than a revolution. An evolution of capabilities and expansion of capabilities. LLMs and diffusion engines absolutely unlocked all of these new features of what software can do. But incumbents will play a key role in this unlock.And our CIO surveys really support that. Quarterly we ask chief information officers about their spending intentions, and these application vendors who we cover in the public markets are increasingly selected as vendors that companies will go to, to help deploy and apply AI and LLM technologies.So, to answer your question, we estimate GenAI could unlock [$]400 billion in incremental TAM for software; for enterprise software by 2028. And this is based on looking at the type of work able to be automated, the labor costs associated with that work, the scope of automation, and then thinking about how much of that value is captured typically by software vendors.Michelle Weaver: And you have a bit of a different lens on AI adoption. So, what are some of the ways you're hearing software customers using these AI tools and anything interesting that popped up at the conference?Josh Baer: To echo what Stephen laid out, I mean, all of our software companies are using AI internally, both to drive efficiencies, but also to move faster. So thinking about product. Innovation, you know, the incumbents are able to use all of the same coding tools and, you know, …Michelle Weaver: Mm-hmm.Josh Bear: … products geared to developers to move faster and more efficiently on R&D. So, they're doing more. From a sales and marketing perspective, a G&A perspective, every area of OpEx, our software companies are in a great position to deploy the AI tools internally.I think more important[ly], speaking to this TAM and expanded opportunity, is our companies have skews that they're monetizing. It might be a separate suite that incorporates advanced AI functionality. It might be a standalone offering, or it might be embedded into the core platform because the essence of software is AI and it, you know, leading to better retention rates and acceleration from here.Michelle Weaver: Mm-hmm. And Stephen, going back to you on the state of play for AI, we had the AI labs here and we heard a lot about the developments and what's to come. So, what's your view on the trajectory for LLM advancements and what are some of the key signposts or catalysts you're watching here?Stephen Byrd: Yeah, this is for me, maybe the most important takeaway of the conference – is this continued non-linear improvement of LLMs, which we've been writing about for quite some time. And just to give you an example, we think many of the labs have achieved a step change up in terms of the compute that they have, in some cases 10 x the amount of compute to train their LLMs. And that [if] the scaling laws hold – and we see every sign that they will – a 10x increase in compute used to train the models results in about a doubling of the model capabilities.Now just let that sink in for a moment. Let's just think about that. A doubling from here in a relatively short period of time is difficult to predict. It's obviously very significant and I think several of the LLM execs at our event sounded to me extremely bullish on what that will be. A lot of that I think will be evident in greater agentic capabilities.But also, I'd say greater creativity. It was about three weeks ago, three of the best physics minds in the world worked with an LLM to achieve a true breakthrough in physics – solving a problem that had never been solved before. A couple of days ago, a math team did the same thing. And so, what we're seeing is sort of these breakthrough capabilities in creativity. This morning I thought Sam speaking to, you know, incredible increases in what these models can do – which also brings risk. You know, I think it was interesting he spoke to, you know, the risk of misalignment, the risk of what these models are doing.But for me, that's the single biggest thing that I'm thinking about, and that's going to be evident in the next several months.Michelle Weaver: Mm-hmm.Stephen Byrd: So, you know, on the positive side, it leads to greater benefits from AI adoption. And to Josh's point that, you know – more and more the economy can be addressed by AI, I do get concerned about the risk that that kind of step change will create greater concerns about disruption and deflation.That causes me to think a lot about that dynamic. Interestingly, we think the Chinese labs will not be able to keep pace just for one reason, which is compute. We think the Chinese labs have everything else they need. They have the talent, the infrastructure. They certainly have the energy, power. But they don't have the chips.If what we laid out with the American models turns out to be true, I could see a chain reaction where the Chinese government pushes the Trump administration for full transfer of the best technology to China. And China could use their rare earth trade position to ensure that. So, that's sort of the chain reaction I've been thinking about.Michelle Weaver: Mm-hmm. So, let's think about then bottlenecks in the U.S. Power is still one of the main bottlenecks. We had several of the solutions providers here at the conference. So, what are you thinking in terms of the size of the power bottleneck in the U.S. and how are we going to fix that?Stephen Byrd: Yeah, absolutely. I am bullish on the companies that can de-bottleneck power, not just in the U.S., a few other places. Let's go through the math in terms of the problem we face and then the solution.So, we have this very cool – it is cool if you're a nerd – power model that starts in the chip level up, from our semiconductor teams. And from that, we build a global power demand model for data centers. We then apply that to the U.S.Through 2028 we need about 74 gigawatts of data centers, both AI and non-AI to be built in the United States. I don't think we'll be able to achieve that for lots of reasons. But starting from that 74, we have sort of 10 gigs that have been recently built or are under construction. We have 15 gigs of incremental grid access, but after those two, we have to go to unconventional solutions, meaning typically off-grid solutions, over 40 gigawatts of unconventional solutions.So that will be repurposing Bitcoin sites, which could be sort of 10 to 15 gigawatts. That'll be big. Renewable energy, fuel cells will be part of the solution. Gas turbines will be a big part of the solution. Co-locating at a few nuclear plants. I'm less bullish than I used to be on that. But when we net all that out, we think the U.S. is likely to be 10 to 20 percent short of the data center capacity that will need to be in.It's not just a power grid access issue, though, that's a big one. Labor is now showing up as a huge issue. Many of the companies I speak to trying to develop data centers struggle with availability of labor. Electricians being one very tangible example. In the U.S. we need hundreds of thousands of additional electricians.So, for any of your children, like mine, thinking about careers, you know, you'd be surprised [at] the amount of money that people are making in the infrastructure business that does feel like it's a labor shift that's going to have to happen, but it's going to take years. So, in that context, we had a number of the Bitcoin companies at our event here. And the economics of turning a Bitcoin site into hosting a data center are extremely attractive. I mean, extremely attractive.To give you a sense of that. Before this opportunity presented itself to these Bitcoin players, those stocks tended to trade at an enterprise value per watt of about $1 to $2 a watt. Then we started to see these deals in which the Bitcoin players build a data center and lease them to hyperscalers. Those deals – depends a lot on the deal but – have created between $10 and $18 a watt of value. Let me repeat that. 10 to 18 – relative to where these stocks were at 1 to 2.Now many of these stocks have rerated, but not all of them. And there's still quite a bit of upside. And what we've noticed is the economics that the hyperscalers are paying are trending up and up and up. Because of this power shortage that we're dealing with. So, a lot of exciting opportunities are still in the power space.Michelle Weaver: Great. Well, I think that's a good place to wrap this first part of our conversation around AI adoption and the state of play. We'll be back again tomorrow with Part Two, looking at financing and risks.To our panelists, thank you for talking with me. And to our audience, 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.

My guest today is Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs. Last year she was named one of the 100 Most Influential Women in US Finance by Barron's. In today's episode, Kristin discusses the explosive growth of the alternatives market over the past decade. She explains what has driven interest from individual investors, particularly millennials, and touches on recent volatility within software and private credit BDCs. Finally, she shares her expectations for the 2026 IPO market, the potential for renewed interest in hedge funds, and how AI is set to reshape sourcing, underwriting, and portfolio construction. (0:00) Starts (1:31) Introduction of Kristin Olson (3:16) Evolution of alternative investments (10:19) Secondary strategies (13:05) Private equity alpha and liquidity concerns (19:13) Private credit market concerns (22:29) Manager selection and due diligence (24:17) Non-traditional investments and hedge fund interest (27:17) Millennial interest in alternatives (31:40) Infrastructure and global opportunities ----- 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 ----- Sponsor: Register for Alpha Architect's LIVE HIDE webinar on March 26th ⁠here⁠. Want to Learn More about Alpha Architect? Visit ⁠www.funds.alphaarchitect.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

As insurance costs rocket for shipping in the Strait of Hormuz, Asian countries brace for an energy shock. The rapid expansion of American-owned data centres in the Middle East has opened up a new front for Iran's retaliation against the US. Plus, Donald Trump fires the head of the US Department of Homeland Security, Kristi Noem, and the FT's Joshua Franklin explains what JPMorgan wants with an historic New York City hotel. Mentioned in this podcast:Industry casts doubt on Trump plan to insure Gulf oil tankers as Iran war halts transitAsia's big economies brace for Iran war energy shock Donald Trump fires controversial homeland security secretary Kristi NoemPakistan thwarts JPMorgan's efforts to buy historic New York hotelNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, and produced by Saffeya Ahmed and Marc Filippino. Our show was mixed by Kelly Garry. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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Israel expects war against Iran to last weeks and Ayatollah Khamenei's son emerges as a leading candidate for supreme leader. Plus, the Federal Reserve grants crypto exchange Kraken access to its core payments system, inside the collapse of UK property lender Market Financial Solutions, and US Treasury secretary Scott Bessent says the new 15% tariff rate could start this week. Mentioned in this podcast:Ali Khamenei's son Mojtaba emerges as a leading candidate for supreme leader of IranGulf insurance costs soar 12-fold despite Trump guaranteeFederal Reserve grants Kraken access to payments system in first for crypto groupCollapse of UK property lender sends shockwaves through Wall StreetScott Bessent says 15% global tariff ‘likely' to be imposed this weekSend your tariffs stories to marc.filippino@ft.comNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig, and Henry Larson. Our show was mixed by Kelly Garry. Additional help from David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ahead of the LegalWeek Conference taking place in New York City March 9-12, Legal Speak Producer Charles Garnar discusses the current state of artificial intelligence in the legal market with Danielle Benecke, Global Head of Baker McKenzie's Applied AI practice.   Hosts: Cedra Mayfield & Patrick Smith Special Guest Reporter: Charles Garnar Guest:  Danielle Benecke Producer: Charles Garnar

Kraken secures access to a Fed master account. What does it mean for crypto? Kraken has become the first crypto-native company to secure direct access to the Federal Reserve's payment systems. In today's Markets Outlook Jonathan Jachym, Kraken's Global Head of Policy and Government Relations, joins CoinDesk's Jennifer Sanasie to discuss the years-long journey to this milestone and what it means for the future of U.S. dollar settlement and institutional crypto adoption. Plus, Kraken's response to President Trump's recent calls for the Senate to pass the CLARITY Act and stop banks from "undercutting" American innovation. - Timecodes: 01:03 - Inside Kraken's Historic Fed Approval02:27 - The Four-Year Regulatory Journey04:40 - Bypassing Banks to Make Transfers Faster and Safer06:15 - Why Kraken Won Where Others Failed08:16 - Response to Pushback from Banks on Fed Master Accounts10:16 - Trump's CLARITY Act Push vs. The Banks - This episode was hosted by Jennifer Sanasie.

Gas prices have soared on the back of the war in the Middle East, and US president Donald Trump criticised some European nations for not being helpful in the conflict. Plus, the ongoing crisis is disrupting precious-metals trade, and China will unveil its five-year plan during the National People's Congress meeting on Thursday. Mentioned in this podcast:Trump threatens to cut trade with ‘terrible' Spain and calls Starmer ‘no Churchill'China's cadres advocate end to overtime to encourage people to have familiesBrussels urges calm as Iran crisis sends European gas prices soaringGold and silver flows disrupted as Iran conflict grounds flightsNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, edited by Marc Filippino, and produced by Fiona Symon and Saffeya Ahmed. Our show was mixed by Kelly Garry. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Kraken secures access to a Fed master account. What does it mean for crypto? Kraken has become the first crypto-native company to secure direct access to the Federal Reserve's payment systems. In today's Markets Outlook Jonathan Jachym, Kraken's Global Head of Policy and Government Relations, joins CoinDesk's Jennifer Sanasie to discuss the years-long journey to this milestone and what it means for the future of U.S. dollar settlement and institutional crypto adoption. Plus, Kraken's response to President Trump's recent calls for the Senate to pass the CLARITY Act and stop banks from "undercutting" American innovation. - Timecodes: 01:03 - Inside Kraken's Historic Fed Approval02:27 - The Four-Year Regulatory Journey04:40 - Bypassing Banks to Make Transfers Faster and Safer06:15 - Why Kraken Won Where Others Failed08:16 - Response to Pushback from Banks on Fed Master Accounts10:16 - Trump's CLARITY Act Push vs. The Banks - This episode was hosted by Jennifer Sanasie.

Today we had the honor of welcoming three powerhouse guests from Lazard for an engaging discussion at the intersection of geopolitics, global security, and energy markets. Joining us were Admiral Bill McRaven, Retired Four-Star Admiral in the U.S. Navy and Senior Advisor at Lazard, Theodore Bunzel, Head of Lazard Geopolitical Advisory, and George Bilicic, Vice Chairman and Global Head of Power, Energy and Infrastructure. Bill is a Professor of National Security at the University of Texas Lyndon B. Johnson School of Public Affairs and previously served as Chancellor of the University of Texas System. During his military career, he commanded special operations forces at every level and led U.S. Special Operations Command. He oversaw the missions to capture both Osama bin Laden and Saddam Hussein. He joined Lazard as a Senior Advisor in 2021. Teddy has spent his career at the intersection of international political and economic affairs and financial services. He joined Lazard from BlackRock and also serves as a Non-Resident Fellow at the Center on Global Energy Policy. George Bilicic previously led Lazard's Midwest Advisory Business and has over 20 years of experience at Lazard in the investment banking business. His prior roles include senior positions at Cravath, Merrill Lynch, KKR, and Sempra Energy. Our conversation began with Bill's insights into the situation in Iran and the broader Middle East, including what we are learning four days in, the difference between a more “surgical” campaign and a broader strike strategy, and the ways Tehran may try to expand the conflict and prolong it. Bill shares his assessment of the military operation so far, why Iran's missile and drone response was expected, what surprised him tactically, how decentralizing command and control complicates targeting, and why regime change is far more complex than simply removing leadership. We explore the risks around the Strait of Hormuz, the realities of stockpiles and logistics, the strain of sustained deployments, and what seamless U.S.-Israel military coordination signals to China and Russia as they assess this new geopolitical map. George outlines what this volatility is doing in boardrooms around the world, from capital allocation and cost of capital to supply chain realignment, tariff sensitivity, and the growing premium on reliable 24/7 power. Teddy explains how Lazard integrates real-time geopolitical analysis into client strategy, why regulatory decision-making is becoming more discretionary, how European leaders are grappling with structural energy vulnerability and higher costs, how allies and European boardrooms are reassessing U.S. reliability, and why “trusted supply” is becoming central to LNG contracting and long-term energy security. We end by looking at the uncertain path forward, including the limits of prediction, the sustainability of current operations, and how geopolitics is increasingly embedded in corporate decision-making. Thank you to Bill, Teddy, and George for the insightful and timely discussion. Mike Bradley started off by noting that this week's macro conversation has been dominated by U.S. military strikes against Iran and the potential short- and intermediate-term market fallout. In rates, the 10-year Treasury yield moved up to 4.06% (up 12 bps), while some perceived safe havens like gold and silver were ironically lower on the week. In crude, WTI spiked Tuesday to roughly $78/bbl before pulling back to around $74/bbl, amid reports that the Strait of Hormuz was effectively shut—halting approximately 15 mmbpd of oil shipments. Oil retraced from intraday highs as markets focused on President Trump proposing financial security and military escorts for tankers in and out of the Gulf, rather than an SPR release. Refined products moved sharply higher, with wholesale diesel, gasoline, and heating oil up roughly 20% this week. Globally, Qatari LNG was shut down for the first time in 30+ years, help

In an era of unprecedented business complexity, how do leaders position themselves for C-suite success while building resilient organizations? Byron Loflin, Global Head of Board Advisory at Nasdaq and co-author of the new book “CEO Ready: What You Need to Know to Earn the Job and Keep the Job,” joined us to discuss leading effectively through uncertainty, provide best practices for building high-impact leadership teams and explore succession planning strategies that work for organizations of any size. This session is for anyone looking to advance their career or strengthen their leadership effectiveness in today's dynamic business environment.Watch the original Wednesdays with Woodward® webinar: https://institute.travelers.com/webinar-series/symposia-series/leadership-growth. ---Visit the Travelers Institute® website: http://travelersinstitute.org/.Join the Travelers Institute® email list: https://travl.rs/488XJZM.Subscribe to the Travelers Institute® Podcast newsletter on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7328774828839100417. Connect with Travelers Institute® President Joan Woodward on LinkedIn: https://www.linkedin.com/in/joan-kois-woodward/.

As electricity demand surges, geopolitical risks increase, and the physical impacts of climate change escalate, how are investors responding? In this episode, RBC Capital Markets' Global Head of Sustainable Finance Sarah Thompson reflects on the outlook for the market in the light of new global realities, in discussion with Moses Choi, Head of U.S. Sustainable Finance, and Stefano Vitali, Head of Europe and Asia Pacific Sustainable Finance.

“95% of AI pilots fail. I lived that, full stop.” Craig Foldes (Founder of ChatWalrus, fmr. Global Head of AI at Crocs) and Matt Kruer (CIO at Bissell) join host Sean Frank to explore the state of AI within enterprise versus DTC brands. The conversation covers how to find + celebrate the 10% of employees who are AI power users, what it looks like when adoption works, and why this is “for the rebels.” They debate whether AI is the great equalizer or a quiet advantage, unpack which parts of the AI hype cycle are overblown, and make the case that the people who learn to master these tools now are the ones who will win, in their careers and in their companies. Craig Foldes https://www.chatwalrus.com/ https://www.linkedin.com/in/craig-foldes-1b949b96/ Matt Kruer https://x.com/matthew_kruer https://www.linkedin.com/in/matthew-kruer-9a90b716/ Powered By Fulfil https://bit.ly/3pAp2vu Aftersell https://9ops.co/4i3bb5 Richpanel https://9ops.co/richpanel Northbeam https://www.northbeam.io/ Saras Analytics https://bit.ly/9OP-Ytdesc Postscript https://9ops.co/postscript Operators Newsletter https://9operators.com/

What distinguishes organizations that capture real value from AI from those still experimenting?In this episode of AWS Executive Insights, Roger Premo, Global Head of Strategy at IBM, breaks down the practical lessons behind IBM's own AI transformation. From embedding generative AI into everyday workflows to codifying an agentic development lifecycle, IBM has paired leadership commitment with disciplined execution to drive measurable results.Premo discusses how hybrid cloud architecture enables agents to access data across heterogeneous environments, why data product management is now a business imperative, and how governance must be built into AI systems from the start. This essential discussion offers leaders a framework for moving beyond isolated pilots and building scalable, secure, and value-driven AI capabilities. Thank you to IBM for their partnership and participation in this discussion.

For International Women's Day, we speak with SAP's Mindy Davis and Lori Harner on empathetic leadership, “Give to Gain,” AI-driven supply chain change, talent strategies, and embracing change.Download the ⁠⁠⁠⁠⁠⁠⁠⁠episode transcript⁠===== In our International Women's Day episode, SAP's Mindy Davis and Lori Harner discuss empathetic leadership, the “Give to Gain” principle, and how AI is transforming supply chains. They highlight the importance of context, inclusivity, and being open to change, share strategies for attracting talent, and note the shift from efficiency and resilience toward autonomy in supply chain management.Come join us for this exciting journey!===== Guest: Mindy Davis, Global Vice President, Product Marketing, SAP Supply Chain ManagementMindy Davis is global vice president of product marketing for SAP Supply Chain Management, where she leads the marketing strategy for SAP's supply chain solution portfolio. Since joining SAP in 2004, Mindy has held key roles in marketing, alliances, merchandising, and business development. She is recognized for her expertise in building high-performing teams and providing innovative strategic leadership in the software industry. Mindy was featured on the front cover of CIO Look Magazine in 2022 as one of the 10 most influential leaders in supply Chain. She hosted a very well received LinkedIn Live series for Women in Supply Chain and speaks regularly at events around the world.Guest: Lori Harner, Vice President and Global Head of Product Marketing for Supply Chain Planning at SAPLori Harner is the Vice President and Global Head of Product Marketing for supply chain planning at SAP. With a long track record of building and leading high-performing teams, Lori brings a customer-first mindset to her role, driving innovative solutions that meet the complex needs of today's supply chains. Prior to joining SAP, Lori built the product marketing function and team for WEX, a leading financial services firm. Her extensive experience also includes leadership positions at Microsoft, Blue Yonder, E2open, and others. When not driving supply chain innovation, Lori enjoys an active lifestyle in Highlands Ranch, Colorado. She has a passion for the outdoors and loves hiking, walking, and biking. Host 1: Sin ToSin brings over 15 years of experience in the digital media and technology industry – primarily in marketing, business development, thought leadership, and editorial. At SAP, they ensure that SAP's supply chain solutions are properly visible with a focus on future trends and sustainable innovations as part of the Thought Leadership & Awareness Supply Chain Team.Host 2: Zoriana ZahorodniaZoriana is a Product Marketer specializing in Supply Chain Management. As an engaging content creator, blogger, and podcaster, she explores how supply chain innovations and sustainability shape the future of global business.===== Show Links:SAP Digital Supply Chain: www.sap.com/scmFollow Us on Social Media : Mindy DavisLinkedIn: https://www.linkedin.com/in/mindy-davis-88a2b54/ Lori HarnerLinkedIn: https://www.linkedin.com/in/lori-harner/ Sin To: LinkedIn: www.linkedin.com/in/sin-to-5334208 Zoriana ZahorodniaLinkedIn: https://www.linkedin.com/in/zoriana-zahordnia-a3096a205/SAP Digital Supply Chain:LinkedIn: www.linkedin.com/showcase/sapdsc/ Please give us a like, share, and subscribe to stay up-to-date on future episodes!  ===== Chapters: 00:00:00 Supply Chain Transformation00:00:41 Podcast Welcome00:01:18 Meet Mindy and Lori00:02:39 Women Leading with Empathy00:04:52 Give to Gain Leadership00:06:21 From Efficiency to Resilience00:09:14 AI and Agentic Opportunities00:11:29 AI in Practice at SAP00:16:20 Women in Supply Chain Today00:19:11 Inclusive Leadership in Uncertainty00:21:20 Attracting the Next Generation00:25:18 Advice for Young Women00:27:55 Future of Supply Chain00:30:42 Closing and Thanks

Investors turned to gold and the US dollar in the wake of the Iran conflict, and Gulf states are panicking as Iran targets them in retaliatory strikes. Plus,can the US economy handle the surging oil prices caused by the attacks? Mentioned in this podcast:What will war in Iran do to the global economy?Panic in the Gulf as Iran lashes out at US alliesWhat will be in Rachel Reeves' spring outlook for the UK economy?Investors turn to gold, not bonds, as haven from war in IranHedge funds rethink emerging market bets after US-Israel strikes on IranNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed and Nisha Patel. Our show was mixed by Kelly Garry. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In this episode of the AI Policy Podcast, Wadhwani AI Center senior adviser Gregory C. Allen is joined by Andreessen Horowitz Chief Legal and Policy Officer Jai Ramaswamy and head of AI policy Matt Perault for a discussion on a16z's AI policy agenda. They will cover a16z's entrance into politics, their position on state and federal AI regulation, and how to ensure AI benefits society. Jai Ramaswamy is Chief Legal and Policy Officer at Andreessen Horowitz, overseeing the firm's legal, compliance, and government affairs functions. Previously, he was Chief Risk and Compliance Officer at cLabs. He has also served as the Head of Enterprise Risk Management at Capital One and Global Head of AML Compliance Risk Management at Bank of America/Merrill Lynch. Before joining the private sector, Jai worked for over a decade at the Justice Department, including as Chief of the Asset Forfeiture and Money Laundering Section. Matt Perault is the head of AI policy at Andreessen Horowitz, where he oversees the firm's policy strategy on AI and helps portfolio companies navigate the AI policy landscape. Before joining a16z, he was the director of the Center on Technology Policy at University of North Carolina Chapel Hill. He also previously served as head of global policy development at Facebook. Matt is a fellow at the Center on Technology Policy at New York University, the Abundance Institute, and the National Security Institute at the George Mason University Antonin Scalia Law School.

The world is reeling after the US and Israel struck Iran over the weekend. The FT's Najmeh Bozorgmehr details the situation on the ground in Tehran. Then we explore how the renewed conflict affects the United States and the Middle East. Plus, the FT's Malcolm Moore explains the potential implications for the oil market and the global economy. Mentioned in this podcast:What will war in Iran do to the global economy?Tehran: a city at warOil jumps as Donald Trump vows to continue striking IranInsurers to cancel policies and raise prices for ships in Gulf and Strait of HormuzAyatollah Ali Khamenei, Iran's supreme leader, 1939-2026After Khamenei, who rules Iran?Note: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig and edited by Marc Filippino. It was produced by Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Misinformation, amplified by AI, has climbed to the top of the global risk landscape. What does that mean for the office of the CFO? We kick off a Davos miniseries with Workiva CSO Mandi McReynolds, bringing perspectives straight from the World Economic Forum in Davos. Mandi sits down with Ami Badani, CMO of Arm, Rob Fisher, Global Head of Advisory at KPMG, and Robin Hodes, CEO of Global Reporting Initiative, to break down brand risk, workforce pressure, and why transparent, trusted data is now a leadership mandate. In this episode: 04:00 Defending information certainty and proactive brand protection 09:30 The "dollar for dollar" rule: Investing equally in tech and people 18:00 Why reporting is becoming a frontline risk tool 21:00 Preview: The rise of cybersecurity doppelgangers "For every dollar on the tech, you should be spending a dollar on the workforce transformation." —Rob Fisher, Global Head of Advisory, KPMG Enjoy this episode? Find more at workiva.com/podcast/the-pre-read #Davos2026 #GlobalRisk #CFO #AIStrategy #WorkforceTransformation

  Is your cloud foundation ready for the explosion of AI workloads, or are you about to scale technical debt at the speed of innovation? In this episode, I'm joined by Apurva Kadakia, Global Head of Cloud and Partnerships at Hexaware, an AI-first transformation company helping enterprises modernize the core systems that will determine whether their AI strategies succeed or stall. With a front-row seat to large-scale cloud programs across industries, Apurva explains why so many organizations that "moved to the cloud" still find themselves unprepared for what comes next, and why modernization-led migration has become a business priority rather than a technology upgrade. We unpack the real warning signs that cloud environments are not fit for AI, from monolithic architectures and spiraling compute costs to hidden integration complexity and security gaps that only surface at scale. Apurva introduces the idea of "clarity before cloud," a structured approach to understanding sprawling application estates, identifying what truly matters to the business, and matching each workload to the right modernization path using the five R's. It's a conversation that moves beyond theory into the practical decisions leaders need to make now if they want to avoid being locked out of future innovation. The role of AI inside the transformation journey is another major theme. Rather than treating AI as a destination, Apurva shares how AI-led and human-perfected assessment models are already accelerating application discovery, classification, and migration planning, completing the majority of the heavy lifting while keeping human judgment firmly in control. We also explore why governance cannot be an afterthought, and how a dedicated Cloud Transformation Office can drive adoption, reskilling, stakeholder alignment, and data readiness without slowing delivery. Looking ahead to a world of agentic systems and rapidly multiplying cloud workloads, this episode offers a clear message. The organizations that win will not be the ones that adopted cloud first, but the ones that modernized with intent. So as AI moves from experimentation to enterprise scale, are your applications, your architecture, and your operating model truly ready to support it, or is now the moment to rethink your path before the next wave hits?      

Our Deputy Head of Global Research Michael Zezas and Stephen Byrd, Global Head of Thematic and Sustainability Research, discuss how the U.S. is positioning AI as a pillar of geopolitical influence and what that means for nations and investors.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Head of Global Research.Stephen Byrd: And I'm Stephen Byrd, Global Head of Thematic and Sustainability Research.Michael Zezas: Today – is AI becoming the new anchor of geopolitical power?It's Wednesday, February 27th at noon in New York.So, Stephen, at the recent India AI Impact Summit, the U.S. laid out a vision to promote global AI adoption built around what it calls “real AI sovereignty.” Or strategic autonomy through integration with the American AI stack. But several nations from the global south and possibly parts of Europe – they appear skeptical of dependence on proprietary systems, citing concerns about control, explainability, and data ownership. And it appears that stake isn't just technology policy. It's the future structure of global power, economic stratification, and whether sovereign nations can realistically build competitive alternatives outside the U.S. and China.So, Stephen, you were there and you've been describing a growing chasm in the AI world in terms of access to strategies between the U.S. and much of the global south, and possibly Europe. So, from what you heard at the summit, what are the core points of disagreement driving that divide?Stephen Byrd: There definitely are areas of agreement; and we've seen a couple of high-profile agreements reached between the U.S. government and the Indian government just in the last several days. So there certainly is a lot of overlap. I point to the Pax Silica agreement that's so important to secure supply chains, to secure access to AI technology. I think the focus, for example, for India is, as you said; it is, you know, explainability, open access. I was really struck by Prime Minister Modi's focus on ensuring that all Indians have access to AI tools that can help them in their everyday life.You know, a really tangible example that really stuck with me is – someone in a remote village in India who has a medical condition and there's no doctor or nurse nearby using AI to, you know, take a photo of the condition, receive diagnosis, receive support, figure out what the next steps should be. That's very powerful. So, I'd say, open access explainability is very important.Now, the American hyperscalers are very much trying to serve the Indian market and serve the objectives really of the Indian government. And so, there are versions of their models that are open weights, that are being made freely available for health agencies in India, as an example; to the Indian government, as an example.So, there is an attempt to really serve a number of objectives, but I think this key is around open access, explainability, that I do see that there's a tension.Michael Zezas: So, let's talk about that a little bit more. Because it seems one of the concerns raised is this idea of being captive within proprietary Large Language Models. And maybe that includes the risk of having to pay more over time or losing control of citizen data. But, at the same time, you've described that there are some real benefits to AI that these countries want to adopt.So, what is effectively the tension between being captive to a model or the trade off instead for pursuing open and free models? Is it that there's a major quality difference? And is that trade off acceptable?Stephen Byrd: See, that's what's so fascinating, Mike, is, you know, what we need to be thinking about is not just where the technology is today, but where is it in six months, 12 months, 24 months? And from my perspective, it's very clear. That the proprietary American models are going to be much, much more capable.So, let's put some numbers around that. The big five American firms have assembled about 10 times the compute to train their current LLMs compared to their prior LLMs, and that's a big deal. If the scaling laws hold, then a 10x increase in training compute to result in models are about twice as capable.Now just let that sink in for a minute, twice as capable from here. That's a big deal. And so, when we think about the benefit of deploying these models, whether it's in the life sciences or any number of other disciplines, those benefits could start to get very large. And the challenge for the open models will be – will they be able to keep up in terms of access to compute, to training, access to data to train those models? That's a big question.Now, again, there's room for both approaches and it's very possible for the Indian government to continue to experiment and really see which approach is going to serve their citizens the best. And I was really struck by just how focused the Indian government is on serving all of their citizens. Most notably, you know, the poorest of the poor in their nation. So, we'll just have to see.But the pure technologist would say that these proprietary models are going to be increasing capability much faster than the open-source models.So, Mike, let's pivot from the technology layer to the geopolitical layer because the U.S. strategy unveiled at the summit goes way beyond innovation.Michael Zezas: Yeah, it's a good point. And within this discussion of whether or not other countries will choose to pursue open models or more closely adhere to U.S. based models is really a question about how the United States exercises power globally and how it creates alliances going forward.Clearly some part of the strategy is that the U.S. assumes that if it has technology that's alluring to its partners, that they'll want to align with the U.S.' broad goals globally. And that they'll want to be partners in supporting those goals, which of course are tied to AI development.So, the Pax Silica [agreement], which you mentioned earlier, is an interesting point here because this is clearly part of the U.S. strategy to develop relationships with other countries – such that the other countries get access to U.S. models and access to U.S. AI in general. And what the U.S. gets in return is access to supply chain, critical resources, labor, all the things that you need to further the AI build out. Particularly as the U.S. is trying to disassociate more and more from China, and the resources that China might have been able to bring to bear in an AI build out.Stephen Byrd: So, Mike, the U.S. framed “real AI sovereignty” as strategic autonomy rather than full self-sufficiency. So, essentially the. U.S. is encouraging nations to integrate components of the American AI stack. Now, from your perspective, Mike, from a macro and policy standpoint, how significant is that distinction?Michael Zezas: Well, I think it's extremely important. And clearly the U.S. views its AI strategy as not just economic strategy, but national security strategy.There are maybe some analogs to how the U.S. has been able to, over the past 80 years or so, use its dominance in military and military equipment to create a security umbrella that other countries want to be under. And do something similar with AI, which is if there is dominant technology and others want access to it for the societal or economic benefits, then that is going to help when you're negotiating with those countries on other things that you value – whether it be trade policy, foreign policy, sanctions versus another country. That type of thing.So, in a lot of ways, it seems like the U.S. is talking about AI and developing AI as an anchor asset to its power, in a way that military power has been that anchor asset for much of the post World War II period.Stephen Byrd: See, that's what's so interesting, Mike, [be]cause you've highlighted before to me that you believe AI could replace weaponry as really the anchor asset for U.S. global power. Almost a tech equivalent of a defense umbrella.So how durable is that strategy, especially given that some countries are expressing unease about dependency?Michael Zezas: Yeah, it's really hard to know, and I think the tension you and I talked about earlier, Stephen, about whether countries will be willing to make the trade off for access to superior AI models versus open and free models that might be inferior, that'll tell us if this is a viable strategy or not. And it appears like this is still playing out because, correct me if I'm wrong, it's not like we've received some very clear signals from India or other countries about their willingness to make that trade off.Stephen Byrd: No, I think that's right. And just building on the concept of the trade-offs and, sort of, the standard for AI deployment, you know, the U.S. has explicitly rejected centralized global AI governance in favor of national control aligned with domestic values.So, what does that signal about how global technology standards may evolve, particularly as in the U.S., the National Institute of Standards and Technology, or NIST, works to develop interoperable standards for agentic AI systems.Michael Zezas: Yeah, Stephen, I think it's hard to know. It might be that the U.S. is okay with other countries having substantial degrees of freedom with how they use U.S.-based AI models because they could use U.S. law to, at a later date, change how those models are being used – if there's a use case that comes out of it that they find is against U.S. values. Similar in some way to how the U.S. dollar being the predominant currency and, therefore, being the predominant payment system globally, gives the U.S. degrees of freedom to impose sanctions and limit other types of economic transactions when it's in the U.S. interest.So, I don't know that to be specifically true, but it's an interesting question to consider and a potential motivation behind why a laissez-faire approach might be, ultimately, still aligned with U.S. interests.Stephen Byrd: So, Michael, it sounds like really AI is becoming the new strategic infrastructure globally.Michael Zezas: Yeah, I think that's actually a great way to think about it. And so, Stephen, if that were the case, and we're talking about the potential for this to shape geopolitical competition, potentially economic differentials across the globe. And if that is correlated, at least, to some degree with the further development and computing power of these models, what do you think investors should be looking at for signals from here?Stephen Byrd: Number one, by a mile for me, is really the pace of model progress. Not just American models, but Chinese models, open-source models. And there the big reveal for the United States should be somewhere between April and June – for the big five LLM players. That's a bit of speculation based on tracking their chip purchases, their power access, et cetera. But that appears to be the timeframe and a couple of execs have spoken to that approximate timeframe.I would caution investors that I think we're going to be surprised in terms of just how powerful those models are. And we're already seeing in early 2026, these models that were not trained on that kind of volume of compute have really exceeded expectations, you know, quite dramatically in some cases. And I'll give you one example.METR is a third-party that tracks the complexity, what these models can do. And METR has been highlining that every seven months, the complexity of what these models are able to do approximately doubles. It's very fast. But what really got my attention was about a week ago, one of the LLMs broke that trend in a big way to the upside.So, if the scaling laws would hold, based on what METR would've expected, they would expect a model to be able to act independently for about eight hours, a little over eight hours. And what we saw was, the best American model that was recently introduced was more like 15. That's a big deal. And so, I think we're seeing signs of non-linear improvement.We're also going to see additional statements from these AI execs around recursive self-improvement of the models. One ex-AI executive spoke to that. Another LLM exec spoke to that recently as well. So, we're starting to see an acceleration. That means we then need to really consider the trade-offs between the open models and the proprietary. That's going to become really critical and that should happen really through the spring and summer.Michael Zezas: Got it. Well, Stephen, thanks for taking the time to talk.Stephen Byrd: Great speaking with you, Mike.Michael Zezas: 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.

Kraken's Mark Greenberg joins CoinDesk Live to announce a $20 billion milestone in tokenized equity volume and explain how xStocks is dismantling the traditional brokerage model through 24/7 fractional trading. Mark Greenberg, Kraken's VP of xStocks and Global Head of Consumer, joins CoinDesk Live at Consensus Hong Kong to announce a $20 billion milestone in tokenized equity volume. He explains how xStocks is dismantling the traditional brokerage model by allowing users to buy fractional shares of Tesla and the S&P 500 directly within everyday apps. Greenberg discusses the 24/7 trading advantage, the roadmap for adding Hong Kong stocks, and why tokenized equities are becoming the preferred asset class for retail investors across Asia. - This episode was hosted live by Jennifer Sanasie and Dave Lavalle at Consensus Hong Kong 2026, presented by Hex Trust.

Paramount Skydance is poised to triumph in its bid to buy Warner Bros Discovery after Netflix said it would not boost its offer, tech companies are increasingly turning to loans backed by the chips on which their large language models are trained and the FT's George Steer explains how Wall Street is hedging against the tech stock sell-off . Plus, Berkshire Hathaway's new chief executive will send his first letter to investors on Saturday. Mentioned in this podcast:Paramount poised to clinch Warner Bros deal after Netflix walks awayTech groups turn to more chip-backed loans to fund AI arms raceWall Street turns to complex trades to dodge AI ‘implosions'Warren Buffett hands over Berkshire Hathaway's reins to Greg AbelBehind the Money podcast: Berkshire after BuffettNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michela Tindera, Gavin Kallmann and Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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Skilled trades are becoming one of the most important — and overlooked — drivers of the global infrastructure boom. As trillions of dollars flow into energy systems, transportation networks, telecoms, and AI data centers, the constraint is no longer just capital — it's labor. The scale of the infrastructure buildout is historic, but delivering it depends on the availability of trained workers.In this episode of The Bid, host Oscar Pulido is joined by Claire Chamberlain, Global Head of Social Impact and President of the BlackRock Foundation, and Sandra Lawson, Managing Director in Global Corporate Affairs, to explore why skilled trades are central to the next phase of infrastructure investing. With an estimated $85 trillion in global infrastructure investment needed over the next 15 years, demand for electricians, HVAC technicians, grid specialists and plumbers is accelerating.Claire and Sandra explain how apprenticeship-based career pathways offer paid training, competitive wages, and the prospect of long-term financial stability — while also highlighting the growing supply-demand imbalance in the labor market. The conversation explores how philanthropy, employers, unions, schools, and policymakers can work together to expand training capacity and modernize workforce development. As megaforces like AI and infrastructure reshape capital markets, human capital will be just as critical as financial capital in determining long-term economic success.Key moments:00:00 Introduction and meet the guests02:13 WWhat the $85 trillion infrastructure opportunity means for labor markets03:54 Why AI and infrastructure are increasing demand for specialized workers04:45 Why Are These Skilled Jobs Good Jobs?07:15 Training Pipeline Worker Shortage08:43 Philanthropy as Catalyst For The Infrastructure Skilled Trades Requirement10:41 What success looks like for workforce development in an infrastructure-driven economy12:56 Rethinking Going to College vs Apprenticeships and Skilled Trades15:25 How collaboration among employers, unions schools, and philanthropy can expand training capacity17:19 Wrap Up and DisclosureSkilled trades, infrastructure investing, workforce development, capital markets, AI infrastructure, megaforces, economic growth, energy transitionSources: “On the record: Infrastructure and the opportunity in skilled trades”, BlackRock 2026Written Disclosures In Episode Description:This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kraken's Mark Greenberg joins CoinDesk Live to announce a $20 billion milestone in tokenized equity volume and explain how xStocks is dismantling the traditional brokerage model through 24/7 fractional trading. Mark Greenberg, Kraken's VP of xStocks and Global Head of Consumer, joins CoinDesk Live at Consensus Hong Kong to announce a $20 billion milestone in tokenized equity volume. He explains how xStocks is dismantling the traditional brokerage model by allowing users to buy fractional shares of Tesla and the S&P 500 directly within everyday apps. Greenberg discusses the 24/7 trading advantage, the roadmap for adding Hong Kong stocks, and why tokenized equities are becoming the preferred asset class for retail investors across Asia. - This episode was hosted live by Jennifer Sanasie and Dave Lavalle at Consensus Hong Kong 2026, presented by Hex Trust.

Original Release Date: Feb 6, 2026Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Unpacking the regulatory path forward for prediction markets with Coinbase Litigation Head Ryan VanGrack. Coinbase's VP of Legal and Global Head of Litigation, Ryan VanGrack, joins Jennifer Sanasie and Renato Mariotti to discuss why the company is challenging state regulators to ensure a unified federal framework for prediction markets. He also shares why he believes bipartisan market structure legislation is still on the table despite recent setbacks. - Timestamps: 01:10 - The CFTC's Response to Kalshi's Insider Trading Accusations02:38 - Why Coinbase is Suing the States03:41 - Prediction Markets vs. Sports Betting08:14 - The States Are "Gaslighting" the Public on Prediction Markets11:31 - Is Market Structure Still Possible?15:58 - Addressing Concerns About Coinbase's Role in Stalled Market Structure Legislation - This episode was hosted by Jennifer Sanasie and Renato Mariotti .

Nvidia beat Wall Street's estimates on Wednesday as the company continued to benefit from the boom in AI infrastructure, and HSBC is on track to deliver cost savings earlier than planned. Plus, Iran looks to tempt US President Donald Trump with investments in order to stave off war, and the FT's Robert Smith explains how Deutsche Bank rolled out the red carpet for Jeffrey Epstein. Mentioned in this podcast:Nvidia rallies on robust earnings powered by AI investment boomHSBC shares hit record as bank accelerates cost savings and lifts targetIran to offer ‘commercial bonanza' to US companiesHow Deutsche Bank rolled out the red carpet for Jeffrey EpsteinNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump delivered his State of the Union address last night, Europe's largest investment banks delivered their highest trading revenues in at least a decade in 2025, and UK self-driving start-up Wayve has raised $1.2bn in new funding. Plus, people are returning to Afghanistan in droves, but there are questions over whether the country can support this massive influx.Mentioned in this podcast:European traders celebrate decade-beating performanceUK AI start-up Wayve raises $1.2bn from carmakers and Big TechMillions of people are returning to Taliban-run AfghanistanFind a discounted subscription to FT.com here: ft.com/briefingsaleNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Hosted on Acast. See acast.com/privacy for more information.

US software stocks were hit with a fresh burst of selling on Monday as investors fretted that AI will upend the industry, and German Chancellor Friedrich Merz heads to China this week to discuss trade. Plus, the FT's Ben Hall explains where things stand in the Ukraine war four years after Russia's full-scale invasion.Mentioned in this podcast:US software and private capital shares hit with fresh wave of sellingWhat Friedrich Merz is going to tell Xi JinpingVolodymyr Zelenskyy urges Donald Trump to see through Russia's ‘games'Find a discounted digital subscription here: ft.com/briefingsaleNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michela Tindera, Gavin Kallmann, and Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Climate resilience is no longer a distant or abstract concern for businesses. From rising heat and water stress to supply chain disruption and higher operating costs, quieter climate impacts are already shaping how companies plan, invest, and compete.   In this episode of The Optimistic Outlook, Erika Gupta, Global Head of Sustainability at Siemens Financial Services, is joined by Harry Morrison, Partner at Bain & Company, to explore what resilience really means for business today. Together, they discuss how severe weather dynamics show up in day-to-day operations, why action often lags even when risks are well understood, and how better data, analytics, and AI are helping leaders see and respond to risk more clearly.   The conversation looks beyond risk avoidance to examine how resilience can strengthen performance, support long-term growth, and help organizations make better decisions. Show notes: Transcript: https://assets.ctfassets.net/17si5cpawjzf/7oJC8z0fb4YhwgrsW8J3qS/26d5cd98a0e31eed2aa98fe01efdc021/022426-gupta-morrison-optimistic-outlook-transcript.pdf The CEO Playbook for Climate Resilience: https://www.bain.com/insights/the-ceo-playbook-for-climate-resilience-ceo-sustainability-guide-2025/ Infrastructure Transition Monitor: https://www.siemens.com/en-us/company/sustainability/infrastructure-transition-monitor-report/?acz=1&gad_source=1&gad_campaignid=23448235816&gbraid=0AAAAADEuPPM0SpA6QyiRjstvf154OVNCH&gclid=CjwKCAiAs4HMBhBJEiwACrfNZZfbMu0Y94Sr06CXOu6gggqnHIgCTHIGpLEg3pq4lkJc9YT5YM_DOBoCfGgQAvD_BwE Digital Business Optimizer: https://www.dbo.siemens.com/?utm_source=optimistic_outlook_podcast&utm_medium=podcast&utm_campaign=optimistic_outlook_podcast_with_bain_on_resilience&utm_id=E-qftC

At Pfizer, the employer brand is an experiment in progress where hypotheses are constantly tested to improve activation. We learn how they measure their progress as they go and weave employer brand concepts into the recruitment process. Anne Kennedy Dotson is the Global Head of Employer Brand, Recruitment Marketing & University Relations at Pfizer. Anne Kennedy Dotson on LinkedIn: https://www.linkedin.com/in/anne-kennedy-dotson-8362128/ Careers at Pfizer: https://www.pfizer.com/about/careers Subscribe to this podcast: https://employerbrandingpodcast.com Measure your employer brand: https://employerbrandindex.co Thanks for tuning in!

The US Supreme Court's decision to strike down President Donald Trump's use of emergency tariff powers is raising questions about existing trade deals, federal revenues, and the impact to American business. Plus, how JPMorgan chief executive Jamie Dimon is preparing to spend a record $2bn a week.Mentioned in this podcast:Trump's new flat-rate tariff will boost China and BrazilWhat does Trump's latest tariff threat mean for his previous trade pacts?Corporate America demands refunds after Donald Trump's tariffs are struck downDonald Trump's tariffs send corporate America's import costs spirallingUS banks enjoyed record profits of $300bn in 2025Dimon seeks to sell JPMorgan investors on $2bn-a-week costs bill FT News Briefing subscription saleNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, and produced by Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump says the next 10 days will decide if the US strikes Iran or does a deal with the Islamic republic. Plus, the FT's Anjli Raval explains just how bad the job market is for new graduates, and hiring platform Greenhouse's CEO tells us his solutions. Mentioned in this podcast:Trump says he will decide in next 10 days if US will strike IranThe great graduate job drought Find a discounted digital subscription here: ft.com/briefingsaleNote: The FT does not use generative AI to voice its podcasts. Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Henry Larson and Sonja Hutson. Our show was mixed by Kent Militzer. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Our Global Head of FX and EM Strategy James Lord and Global Chief Economist Seth Carpenter discuss what's driving the U.S. policy for the dollar and the outlook for other global currencies.Read more insights from Morgan Stanley.----- Transcript -----James Lord: Welcome to Thoughts on the Market. I'm James Lord, Global Head of FX and EM Strategy at Morgan Stanley. Seth Carpenter:  And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. James Lord: Today we're talking about U.S. currency policy and whether recent news on intervention and nominations to the Fed change anything for the outlook of the dollar. It's Thursday, February 19th at 3pm in London. So it's been an interesting few weeks in currency markets. Plenty of dollar selling going on But then, we got news that Kevin Warsh is going to be nominated to Chair of the Board of Governors. And that sent the dollar back higher, reminding everybody that monetary policy and central bank policy still matter. So, in the aftermath of the dollar-yen rate check, investors started to discuss whether or not the U.S. might be starting to target a weaker currency. Not just be comfortable with a weaker currency, but actually explicitly target a weaker currency, which would presumably be a shift away from the stronger strong dollar policy that Secretary Bessent referenced. So, what is your understanding? What do you think the strong dollar policy actually means? Seth Carpenter: Strong dollar policy, that's a phrase, that's a term; it's a concept that lots of Secretaries of the Treasury have used for a long time. And I specifically point to the Secretary of the Treasury because at least in the recent couple of decades, there has been in standard Washington D.C. approach to things, a strong dichotomy that currency policy is the policy of the Treasury Department, not of the central bank. And that's always been important. I remember when I was working at the Treasury Department, that was still part of the talking points that the secretary used. However, you also hear Secretaries of the Treasury say that exchange rates should be market determined; that that's a key part of it. And with the back and forth between the U.S. and China, for example, there was a lot of discussion: Was the Chinese government adjusting or manipulating the value of their currency? And there was a push that currencies should be market determined. And so, if you think about those two things, at the same time – pushing really hard that the dollar should be strong, pushing really hard that currencies should be market determined – you start to very quickly run into a bit of an intellectual tension. And I think all of that is pretty intentional. What does it mean? It means that there's no single clear definition of strong dollar policy. It's a little bit of the eye of the beholder. It's an acknowledgement that the dollar plays a clear key role in global markets, and it's good for the U.S. for that to happen. That's traditionally been what it means. But it has not meant a specific number relative to any other currency or any basket of currency. It has not meant a specific value based on some sort of long run theoretical fair value. It is always meant to be a very vague, deliberately so, very vague concept. James Lord: So, in that version of what the strong dollar policy means, presumably the sort of ambiguity still leaves space for the Treasury to conduct some kind of intervention in dollar-yen, if they wanted to. And that would still be very much consistent with that definition of the strong dollar policy. I also, in the back of my head, always wonder whether the strong dollar policy has anything to do with the dollar's global role. And the sort of foreign policy power that gives the Treasury in sanctions policy. And other areas where, you know, they can control dollar flows and so on. And that gives the U.S. government some leverage. And that allows them to project strength in foreign policy. Has that anything to do with the traditional versions of the strong policy? Seth Carpenter: Absolutely. I think all of that is part and parcel to it. But it also helps to explain a little bit of why there's never going to be a very crisp, specific numerical definition of what a strong dollar policy is.So, first and foremost, I think the discussion of intervention; I think it is, in lots of ways, consistent, especially if you have that more expansive definition of strong dollar, i.e. the currency that's very important, or most important in global financial markets and in global trade. So, I think in that regard, you could have both the intervention and the strong dollar at the same time. I will add though that the administration has not had a clear, consistent view in this regard, in the following very specific sense. When now Governor Myron was chair of the Council of Economic Advisors, he penned a piece on the Council of Economics website that said that the reserve currency status of the dollar had brought with it some adverse effects on the U.S., and in terms of what happened in terms of trade flows and that sort of thing.So again, this administration has also tried to find ways to increase the nuance about what the currency policy is, and putting forward the idea that too strong of a dollar in the FX sense. In the sense that you and your colleagues in FX markets would think about is a high valuation of the dollar relative to other currencies – could have contributed to these trade deficits that they're trying to push back against. So, I would say we went from the previous broad, perhaps vague definition of strong dollar. And now we're in an even murkier regime where there could be other motivations for changing the value of the dollar. Seth Carpenter: So, James, that's been our view in terms of the Fed, but let me come back to you because there are lots of different forces going on at the same time. The central bank is clearly an important one, but it's only one factor among many. So, if you think about where the dollar is likely to go over the next three months, over the next six months, maybe over the next year, what is it that you and your team are looking for? Where are the questions that you're getting from clients? James Lord: Yeah, so when we came into the start of this year, we did have a bearish view on the dollar. I would say that the drivers of it, we'd split up into two components. The first component was a lot more of the conventional stuff about growth expectations, what we see the Fed doing. And then there was another component to it where – what we defined as risk premia, I suppose. The more unconventional catalysts that can push the dollar around, as we saw, come very much to market attention during the second quarter of last year, when the Liberation Day tariffs were announced and the dollar weakened far in excess of what rate differentials would imply. And so, I would say so far this year, the majority of the dollar move that we've seen, the weakening in the dollar that we've seen, has been driven by that second component. What we've kind of called risk premia. And the conversations that, you know, investors have been having about U.S. policy towards Greenland, and then more recently, the conversations that people have been having around FX intervention following the dollar-yen rate check. These sorts of things have been really driving the currency up until , when the Kevin Warsh nomination was announced. When we look at the extent of the risk premia that we see in the dollar now, it is pretty close to the levels that we saw in the second quarter of last year, which is to say it's pretty big. Euro dollar would probably be closer to 1-10, if we were just thinking about the impact of rate differentials and none of this risk premia stuff over the past year had materialized. That's obviously a very big gap. And I think for now that gap probably isn't going to widen much further, particularly now that market attention is much more focused on the impact that Kevin Warsh will have on markets and the dollar. We also have, you know, the ECB and the Bank of England; , house call for those two central banks is for them to be cutting rates. That could also put some downward pressure on those currencies, relative to the dollar. So all of that is to say for some of the major currencies within the G10 space, like sterling, like euro against the dollar, this probably isn't the time to be pushing a weaker dollar. But I think there are some other currencies which still have some opportunity in the short term, but also over the longer run as well. And that's really in emerging markets. So all of that is to say, I think there is a strong monetary policy anchor for emerging market currencies. This is an asset class that has been under invested in for some time. And we do think that there are more gains there in the short term and over the medium term as well. Seth Carpenter: So on that topic, James, would you then agree? So if I think about some of the EM central banks, think about Banxico, think about the BCB – where the dollar falling in value, their currency gaining in value – that could actually have a couple things go on to allow the central bank, maybe to ease more than they would've otherwise. One, in terms of imported inflation, their currency strengthening on a relative basis probably helps with a bit lower inflation. And secondly, a lot of EM central banks have to worry a bit about defending their currency, especially in a volatile geopolitical time. And you were pointing to sort of lower volatility more broadly. So is this a reinforcing trend perhaps, where if the dollar is coming down a little bit, especially against DM currencies, it allows more external stability for those central banks, allowing them to just focus on their domestic mandates, which could also lead to a further reduction in their domestic rates, which might be good for investors. James Lord: Yeah, I think there's something to that. given the strength of emerging market currencies. There should be, over time, more space for them to ease if the domestic conditions warrant it. But so far we're not really seeing many EM central banks taking advantage of that opportunity. There is a sort of general pattern with a lot of EMs that they're staying pretty conservative and more hawkish than I think what markets have generally been expecting, and that's been supporting their currencies. I think it's interesting to think about what would happen if they're on the flip side. What would happen if they did start to push monetary easing at a faster pace? I'm sure on the days where that happens, the currencies would weaken a little bit. However, if the market backdrop is generally constructive on risk, and investors want to have exposure to EM – then what could ultimately happen is that asset managers will simply buy more bonds as they price in a lower path for central bank policy over time. And that causes more capital inflows. And that sort of overwhelms the knee jerk effect from the more dovish stance of monetary policy on the currency. You get more duration flows coming into the market and that helps their currency. So, yes, if EM central banks push back with more dovish policy, significantly, it could pose some short-term volatility. But assuming we remain a low-vol environment globally, I would use those as buying opportunities. Seth Carpenter: Thanks, James. It's been great being on the show with you. Thank you for inviting me, and I hope to be able to come back and join you at some point in the future if you'll have me. James Lord: Thank you, Seth, for making the time to talk. And to all you listening, thank you for lending us your ears. Let us know what you think of this podcast by leaving us a review. And if you enjoy Thoughts on the Market, tell a friend or colleague about us today.