Podcasts about global head

US President Donald Trump has dropped his tariff threat on Greenland, and the FT's Derek Brower explains how Trump has navigated the World Economic Forum in Davos. Plus, EU lawmakers have postponed the ratification of a trade deal with the Mercosur group of South American economies, and US Supreme Court justices appeared sceptical of Donald Trump's efforts to sack Federal Reserve governor Lisa Cook.Mentioned in this podcast:Greenland latest: Trump rules out using force but calls for ‘immediate negotiations'Trump's Greenland pivot puts Europe in a bindHoward Lutnick heckled at Davos dinner as Christine Lagarde walks outEU lawmakers vote to delay Mercosur trade pact over legal concernsSupreme Court justices express scepticism over Donald Trump's attempt to sack Fed's Lisa CookBerkshire Hathaway considers selling $7.7bn stake in Kraft HeinzCredit: World Economic Forum, Supreme Court of The United StatesNote: 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 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.

This episode is brought to you by Uniswap! Are you a builder who needs to add on-chain trading to your product? The Uniswap Trading API from Uniswap Labs offers plug-and-play access to some of the deepest liquidity in crypto It's on-chain execution at an enterprise level. More liquidity. Less complexity. Visit hub.uniswap.org to learn more. Is Bitcoin losing its “digital gold” narrative just as geopolitics heat up? The Bits + Bips crew debates what markets still aren't pricing in. In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by David Duong, Global Head of Research at Coinbase, to unpack a volatile mix of crypto regulation, geopolitics, and shifting market structure. The group digs into why the latest market structure bill is starting to crack, why investors may be underpricing regulatory clarity, and what it means that Bitcoin is failing to behave like digital gold just as global risk rises. They also explore whether the U.S. and Europe are still true allies, why Wall Street's move toward 24/7 onchain markets matters more than most realize, and how internet capital markets could reshape who gets access to capital in the next decade. Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guests: David Duong, Global Head of Research at Coinbase Learn more about your ad choices. Visit megaphone.fm/adchoices

US equities and the dollar fell in response to transatlantic tension over Greenland, and the FT's Robin Wigglesworth breaks down the idea of Europe leveraging its US Treasuries to influence President Donald Trump. Plus, Netflix said that the entertainment industry remains “intensely competitive”, and China is selling drone components to Russia and Ukraine. Mentioned in this podcast:Dollar and US stocks fall as Trump says ‘no going back' on Greenland bidCould Europe really leverage its $12.6tn pile of US assets?Netflix highlights industry competition as it seeks Warner Bros deal approvalThe Chinese suppliers that could decide the drone war in UkraineCredit: ReutersNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Victoria Craig, and produced by Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from 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.

China has registered its lowest number of births since records began. European governments weigh up options to bring down the high cost of their state pensions? Saudi Arabian banks borrow at record pace. Plus, Chinese EV carmakers have their eyes on the UK.Mentioned in this podcast:China registers lowest number of births since records beganChina's GDP grows 5% in 2025 as exports offset weak domestic outlookCan Europe still afford its generous state pensions?Josh Gabert Doyon: https://www.ft.com/josh-gabert-doyonNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Josh Gabert Doyon, and produced by Clare Williamson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Manuela Saragosa. 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.

As Europe considers retaliation measures to US President Donald Trump's tariff threat to NATO allies that oppose his Greenland-takeover bid, Denmark seeks to bolster its own relationship with the Arctic island. Plus, the US capture of Venezuela's president has boosted demand for Latin America political risk cover. And, geopolitics is the topic du jour at the World Economic Forum in Davos, Switzerland.Mentioned in this podcast:EU readies €93bn tariffs in retaliation for Trump's Greenland threatDenmark's development bank has ‘huge appetite' to invest in Greenland, CEO saysNicolás Maduro ousting boosts demand for Latin America political risk coverBehind the Money podcast: Davos' fight for relevance Note: 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 and Sonja Hutson. 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. Credit: NBC, White House, World Economic ForumRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the years, we have really enjoyed hosting the Goldman Sachs Research Team, and today we are thrilled to share this Special Edition featuring Neil Mehta (Managing Director and Head of North American Natural Resources Equity Research), Carly Davenport (Vice President, Equity Research), and Brian Singer (Managing Director and Global Head, GS SUSTAIN for Global Investment Research). Neil joined Goldman in 2008 and oversees research coverage across oil and gas, utilities, midstream, metals and mining, and clean technology, while also leading coverage for large-cap energy equities. Carly joined Goldman in 2016 and covers U.S. utilities. She previously covered SMID-cap refiners and was a member of the integrated oils & refiners team. Brian joined the firm as an analyst in 1998 and has covered energy companies based in Argentina, Brazil, Canada, Russia, South Africa, and the U.S. As many of you likely know, Goldman recently hosted its annual Energy, CleanTech & Utilities Conference. Jeff Tillery, Arjun Murti, and Maynard were thrilled to welcome the team back to discuss key takeaways and the broader energy landscape. As you will hear, it was a wide-ranging and substantive discussion, thanks to Neil, Carly, and Brian, whose coverage and breadth of knowledge made for a fascinating conversation. In our discussion, Neil walks us through how Goldman's Energy, CleanTech & Utilities Conference has broadened its coverage over time and how the Maduro/Venezuela developments shaped conversations, especially the market's tendency to trade geopolitical headlines to extremes before recalibrating. Brian explains how sustainability in 2026 is increasingly about risk mitigation and reliability (power, water, supply chains), and why the power buildout is a “yes-and” environment rather than an either/or fuel debate. Carly discusses how the market is shifting from “own-the-theme” to a more stock-picker setup as 2025 plans translate into concrete PPA announcements and load-growth rationalization, with an all-of-the-above sourcing outlook across coal, gas, renewables, and longer-dated nuclear. We cover oil and gas risk-taking, M&A, and why consolidation may be necessary, but not sufficient, especially for U.S.-focused shale players. We explore lessons from shale on cost position and diversification, investor “permission” for expansion via Brian's CARE checklist, how to “get outside your lane” without losing credibility, and the guardrails utilities face in avoiding volatility and merchant exposure. Brian outlines investor behavior in a demand-driven upcycle, scale as a differentiator in power, and his energy policy STARS lens: Supply Transition, Affordability, Reliability, and Security, along with supply-chain depth and labor as a binding constraint. Carly also shares underappreciated themes including grid maintenance and resilience investment needs and potential ROE and affordability pressure. Neil highlights economic re-acceleration as a potentially underappreciated upside driver for energy equities and contrasts strategic priorities for refiners versus midstream. We close by asking what's next for the team as they look ahead to next year's conference. We greatly appreciate Neil, Carly, and Brian for sharing their time and perspectives. We hope you find today's discussion as insightful and interesting as we did. Our best to you all and Happy MLK Day!

The EU is proposing a new way to allow Ukraine to join the bloc, and it was the best year for US investment banks since 2021. Plus, a look into the iron ore market and the role China is playing in it, and a preview of the World Economic Forum in Davos. Mentioned in this podcast:EU ‘membership-lite' plan for Ukraine spooks European capitalsJamie Dimon warns Trump administration's attacks on Fed could boost inflationChina's state iron ore buyer flexes muscles in talks with global minersBehind the Money podcast: Davos' fight for relevance FT subscription saleNote: 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 Mischa Frankl-Duval, Fiona Symon, Victoria Craig and Sonja Hutson. 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.

Our Global Head of Fixed Income Research Andrew Sheets looks at the implications of the U.S. government's efforts to ease regulations, from bank balance sheets to asset valuations.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. Today, a core theme of easing policy, and the latest iteration in the U.S. mortgage market. It's Thursday, January 15th at 2pm in London. Central to our thinking for the year ahead is that we're seeing an unusual combination of easing monetary policy, fiscal policy, and regulatory policy – all at the same time. This isn't normal, and usually this type of support is only deployed under much more dire economic conditions. All this is also happening alongside another large supportive force – over $3 trillion of AI- and datacenter-related spending that Morgan Stanley expects all to happen through the end of 2028. This broad-based easing is a global theme. Equities in Japan have been rallying on hopes of even a larger fiscal leasing in that country. In Europe, we think that Germany will continue to spend more while the European Central Bank and Bank of England cut rates more than the market expects.But like many things these days, it's the United States that's at the heart of the story. We think that the U.S. Federal Reserve will continue to lower interest rates this year, even as core inflation persists above its target. The U.S. government will spend about $1.9 trillion more than it takes in, even after adjusting for tariffs as tax cuts from the One Big Beautiful Bill Act kick in. But my focus today is on the third leg of this proverbial three-legged stimulative stool. While easing monetary and fiscal policy probably get the most focus, easing regulatory policy is another big lever that's being pulled in the same direction. Regulatory policy is opaque, and let's face it can be a little boring. But it's extremely important for how financial markets function. Regulation drives the incentives for the buyers of many assets, especially in the all-important banking and insurance sectors. It can set almost by definition what price an asset needs to trade at to be attractive, or how much of an asset a particular actor in the market can or cannot hold. Regulatory policy tightened dramatically in the wake of the Global Financial Crisis, but now it's starting to ease. Our U.S. bank equity analysts expect that finalization of key capital rules later this year – an important regulatory step – could free up about [$]5.8 trillion – with a T – of balance sheet capacity across the Global Systematically Important Banks. In mid-December, the office of the comptroller of the currency and the FDIC withdrew lending guidelines from 2013 that had discouraged banks from making loans to more highly indebted companies. And just last week, the U.S. administration announced that the U.S. mortgage agencies, Fannie Mae and Freddie Mac would buy [$]200 billion of mortgages to hold on their own balance sheet; a significant move that quickly tightens spreads in this key market. For investors, we see several implications. This simultaneous easing across monetary, fiscal, and now regulatory policy supports a market that runs hot and where valuations may overshoot. And in the specific case of these agency mortgages, my colleague Jay Bacow and our mortgage strategy team think that this shift is now very quickly in the price. Having previously been positive on agency mortgage spreads, they've now turned to neutral. Thank you as always for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

US President Donald Trump has not ruled out military action in Iran and Japan's Prime Minister Sanae Takaichi plans to call a snap general election. Plus, Donald Trump's “unpredictable” policies have prompted bond giant Pimco to diversify away from US assets, and US banks push back against Trump's credit card cap plans. Mentioned in this podcast:Donald Trump says he has received assurances ‘killing in Iran is stopping'Japan's Sanae Takaichi to call snap electionDonald Trump's ‘unpredictable' policies to fuel multiyear shift from US, Pimco saysWall Street hits back at Trump credit card cap plansFT subscription sale Note: 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 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.

Today's market landscape is defined by extremes that challenge conventional portfolio construction. A small group of mega-cap stocks now represents an unprecedented share of index weight, profit generation, and capital spending, raising important questions about valuation, diversification, and risk concentration. With this in mind, it was great to have Andrew Lapthorne, Global Head of Quantitative Research at Société Générale, back on the Alpha Exchange. Drawing on long-run valuation distributions and profitability data, Andrew examines whether today's market qualifies as a valuation bubble, not through narratives, but through measurable historical comparisons. His analysis highlights that while headline index multiples appear defensible due to strong profits among a narrow group of companies, the average stock is more expensive than during prior bubble periods, including the late-1990s technology cycle. Our discussion also examines how passive investing and benchmark constraints have altered market behavior. With capital increasingly flowing through index vehicles, Andrew argues that valuation changes now affect entire indices rather than discrete groups of stocks, limiting opportunities for rotation into “cheap” segments. This dynamic has substantially increased tracking error for active managers and reinforced concentration, even among investors who recognize valuation risk but remain bound to benchmark exposure. I hope you enjoy this episode of the Alpha Exchange, my conversation with Andrew Lapthorne.

In this episode of Trending in Education, Mike Palmer welcomes Andrew Sliwinski, Global Head of Product Experience for LEGO Education, on the day of a major product launch. Together, they explore the intersection of physical play and artificial intelligence, revealing how LEGO is redefining AI literacy for the next generation. Andrew shares his winding career path from tutoring in Detroit to directing Scratch at MIT and serving on the board of the Raspberry Pi Foundation. The conversation dives into LEGO Education's new Computer Science and AI curriculum, a hands-on, privacy-first platform designed for students from kindergarten through eighth grade.

Episode 078: Leading on Climate Action for a Positive FutureHow can architects address the challenge of global warming?Planetary warming is one of the biggest disruptions of our time. In this special crossover episode focused on climate action, our friends from Design the Future podcast will join us to discuss the evolution of the sustainable design movement and where it is heading. What can architects do to be part of the solution?The Design the Future podcast is hosted by Lindsay Baker and Kira Gould, two women working at the intersection of the built environment and climate change. Kira and Lindsay will share how they've seen architects leading on climate action, and where the opportunities exist for new leaders to join this work.Guests:Kira Gould is a writer, consultant, and convenor, working from multiple perspectives. As a writer and member of the design media, on staff at and as a consultant to firms, and as a volunteer leader at AIA, she has led the redefinition of design excellence as inclusive of climate action, health, and equity, and emphasized that human and leadership diversity is crucial to advancing all those goals. She is a member of the AIA Committee on the Environment's national Leadership Group. She is a Senior Fellow with Architecture 2030, and was named an Honorary Member of the AIA in 2022. She co-authored Women in Green: Voices of Sustainable Design with Lance Hosey (Ecotone, 2007).As CEO of the International Living Future Institute, Lindsay Baker is the organization's chief strategist, charged with delivering on its mission to lead the transformation toward a civilization that is socially just, culturally rich, and ecologically restorative. Lindsay is a climate entrepreneur, experienced in launching and growing innovative businesses. Her introduction to the green building movement began at the Southface Institute in Atlanta, where she interned before entering Oberlin College to earn a BA in Environmental Studies. She was one of the first 40 staff members at the U.S. Green Building Council, working to develop consensus about what the LEED rating system would become. She then earned an MS from the University of California at Berkeley in Architecture, with a focus on Building Science, and spent five years as a building science researcher at the UC Berkeley Center for the Built Environment. Lindsay applied her experience around the study of heat, light, and human interactions in buildings to a role with Google's Green Team, and later co-founded a smart buildings start-up called Comfy, which grew over five years to 75 employees and a global portfolio of clients. She was the first Global Head of Sustainability and Impact at WeWork, where she built the corporate sustainability team and programs from scratch. Lindsay is a Senior Fellow at the Rocky Mountain Institute, and a lecturer at UC Berkeley. She serves on several non-profit boards, and is an advisor and board member for numerous climate tech startups.

In this episode of the Functionally Speaking series, host Lynn Hamilton speaks with Carol Aliyar, Executive Vice President and Global Head of Safety and Pharmacovigilance (PV) at Syneos Health, about the transformation of PV from a highly regulated, task-oriented function into a more strategic and technology-enabled discipline. With over 30 years in the industry and a career that spans commercial, clinical and safety roles, Carol brings a rare full-spectrum perspective. Listeners will gain insight into:How PV is shifting from transactional taskwork to strategic lifecycle integrationWhat AI and automation really mean for safety operations and talent needsThe enduring importance of human judgment, especially in the age of AI agentsWhy functional service provider (FSP) models are now resonating in PVHow consistency, flexibility and subject matter depth strengthen long-term partnerships Whether you're expanding your PV model, exploring AI adoption or rethinking how functional teams deliver value, this conversation offers real-world perspective and practical foresight.The views expressed in this podcast belong solely to the speakers and do not represent those of their organization. If you want access to more future-focused, actionable insights to help biopharmaceutical companies better execute and succeed in a constantly evolving environment, visit the Syneos Health Insights Hub. The perspectives you'll find there are driven by dynamic research and crafted by subject matter experts focused on real answers to help guide decision-making and investment. You can find it all at https://www.syneoshealth.com/insights-hub. Like what you're hearing? Be sure to rate and review us! We want to hear from you! If there's a topic you'd like us to cover on a future episode, contact us at podcast@syneoshealth.com.

In this episode, host Sandy Vance sits down with Dr. Zayed Yasin, MD, Global Head of Healthcare and Life Sciences at Writer, for a thoughtful and practical conversation about what AI really means for healthcare today. Drawing on his background as a clinician, Dr. Yasin shares how AI can eliminate the “boring” aspects of the job, allowing teams to focus on what matters most: patients and outcomes. Together, they delve into building effective clinical programs in value-based care, leveraging AI for payers, exploring real-world case studies, and examining why many organizations struggle with implementation. If you're curious about where AI is delivering real ROI right now (and why the best way to learn is to lean in and start working), this episode is for you.In this episode, they talk about:Dr. Yasin's background as a clinician and his interest in AI AI will help people focus on what's really important while taking away the boring parts of the jobBuilding the clinical program at a value-based care organizationHow to make these programs work for payersWriter case studies using this technologyWhy organizations struggle with implementing AIFuture big use cases in AILean in hard; you don't start learning until you start working ROI can be attained quickly in places with very little riskUnless you're an AI company, you're not an AI companyA Little About Dr. Yasin:Dr. Yasin runs the Healthcare and Life Sciences group at Writer, the end-to-end platform for enterprises scaling AI. After leaving academic emergency medicine, he built telemedicine and VBC businesses before leading Writer's HCLS AI transformation efforts.

Two former senior executives at the collapsed subprime car lender Tricolor Holdings pleaded not guilty to fraud and financial crime charges, and Microsoft is pledging to “pay its way” for its AI data centres. Plus, US inflation stayed at 2.7 per cent in December, and we'll talk about what Balderton Capital's early investment in Revolut can teach us about venture capital investment. Mentioned in this podcast:Tricolor executives plead not guilty to charges stemming from collapseMicrosoft vows to ‘pay its way' as it seeks to defuse data centre backlashUS inflation stays at 2.7% in DecemberBillions from a million: the London VC that hit the jackpot with RevolutFT subscription sale Note: 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 and Victoria Craig. Our show was mixed by Kelly Garry. Additional help from Michael Lello and 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.

UBS chief executive Sergio Ermotti is planning to step down in April 2027, and Paramount threatened a proxy fight in its latest move to force Warner Bros Discovery back to the negotiating table. Plus, the FT's Robert Armstrong explains what could come next in US President Donald Trump's crackdown on the Federal Reserve. Mentioned in this podcast:UBS boss Sergio Ermotti plans to step down in April 2027Paramount threatens proxy fight in battle for Warner Bros DiscoveryWhat is behind the criminal investigation into Jay Powell?Former Fed chiefs attack DoJ probe into Jay PowellFT subscription sale Note: 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 Sonja Hutson. Our show was mixed by Kelly Garry. 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.

In this episode of The Speed of Culture podcast, Matt Britton sits with Selina Sykes, VP and Global Head of Digital Marketing and Social-First, Unilever, Beauty & Wellbeing, for a deep look at the company's marketing transformation. Selina breaks down how Brand DNAI, AI in content creation, digital twins, creators, and cultural insight come together to build “desire at scale.” She also explains how AI agents and agentic shopping will rewrite the future consumer journey, and why authenticity and community matter more than ever in global beauty.Follow Suzy on Twitter: @AskSuzyBizFollow Selina Sykes on LinkedInSubscribe to The Speed of Culture on your favorite podcast platform.And if you have a question or suggestions for the show, send us an email at suzy@suzy.com Hosted on Acast. See acast.com/privacy for more information.

Erin Andrea Craske, an award-winning strategist, boasts a 20-year career, culminating as Global Head of Consumer Brands. With expertise in strategic development, profitability, leadership, and communication, she's an ICF-certified executive transformation coach. Leveraging 16 years of leadership, she empowers conscious business rebels to succeed and create positive impacts. Erin website: https://linktr.ee/eacraske   Show notes: https://successgrid.net/sg249/   If you love this show, please leave a review. Go to https://ratethispodcast.com/successgrid  

Euro Beinat is the Global Head of AI and Data Science at Prosus Group, working on scaling AI-driven tools and agent-based systems across Prosus's global portfolio, deploying internal assistants like Toqan and generative AI platforms such as PlusOne, and building initiatives like AI House Amsterdam and interdisciplinary AI residencies to explore intent-driven AI and strengthen Europe's AI ecosystem.Mert Öztekin is the Chief Technology Officer at Just Eat Takeaway.com, working on advancing the company's platform with AI-driven ordering and personalised user experiences, scaling cloud and generative AI tooling for engineering productivity, and exploring innovative delivery technologies like automation to make ordering and delivery more seamless. Join the Community: https://go.mlops.community/YTJoinInGet the newsletter: https://go.mlops.community/YTNewsletterMLOps GPU Guide: https://go.mlops.community/gpuguide// AbstractAgents sound smart until millions of users show up. A real talk on tools, UX, and why autonomy is overrated.// BioEuro Beinat Euro is a technology executive and entrepreneur specializing in data science, machine learning, and AI. He works with global corporations and startups to build data- and ML-driven products and businesses. His current focus is on Generative AI and the use of AI as a tool for invention and innovation.Mert ÖztekinMert is the current Chief Technology Officer at Just Eat Takeaway.com with previous experience as a CTO at Delivery Hero Germany GmbH, Director of Engineering at Delivery Hero, and IT Manager at yemeksepeti.com. They have a background in software engineering, system-business analysis, and project management, with a master's degree in Computer Engineering. Mert has also worked as an IT Project Team Lead and has experience in managing mobile teams and global expansions in the online food ordering industry.// Related LinksWebsite: https://www.prosus.com/Website: https://justeattakeaway.com/~~~~~~~~ ✌️Connect With Us ✌️ ~~~~~~~Catch all episodes, blogs, newsletters, and more: https://go.mlops.community/TYExploreJoin our Slack community [https://go.mlops.community/slack]Follow us on X/Twitter [@mlopscommunity](https://x.com/mlopscommunity) or [LinkedIn](https://go.mlops.community/linkedin)] Sign up for the next meetup: [https://go.mlops.community/register]MLOps Swag/Merch: [https://shop.mlops.community/]MLOps GPU Guide: https://go.mlops.community/gpuguideConnect with Demetrios on LinkedIn: /dpbrinkmConnect with Euro on LinkedIn: /eurobeinat/Connect with Mert on LinkedIn: /mertoztekin/Timestamps:[00:00] AI Transformation Challenges[00:29] AI Productivity[04:30] Developer Tool Freedom[09:40] AI Alignment Bottleneck[22:17] Exploring Agent Potential[25:59] Governance of AI Agents[33:24] Shadow AI Governance[40:57] AI Budgeting for Growth[46:27] MLOps GPU Guide announcement!

In this episode of From Lab To Launch, Meg is joined by Dr. Les Enterline, Senior VP and Global Head of Functional Service Partnerships at PPD, part of Thermo Fisher Scientific.With decades of experience across clinical research, Les is helping redefine how biopharma companies structure and scale their development teams through what's known as the FSP model: a flexible outsourcing approach that's gaining traction as sponsors face increasing pressure to deliver trials faster, more efficiently, and with more adaptive designs.As clinical complexity grows and internal teams get stretched thin, FSPs are helping organizations scale specialized expertise while maintaining oversight, quality, and operational control. Under Les' leadership, PPD has become one of the industry leaders in offering hybrid and fit-for-purpose models that blend the best of traditional CRO services with strategic resourcing.In today's conversation, we'll explore how functional partnerships are evolving, how sponsors are rethinking outsourcing to meet modern challenges, and where the future of trial delivery is headed. Qualio website:https://www.qualio.com/ Previous episodes:https://www.qualio.com/from-lab-to-launch-podcast Apply to be on the show:https://forms.gle/uUH2YtCFxJHrVGeL8 Music by keldez

Dr. Helen Belopolsky, Global Head of Geopolitical Research, Miha Hribernik, Chief Geopolitical Strategist, Asia, and Adrian Cox, Thematic Strategist, discuss how geopolitics in 2026 are reshaping the operating environment for corporates and investors, emphasising that volatility is the new normal and anticipating developments is crucial. The discussion covers the evolving international landscape, including the unravelling of the post-1945 order and the implications of President Trump's "America First" policies for areas of focus such as Venezuela and US-China relations.

Our Global Head of Fixed Income Research Andrew Sheets takes a look at multiple indicators that are pointing on the same direction: strong growth for markets and the economy.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. Today I'm going to talk about an unusual alignment of signs of optimism for the global cyclical backdrop and why these are important to watch. It's Friday, January 9th at 2pm in London. 2026 is now well underway. Forecasting is difficult and a humbling exercise; and 2025 certainly showed that even in a good year for markets, you can have some serious twists and turns. But overall, Morgan Stanley Research still thinks the year ahead will be a positive one, with equities higher and bond yields modestly lower. It's off to an eventful start, certainly, but we think that core message remains in place. But instead of going back again to our forecasts through the year ahead, I wanted to focus instead on a wide variety of different assets that have long been viewed as leading indicators of the global cyclical environment. I think these are important, and what's notable is that they're all moving in the same direction – all indicating a stronger cyclical backdrop. While today's market certainly has some areas of speculative activity and excessive valuations, the alignment of these things suggests something more substantive may be going on. First, Copper prices, which tend to be volatile but economically sensitive, have been rising sharply up about 40 percent in the last year. A key index of non-traded industrial commodities for everything from Glass to Tin, which is useful because it means it's less likely to be influenced by investor activity, well, it's been up 10 percent over the last year. Korean equities, which tend to be highly cyclical and thus have long been viewed by investors as a proxy for global economic optimism, well, they were the best performing major market last year, up 80 percent. Smaller cap stocks, which again, tend to be more economically sensitive, well, they've been outperforming larger ones. And last but not least, Financial stocks in the U.S. and Europe. Again, a sector that tends to be quite economically sensitive. Well, they've been outperforming the broader market and to a pretty significant degree. These are different assets in different regions that all appear to be saying the same thing – that the outlook for global cyclical activity has been getting better and has now actually been doing so for some time. Now, any individual indicator can be wrong. But when multiple indicators all point in the same direction, that's pretty worthy of attention. And I think this ties in nicely with a key message from my colleague, Mike Wilson from Monday's episode; that the positive case for U.S. equities is very much linked to better fundamental activity. Specifically, our view that earnings growth may be stronger than appreciated. Of course, the data will have a say, and if these indicators turn down, it could suggest a weaker economic and cyclical backdrop. But for now, these various cyclical indicators are giving a positive read. If they continue to do so, it may raise more questions around central bank policy and to what extent further rate cuts are consistent with these signs of a stronger global growth backdrop. For now, we think they remain supporting evidence of our core view that this market cycle can still burn hotter before it burns out. Thank you as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also, please tell a friend or colleague about us today.

The North Face's iconic Summit Series collection has not only been a part of some of the greatest athletic feats of the past 25 years, it's also had a major influence on the technical apparel we all use today.In this 2-for-1 conversation, Luke Koppa dives into its backstory, major milestones, and standout pieces with The North Face's Global Head of Innovation, Cory Olson. He also talks with the one and only Sage Cattabriga-Alosa to get his perspective as an athlete who's been involved with this series for its entire run — including how he went from hitting backcountry booters in the baggiest clothes he could find, to summiting high-altitude peaks in the most technical gear on the market.RELATED LINKS:Episode Sponsor: SnowbirdEpisode Sponsor: OpenSnowEnter Our Weekly Gear GiveawaysOur Blister Recommended ShopsJoin Us At Blister Summit 2026For BLISTER+ Members: Discounted Blister Summit RegistrationGet Yourself Covered with BLISTER+CHECK OUT OUR YOUTUBE CHANNELS:Blister Studios (our new channel)Blister Review (our original channel)TOPICS & TIMES:OpenSnow (2:09)Snowbird (4:25)Weekly Gear Giveaway (6:03)Sage's History w/ The North Face (7:10)Sage's Ah-Ha Moments w/ Apparel (23:00)Layering Evolution (36:30)Sage's Standout Products (40:56)Cory Olson's Role at The North Face (49:52)Historic and Throwback Pieces (54:14)Standouts Materials (56:36)Athlete Feedback & Design Impact (1:01:11)PFAS-Free Apparel: Present & Future (1:05:19)Care & Washing (1:10:20)Himalayan Suit (1:18:58)Summit Series x Streetwear (1:23:30)Future Projects (1:32:01)CHECK OUT OUR OTHER PODCASTS:Blister CinematicCRAFTEDBikes & Big IdeasBlister Podcast Hosted on Acast. See acast.com/privacy for more information.

In this episode, Tracie Thompson, Global Head of Strategic Clients at Cytora, joins FNO: InsureTech to discuss how technology is transforming underwriting while preserving the essential role of human judgment. Drawing on her experience working with global insurers, Tracie explains how Cytora digitizes submission intake and enables underwriters to move away from fragmented data and manual processes toward faster, more consistent decision-making.  The conversation explores the realities of serving multinational insurance organizations, where technology adoption must balance standardization with local regulatory and operational complexity. Tracy also draws on her experience at AIG to share insights on leadership, resilience, and the importance of trust in complex market environments. Throughout the episode, she emphasizes that the future of underwriting lies in collaboration between advanced analytics and experienced human insight.    Key Highlights  Tracy discusses Cytora's role in digitizing submission intake and underwriting workflows, enabling underwriters to synthesize large volumes of structured and unstructured data while reducing manual triage and administrative burden.  The episode explores how Cytora operates as a platform within the underwriting ecosystem, supporting consistent decision-making across teams, regions, and lines of business.  The conversation examines how global insurers navigate uneven regulatory frameworks and market conditions, requiring technology providers to balance standardization with local adaptability.  Tracy draws on her experience at AIG to share insights on leadership, organizational resilience, and the importance of trust across insurers, clients, and partners in complex operating environments.  The discussion looks at the practical realities of integrating AI into underwriting workflows, including adoption barriers, explainability, and cultural resistance. AI is positioned as a decision-support tool that enhances, rather than replaces, underwriter judgment.  As experienced insurance professionals approach retirement, Tracy highlights the urgency of knowledge transfer and preserving institutional expertise. Technology can help capture and scale this knowledge, but human intuition remains central to complex risk decisions.  The episode also addresses the insurance industry's branding and talent challenges, emphasizing the need to attract diverse, analytically minded professionals and reposition insurance as an innovative, impact-driven career.    Join us at ITC London, Jan 26 & 27 at The Brewery, to continue the conversation on underwriting innovation, AI, and the future of insurance. Secure your spot here

Today's episode of the Punk CX podcast is with Chris Morrissey, who is the General Manager and Global Head of CX Sales & Go-To-Market at Zoom, where he drives strategy and execution for the company's customer experience business. Chris joins me today to talk about why describing yourself as ‘AI-first' these days is a mistake, why reducing effort outweighs everything else in CX, the difference between "lip service personalization" and true personalization and how we should be moving beyond chatbots and what the future of customer interaction really looks like. We finish off with Chris's best advice, his Punk CX brand and his very own good news story. This interview follows on from my recent interview – Brands should avoid making Gen AI or chatbots their sole frontline – Interview with Phil Regnault of PwC – and is number 568 in the series of interviews with authors and business leaders who are doing great things, providing valuable insights, helping businesses innovate and delivering great service and experience to both their customers and their employees.

In this episode of The Milk Road Show, we're joined by Eliezer Ndinga, Global Head of Research at 21Shares, to break down a hard truth most crypto investors don't want to hear: the Layer 2 boom is about to turn into a brutal selection process.~~~~~

In this episode, Steve speaks with Gautam Duggal, Global Head of Banca at Standard Chartered, about the role of insurance in retirement planning. They discuss how insurance can provide protection, generate a steady income stream, and support long-term wealth growth. Read the accompanying report https://www.sc.com/en/uploads/sites/66/content/docs/wm-thematic-report-future-proofing-your-retirement-the-insurance-way-27-november-2025.pdf to find out more.Speaker: - Steve Brice, Global Chief Investment Officer, Standard Chartered Bank  - Gautam Duggal, Global Head, Bancassurance, Standard Chartered Bank  For more of our latest market insights, visit Market views on-the-go or subscribe to Standard Chartered Wealth Insights on YouTube.

In this episode of the HR Leaders Podcast, we sit down with Kristen A. Pressner, Global Head of People & Culture at Roche Diagnostics UK & Ireland, to unpack why neurodiversity may be the single biggest untapped advantage in the post-AI workplace.Kristen explains why most organisations are sitting on “free upside”, talented people already inside the business who are not thriving because work was designed for one type of brain. She shares why only ~25% of employees feel psychologically safe, and why the line manager is the biggest determinant of whether neurodivergent employees thrive or merely survive.Most importantly, she reframes neurodiversity away from labels and diagnoses, and toward practical, human questions, how do you work best, what gives you energy, and what conditions help you shine, and why asking those questions changes performance, engagement, and learning at scale.

Alternative investments are taking center stage as we look ahead to 2026. With public and private markets converging and new opportunities emerging across asset classes, investors are rethinking how to build resilient portfolios for the long term. That's why this episode of Alternative Realities brings together three of J.P. Morgan Asset Management's leading voices: Aaron Mulvihill, Global Alternatives Strategist; Jed Laskowitz, Global Head of Private Markets; and Anton Pil, Head of Global Alternative Investment Solutions. Drawing on insights from over 45 contributors and a $500 billion alternatives platform, the conversation breaks down the key themes shaping the 2026 Alternative Investment Outlook. From the rapid growth of private equity and the evolution of secondary markets to the inflection points in real assets and infrastructure and the renewed momentum in hedge funds, this conversation covers the trends that matter most for investors navigating today's complex environment. Watch the video version on YouTube.  Resources:  For more resources on Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify

New and emerging digital technologies are connecting previously siloed areas of finance. The convergence of traditional finance with digital assets, the rapid evolution of blockchain and AI, and the growing influence of cyber risks across sectors will create both challenges and opportunities.  In this episode, we speak with Moody's experts to understand the risks, innovations, and financing needs shaping global financial markets. Learn more at https://www.moodys.com/outlooks  Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings  Guests: Fabian Astic, Managing Director, Global Head of Digital Economy, Moody's Ratings; Lesley Ritter, Senior Vice President, Cyber Credit Risk, Moody's Ratings Related Research: Cyber Risk – Global -- 2026 Outlook - Cyber threats will intensify as AI tools proliferate 8 Jan 2026Digital Economy – Global – 2026 Outlook - Digital finance links diverse market segments, raising efficiency, risks 05 Jan 2026Digital Transformation – Global – Digitalization reshapes private credit, emerging markets, transition finance 01 Dec 2025Cyber Risk – Global - Weak artificial intelligence governance practices pose growing risk of data breaches 01 Oct 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of Her Playbook, Madelyn Burke sits down with the Global Head of Sports for Amazon Web Services, Julie Souza. She discusses how she got into the sports data business, how AWS is using data in football to improve player safety, and how they are enhancing the fan experience, and Presented by Kendra Scott. :00 - Getting into the sports data business 6:20 - Using data for player safety and officiating 12:40 - Improving the fan experience 16:30 - Advice for your younger self 21:20 - Protecting what makes sports greatSee omnystudio.com/listener for privacy information.

Dans cet épisode, je reçois Marine Paliès, Global Head of Inclusion & Diversity chez Axa. Originaire de l'île de la Réunion, Marine a grandi entre équilibre familial et ambition professionnelle : une mère fonctionnaire attachée à son équilibre personnel et un père chef d'entreprise passionné par son travail. Ce double modèle a façonné sa conviction profonde : l'ambition et l'équilibre peuvent coexister, à condition de repenser la manière dont on conçoit la performance.Marine est également une personne que je connais et admire - notre lien se nourrit d'une même volonté de mettre l'humain au cœur des organisations.Nous explorons son parcours dans les ressources humaines et son engagement pour faire de la diversité et de l'inclusion un levier de transformation dans l'entreprise. Elle revient sur la manière dont elle construit une approche systémique, intégrant l'égalité femme/homme, la mixité, le handicap, les origines, les parcours et toutes les singularités individuelles comme autant de facettes de la richesse humaine.Nous abordons plusieurs thèmes essentiels :– Le leadership non genré : sortir des modèles uniques de réussite et permettre à chacun d'exprimer sa singularité.– La durabilité humaine : penser le développement durable appliqué à l'humain, préserver nos ressources d'attention, d'énergie et d'équilibre, tout en favorisant une culture inclusive et durable.– L'authenticité : être aligné avec ce qui compte vraiment, sans pression à tout partager, et mettre la santé mentale et l'équilibre au centre de la performance et du leadership.– Le burn-out : changer le récit autour de cette expérience, la voir comme une source de résilience plutôt que comme un signe de fragilité.– L'espoir et la transmission : chaque geste compte pour remettre du positif dans le quotidien professionnel.Un échange dense et lumineux qui redonne de l'espoir en un futur plus juste dans l'entreprise.Bonne écoute ! Sandra***************Numéros d'Equilibristes est la lettre que j'envoie 2 fois par mois - c'est là que je partage ressources, observations et analyses, dont le point de départ est souvent le quotidien ou mon travail avec mes clients. C'est là aussi que j'annonce en avant-première tous les événements et opportunités de travailler ensemble. Vous pouvez vous abonner ici.Découvrez mon livre, En Équilibre, qui déconstruit le mythe de l'équilibre vie pro vie perso et explore 4 grands besoins derrière celui de préserver son équilibre de vie.Pour découvrir comment travailler ensemble, rendez-vous sur www.conscious-cultures.comPour écouter tous les épisodes, rendez-vous sur www.lesequilibristes.comConnectons-nous sur les réseaux : https://www.linkedin.com/in/sandra-fillaudeau-23947ba/ et https://www.instagram.com/les_equilibristes_podcast/Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

After a long break, Disrupt Dublin is returning on Thursday, 26 February 2026, bringing fast talks, sharp thinking, and real conversations about the future of work in Ireland. In this episode, I'm joined by my event co-host Bill Banham, Editor of HR Gazette, host of the HRchat Podcast, and one of the long-standing forces behind Disrupt events across the UK, Ireland, the US, and Canada. We talk about why now is the right time to relaunch DisruptHR Dublin, what makes the format different from traditional HR conferences, and what attendees can expect on the night. What Is Disrupt? Disrupt was founded in 2013 in Cincinnati and has since run events in more than 170 cities worldwide. Its format is simple and demanding: Five-minute talks Twenty slides Slides auto-advance every 15 seconds Speakers have no room to waffle. They must be clear, direct, and honest. The result is high-energy talks that get straight to the point and often say the things people are already thinking but rarely hear on stage. Bill explains how this format changes the dynamic for both speakers and audiences, creating a sense of shared risk, focus, and connection. The aim is not polished perfection, but useful ideas that spark new thinking. Why Disrupt Dublin Matters This will be the first Disrupt event in Dublin since before the pandemic, and the relaunch is designed to feel social, open, and practical. Rather than a full-day conference, Disrupt Dublin is an evening event with time built in for proper conversations. Talks are recorded and added to the global Disrupt library, which now hosts thousands of short presentations from around the world. Topics on the night will span leadership, culture, talent, technology, learning, wellbeing, and how work is really changing in 2026 and beyond. Tickets here: https://www.eventbrite.ie/e/disrupt-dublin-returns-tickets-1976595846385. Event Details Date Thursday, 26 February 2026 Time 5:00 pm to 8:30 pm GMT Location Personio Dublin Georges Quay House, 43 Townsend Street, Dublin 2 Agenda 5:00 – 6:00 Registration and networking Drinks, canapés, and first conversations 6:00 – 6:15 Welcome and opening remarks 6:15 – 7:00 Lightning Talks – Round One 7:00 – 7:15 Break 7:15 – 8:00 Lightning Talks – Round Two 8:00 – 8:30 Wrap-up and final networking Speakers Include Kelsey Cates, Global Head of Learning Experiences, Google Elizabeth Buckley, HR Director, Forvis Mazars John Kennedy FCIPD, Head of HR Organisational Development, Iarnród Éireann and Vice Chair, CIPD Ireland National Committee Dr. Mary Collins, Chartered Psychologist, Royal College of Surgeons in Ireland Simon Peter Haigh, Founder and CEO, GCM Growth Group Ivan Stojanovic, Co-founder, Taladria Bill Banham, Editor, HR Gazette More speakers and partners will be announced closer to the event. Who It's For Disrupt Dublin is designed for in-house HR and Talent professionals, people leaders, founders, researchers, and workplace innovators. Capacity is limited, and priority will be given to practitioners and guests of partners and speakers. How to Attend Places are limited. Registration does not guarantee entry, and tickets may be refunded if the event is full or attendee criteria are not met. Tickets here: https://www.eventbrite.ie/e/disrupt-dublin-returns-tickets-1976595846385. If you are looking for a short, high-energy event that challenges standard thinking and brings together people who are actively shaping work in Ireland, this is one to put in the diary. About The A Better HR Business Podcast The A Better HR Business shares strategies, tactics, success stories, and more about marketing for HR consultancies and marketing for HR tech companies, and how to get more clients. Follow the show on Apple Podcasts or Spotify so you don't miss future episodes. For show notes and to see details of our previous guests, check out the podcast page here: www.GetMoreHRClients.com/Podcast HR BUSINESS GROWTH RESOURCES Get the new book - Grow A Successful HR Business Your Way Launch your own business podcast: B2B Podcast Agency Get the powerful marketing platform -HR Growth Engine™. VISIT GET MORE HR CLIENTS Want more clients for your HR-related consultancy or HR Tech business? Visit the Get More HR Clients website for articles, newsletters, podcasts, videos, resources, and more at www.getmorehrclients.com.

The marketing landscape is changing faster than ever—and the marketers who treat their work like product and embrace AI will win.   This week, Leader Generation host Tessa Burg talks with Alan Kipust, Mod Op's Executive in Residence and a leader in product management, to discuss how AI is fundamentally reshaping what marketing teams can accomplish and how they should think about their work.  You'll learn which AI applications actually move the needle, the power of a good hackathon and the skills every marketer needs to master. Wherever you are in your career, this episode will change how you approach your work tomorrow.  Leader Generation is hosted by Tessa Burg and brought to you by Mod Op. About Alan Kipust: Alan Kipust is a senior product management executive with a distinguished track record building and scaling digital, logistics, and customer-centric businesses for some of the world's most recognizable brands. Over a fifteen-year career at Amazon, Uber, Chewy and Ford Motor Company, he has led transformative initiatives across e-commerce, mobility, customer operations, and subscription ecosystems. Most recently, as Senior Director of Product Management for Ford's Digital Experience organization, Kipust oversaw the company's subscription commerce and advanced Ford's global data privacy and commitments. Prior to Ford, he served as Senior Director of Customer Experience at Chewy, driving enterprise-wide customer experience strategy, deploying proprietary CRM systems, and helping maintain the brand's industry-leading satisfaction rating. With deep expertise in scaled operations, platform design, and technology-driven transformation, Kipust has shaped the digital and operational backbone behind major global businesses. At Uber, he served as Global Head of Vehicle Product Management, directing the product and fleet strategy for a 60,000-vehicle program that supplied a significant share of global driver availability. Earlier in his career, he spent seven years at Amazon, where he launched Amazon Flex and built Amazon Logistics' first integrated customer-and-driver support operation. A holder of multiple U.S. patents and an advisor to several high-growth companies, Kipust is known for his product vision, operational rigor, and ability to build high-performing teams in complex, rapidly evolving environments. He can be reached on LinkedIn or at Alan.Kipust@modop.com. About Tessa Burg: Tessa is the Chief Technology Officer at Mod Op and Host of the Leader Generation podcast. She has led both technology and marketing teams for 15+ years. Tessa initiated and now leads Mod Op's AI/ML Pilot Team, AI Council and Innovation Pipeline. She started her career in IT and development before following her love for data and strategy into digital marketing. Tessa has held roles on both the consulting and client sides of the business for domestic and international brands, including American Greetings, Amazon, Nestlé, Anlene, Moen and many more. Tessa can be reached on LinkedIn or at Tessa.Burg@ModOp.com.

How can treasurers manage the impact of continuing uncertainty and re-alignment in the trade space? Barclays' Jaya Vohra, Global Head of Trade and Working Capital, and Michaël Hache, Head of Trade Finance, Export Finance, Working Capital, France & Benelux, investigate the options and opportunities.

In this episode, we sit down with Kevin Shtofman, a seasoned corporate development leader and AI-driven real estate innovator who serves as the Global Head of Corporate Development at Cheere, a data management company building AI agents exclusively for the real estate industry. With over $3.4 trillion in real estate assets flowing through a patented knowledge-graph-powered platform, he shares how enterprise-level AI is transforming property data, decision-making, and investment strategy. Drawing on experience as a C-suite software executive, he unpacks how he's leveraged AI to build a profitable “one-person” real estate business, the data he uses for free versus what he pays for, real-world AI use cases, and the hard-earned lessons and pitfalls from deploying AI agents over the past 18 months. An accomplished investor, advisor, and global speaker, he offers candid insights on the non-linear path to financial freedom, leadership at scale, and the future of AI in real estate.FOLLOW KEVIN

In this episode of Out of the Clouds, host Anne V. Mühlethaler welcomes Zsofia Jamieson, co-founder of The Fertility Class, for an illuminating conversation about reproductive health, entrepreneurship and the power of becoming your own health advocate. Zsofia is a certified Aviva Method teacher, entrepreneur and former fashion executive who served as Global Head of Business Operations for luxury e-commerce group Net-a-Porter. Diagnosed with severe PCOS as a teenager and told she might never conceive, she was surprised to heal naturally through movement and nutrition, and today dedicates her work to helping women worldwide reconnect with their bodies and reproductive health.Zsofia tells Anne about her upbringing in a small town in Hungary, where she grew up during the transition from socialism to capitalism. At just 15, she moved to the United States as an exchange student, an adventure that would shape her into the resilient, driven woman she is today. She shares how she went on to study business and logistics, and how she found her calling at the intersection of operations and luxury fashion.Zsofia then goes on to explain the health struggles that had been simmering beneath her high-powered career. Diagnosed with PCOS (polycystic ovarian syndrome) as a teenager, she spent a decade on birth control pills that masked her symptoms. When she came off the medication to start a family, all her symptoms returned with a vengeance. This crisis became a catalyst for transformation. Through her own research, Zsofia discovered the Aviva Method, a Hungarian practice of therapeutic fertility exercises that she would later introduce to the UK and US.The Fertility Class is a science-backed exercise method for fertility and hormonal health: a guided movement programme designed to support reproductive health naturally. Through gentle, targeted exercises that enhance pelvic circulation and hormonal balance, it helps the body create the ideal conditions for conception. Practiced for decades and trusted by doctors, the method empowers women to take an active role in their fertility from home, on their own time. It addresses menstrual health, supports those trying to conceive, and helps with conditions including PCOS, endometriosis and fibroids.Anne and Zsofia explore the science behind these exercises, which Zsofia describes as a way to counteract the effects of our sedentary lifestyles on reproductive health. The pair discuss how sitting for extended periods essentially cuts off blood flow to our reproductive organs, depriving them of oxygen, hormones and nutrients. The fertility exercises work by rhythmically contracting and releasing the muscles surrounding these organs, pumping blood flow and tapping into reflexology points connected to hormone-producing glands.Zsofia speaks passionately about the gap in women's healthcare, the vast space between doing nothing and pursuing invasive medical treatments. With one in six couples struggling with infertility, 10% of women affected by PCOS and another 10% by endometriosis, she sees The Fertility Class as filling a crucial need for accessible, evidence-based tools that empower people to rebalance their hormones, restore pelvic circulation and reconnect with their bodies naturally.An empowering conversation about health advocacy, the wisdom of listening to our bodies and creating tools that truly serve reproductive wellbeing.Happy listening!Selected links from episodeThe Fertility Class websiteThe Fertility Class on InstagramThe Fertility Class Men's ProgrammeNet-a-PorterMr PorterThe OutnetNatalie MassenetThe Aviva MethodPCOS (Polycystic Ovarian Syndrome) - NHS informationEndometriosis Hypothalamic AmenorrheaThe playlist from guests of Out of The Clouds answering 'What song best represents you?'The Song that best represents Zsofia (especially on HIGH volume:) The Shapeshifters: Lola's ThemeZsofia's favorite book: Magda Szabo: Iza's Ballad (Original Hungarian title: Pilátus)Visit our website Out of the Clouds : https://outoftheclouds.com/Find us on Instagram: https://www.instagram.com/_outofthecloudsAnne on Instagram: https://www.instagram.com/annvi/Anne on BlueSky: https://bsky.app/profile/annvi.bsky.socialAnne on LinkedIn: https://www.linkedin.com/in/anne-v-muhlethaler/Please subscribe and leave us a review ✨ Hosted on Acast. See acast.com/privacy for more information.

Send us a textIn Part 2 of our year-end reflections, Alex speaks with educators, founders, investors, and platform leaders about what 2026 may bring for AI and learning at scale.

Original Release Date: December 3, 2025Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York.So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market.Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question?Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S.And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well.Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling.All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.

In this episode, Adam Torres interviews Douglas Smith, Global Head of Public Affairs & Managing Director (MENA) at The Nuclear Company, about insights from the Milken Middle East & Africa Summit and how fleet-scale nuclear projects—supported by deep construction expertise and AI—can expand reliable baseload power while strengthening long-term economic and national security. This interview is part of our Milken Coverage Series. Big thank you to Milken Institute! About Douglas Smith Dynamic leader with a proven track record of building winning operations that deliver within the private and public sectors. Brings more than 25 years of experience managing government and private sector organizations that have excelled in advocacy, coalition building, new business development, communications, public policy and corporate social responsibility efforts in the U.S. and around the world. A frequent public speaker as well as on air expert on numerous networks including CNN, Fox News and MSNBC The Nuclear Company, which is leading fleet-scale deployment of nuclear power across America and pioneering the modernization of nuclear construction, today announced the hiring of The Honorable Douglas A. Smith, former Assistant Secretary for the Private Sector at the U.S. Department of Homeland Security. As Global Head of Public Affairs and Managing Director for the Middle East, he will oversee The Nuclear Company's international public affairs and business engagements with a particular focus on the Middle East and Southeast Asia. In this role, he will lead The Nuclear Company's growing presence in those regions, which are rapidly investing in nuclear power as a cornerstone of long-term energy security and decarbonization. About The Nuclear Company The Nuclear Company, which is leading fleet-scale deployment of nuclear power across America and pioneering the modernization of nuclear construction, today announced the hiring of The Honorable Douglas A. Smith, former Assistant Secretary for the Private Sector at the U.S. Department of Homeland Security. As Global Head of Public Affairs and Managing Director for the Middle East, he will oversee The Nuclear Company's international public affairs and business engagements with a particular focus on the Middle East and Southeast Asia. In this role, he will lead The Nuclear Company's growing presence in those regions, which are rapidly investing in nuclear power as a cornerstone of long-term energy security and decarbonization. This interview is part of our AFM 2025 Series. Big thank you to ⁠⁠⁠⁠⁠⁠American Film Market⁠⁠⁠⁠⁠⁠ ! Follow Adam on Instagram at ⁠⁠⁠https://www.instagram.com/askadamtorres/⁠⁠⁠ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: ⁠⁠⁠https://missionmatters.lpages.co/podcastguest/⁠⁠⁠ Visit our website: ⁠⁠⁠https://missionmatters.com/⁠⁠⁠ More FREE content from Mission Matters here: ⁠⁠⁠https://linktr.ee/missionmattersmedia⁠⁠⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dan Ives, Global Head of Tech Research at Wedbush Securities, shares his top AI plays for 2026.At CES, the annual consumer technology conference happening in Las Vegas next week, the biggest names in tech, including Nvidia Corp., Advanced Micro Devices Inc., Samsung Electronics Co. and Lenovo Group Ltd., will make the case for artificial intelligence. Their target audience those few days: investors, corporate clients and — perhaps just as importantly — ordinary shoppers who have yet to be fully sold on the idea of AI-infused gadgets.See omnystudio.com/listener for privacy information.

Leading treasury teams across borders isn't just about numbers - it's about people, adaptability, and strategic vision.In this episode, Mike Larsen,Global Head of Client Treasury at Computershare reveals how he's built and led treasury teams on three continents, and what it really takes to thrive in today's complex, global financial environment.Mike Larsen is the Global Head of Client Treasury at Computershare. With a 25 year career that has spanned top financial institutions like PwC, JP Morgan, and HSBC across the US, UK, and Asia, Mike brings deep expertise in building and leading global treasury functions. At Computershare, he has spearheaded a major treasury transformation, helping the company navigate explosive growth and increasing complexity.This episode delivers a masterclass in global treasury leadership. Mike Larsen shares firsthand lessons from building and leading treasury teams across the US, Europe, and Asia - adapting to cultural nuances, managing multi-billion-dollar portfolios, and transforming operations through technology.What We Cover in This Episode:Mike's global career journey through San Francisco, New York, London, and Hong KongThe critical role of mentorship and networking in treasury career developmentThe evolution of Computershare's treasury function and managing $80+ billion in client assetsHow to adapt leadership style across cultural contexts and global teamsThe importance of control frameworks, cash forecasting, and risk assessment in modern treasuryLessons learned from crises: treasury's role in resilience and transformationAdvice for aspiring treasury professionals on taking career risks and building influenceWhether you're a rising treasury professional or a seasoned leader, this episode offers practical strategies and mindset shifts to elevate your impact in an increasingly complex financial world.You can connect with Mike Larsen on LinkedIn.---

Aakash Doshi, Global Head of Gold for the SPDR ETF business at State Street Global Advisors, joins host Stewart Foley on the InsuranceAUM.com Podcast for an in-depth discussion on one of the most talked-about asset classes in recent years. The conversation explores the macroeconomic, geopolitical, and structural forces that have shaped gold markets since the post-pandemic period.   Aakash shares his perspective on central bank demand, ETF flows, global debt levels, and the concept of gold as an alternative fiat hedge. He also explains why gold is often viewed as a left-tail asset and how it differs from other commodities and digital assets in institutional portfolios.   The episode concludes with a practical discussion around implementation, including how institutional and insurance investors access gold exposure at scale and what risks could influence the outlook heading into 2026. This episode is for educational purposes only and does not constitute investment advice.

We close out the year on SmarterMarkets™ with Part One of our Holiday Special 2025: The Year in Review.   2025 has been a big year full of big months here at Abaxx and at SmarterMarkets™, and we're closing out 2025 by revisiting the conversations with our guests that helped us understand and articulate the themes that would come to define the year.    2025 was the year in which we discovered that this was not the energy transition that we were expecting; and the year in which a new geopolitical reality emerged and old geopolitical concerns resurfaced. It was the year featuring a tale of two carbon markets and the need for new weather markets to manage the risks posed by reliance on renewable power. And 2025 was the year in which there was both a new gold rush and a rush into tokenization.   We hope you'll sit back, relax, and enjoy Part One of our Holiday Special 2025: The Year in Review.   Our guests in order of appearance:   Andy Home – Senior Metals Columnist, Thomson Reuters SM213 – 1.18.2025 – The State of Play in Battery Metals   Andrea Hotter – Special Correspondent, Fastmarkets SM214 – 1.25.2025 – The State of Play in Battery Metals   Peter Zaman – Partner, HFW Singapore SM218 – 2.22.2025 – Carbon Frontiers 2025   Nobuo Tanaka – Executive Director Emeritus, International Energy Agency (IEA) SM246 – 8.30.2025 – Summer Playlist 2025   Helima Croft – Managing Director & Global Head of Commodity Strategy, RBC Capital Markets SM245 – 8.23.2025 – Summer Playlist 2025   Dave Ernsberger & Mark Eramo – Co-Presidents, S&P Global Commodity Insights SM251 – 10.4.2025 – Catching Up On Climate   Rene Velasquez – Managing Partner, Valitera SM219 – 3.1.2025 – Carbon Frontiers 2025   Mark Lewis – Partner & Managing Director, Climate Finance Partners LLC and Former Head of Research, Andurand Capital SM216 – 2.8.2025 – Carbon Frontiers 2025   Hannah Hauman – Global Head of Carbon Trading, Trafigura SM250 – 9.27.2025 – Catching Up On Climate   Theresa Kammel & Pierre Buisson – Originator & Senior Structurer, Weather & Agro Zurich, Munich Re SM241 – 7.26.2025 – Summer Playlist 2025  

What does it actually take to move AI from experimentation to enterprise-wide impact? In this episode of Technovation, Peter High speaks with Leigh-Ann Russell, Chief Information Officer and Global Head of Engineering at Bank of New York (BNY), about how one of the world's most systemically important financial institutions is operationalizing AI at scale. Leigh-Ann shares how BNY trained 99% of its 50,000-person workforce on AI, moved beyond pilots into deep enablement, and empowered employees across technical and non-technical roles to build AI agents that drive real productivity gains. Key topics discussed include: Training nearly the entire workforce to become AI-literate Moving from AI pilots to enterprise-wide enablement Empowering employees to build and deploy AI agents Reducing cognitive load while improving speed and resilience Leading AI adoption through hands-on executive behavior

Interview with Sidrah Fariq, Global Head of Retail at Deribit.  We explore why crypto options remain a niche, what is holding back retail adoption, and how regulation, education, and access will shape the next phase of crypto markets. - Why crypto options attract sophisticated traders, not mass retail - How regulation and licensing determine who can be marketed to and where - Why customer acquisition is far more expensive for derivatives platforms - The role of education in driving real adoption beyond hype - How institutional dominance and better infrastructure are reshaping crypto derivatives  

This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity's most powerful trading experience yet: ⁠⁠⁠⁠⁠⁠⁠https://www.fidelity.com/trading/trading-platforms?immid=100734&imm_pid=430504639&imm_aid=a&dfid=&buf=99999999⁠⁠⁠⁠⁠⁠⁠ Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC In this episode of 'Okay, Computer' Dan Nathan and Dan Ives, the Global Head of Technology Research at Wedbush Securities, reunite to discuss the resurgence of their podcast and the state of the tech industry. They reflect on past conversations, significant tech changes, and the return of their brand due to popular demand. They delve deeply into the impact of AI on the technology sector, the volatility in the space, and how retail and institutional investors can navigate these changes. Ives highlights his AI-themed ETF, IVES, explaining its investment strategy and evolution. The duo also explores the challenges and opportunities in enterprise software, the performance of tech giants like Microsoft, Google, and Apple, and the significant disruptions brought by AI. Later, Adam Singolda, CEO of Taboola, joins to discuss his company's strategy and the broader implications of AI on journalism and advertising, emphasizing the need for ethical practices in using AI-generated content. The episode provides a comprehensive look at the transformative power of AI and its implications across various tech sectors. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

To conclude their two-part discussion, our Head of Corporate Credit Research Andrew Sheets and Chief Investment Officer for Morgan Stanley Wealth Management Lisa Shalett discuss the outlook for inflation and monetary policy, with implications for investment-grade credit.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Corporate Credit Research at Morgan Stanley.Lisa Shalett: And I am Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management.Andrew Sheets: Yesterday we focused on the topic of a higher for longer inflation regime, and I was asking the questions. Today, Lisa will grill me on my views for the next year. It's Friday, December 19th at 4pm in London. Lisa Shalett: And it's 11am in New York. All right, Andrew, I'm happy to turn tables on you now. I'm very interested in your thoughts about the past year – 2025 – and looking towards 2026. In 2026, Morgan Stanley Research seems to expect a resilient global growth backdrop, with inflation moderating and central banks easing policy gradually. What do you think are the main drivers behind this more constructive inflation outlook, especially taking into account the market's prevailing concerns about persistent price pressures. Andrew Sheets: There are a couple of factors that we think are going to be near term helps for inflation, although I don't think they totally rule out what you're talking about over that longer term period.So first, we, at Morgan Stanley, are very cautious, very negative on oil prices. We think that there's going to be more supply of oil over the next year than demand for it. And so lower oil prices should help bring inflation down. There's also some measures of just how the inflation indices measure shelter and housing. And so, while we think, kind of, looking further ahead, there are some real shortages emerging in things like the rental markets – where you just haven't had a whole lot of new rental construction coming online, as you look out a year or two ahead. But in the near term, rental markets have been softer. Home prices are coming down with a lag in the data. And so, shelter inflation is relatively soft. So, we think that helps. While at the same time fiscal policy is very supportive and corporates, as we discussed in our last conversation, they're really embracing animal spirits – with more spending, more spending on AI, more capital investment generally, more M&A. And so, those factors together, we think, can over the next 12 months, still mean pretty reasonable growth and Inflation that's still above target – but at least trending a little bit lower. Lisa Shalett: You believe that central banks, including the Fed, will cut rates more slowly given better growth. And this slower pace of easing could actually be positive for the credit markets. So, could you elaborate on your expertise on credit and why a gradual Fed approach may be preferable? What risks and opportunities might this create? Andrew Sheets: Yeah, so I think this is kind of one of these big debates going into this year is – which would we rather have? Would we rather have a Fed that was more active, cutting more aggressively? Or cutting more slowly? And, indeed, we're having this conversation on the heels of a Fed meeting. There's a lot of uncertainty about that path. But the way that we're thinking about it is that the biggest risk to credit would be that this outlook for growth that we have is just too optimistic. That actually growth is weaker than expected. That this rise in the unemployment rate is signaling something far more challenging for the economy ahead and in that scenario the Fed would be justified in cutting a lot more. But I think historically in those periods where growth has deteriorated more significantly while the Fed has been cutting more, those have been periods where credit – and indeed the equity market – have actually done poorly despite more quote unquote Fed assistance. So, periods where the Fed is cutting more gradually tend to be more consistent with policy in the right place. The economy being in an okay place. And so, we think, that that's the better outcome. So again, we have to kind of monitor the situation. But a scenario where the Fed ends up doing a little bit less than the market, or even we expect with rate cuts – because the economy's holding up. That can still be, we think, an okay scenario for markets. Lisa Shalett: So, things are okay and animal spirits are returning. What does that mean for credit markets? Andrew Sheets: Yeah, so I think this is the bigger challenge: is that if our growth scenario holds up, corporates I think have a lot of incentives to start taking more risk – in a way that could be good for stock markets, but a lot more challenging to the lenders, to these companies for credit. Corporates have been impressively restrained over the last several years. They've really, kind of, held back despite lots of fiscal easing, despite very low rates. Those reasons for waiting are falling away. And so, in this backdrop that you, Lisa, were describing the other day around – easier monetary policy, easier fiscal policy, easy regulatory policy, and you know, just for good measure, maybe the biggest capital spending cycle since the railroads through AI. These are some pretty powerful forces of animal spirits. And that's a reason why we think ultimately, we see a lot more issuance. We see roughly a trillion dollars of net supply. So, total supply, less redemptions in U.S. investment grade. That's a huge uptick from this year, and we think that drives spreads wider, even if my colleague Mike Wilson is correct that equity markets rise. Lisa Shalett: So, wow. So, we have very strong U.S. equities. But perhaps an investment grade credit market that underperforms those equities. How else would you think about your asset allocation more broadly, and how might those dynamics around credit issuance and equity success play out regionally? Andrew Sheets: Yeah, so, I think this scenario where equities are up, credit is underperforming. The cycle is getting more aggressive. It's a little unusual, but I think we do have some templates for it and specifically I think investors could look to 2005 or 1997 and 1998. Those were all years where equities were up double digits, where credit spreads were wider. Where yields were somewhat range bound, where corporate aggression was increasing. That is all very consistent with Morgan Stanley's 2026 story. And yet, you did have this divergence between equities and credit market. So, I think it is a market where we see better risk-reward in stocks than in credit. I think it's a market where we want to be in somewhat smaller credits or somewhat smaller equities. We like small and mid cap stocks in the U.S. over large caps. We like high yield over investment grade. And we do think that European credit might outperform as it's somewhat lagging this animal spirits theme that we think will be led by the U.S. Lisa Shalett: So, if that's the outlook, what are the risks? Andrew Sheets: Yeah, so I think there are two risks, and you know, we alluded to one of them early on in this conversation – would be just that growth is weaker than we expect. Usually when the unemployment rate is rising, that's a pretty bad time to be in credit. The unemployment rate is rising. Now, Morgan Stanley economists think that that rise will be temporary, that it will reverse as we go through 2026. And so, it'll be less of a thing to worry about. But you know, a sign that maybe companies have been holding off on firing, waiting for more tariff clarity, if that doesn't come, then that would be a risk to growth. The other risk to growth is just around this AI-related spending. It is very large and the companies that are doing it are some of the wealthiest companies in the world, and they see this spending potentially as really core to their long-term strategic thinking. And so, if you were to ever have an issuer or a set of issuers who were just less price sensitive, who would keep issuing into the market, even if it was starting to reprice that market and push spreads wider, this might be the group. And so, a scenario where that spending is even larger than we expect, and those issuers are less price sensitive than we expect – that could also drive spreads wider, even if the underlying economic backdrop is somewhat okay. Lisa Shalett: Super. That's probably a great place for us to wrap up. So, I'll hand it back to you, Andrew. Andrew Sheets: Well, great, Lisa, always a pleasure to have this conversation. And, as a reminder for all you listening, if you enjoy Thoughts of the Market, please take a moment to rate and review us wherever you listen, it helps more people find the show. *****Lisa Shalett is a member of Morgan Stanley's Wealth Management Division and is not a member of Morgan Stanley's Research Department. Unless otherwise indicated, her views are her own and may differ from the views of the Morgan Stanley Research Department and from the views of others within Morgan Stanley.

Our Public Policy Strategists Michael Zezas and Ariana Salvatore break down key moves from the White House, U.S. Congress and Supreme Court that could influence markets 2026.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Ariana Salvatore: And I'm Ariana Salvatore, U.S. Public Policy Strategist.Michael Zezas: Today we'll be talking about the outlook for U.S. public policy and its interaction with markets into 2026.It's Wednesday, December 17th at 10:30am in New York.So, Ariana, we published our year ahead outlook last month. And since then, you've been out there talking to clients about U.S. public policy, its interaction with markets, and how that plays into 2026. What sorts of topics are on investors' minds around this theme?Ariana Salvatore: So, the first thing I'd say is clients are definitely interested in our more bullish outlook, in particular for the U.S. equity market. And normally we would start these conversations by talking through the policy variables, right? Immigration, deregulation, fiscal, and trade policy. But I think now we're actually post peak uncertainty for those variables, and we're talking through how the policy choices that have been made interact with the outlook.So, in particular for the equity market, we do think that some of the upside actually is pretty isolated from the fact that we're post peak uncertainty on tariffs, for example. Consumer discretionary – the double upgrade that our strategists made in the outlook has very little to do with the policy backdrop, and more to do with fundamentals, and things like AI and the dollar tailwind and all of all those factors.So, I think that that's a key difference. I would say it's more about the implementation of these policy decisions rather than which direction is the policy going to go in.Michael Zezas: Picking up on that point about policy uncertainty, when we were having this conversation a year ago, right after the election, looking into 2025, the key policy variables that we were going to care about – trade, fiscal policy regulation – there was a really wide range of plausible outcomes there.With tariffs, for example, you could make a credible argument that they weren't going to increase at all. But you could also make a credible argument that the average effective tariff rate was going to go up to 50 or 60 percent. While the tariff story certainly isn't over going into 2026, it certainly feels like we've landed in a place that's more range bound. It's an average effective tariff rate that's four to five times higher than where we started the year, but not nearly as high as some of the projections would have. There's still some negotiation that's going on between the U.S. and China and ways in which that could temporarily escalate; and with some other geographies as well. But we think the equilibrium rate is roughly around where we're at right now.Fiscal policy is another area where the projections were that we were going to have anything from a very substantial deficit expansion. Tax cuts that wouldn't be offset in any meaningful way by spending cuts; to a fiscal contraction, which was going to be more focused on heavier spending cuts that would've more than offset any tax cuts. We landed somewhere in between. It seems like there's some modest stimulus in the pipe for next year. But again, that is baked. We don't expect Congress to do much more there.And in terms of regulation, listen, this is a little bit more difficult, but regulatory policy tends to move slowly. It's a bureaucratic process. We thought that some of it would start last year, but it would be in process and potentially hit next year and the year after. And that's kind of where we are.So, we more or less know how these variables have become something closer to constants, and to your point, Ariana now it's about observing how economic actors, companies, consumers react to those policy choices. And what that means for the economy next year.All that said, there's always the possibility that we could be wrong. So, going back to tariffs for a minute, what are you looking at that could change or influence trade policy in a way that investors either might not expect or just have to account for in a new way?Ariana Salvatore: So, I would say the clearest catalyst is the impending decision from the Supreme Court on the legality of the IEEPA tariffs. I think on that front, there are really two things to watch. The first is what President Trump does in response. Right now, there's an expectation that he will just replace the tariffs with other existing authorities, which I think probably should still be our base case. There's obviously a growing possibility, we think, that he actually takes a lighter touch on tariffs, given the concerns around affordability. And then the second thing I would say is on the refunds piece. So, if the Supreme Court does, in fact, say that the Treasury has to pay back the tariff revenue that it's collected, we've investigated some different scenarios what that could look like. In short, we think it's going to be dragged out over a long time period, probably six months at a minimum. And a lot of this will come down to the implementation and what specifically Treasury and CBP, its Customs and Border Protection, sets up to get that money back out to companies.The second catalyst on the trade front is really the USMCA review. So, this is an important topic because it matters a lot for the nearshoring narrative, for the trade relationship that the U.S. has with Mexico and Canada. And there are a number of sectors that come into scope. Obviously, Autos is the clearest impact.So, that's something that's going to happen by the middle of next year. But early in January, the USTR has to give his evaluation of the effectiveness of the USMCA to Congress. I think at that point we're going to start to see headlines. We're going to go start to see lawmakers engage more publicly with this topic. And again, a lot at stake in terms of North American supply chains. So that's going to be a really interesting development to keep an eye on next year too.Michael Zezas: So, what about things that Congress might do? Recently the President and Democrats have been talking about the concept of affordability in the wake of some of the off-cycle elections, where that appeared to influence voter behavior and give Democrats an advantage. So are there policies, any legislative policies in particular, that might come to the forefront that might impact how consumers behave?Ariana Salvatore: So a really important starting point here is just on the process itself, right? So, as we've said, one of the more reliable historical priors is that it's difficult to legislate during election years. That's a function of the fact that lawmakers just aren't in D.C. as often. You also have limited availabilities in terms of procedure itself because Republicans would have to probably do another Reconciliation Bill unless you get some bipartisan support.But hitting on this topic of affordability, there really are a few different things on the table right now. Obviously, the President has spoken about these tariff dividend checks, the $2,000. They've spoken about making changes on housing policy, so housing deregulation, and then the third is on these expanded ACA subsidies.Those were obviously the crux of the government shutdown debate. And for a variety of reasons, I think each of these are really challenging to see moving over the finish line in the coming months. We think that you would need to see some sort of exogenous economic downturn, which is not currently in our economists' baseline forecast, to really get that kind of more reactive fiscal policy.And because of those procedural constraints, I would just go back to the point we were saying earlier around tariff policy and maybe the Supreme Court decision, giving Trump this opportunity to pull back a little bit. It's really the easiest and most available policy lever he has to address affordability. And to that point, the administration has already taken steps in this direction. They provided a number of exemptions on agricultural products and said they weren't going to move forward with the Section 232 tariffs on semiconductors in the very near term. So, we're already seeing directionally, I would say, movement in this area.Michael Zezas: Yeah. And I think we should also keep our eye on potential legislation around energy exploration. This is something that in the past has had bipartisan support loosening up regulations around that, and it's something that also ties into the theme of developing AI as a national imperative. That being said, it's not in our base case because Democrats and Republicans might agree on the high points of loosening up regulations for energy exploration. But there's a lot of disagreements on the details below the surface.But there's also the midterm elections next year. So, how do you think investors should be thinking about that – as a major catalyst for policy change? Or is it more of the same: It's an interesting story that we should track, but ultimately not that consequential.Ariana Salvatore: So obviously we're still a year out. A lot can change. But obviously we're keeping an eye on polling and that sort of data that's coming in daily at this point. The historical precedent will tell you that the President's party almost always loses seats in a midterm election. And in the House with a three-seat majority for Republicans, the bar's actually pretty low for Democrats to shift control back. In the Senate, the map is a little bit different. But let's say you were to get something like a split Congress, we think the policy ramifications there are actually quite limited. If you get a divided government, you basically get fiscal gridlock. So, limits to fiscal expansion, absent like a recession or something like that – that we don't expect at the moment. But you really will probably see legislation only in areas that have bipartisan support.In the meantime, I think you could also expect to see more kind of political fights around things like appropriations, funding the government, the debt ceiling that's typical of divided governments, unless you have some area of bipartisan support, like I said. Maybe we see something on healthcare, crypto policy, AI policy, industrial policy is becoming more of the mainstream in both parties, so potentially some action there.But I think that's probably the limit of the most consequential policy items we should be looking out for.Michael Zezas: Right, so the way I've been thinking about it is: No clear new policies that someone has to account for coming out of the midterms. However, we definitely have to pay attention. There could be some soft signals there about political preferences and resulting policy preferences that might become live a couple years down the line after we get into the 2028 general elections – and the new power configuration that could result from that.So – interesting, impactful, not clear that there'll be fundamental catalysts. And probably along the way we should pay attention because markets will discount all sorts of potential outcomes. And it could get the wrong way on interpreting midterm outcomes, which could present opportunities. So, we'll certainly be tracking that throughout 2026.Ariana Salvatore: Yeah. And if you think about the policy items that President Trump has leaned on most heavily this year and that have mattered for markets, there are things in the executive branch, right? So, tariff policy obviously does not depend on Congress. Deregulation helps if you have fundamental backing from Congress but can occur through the executive agencies. So, to your point, less to watch out for in terms of how it will shift Trump's behavior.Michael Zezas: Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Always great speaking with you, Michael.Michael Zezas: And to our audience, thanks for listening. If you enjoy thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.