Podcasts about Investment management

Today, I am pleased to speak with Pascal Köppel, Managing Director, Head of Investment Management and Chief Investment Officer at Vontobel Swiss Financial Advisers. Pascal and his teams are responsible for the discretionary portfolio management, selection of suitable investment vehicles and development of specific client solutions as well as the investment advisory mandates. He joined UBS in 2004 as Head of Active Advisory in Zurich where he was responsible for the investing of CHF15bn in assets and managed a team of 40 investment specialists providing investment advisory services for clients worldwide. Prior to joining UBS, Pascal worked for a hedge fund company in Switzerland where his focus was on the selection of investment opportunities worldwide as well as structuring of investment vehicles. An increasing number of UHNW individuals and successful families in the US are exploring global diversification strategies. Pascal explains why US wealth owners and their family offices are opting to custody and invest assets in other jurisdictions across the globe. Pascal's firm specializes in investing in Switzerland, but he talks about all the top jurisdictions UHNW families are choosing to invest in nowadays and describes their respective attractions. Pascal helps us explore the practical applications and use cases UHNW investors are pursuing with their global diversification strategies. He describes the key motivations and objectives for wealthy clients who are moving assets to other global jurisdictions. A key practical consideration for families and their family offices is the selection of a foreign broker. Pascal shares his views on what they need to look for in a foreign broker, including what certifications, designations, or other capabilities families need to be aware of and seek when they evaluate foreign brokers. Enjoy this informative conversation with a leading expert in multi-jurisdictional investment advisory services for global UHNW clients.

Given its strong performance in recent years, does the Euro corporate bond market still offer attractive opportunities or has it become too expensive? Chris Iggo, Chief Investment Officer, AXA IM Core, talks to Boutaina Deixonne, Head of Euro Investment-Grade and High-Yield Credit, about the outlook, investor demand, and promising sectors and industries.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Dividend Growth: The Quiet Engine of Wealth Dividend growth investing sounds simple, but doing it well for decades is not. That's why we wrote Dividend Growth: The Quiet Engine of Wealth—a practical guide to building a framework you can stick with when things get uncomfortable. You can get a free copy here. Plus, join our market newsletter for more on dividend growth investing. ________ After a year of lagging the S&P 500, dividend investors are finally playing catch-up. Income is growing. Prices are rising. Total returns are improving.But success brings a new challenge: what happens when valuations rise, yields fall, and future returns get harder to find?In this episode, Greg explores the hidden downside of success in dividend growth investing. With dividend stocks outperforming early in 2026 and capital rotating out of growth and AI, he explains why rising prices create a new challenge: redeploying capital without sacrificing long-term returns. He revisits income growth vs. total return, explains why cash flow acts as the anchor in volatile markets, and walks through why sometimes the best move is to do nothing. He also contrasts chasing yield with sustainable compounding, including why shifting into Treasuries for higher income can miss the bigger picture.The second half of the episode moves into real portfolio examples—showing what “sell,” “hold,” and “buy” look like in practice:Why Emerson Electric ($EMR) no longer fits the modelWhat Clorox's ($CLX) acquisition strategy could mean for dividend growthHow Hershey ($HSY) shows patience through commodity cyclesWhy Accenture ($ACN) represents a redeployment opportunityLong-term success isn't about chasing what's working today. It's about discipline, letting income compound, and trusting that if cash flow grows, prices follow.Topics Covered: [00:11] Introduction [03:45] Income growth vs. total return investing [07:24] Why dividend income is the anchor [09:52] Valuation risk and redeployment challenges [10:22] Buffett, patience, and portfolio discipline [11:38] Treasuries vs. dividend stocks: yield vs. growth [13:03] Cash flow as the North Star [15:26] Emerson Electric ($EMR): selling a winner [20:03] Clorox ($CLX): acquisition risk and dividend sustainability [27:40] Hershey ($HSY): commodity cycles and patience [32:03] Accenture ($ACN): dividend growth opportunity [35:11] Redeploying capital in rising markets [36:07] Final takeaway: consistency and long-term compoundingSend a textDisclaimer: Past performance does not guarantee future results. This episode is for educational purposes only and is not investment advice. If you enjoy the show, we'd greatly appreciate it if you subscribe and leave a review RESOURCES: Schedule a meeting with us -> Financial Planning & Portfolio Management Getting into the weeds -> DCM Investment Reports & Models Visit our website to learn more about our investment strategy and wealth management services. Follow us on:Instagram | Facebook | LinkedIn | X

In this episode, host Shawn Terrell discusses how to think about timing Roth IRA conversions for a dentist who plans to exit from clinical dentistry. He uses the analogy of a long bike ride on RAGBRAI as a way to think about ideal timing.The objective for dentists like Dr. Bill is strategic timing of Roth IRA conversions to minimize tax burdens.-------------------------------Episode Resource ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Increasingly, investors want to see real-world outcomes resulting from asset managers' sustainability-related efforts. Andy Craig, Co-Head of the Investment Insight Centre, and Jane Ambachtsheer, Global Head of Sustainability, tackle these and other topics as they review the prospects for sustainability-related investing amid scepticism and a pushback in some areas.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Is inclusive growth an underappreciated investment criteria when investing sustainably? Amid geopolitical tensions, rising populism and growing inequalities, assessing a business's inclusivity matters when selecting investments.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Elon Musk Reporter Theo Wayt breaks down the continuing exodus of co-founders at Musk's xAI and what it signals for the company's model timeline. The Information's Anita Ramaswamy then explains why ServiceNow is currently undervalued despite the broader SaaS market sell-off. Matt Shumer, GP of Shumer Capital, joins to discuss his viral essay on why GPT-5.3 Codex represents a unique inflection point for labor, and Kawasaki Wealth & Investment Management's Ross Gerber discusses how AI is disrupting wealth management and why he's concerned about leadership at Tesla and SpaceX.Articles discussed on this episode: https://www.theinformation.com/articles/investors-missing-servicenowhttps://www.theinformation.com/briefings/shopify-shares-jump-forecasts-continued-revenue-growthhttps://www.theinformation.com/newsletters/the-briefing/risk-muskiverses-steady-turnoverhttps://www.theinformation.com/briefings/departures-accelerate-elon-musks-xai-yet-another-cofounder-leavesSubscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agendaTITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Follow us:X: https://x.com/theinformationIG: https://www.instagram.com/theinformation/TikTok: https://www.tiktok.com/@titv.theinformationLinkedIn: https://www.linkedin.com/company/theinformation/

WHEN DOES INVESTING IN GOLD MAKE SENSE? FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Cunningham, CFP®, CEPS Financial Planner Tessa Hall Media and Communications Specialist About This Episode Gold often gets attention during uncertain markets, but does it really belong in a long-term investment plan? In this episode, the Tessa speaks with Tyler Cunningham, a Financial Planner, to discuss when investing in gold may make sense, what risks investors often overlook, and how gold compares to other options during periods of market volatility. To learn more about BWFA's approach to diversification and portfolio construction, visit our Investment Management page. Read Full Description Gold often gains attention during periods of market uncertainty. When inflation concerns rise or markets become volatile, it is frequently described as a safe haven or a hedge against risk. However, the role gold plays in a long-term investment strategy is often misunderstood. In this episode of Healthy, Wealthy & Wise, Tessa speaks with Tyler Cunningham, Financial Planner at BWFA, about when gold may fit into a portfolio and when it may introduce risks that investors do not fully expect. The conversation explores why gold prices can be volatile, even during times when investors assume stability. Unlike many traditional investments, gold does not generate income. There are no dividends or interest payments, which means returns depend entirely on price movement. Because of this, investor behavior and timing play a significant role. When prices rise quickly, interest in gold tends to follow. When prices fall, exits can become more challenging, particularly for those holding physical gold. The discussion also compares physical gold with other ways investors may seek exposure, such as exchange traded funds or mutual funds tied to precious metals. Liquidity, taxes, and storage costs all factor into whether gold makes sense within a broader financial plan. Emotional decision making and fear of missing out can further complicate these choices. Throughout the episode, gold is placed in context alongside other investment options that may offer stability or income during uncertain periods. Rather than focusing on headlines, the conversation emphasizes aligning investment decisions with long-term goals, cash flow needs, and overall portfolio balance. Ultimately, this episode highlights that gold is neither inherently good nor bad. What matters most is understanding how it works, what risks it carries, and whether it truly supports an investor's broader financial strategy.

In this episode, host Shawn Terrell discusses the financial implications of Roth IRA conversions for dentists nearing retirement, particularly focusing on how these conversions can mitigate tax burdens and provide greater control over retirement funds. He explains the strategic advantages of converting deferred accounts to Roth IRAs, highlighting the long-term benefits of tax-free withdrawals and reduced required minimum distributions (RMDs).Shawn also mentions the importance of tackling difficult tasks promptly, using the metaphor of 'eating the frog' to illustrate the benefits of making hard decisions while mitigating procrastination.-------------------------------Episode Resource ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Listen in to the first asset management podcast: The Investment Outlook for 2026, with special guest Nathan Kowalski from Anchor Investment Management.   Nathan is the Chief Financial Officer and Senior Portfolio Manager at Anchor Investment Management Ltd. He sits on the firm's investment committee, compliance committee, and finance committee and has been with the company since 2003.  Nathan holds a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and Chartered Investment Manager (CIM) designations and is a Fellow of CSI (FCSI). He is a former President of the Chartered Financial Analyst Society of Bermuda board and the former Chair of the Economic Impact Working Group for the SAGE Commission. He was the former President of the Bermuda Chamber of Commerce.   Sponsor: Anchor Investment Management

The range of solutions for investors to manage cash has expanded with the addition of money market exchange-traded funds. Paul Xatard-Huberlant, Head of ETF and Index Management in the Systematic and Quantitative Investment Group, explains to Andy Craig, Co-Head of the Investment Insight Centre, why this development matters for investors.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth and Investment Management, says the valuation for Walt Disney Co. "makes no sense" and it's time for a change there. He speaks with Bloomberg's Carol Massar and Tim Stenovec See omnystudio.com/listener for privacy information.

Clean energy started 2026 strongly as the investment theme rides the bullish sentiment around power demand, expanding electrification and the build-out of the digital ecosystem. The growing appetite for clean energy has also shone the spotlight on companies that own and operate essential and critical infrastructure such as AI datacentres.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

We sit down with Chris Galipeau of Franklin Templeton Institute and Putnam's Kate Lakin to explore key insights from our Global Investment Management Survey and what they signal for the 2026 market landscape. Together, Chris and Kate break down expectations around economic growth, market broadening, and the strong business fundamentals shaping potential opportunities for investors.

In this episode, host Shawn Terrell discusses the importance of planning for Required Minimum Distributions (RMDs) in retirement, using the analogy of a problematic driveway to illustrate the need for proactive financial strategies. He emphasizes the consequences of not having a plan for RMDs, including higher taxes and implications for beneficiaries. The conversation also touches on strategies to manage RMDs effectively to minimize tax burdens and ensure financial efficiency for both the individual and their heirs.-------------------------------Episode Resource ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Dividend Growth: The Quiet Engine of Wealth Dividend growth investing sounds simple, but doing it well for decades is not. Markets get noisy. Numbers get confusing. That's why we wrote Dividend Growth: The Quiet Engine of Wealth—a practical guide to building a framework you can stick with when things get uncomfortable. You can get a free copy here. Plus, join our market newsletter for more on dividend growth investing. ________ If you could only look at one number to judge whether a dividend can keep growing for decades, what would it be?In this episode, we strip investing back to first principles. Greg talks about why investors get overwhelmed with data and how focusing on the wrong metrics can quietly lead you off track. Using a simple hot dog stand analogy, he explains why familiar numbers like return on equity (ROE) and return on assets (ROA) can distort reality, especially when leverage enters the picture.From there, he introduces return on invested capital (ROIC) and shows why it does a better job connecting business quality to long-term dividend growth. Later, Greg addresses what ROIC can't tell you and why context always matters. Along the way, he walks through real-world examples, including Kraft Heinz ($KHC), Southern Company ($SO), Williams-Sonoma ($WSM), and Microsoft ($MSFT), to show how capital allocation decisions compound over time. [00:11] Introduction[02:50] Information overload and the danger of focusing on the wrong numbers[04:40] The hot dog stand: ROA vs. ROE and the role of leverage[08:15] Why both ROA and ROE can mislead dividend investors[09:35] Return on invested capital (ROIC) explained in plain English[13:30] ROIC, cost of capital, and long-term value creation[14:55] Case study: Kraft Heinz and why high yield can be a trap[18:30] Case study: Southern Company and when low returns still “work”[22:10] Case study: Williams-Sonoma and disciplined capital allocation[24:55] Case study: Microsoft and the power of long-term compounding[29:10] The limits of ROIC and why incremental returns matter[31:25] Final takeaway: one number, long time horizons, evolving businessesSend us a textDisclaimer: Past performance does not guarantee future results. This episode is for educational purposes only and is not investment advice. If you enjoy the show, we'd greatly appreciate it if you subscribe and leave a review RESOURCES: Schedule a meeting with us -> Financial Planning & Portfolio Management Getting into the weeds -> DCM Investment Reports & Models Visit our website to learn more about our investment strategy and wealth management services. Follow us on:Instagram | Facebook | LinkedIn | X

There were multiple reasons why Indian equities underperformed the rest of emerging markets in 2025 – one being the absence of a large semiconductor sector in the country. However, as Jayesh Gandhi, Head of Indian Equities, tells Chief Market Strategist Daniel Morris, its large software industry and spreading AI adoption should help brighten the prospects for 2026.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Daniel Dornel, Head of ETF Research, and Chief Market Strategist Daniel Morris discuss the latest trends in investing using exchange-traded funds (ETFs). Other topics include the strong Q4 2025 appeal of ETFs with environmental, social or governance aspects, marking a recovery after a spell of hesitant flows into ESG-aligned strategies.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Ready to take control of your retirement? Start your Retirement TEAM Action Plan at ARHQ.com or call 419-794-3030 to speak with a retirement planning specialist today! Hidden Risks Could Derail Your Retirement. Are You Prepared? In this episode, Nolan Baker uncovers the silent threats that can jeopardize financial security for retirees in 2026. We explore why relying solely on market performance for income can leave you vulnerable and how a structured income plan creates stability. You’ll also learn why proactive tax planning matters more than ever, given recent legislative changes, and how strategic adjustments can protect your wealth. Tune in for practical insights that help you navigate uncertainty and build confidence in your retirement journey. About America's Retirement Headquarters: We are dedicated to helping retirees achieve the retirement they deserve. From crafting personalized retirement income strategies to providing a single location for all your retirement solutions, our goal is to guide you every step of the way. Let us help you navigate the complexities of retirement, so you can enjoy financial confidence and peace of mind. Visit Us: 1700 Woodlands Drive, Maumee, OH 43537 Call Us: 419-794-3030 Learn More: ARHQ.comSee omnystudio.com/listener for privacy information.

In this episode, host Shawn Terrell discusses the importance of tax diversification for dentists nearing retirement. He explains the four types of taxes on investments: ordinary income, deferred, capital gains, and tax-free. Shawn emphasizes the benefits of diversifying across these tax types to minimize lifetime tax liability and maximize retirement options.------------------------------Chapters00:00:00 Introduction to Tax Diversification00:00:00 Understanding Ordinary Income Tax00:00:00 Deferred Tax Explained00:00:00 Capital Gains Tax Overview00:00:01 Benefits of Tax-Free Investments00:00:01 Conclusion and Professional Advice-------------------------------Episode Resource ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Ecaterina Bigos, Chief Investment Officer for Asia ex-Japan, and Daniel Morris, Chief Market Strategist, discuss how financial markets might evolve in 2026 and where the biggest opportunities and risks lie. In terms of developments to monitor, they weigh up topics such as the US's ambition to produce more of what it consumes, the durability of capital spending on artificial intelligence, monetary policy, and Europe's drive to boost competitiveness and strategic autonomy.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

Welcome to a new series of skeptic snippets about invetsment management and its marketingTranscript[00:00:26] George: Hi Tim today. We're gonna talk about Goldman Sachs Asset Management, insights or research report. We'll see what we should call it.New economics of retirement, with a subtitle. New solutions provide a ray of hope, so can you tell us what it's about?[00:00:48] Tim: It covers a couple issues, but there's a central issue that that I found interesting, which was the discussion of how alternative investments, so anything, basically not a stock or bond, if included in a, retirement plans, specifically a target date fund, which is commonly used in the us can basically provide a higher return.For investors.[00:01:12] George: So I see that the ray of hope is the inclusion of alts, which will boost performance by 50 bps and therefore increase the final pot for pensioners by something like 14%.So what's not to love about that?[00:01:27] Tim: There's nothing not to love about that. The question of course is what sort of assumptions underpin that expected result? What I've noticed and seen and is evident is that the typical return from alternative investing. Isn't as good as people think it is. And often the results, if you look at this, the full spectrum of results, often the results are much worse. So there's a, what they call a big dispersion, a big variance in the best results to the worst results.And so the way that a firm that is selling alts can address this is to simply assume as Goldman does, that they only pick above average managers. And since this is like a 40 year projection, that they do it successfully over 40 years, which is quite a lot to assume[00:02:20] George: But seeing anything from Goldman Sachs, I believe this is gonna be a very serious publication.And therefore the research will be, well, very well researched. So how would you characterize this in a broader context?[00:02:35] Tim: I would. read the footnotes of the what I'll call research and just point out that Goldman Sachs doesn't consider it research. It's like a lot of others.It's illustrative. There are some pretty juicy disclaimers on this one, including one that says that it's not financial research. It wasn't prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis.They finally say at the end that you should not rely on this report in making an investment decision, which I found really funny and almost emasculating for the authors of the report. ‘cause it's basically saying or suggesting that the guys that did this or were wasting their time. Also, you wasted your time having read it, which is a bit odd.You shouldn't listen to people selling Alts, when you're a fiduciary, or even if as an individual, you need to make your own decisions using unbiased information. Because $1 moved from a stock bond, passive mix. If you have a target date bond in the US or just a stock bond mix, anywhere else that's indexed they cost very little.Under 10 basis points are under 0.1% per year. And moving a dollar from an investment like that to an investment that's an alternative is many multiples more profitable and generates more revenue for the asset managers. That doesn't mean that it can't ever make sense, but the investor needs really consider how that is affecting the message that you're getting And this Goldman report makes it clear that they have to twist themselves a pretzel to make the message work.[00:04:10] George: Thank you very much, Tim. So today we've learned that this document, which I perceived as Research from Goldman Sachs, providing us with a new ray of hope needs to be understood in a different light. Because the ray of hope, the outperformance is unproven and based on assumption the document itself, which we're not gonna call research anymore.They do say it is not research and they do state specifically that it should not be, the basis for any investment decision perhaps was not worth the time of the reader and ours and the writer's either.[00:04:57] Tim: I think that's fair. The other thing, the other way to think about the Ray of Hope is to think of alternatives as being a ray of hope for the asset managers.Who seen steady decreases due to competition, which is good for investors, good for consumers. Investment costs have got lower and lower. Here's an opportunity for them to charge more. It's clearly good for investment in managers to be able to put alts in 401k plans or anywhere else if it's coming from traditional assets, particularly passively managed assets.It's clearly good for them. Is it good for you?Link to the documenthttps://am.gs.com/cms-assets/gsam-app/documents/insights/en/2025/am-retirement-survey-102025.pdfTim's Altview on Substackhttps://thealtview.substack.com/MUSICBrandenburg Concerto No4-1 BWV1049 - Classical Whimsical by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1100303Artist:http://incompetech.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit investorama.substack.com

In this episode, host Shawn Terrell discusses the SALT deduction within the One Big Beautiful Bill. Listen for insights into how the OBBBA impacts dentists planning their financial future post-clinical practice.---------------------------------Episode Resource:https://tr.ee/zIM4M4 --------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting---------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

In this episode of Private Markets 360°, we welcome Adam Kanter, partner in the Investment Management practice group at Mayer Brown. With over 17 years of experience, Adam specializes in regulatory compliance, advising US and non-US investment advisors and firms on a range of issues, including recent SEC marketing rule changes. He discusses the fundamentals of regulatory compliance and how new developments are shaping the investment management industry. Credits:  Host/Author: Christina McNamara and Jocelyn Lewis Guests: Adam Kanter, Mayer Brown Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun www.spglobal.com www.spglobal.com/market-intelligence

The US economy is headed for a spell of slower growth in 2026 and while inflation may not fall much further, slack in the labour market should allow for additional cuts in the benchmark fed funds rate – overall, this is a favourable backdrop for US high-yield corporate bonds. Jack Stephenson, Investment Specialist for US High-Yield, tells Chief Market Strategist Daniel Morris that high-yield credit is perhaps not the cheapest now, but the quality of bond issuers has improved notably.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, host Shawn Terrell delves into the One Big Beautiful Bill Act and its implications for those over 65. It highlights the $6,000 tax deduction available via OBBBA to individuals 65 and older, the implications for Social Security taxation, and the potential for strategic tax planning.--------------------------------Chapters00:00:00 Introduction to the One Big Beautiful Bill Act00:01:42 Exploring the Tax Deduction for Seniors00:03:16 Understanding the $6,000 Deduction00:04:41 Phasing Out and Expiry of the Deduction00:06:15 Strategic Tax Planning and Conclusion---------------------------------Episode Resource:https://tr.ee/zIM4M4 ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Episode Highlights:Why 2025 delivered strong returns across most asset classes — except cryptoBitcoin and Ethereum's negative YTD performance in contextKey technical breakdowns in Bitcoin using weekly and monthly trend modelsThe erosion of the “digital gold” narrative and rising equity correlationsWhy extreme fear isn't enough to signal a bottomMacro regime insights: inflation vs. growth sensitivity in BitcoinGold's resilience and role as a portfolio stabilizerHow Dantes Outlook's Bitcoin/Gold rotation strategy navigated the yearResearch & Data Sources:Market and on-chain data from GlassnodeInternal quantitative models from Dantes OutlookAcademic research on asset behavior across macro regimesHappy holidays from Dantes Outlook!Visit us at www.dantesoutlook.com

Geologically and meteorologically, Asia is vulnerable when it comes to the fallout from climate change. Crystal Geng, Asia ESG Research Lead, talks to Chief Market Strategist Daniel Morris about the factors driving Asia's push for decarbonisation, nature conservation, and greater equality.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

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Topics Covered:November performance recap for the Moderate Global Balanced PortfolioActive equity selection and regional tiltsFixed income positioning: intermediate-term U.S. TreasuriesYTD performance vs. benchmark and risk-adjusted resultsBitcoin–Gold Rotation strategy: why gold dominated signals this yearHow aggressive clients can use the rotation sleeveNew absolute-return breakout strategy and its early outperformanceHow global diversification and trend-based discipline helped narrow tracking errorWhere to find the full allocation breakdown (Substack)Key Highlights:Portfolio outperformed the global 60/40 benchmark by 30 bps in NovemberEquity sleeve remains 63% of the portfolio, with strong regional contributionsFixed income tilts added to monthly returnsBitcoin–Gold model returned 41% YTD, with reduced crypto drawdownsAbsolute-return strategy has outperformed the S&P 500 by ~8% since launchVisit us at www.dantesoutlook.com

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, welcomes Jonathan Weiss, former CEO of Corporate and Investment Bank at Wells Fargo, and former MD of JPMorgan Chase, to reflect on leadership, trust, and ethics across a 45-year career in finance. From his unlikely start as a romance languages major to leading a $20B business, Weiss shares lessons on building ethical cultures, leading through influence, and navigating shifting political and market dynamics. He offers candid insights on rebuilding institutional trust, fostering transparency, and prioritizing customers' best interests, not just avoiding harm. Listeners will learn how humility, emotional intelligence, and consistent values shape resilient leadership and sustainable success. Whether you're early in your career or leading teams at scale, this conversation offers deep insights into balancing performance with integrity in today's financial world.Meet Jonathan Weiss:Jonathan Weiss is the former CEO of Wells Fargo Corporate & Investment Banking, where he led a $20 billion revenue business before retiring in June 2025 after two decades with the firm. Over his 45-year career, he also headed Wells Fargo's Wealth & Investment Management and Wells Fargo Securities divisions, following 25 years at J.P. Morgan and its predecessors. A Princeton graduate in Romance Languages, Weiss is recognised for his ethical leadership and service on boards including Youth I.N.C., the Lawrenceville School, and the National Humanities Center.

Originally uploaded December 2, reloaded December 5th. Jeffrey Mosher welcomes Reuben Levinsohn, Partner, Wealth Advisor, Nicholas Pope, CFP®, CEPA™, AEP®. Partner, Wealth Advisor Washington Avenue Advisors, REO Town, Lansing, MI. Welcome to the Michigan Business Beat, share a bit about Washington Avenue Advisors? Washington Avenue Advisors clearly supports business owners with exit planning and succession strategy — how do you balance the needs of founders who want growth now with planning for their eventual exit? Your Services page highlights tax planning, acquisitions, and business efficiency — how does your team help small to mid-sized entrepreneurs build a financially scalable business? For business owners worried about legacy — how does your “estate & legacy planning” practice integrate with ownership transition to ensure both the business and their personal assets are protected? As a Lansing-based firm serving entrepreneurs and business owners nationwide, what competitive advantage does Washington Avenue Advisors bring, and how do you align your investment and risk-management advice with the unique challenges of owner-led companies? Your firm hosted Leadership talks last year, what did you and your gatherings take away from those events? » Visit MBN website: www.michiganbusinessnetwork.com/ » Subscribe to MBN's YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/ Washington Avenue Advisors was founded in 2016 by the original partners, Nick and Reuben, with a belief that the world is full of visionary leaders trying to bring their best ideas to fruition. They wanted to build an organization that would help entrepreneurs move from their imaginations into a physical space. There was no better location to call home than REO Town, Lansing, MI, a historical place where innovation meets entrepreneurship.​ REO Town in Lansing, Michigan, was named after Ransom Eli Olds, founder of the Oldsmobile and REO Motor Car Company, and was a major center for the American automobile industry from 1905 to 1975.​ At Washington Avenue Advisors, we believe financial advising is about more than numbers on a spreadsheet — it's about people, families, and the legacies they build.​ Our mission is to help business owners actualize their legacy. Along the way, WAA has grown into a trusted partner for those navigating every stage of wealth and business. From startup to exit, from first investment to legacy planning, we walk alongside our clients through each step of the journey.​ Connecting Life and Wealth ​ We know that life and wealth are inseparable. That's why our discovery process doesn't begin with money — it begins with you. We ask about your goals, values, and vision for the future, and then design strategies that align with who you are and what matters most.​ Our work spans:​ Wealth Planning & Investment Management — building portfolios and strategies tailored to long-term success. Business & Exit Planning — helping entrepreneurs grow, protect, and exit their companies on their terms. Estate & Legacy Planning — ensuring the values you live by are the ones you pass on. Accounting & Financial Clarity — empowering businesses with day-to-day accuracy for their accounting needs, serving as an outsourced controller or fractional CFO.

Emerging markets are generally in good shape, providing a supportive backdrop for EM bonds, in particular those in local currencies. On this week's podcast, they also discuss the outlook for hard currency EM debt, particularly with an eye on expectations for the dollar, US monetary policy, trade and commodity prices.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted on Ausha. See ausha.co/privacy-policy for more information.

In this Journal of Accountancy branded podcast episode, Clint Costa, CPA, J.D., LL.M., a senior wealth strategist at Choreo, talks with Matt Gotlin, Choreo's chief investment officer, on trends in investment management and tips for CPAs to advise clients.

In this episode, host Shawn Terrell discusses the complexities of financial language, particularly the terms 'above the line' and 'below the line' in tax contexts, and how they relate to dental professionals. He explains the impact of the One Big Beautiful Bill Act on these terms and offers insights into deductions and tax strategies for dentists.--------------------------------Chapters00:00:00 Introduction to Financial Language00:00:00 Above vs Below the Line Explained00:00:00 Impact of the One Big Beautiful Bill Act00:00:00 New Deductions and Tax Strategies00:00:00 Conclusion and Resources---------------------------------Episode Resource:https://tr.ee/zIM4M4 ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

Key TopicsThe cyclicality of trend, value, momentum, and other stylesWhy Dantes Outlook blends trend, relative strength, and dispersionManaging risk during the crucial mid-30s to 40s accumulation yearsSequence-of-returns risk and why it is the “silent killer” of retirement portfoliosHow rolling return analysis helps investors avoid misleading conclusionsThe case for global diversification beyond U.S.-centric portfoliosWhy non-U.S. equities may be entering a long-term leadership cycleMaintaining a risk mandate you can stick with across market regimesVisit us at www.dantesoutlook.com

Listener Q&A where Andy talks about: Starting Social Security benefits early so your minor children can claim dependent benefits, and how the earnings test can come into play if you're still working ( 5:53 )Social Security spousal benefits, and what happens when the lower earning spouse starts their own benefit early at a reduced amount, then later switches to spousal benefits ( 10:35)Social Security survivor benefits and whether the surviving spouse should start their own benefits earlier before eventually starting the survivor benefit, and whether there will be a reduction to the survivor benefit as a result ( 13:46 )If spouses each have IRAs, does it matter from which IRA they take distributions ( 18:28 )How income from a decedent's investments is taxed after the death of the decedent ( 23:01 )Whether tax withholdings from wages is treated the same as tax withholdings from IRA distributions with regards to the IRS viewing the amount withheld as having happened evenly throughout the year to help avoid underpayment penalties and interest ( 30:57 )How to find a financial advisor/planner who works on a limited engagement basis for just certain guidance or questions (such as Social Security claiming questions and tax return reviews), without requiring management of investments  ( 36:49 )Why do so many advisors require management of investments to provide their planning services, and how to find an advisor who doesn't (this is an extension of the previous question) ( 41:14 )Using zero-coupon Treasury STRIPS in retirement for income after wages stop but before Social Security or other income sources start ( 45:40 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:Devin Carroll's Social Security Spousal Benefit CalculatorFinding an "advice-only" advisor - www.AdviceOnlyNetwork.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Send us a textPeter Schenck has spent nearly two decades as an advisor, branch manager, and most recently building a team of wholesalers. He joins the and discusses his experiences as advisor and what wholesalers did to stand out. He shares practical and actionable advice on 3 topics that are currently driving advisor activity: long-term care, estate planning, and tax efficient distributions.  He also details how he's help build a wholesaler team that is exceeding their goals and creating successful partnerships within their advisor networkSupport the show

Pilar Gomez-Bravo is Co-Chief Investment Officer fixed income and portfolio manager at MFS Investment Management. She was previously a managing director at Neuberger Berman, and prior to that, spent a significant amount of her career at Lehman Brothers.Our conversation starts with Pilar's childhood which saw her move around a lot with her family - this forced an adaptability and resilience that served her well when her career in finance took many unexpected turns. Market and segment volatility played a notable supporting role in Pilar's early career, most particularly with a massive setback when Lehman Brothers collapsed and again when she joined a start-up hedge fund for a short period of time. MFS represented another change of direction, but ended up as a very fertile one, as she steadily progressed through the ranks there until ultimately co-leading the fixed income function in her current role. We discuss what makes an employer a positive influence, and how a nurturing work setting can bring out the best in teams.Finally we reflect on what it is to have a full life, and the importance of staying diversified in life as well as in work.Series 5 of 2025 is kindly sponsored by Diamond Hill. Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment. An independent active asset manager with significant employee ownership, Diamond Hill's investment strategies include differentiated US and non-US equity, alternative long-short equity and fixed income.

Key Topics CoveredWhy major equity indices sit far above trendUnderstanding rotations and style cyclesLessons from past extremes (2021, dot-com bubble, 2008–2021 growth dominance)Why valuations matter for decade-long returnsThe risks behind overspending, AI optimism, and mega-sized corporate debt dealsInsights from the Association for Corporate Growth conference in NYCInnovation vs. investor objectivity: avoiding hope-based investingHow the Dantes Outlook's framework is adjusting factor exposureWhy global value is gaining relative strengthWhy combining value + quality (“QARP”—Quality at a Reasonable Price) smooths returnsQuality as a low-volatility style that resists market drawdownsWhy shifting entirely to deep value today would be a mistakeCreating a global blend across different economic cyclesInvestor TakeawaysMarkets move in cycles—don't chase the latest swing.High valuations today imply lower long-term expected returns.A blended factor approach can avoid “value traps” and speculative bubbles.Quality + value helps build a durable core with opportunistic upside.Patience and discipline drive long-term returns—not market gamification.Best ForLong-term investorsAdvisors and CIOs refining factor exposuresListeners seeking plain-language explanations of market cyclesAnyone rethinking portfolio positioning in a late-cycle environmentVisit us at www.dantesoutlook.com

How strong is your dividend growth portfolio? Send it to us for a free evaluation at dcm.team@growmydollar.com. Plus, join our market newsletter for more on dividend growth investing.________Consumer staples look reliable with strong brands, steady cash flow, and good yields. But dividends can't outrun revenue forever, and across this sector the growth engine has stalled.In this episode, Greg begins with a quick recap of how 2025 has unfolded so far, highlighting strong income growth for the model portfolio, a handful of growth names driving market performance, and value strategies continuing to lag. From that backdrop, he digs into the disconnect between the appearance of safety in consumer staples and the underlying fundamentals that truly support dividend growth. Using Kimberly-Clark ($KMB), General Mills ($GIS), Colgate ($CL), Procter & Gamble ($PG), and Church & Dwight ($CHD) as case studies, Greg shows how companies with high ROIC and defensive business models can still become no-growth traps. These companies were once consistent outperformers with impressive dividend histories, but the economy evolves and so have their growth profiles. Topics Covered:03:05 – Comparing dividend growth to the S&P 50005:43 – Investing styles cycle and chasing rarely works07:07 – Surface numbers can be misleading11:00 – Kimberly-Clark: attractive metrics masking zero growth16:42 – General Mills: high yield but barely growing18:36 – Colgate: excellent margins, slow dividend progression19:58 – Procter & Gamble: financial strength, but limited growth21:03 – Church & Dwight: a past outlier that doesn't meet our targets23:57 – Kimberly-Clark's planned Kenvue acquisition29:36 – The mosaic of evidence investors should pay attention to Have questions or want a second opinion on your dividend strategy?Email us anytime at dcm.team@growmydollar.com for a free portfolio review and ongoing dividend insights.Send us a textDisclaimer: Past performance does not guarantee future results. This episode is for educational purposes only and is not investment advice. If you enjoy the show, we'd greatly appreciate it if you subscribe and leave a review RESOURCES: Schedule a meeting with us -> Financial Planning & Portfolio Management Getting into the weeds -> DCM Investment Reports & Models Visit our website to learn more about our investment strategy and wealth management services. Follow us on:Instagram | Facebook | LinkedIn | X

In this episode, host Shawn Terrell discusses the inspiration behind the podcast's new direction, drawing parallels to the movie "Almost Famous" and introducing the fictional character Dr. Bill. Shawn outlines the podcast's focus on deep dives into retirement planning topics for dentists, starting with the "One Big Beautiful Bill Act" of 2025.--------------------------------Chapters00:00:00 Introduction and Podcast Direction00:00:00 Introducing Dr. Bill00:00:00 The One Big Beautiful Bill Act00:00:00 Tax Implications and Financial Decisions00:00:00 Conclusion and Resources---------------------------------Episode Resource:https://tr.ee/zIM4M4 ----------------------------------Meet with Dentist Exit Planning Advisor:Schedule Discovery Meeting-----------------------------------About Dentist Exit Planning:Website: dentistexit.comFacebook Group for DentistsYouTubeInstagramLinkedInSign-Up for Dentist Exit Email NewsletterEmail Shawn at: shawn@dentistexit.com

The Government is back open – is that a good thing? October's economic data may be lost forever. Investors questioning valuations and the skinny on robotaxis with our Guest – Ross Gerber of Gerber Kawasaki. NEW! DOWNLOAD THIS EPISODE'S AI GENERATED SHOW NOTES (Guest Segment)   Ross Gerber is the Co-Founder, President and CEO of Gerber Kawasaki Wealth and Investment Management. Ross oversees Gerber Kawasaki's corporate and investment management operations as well as serves individual clients. Ross has become one of the most followed investors on social and in traditional media. His investment ideas and advice have made him a regular in the business news and he is featured on CNN, CNBC, Fox Business News, Bloomberg and Reuters as well as a contributing writer for Forbes.com. He has been ranked as one of the most influential investment advisors and Fintech innovators in America*. Ross and the Gerber Kawasaki team oversees well over a billion dollars of investments focused on technology, media and entertainment companies for clients and the firm. Gerber Kawasaki has grown to be a leader in Fintech by leveraging technology to work with a younger generation of clients. Ross is an expert in online marketing and social media as well as co-developed the company's app for IOS. Check this out and find out more at: http://www.interactivebrokers.com/ Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - HERE Stocks mentioned in this episode: (NVDA), (TSLA), (AMD), (MSFT), (GOOGL), (GEV), (ORCL), (CRM)

Our Research and Investment Management analysts Michael Cyprys and Denny Galindo discuss how and why cryptocurrencies are transitioning from niche speculation to portfolio staples. Read more insights from Morgan Stanley.----- Transcript -----Michael Cyprys: Welcome to Thoughts on the Market. I'm Mike Cyprys, Head of U.S. Brokers, Asset Managers and Exchanges for Morgan Stanley Research.Denny Galindo: And I'm Denny Galindo, Investment Strategist for Morgan Stanley Wealth Management.Michael Cyprys: Today we break down the forces making crypto more accessible and what this shift means for investors everywhere.It's Tuesday, November 11th at 10am in New York.We've seen cryptocurrencies move from the fringes of finance to being considered a legitimate part of mainstream asset allocation. Financial platforms, especially those serving institutional clients, are starting to integrate crypto more than ever.Denny, you've written extensively about the crypto market for some time now among your many jobs here at Morgan Stanley. So, from your perspective in wealth management, what are you hearing from retail clients about their growing interest in crypto?Denny Galindo: Yeah, we actually started writing about crypto back in 2017. We had our first explainer deck, and we started writing extensive educational reports in 2021. So, we've covered it for a while.Advisors who dabble in crypto typically had this one client. He asked a lot of questions about when they could do more. We also had some clients who were curious, maybe their neighbor made a lot of money, bought a new boat and they were like wondering, you know, what is this Bitcoin thing?Now, this year we've seen a sea change. I think it was the election really started it; the Genius Act, and some of the legislation also kind of added to it. Almost all this interest is really on Bitcoin only, although we also have gotten a decent amount of interest about stablecoins and how those might impact things. But it's really just the beginning and I think it's an area that's; it's not going to go away.Mike, on the institutional side, what trends are you seeing among asset managers and brokers in terms of crypto adoption integration?Michael Cyprys: So, we've seen a big move into the ETF space as large money managers make crypto easier to access for both retail and institutional investors. Now this comes on the back of the SEC approving the first spot Bitcoin and Ethereum ETFs back in 2024. And since then, we've seen firms from BlackRock to Fidelity, Franklin, Invesco, and many others, including crypto native firms having launched spot Bitcoin ETFs and spot Ethereum ETFs. And these steps in the minds of many investors have legitimized crypto as an investible asset class.Most recently, we've seen the SEC adopt generic ETF listing standards for crypto ETFs that can make it easier to accelerate ETF launches in reduced regulatory frictions. And today the crypto ETF space is about $200 billion of assets under management and saw inflows of over [$]40 billion last year, over [$]45 billion so far this year – despite some of the near-term volatility. And most of the asset class today is in Bitcoin, single token ETFs, with BlackRock and Fidelity managing the largest ETFs in the space.Speaking of products, what types of crypto are retail investors most curious about? And why do those particular ones make sense for their portfolios?Denny Galindo: Yeah, I think you hit the nail on the head. The most popular products are really the Bitcoin products. We as a firm allowed solicitation in Bitcoin ETPs more than a year ago in brokerage accounts. We just expanded them to allow them in Advisory in October. So, we're still early days here. There really hasn't been that much interest in the other crypto products.Now when people think about this, there's three buckets here. There are some people that think of it like digital gold. And they're worried about inflation. They're worried about government deficits. And that's kind of the angle that they're approaching crypto from. A second group think of it like a venture capital, like a disruptive innovation in tech that's going after this big addressable market. And, you know, hopefully the penetration will rise in the future. And then the third bucket is really thinking [of it] out it as a diversifier. So, they're saying, ‘Hey, this thing is volatile. It doesn't match stocks, bonds, other assets. And so, I kind of want to use it for diversification.'Now, Mike, when you have these discussions with institutional clients, how do they view the risk and potential of these different cryptocurrencies?Michael Cyprys: What's interesting with the crypto space is adoption started on the retail side with institutions now slowly beginning to explore allocations. And that's the opposite of what we've seen historically with institutions leaning in ahead of retail in areas, whether it's commodities or private markets. But it's still early days.On the institutional side, we're starting to see some pensions, endowments, foundations begin to make some small allocations to Bitcoin as a long-term inflation hedge. But keep in mind, institutions tend to make investments in the context of strategic asset allocations, often with a broader macro framework.Denny, you've written quite a bit about the four-year crypto cycle. Could you explain what that is and where you think we are in the current crypto cycle?Denny Galindo: Yeah, if you look at the data, you see a pretty clear trend of a four-year cycle. So, there's three up years and one down year, and it's been like clockwork, since Bitcoin was invented.Now when you see something like that, you always try to explain like: why is this happening? So, there's two kind of dominant explanations that we've seen. So, one's macro, one's micro. Now the macro version for crypto is really the M2 cycle. So, we see that M2 to that global M2 money supply has kind of accelerated and decelerated in four-year cycles, and Bitcoin tends to really match that cycle. It tends to accelerate when M2's accelerating and it tends to decline when it's decelerating or declining.But there's also this bottoms-up way of looking at it, and commodities are really the place we go to for that analysis. So, a lot of commodities, you know, could be coffee, could be oil – if something disrupts supply, you tend to get the shortage, you get the price moving up.Then you get commodity speculators piling in, adding leverage. And it'll just kind of go parabolic. At some point something pops the bubble, usually more supply, and then you get like a great depression. You get like an 80 percent draw down. All the leverage comes out and the whole thing crashes. So crypto has also followed that.Now, we break the four-year cycle into four seasons: spring, summer, fall, and winter. And each season has a different characteristic about which parts of the market work, which don't work, what things look like. We are in the fall season right now. And that tends to last about a year. We wrote a note last year on this. Fall is the time for harvest. So, it's the time you want to take your gains.But the debate is, you know, how long will this fall last? When will the next winter start? Or maybe this pattern won't even hold in the future. And so, this is the big debate in the crypto circles these days.And Mike, given the volatility, given the great depressions we talked about in Bitcoin with these, you know, 70-80 percent drawdowns, how do you see it fitting into institutional portfolios compared to other cryptocurrencies?Michael Cyprys: Compared to other cryptocurrencies, Bitcoin is still viewed as the flagship asset within the crypto space – just given higher adoption, greater liquidity, the sheer market value. It has longer history and better regulatory clarity as compared to other tokens. But given the volatility as you mentioned, and the early days nature of cryptocurrencies, adoption is still quite nascent amongst institutional investors.Some institutional investors view Bitcoin as digital gold or macro hedge against inflation and monetary debasement. It's also sometimes viewed as a low correlation diversifier within multi-asset portfolios. But even that's also been a debate in the marketplace too.As we look forward from here, crypto adoption within institutional portfolios could potentially expand as regulatory clarity establishes a clear framework for digital assets, right? We had the Genius Act recently that focused on stablecoins. Next up is market structure. There's a bill working its way through Congress.We've also had developments on the ETF side that lower[s] barriers for institutions to gain exposure there. Not only is it more accessible within traditional portfolios, but the ETF fits nicely into day-to-day workflow.So, bottom line is institutional views on Bitcoin and crypto are evolving, and how firms view Bitcoin – we think will depend upon the institution's objectives, their risk tolerance and portfolio context. And keep in mind that institutional allocations don't turn on a dime. They tend to be slower moving.Denny, do retail clients take a similar approach or are they more likely to take bigger bets?Denny Galindo: Our clients struggle with this question. And so, we get a lot of questions like, ‘Okay, I don't want to miss this. I'm a little nervous about it. What allocation should I use here?' And so, we go back to our three, kind of, typical investors when we try to answer this question. We really try and help people figure out where is equal weight.So, we wrote a note in February called “Are you Underweight Bitcoin?” And we have three different answers depending on how you're thinking of it. And, you know, there's a big debate. There's no clear answer. And that's not really where we want our clients. We want them to be smaller where they can have some exposure if they want it. Not everyone wants it, but if you do want it, you can have it. And it won't really dominate the volatility of the portfolio.Now, on another note, Mike, are you seeing legacy platforms start to offer crypto as well?Michael Cyprys: So crypto ETFs are generally available in self-directed brokerage accounts across the industry today. Schwab, for example, commented that their customers hold $25 billion in crypto ETFs, which is about, call it 20 percent share of the ETF space. But access to these crypto ETFs is a bit more restricted within the Advisor-led channel. But we're starting to see that broaden out for ETFs and eventually might see model portfolios with allocations toward crypto ETFs.But when you look at spot crypto trading, though, that generally remains out of reach of most legacy platforms. The key hurdle for that has been regulatory clarity and with a more crypto friendly administration that is changing here.So, Schwab, for example, acknowledged that they have the regulatory clarity needed and they're working towards launching their spot crypto trading platform in the first half of next year.On that topic, Denny, how do you view the merits of holding crypto directly versus through an exchange-traded product like ETFs?Denny Galindo: Yeah, I mean, our clients are mostly not day trading this product and kind of moving it back and forth.So, the ETPs have been a pretty good answer for them. The one issue is liquidity. And so, we're not used to thinking of this in; the U.S. equity markets are the most liquid markets. But in crypto, the crypto markets, the spot markets are actually more liquid than the equity markets.So, you get a lot of liquidity even after hours, even 24x7. And as other markets around the world kind of take the lead. But most of our investors aren't treating it that way. They're not day trading it, and they're really keeping it more like that digital gold allocation. And so, they just need to adjust the position size, you know, once a month, once a year maybe; just kind of buy and hold.But I wonder, you know, as more people get more comfortable, it could become more important in the future. So, it's an open question, but for now, the ETPs have been a pretty good answer here.Michael Cyprys: Fascinating space. Denny, thanks so much for taking the time to talk.Denny Galindo: It was great speaking with you, Mike.Michael Cyprys: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives into private credit and building an asset management business inside of a leading global bank.We sat down in Nomura's NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.Robert brings both a consultant's analytical perspective and an operator's practical approach to his work building the credit business at Nomura Capital Management.Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:The state of the private credit market.How to build an asset management business.What it takes to work with the wealth channel.The entrepreneurial spirit of RIAs.Open architecture vs closed architecture in private credit.Keys to success in the evergreen fund space.Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.Show Notes00:00 Message from Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast02:06 Guest Introduction: Robert Stark03:18 Building an Asset Management Business03:42 Evolution of Asset Management Industry04:01 Regulatory Environment and Market Structure05:12 Challenges in Asset Management08:24 Importance of the Right People08:44 Private Credit Business at Nomura09:59 Diversification in Private Credit10:47 Secular Trends in Private Credit11:15 Client-Centric Solutions19:00 Origination in Private Credit20:07 Open vs. Closed Architecture22:45 Product Development and Client Feedback24:22 Early Stages of Private Credit Solutions25:43 Future of Evergreen Funds27:29 Investor Interests and Needs27:47 Building a Trusted Brand28:18 Challenges of Entrepreneurship28:46 Capital and Talent Requirements29:23 Nomura's Long-Term Vision30:12 Nomura's Wealth Management Legacy30:49 Expanding in the US Market31:32 Japanese Investment Culture32:07 Open Architecture Strategy32:34 Global Network and Client Access34:32 Challenges of Working with RIAs36:19 Fiduciary Alignment37:04 Partnerships and Client Success37:56 Strategic Acquisitions39:50 Evolution of the RIA Segment44:44 Long-Term Business Planning46:39 Future of Private MarketsEditing and post-production work for this episode was provided by The Podcast Consultant.

Be Empowered—Laura Virili National speaker and advisor coach Laura Virili joins the Aspiriant Money Tales podcast to share how intentional money conversations empower women to build wealth, confidence and long-term financial independence. A leader in financial literacy, behavioral finance and women's empowerment,  Laura shares practical insights and heartfelt inspiration drawn from her journey—from buying her first car with cash to guiding advisors in fostering financial confidence. Her story aligns with themes explored in Aspiriant's Women Taking Charge—a resource designed to help women approach wealth and major life transitions with greater confidence, purpose and clarity. In a world racing toward artificial intelligence (AI) and automation, Laura reminds us that the most powerful connections—and lessons about money—are still deeply human. From handwritten thank-you notes to her teenage determination to buy a Camaro, Laura's story is equal parts hustle, heart and financial wisdom. About Laura Virili: Financial Literacy Starts Young Laura has always been a connector. While other seven year-olds were playing with dolls, she was introducing hers to dolls across the street and across town. Today, Laura is a trailblazing force in professional development and a top-rated national speaker, coach, consultant specializing in client acquisition and retention through marketing, branding, communication and engaging the female client. With decades of invaluable experience, Laura consistently earns the top spot as the number one speaker at industry conferences, establishing herself as a distinguished figure in her field. With decades of navigating the intricate landscape of the financial services industry, Laura's insights are a treasure trove for those seeking marketing, training, and communication expertise within Global Wealth and Investment Management. Her hands-on experience working alongside advisors, teams, and branch managers has shaped her into a true industry luminary. Holding FINRA Series 7 & 66 securities registrations, Laura is not merely a Wall Street veteran – she's the trusted expert advisors turn to for navigating the evolving landscape of social media and traditional marketing with unparalleled confidence and success. Beyond her professional accomplishments, Laura is a lifelong student and passionate educator, finding joy in empowering girls through financial literacy. As a Behavioral Finance Advisor™, Laura's approach is not just theoretical – she walks the walk and talks the talk. Her programs seamlessly combine traditional marketing strategies, social media expertise, and behavioral finance principles to help advisors acquire and retain ideal prospects and clients. Ready to elevate your confidence and clarity around money? Explore how meaningful financial conversations can inspire you—or the women in your life—to build wealth, freedom, and lasting confidence. Tune in to a podcast on Women's Unique Money Experiences. If you'd like to speak with an Aspiriant advisor about aligning your financial plan with your goals and values, connect with us here. Subscribe to Money Tales on Spotify, Apple Podcasts, or YouTube Music for more inspiring stories about purpose, money and personal growth.

Bryan Staff, Co-Founder and Managing Partner of Merchant Investment Management, joins Bilal Little to discuss how the firm is empowering advisors through independence, innovation, and scale. He explains how Merchant's model enables wealth managers to create and manage their own ETFs, blending institutional capabilities with entrepreneurial flexibility. Staff highlights how technology, customization, and education are driving advisor adoption and transforming client engagement. He also shares how Merchant is bridging the gap between asset management and advisory services to deliver more personalized investment solutions.

In this episode, AQR Capital Management co-founder Cliff Asness opens up about his path from math prodigy to one of the most influential voices in quantitative investing. Known for his sharp wit and candid opinions, Asness discusses his political views, worries about today’s polarized climate, and how AI is reshaping the future of work. He also shares hard-earned wisdom for young professionals—why passion beats trend-chasing, and the small, practical habits that drive lasting success and personal growth. The Karol Markowicz Show is part of the Clay Travis & Buck Sexton Podcast Network - new episodes debut every Tuesday & Thursday.See omnystudio.com/listener for privacy information.