Podcasts about Morgan Stanley Wealth Management

Welcome to the Engineering Influence podcast, where we delve into the complexities and opportunities in today's economic landscape. Hosted by Diana O' Lare, Director of Market Intelligence for the American Council of Engineering Companies, this episode is part of our new series, The Market Edge. We are joined by Sarah Wolfe, a Senior Economist and Strategist at Morgan Stanley Wealth Management. With a wealth of experience and insights, Sarah discusses pivotal topics such as tariffs, inflation, immigration, and their impact on various sectors including construction and manufacturing. Gain an understanding of the possible recession implications and how firms can navigate these challenges. Dive in to explore the broader economic effects of current policies, potential positive catalysts like tax negotiations, and the global trade dynamics affecting engineering firms. Don't miss this insightful conversation aimed at empowering engineering businesses to adapt and grow in an ever-changing market.

Brenda Vingiello of Sand Hill Global Advisors and Jose Rasco of HSBC break down the market action as investors weigh the impact of ongoing tariff developments. Our Megan Cassella reports on the latest from the White House on tariffs. Gil Luria of D.A. Davidson shares perspective on how tech names like Apple and Nvidia could be affected by trade tensions. Monica Guerra of Morgan Stanley Wealth Management joins to discuss how she is advising clients amid the policy uncertainty and its implications for portfolios. Craig Johnson of Piper Sandler breaks down the market's technical setup. Former Richmond Fed President Jeffrey Lacker talks Fed policy and recession risks. The FTC's antitrust case against Meta kicks off today, with reporting from Eamon Javers and reaction from Bradley Tusk of Tusk Ventures. 

Greg Daco, chief economist at EY, says the economic numbers are strong, but the high level of uncertainty has it nearing a tipping point and making recession more likely. He sees the potential for consumer issues and a recession risking, and says there is a real -- but modest -- chance of stagflation putting the Federal Reserve in a real policy bind. Sarah Wolfe, senior economist and strategist for thematic and macro investing at Morgan Stanley Wealth Management, talks about what other economists are thinking, as she highlights the March Economic Policy Survey, released today by the National Association for Business Economics.  David Trainer of New Constructs revisits Carvana, a stock which has defied gravity for over a year; he says it can't shake its status as a zombie stock headed for a massive decline. John Barr, portfolio manager for the Needham Funds, discusses his aggressive growth strategy.  

Hollis Montgomery, a financial advisor at Morgan Stanley Wealth Management, discusses her maternity leave and how it made her team more efficient and brought members “so much closer.”

Rodger Friedman is an accomplished author and the creative mind behind the Amazon bestseller "Erasing America, Broken Politics, Broken Country." Born and raised in New York City, he graduated from the State University of New York and later led a distinguished career in finance as the Senior Vice President at Morgan Stanley Wealth Management and as a senior investment management consultant with Smith Barney. He is also a practicing Chartered Retirement Planning Counselor. Beyond his professional endeavors, Rodger shares his insights as the "Equal Opportunity Critic," contributing to societal discourse through various media, including his engaging YouTube channel and Facebook presence. He currently resides in Florida with his wife, Rena, where they have cultivated a family of two children over their 34-year marriage. Please learn more about Rodger Friedman at www.EOCritic.com In this engaging episode of Mr. Biz Radio, host Ken "Mr. Biz" Wentworth converses with Rodger Friedman. This dialogue offers listeners a compelling journey through Roger's unique experiences growing up in New York City, witnessing firsthand the dynamics of entrepreneurship in Times Square, and later excelling in his financial career. With his book and his role as the "Equal Opportunity Critic," Rodger provides an insightful and critical view on present-day political and economic landscapes, making this episode a must-listen for anyone interested in these arenas. Key Takeaways: -Rodger Friedman shares his early exposure to entrepreneurship under his father's mentorship while growing up in New York City. -The episode unveils the conception of Rodger's book "Erasing America," originating from his "Sunday Memos," providing critical analysis on U.S. politics. -The discussion provides insights into the current fiscal practices of the U.S. government, questioning if Republicans demonstrate fiscal irresponsibility. -Rodger critically examines the ongoing immigration crisis, introducing the concept of "the elephant at the border." -Ken Wentworth and Rodger discuss the latter's journey from financial services to becoming a significant commentator on political issues.

Rodger Friedman is a fiscal conservative, former senior vice president of Morgan Stanley Wealth Management and a Chartered Retirement Planning Counselor(SM). From this no-nonsense background, he sees the world from a clear-eyed perspective and feels duty-bound to do all that he can to help put the nation he loves, America, back on track.His new book, Erasing America: Broken Politics, Broken Country will help galvanize concerned Americans to get off their couches and get to work to get America back on the right track. Rodger is available for interviews and podcasts.A native New Yorker now living in Florida, Rodger has learned quite a bit since he earned his undergraduate degree from State University in the late 1970s. He now says, “The worst use of my time, ever, was getting an undergraduate degree in political science.”His political wake-up call came when he realized the entire executive branch and many congressional Democrats are turning America into a socialist society, bankrupting the nation, erasing the country's borders, installing a one-party government and ignoring the Constitution.Rodger is a proud member of the Sons of The American Legion and actively supports charities that assist first responders and military families.Other books he has written are Forging Bonds of Steel: How to Build a Successful and Lasting Relationship with Your Financial Advisor; Fire Your Retirement Planner: YOU!; The Mindset of Retirement Success; Parent's Guide to Your Child's Retirement. and 18 Wealth Lessons That Will Transform Your Thinking.EOCritic.com

We chat with David Wu, Head of Generative AI at Morgan Stanley Wealth Management. From his unconventional path inspired by the film "Wall Street" to leading in AI without a tech degree, David shares pivotal career moments, the importance of mentorship, and lessons in leadership. Discover how he envisions AI empowering human connection in wealth management and his advice for navigating an ever-evolving industry.For more, visit http://nicsa.org/podcasts

PODCAST: Marion Jones (@TheMarionJones), 5-Time Olympic Medalist, Former track and field superstar and one of the greatest all-around athletes of this generation, joins Sports Business Radio for a candid conversation. Jones discusses her rise to superstardom at the 2000 Summer Olympics in Sydney, being one of the most sought after athlete endorsers on the planet and then her fall from grace that led to her being stripped of her 5 Olympic medals and subsequent time in prison. Jones discusses lessons learned, motherhood, why she is speaking out now and how one's "failure is not forever”. She also discusses her upcoming appearance on Season 3 of Fox TV's “Special Forces” and gearing up for the Honolulu Triathlon next May. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #MarionJones #Olympics #WomeninSports #WNBA #Podcast #Interview Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Jess Smith (@GameTimeJess), President of the WNBA's Golden State Valkyries joins Sports Business Radio. The WNBA expansion franchise begins play at the Chase Center in San Francisco for the 2025 WNBA season. Smith was named to the Sports Business Journal's 40 under 40 list in 2023 and has worked in the NWSL, MLB, NHL and MLS previously. In this conversation, Smith discusses the timeline between now and the start of team's inaugural season in 2025, the record-setting number of season ticket deposits for the Valkyries (20,000 and counting), the explosive growth of the WNBA and how her experience building expansion franchise Angel City FC of the NWSL has helped her with building the Valkyries. Smith also discusses working with Golden State Valkyries owners Joe Lacob and Peter Guber, who have championship DNA with the NBA's Golden State Warriors. In our sports business headlines of the week, we discuss the licensing deal between TNT's popular “Inside the NBA” and ESPN, the numbers from the Jake Paul vs Mike Tyson event on Netflix and the Tampa Bay Rays moving to Steinbrenner Field for the 2025 MLB season. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #WNBA #GoldenState #Valkyries #NBA #SportsBusiness #Podcast  Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Friday, November 15th, A.D. 2024. This is The Worldview in 5 Minutes heard on 125 radio stations and at www.TheWorldview.com. I'm Adam McManus. (Adam@TheWorldview.com) By Jonathan Clark Hindus attack Christians in India's Odisha State Christians are facing a surge of attacks in India's Odisha State. The Hindu nationalist Bharatiya Janata Party came to power in the state just six months ago. Hindu nationalist groups in the state have disrupted multiple prayer and worship gatherings of Christians recently. They even evicted a pastor and his wife from a church.  A local pastor told International Christian Concern, “These incidents cropped up only after the [Bharatiya Janata Party] came to power in Odisha. We know that it will continue in the days ahead. Only God can help us.” 1 Peter 4:12-13 says, “Beloved, do not think it strange concerning the fiery trial which is to try you, as though some strange thing happened to you; but rejoice to the extent that you partake of Christ's sufferings, that when His glory is revealed, you may also be glad with exceeding joy.” Few Finnish young people believe in God The Church Research Institute released a report on the religiosity of young people in Finland. The study found only 11% of women under 30 believe in the God of Christianity. The younger women were, the less likely they were to believe in God. Meanwhile, 18% of men said they believe in God. And younger men were more likely to believe in God than older men.  Hanna Salomäki, Director of The Church Research Institute, noted, “There is a certain degree of strengthening in religiosity – and specifically in interest in Christianity – among young men. But we are not talking about any large scale. … But there is a smaller group who are clearly finding Christianity and committing themselves to it.” Gender gap revealed in presidential election CNN released exit poll data from the 2024 U.S. presidential election.  Vice President Kamala Harris led among women by eight percentage points. President-elect Donald Trump led among men by 13 points. While Kamala led among young voters, Trump has gained ground with that demographic over the last three presidential elections. Even 40% of women under 30 voted for Trump. Trump taps Senator Marco Rubio to be Secretary of State On Wednesday, President-elect Donald Trump announced Republican Senator Marco Rubio of Florida is his pick for Secretary of State, reports NBC News. Trump said, “He will be a strong advocate for our nation, a true friend to our allies, and a fearless warrior who will never back down to our adversaries. I look forward to working with Marco to make America, and the world, safe and great again.”  Trump nominates RFK Jr as Secretary of Health and Human Services In a post on Truth Social, Trump announced that Robert F. Kennedy Jr. would be his Secretary of Health and Human Services, reports LifeSiteNews.com. He wrote, “For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to public health. The safety and health of all Americans is the most important role of any Administration, and HHS will play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming health crisis in this country. “Mr. Kennedy will restore these agencies to the traditions of gold standard scientific research, and beacons of transparency, to end the chronic disease epidemic, and to make America Great and Healthy Again!” Kennedy, the nephew of the late President John F. Kennedy and the son of the late Attorney General Robert Kennedy, is a longtime environmental and medical activist. He initially attempted to challenge President Joe Biden for the Democratic nomination, switched to an independent bid against both Biden and Trump after months of accusing party leadership of having “rigged” the Democratic primary process against him, and ultimately dropped out and endorsed Trump in August. Oklahoma Superintendent eager to respect religious liberty On Tuesday, Oklahoma's State Superintendent Ryan Walters announced the establishment of the Office of Religious Liberty and Patriotism at the State Department of Education. The office will protect religious freedom for parents, teachers, and students. It will also investigate abuses to individual religious freedom. Walters said, “The radical left never misses a chance to co-opt the teacher unions and their minions to indoctrinate our children against traditional values of faith and family, seeking to attack any display of faith or religion. … In Oklahoma, we are reversing this negative trend and, working with the incoming Trump administration, we are going to aggressively pursue education policies that will improve academic outcomes and give our children a better future.” Psalm 78:1, 4 says, “Give ear, O My people, to My law; incline your ears to the words of My mouth. … We will not hide them from their children, telling to the generation to come the praises of the LORD, and His strength and His wonderful works that He has done.” U.S. inflation up The U.S. Bureau of Labor Statistics reported inflation rose last month. The consumer price index increased 0.2% on a monthly basis and 2.6% on a yearly basis. This was in line with Wall Street expectations. While inflation is slightly up, it's still significantly down from its 9% high in 2022. Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, said, “No surprises from the [Consumer Price Index], so for now the Federal Reserve should be on course to cut rates again in December.” Bible Society: Younger generations more lonely than older ones And finally, the American Bible Society released the latest chapter of its State of the Bible USA report about loneliness. The study found 21% of women experience a high degree of loneliness, while 17% of men experience the same. Younger generations are more lonely than older generations.  Only 11% of people who actively engage with Scripture report high loneliness compared to 22% of those who are disengaged with the Bible.  Similarly, the more people attend church, the less likely they are to report high loneliness.  Close And that's The Worldview on this Friday, November 15th, in the year of our Lord 2024. Subscribe by Amazon Music or by iTunes or email to our unique Christian newscast at www.TheWorldview.com. Or get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

PODCAST: We recap the 2024 World Series and MLB season on this edition of Sports Business Radio. From TV ratings to attendance numbers, we have all of the data regarding the Fall Classic between the Los Angeles Dodgers and New York Yankees as well as the 2024 MLB season. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #MLB #Baseball #WorldSeries #Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: On this Baseball Hall of Fame edition of Sports Business Radio, we look back on past conversations with 1st ballot Baseball Hall of Famers Cal Ripken Jr., Greg Maddux and John Smoltz. Tremendous insight provided by three of the best baseball players ever. Each has gone on to have success in business post-career. Cal Ripken Jr. is the owner of the longest consecutive games played streak in baseball history (2,632 games), 2-time American League MVP, 19-time MLB All-Star and is a current Co-Owner of the Baltimore Orioles. Greg Maddux is a 4-time Cy Young award winner, 355 game winner, 18-time Gold Glove award winner and one of the greatest pitchers of all-time. John Smoltz is a Cy Young Award winner and 8-time MLB All-Star during his 21-year MLB career. He led the Atlanta Braves to 14 consecutive division titles and 5 World Series appearances, winning the championship in 1995. He is the only pitcher in MLB history with 200 wins and 150 career saves. Smoltz is now the Lead Analyst for Fox Sports' baseball coverage. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #MLB #HallofFame #Baseball #CalRipkenJr #GregMaddux #JohnSmoltz Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we'll be bringing all the insights from Livewire Live together with the help of one of Australia's leading financial advisers and one of the country's top wealth managers. Livewire's James Marlay sat down with Alexandre Ventelon of Morgan Stanley Wealth Management and Charlie Viola of Pitcher Partners to answer our audience's questions about asset allocation and give investors some tangible ideas on how to apply the lessons and insights from a full day of sessions covering multiple asset classes, themes and ideas.  This episode is part of our special mini-series of The Rules of Investing, giving you a front-row seat to discussions from Livewire Live 2024, our flagship investor event. Whether you're after big-picture market insights or actionable investment strategies, this series offers exclusive insights to help shape your investment decisions. We hope you enjoy this special 7-part series. We'll return to our regular programming with the next episode of The Rules of Investing. ________________ This series is proudly sponsored by Bell Direct Advantage. Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. Offering access to Bell Potter research, exclusive IPOs, and advanced trading tools, it's built to give you a competitive edge. Whether you're a frequent trader or a high-net-worth individual trading shares, options, or warrants, Bell Direct Advantage delivers tailored solutions and superior service to sharpen your investing edge. [Find out more here]

PODCAST: David Wright, Chief Commercial Officer for U.S. Soccer, joins Sports Business Radio for a wide-ranging conversation about the state of women's and men's soccer in the U.S. Wright discusses how U.S. Soccer is capitalizing on the U.S. Women's National Team's gold medal in the 2024 Paris Olympics, the hiring of new U.S. Men's National Team Head Coach Mauricio Pochettino, thriving U.S.-based pro soccer leagues (MLS and NWSL) and the U.S. playing host to the 2026 World Cup and the 2028 Summer Olympics. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #Soccer #USWNT #USMNT #MLS #NWSL #SportsBusiness Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Andrew Marchand (@AndrewMarchand), Senior Writer covering sports media at The Athletic joins Sports Business Radio. We recap NBC's coverage of the Paris Olympics, discuss details of the NBA's new media rights deal and we preview the broadcast coverage for the upcoming college football and NFL seasons. From Tom Brady making his broadcast debut on Fox Sports' NFL coverage to the SEC college football games now being carried on ESPN, there are plenty of changes to be on the lookout for. And we update you on the latest developments with Venu Sports, the streaming joint venture by Disney, Warner Brothers Discovery and Fox. Andrew also shares details about his new podcast that will cover the sports media and will launch this week at www.AndrewMarchand.com. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #SportsMedia #NBC #ESPN #FoxSports #TomBrady #VenuSports  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Dave Mingey, Senior Vice President, Commercial Partnerships with LA28, joins Sports Business Radio for a wide-ranging conversation. Mingey checks in with us from the Paris Olympics and tells us about his role there, how LA28 will take the torch at the end of these Summer Games and what we can expect when Los Angeles hosts the 2028 Summer Olympics. Mingey, who has worked previously in senior roles for Nike, Johnson & Johnson and SiriusXM, also details what commercial partners of the LA28 Olympics are looking for when spending big money to be associated with the largest peaceful gathering on earth. Learn more about LA28 at www.la28.org. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #LA28 #Olympics #LosAngeles #Events #OlympicGames #DaveMingey #SportsBusiness Learn more about your ad choices. Visit megaphone.fm/adchoices

Achieving financial autonomy is on your "to-do" list? Rodger Friedman is a fiscal conservative, former senior vice president of Morgan Stanley Wealth Management and a Chartered Retirement Planning Counselor(SM). From this no-nonsense background, he sees the world from a clear-eyed perspective and feels duty-bound to do all that he can to help put the nation he loves, America, back on track. His new book, Erasing America: Broken Politics, Broken Country will help galvanize concerned Americans to get off their couches and get to work to get America back on the right track. Rodger is a proud member of the Sons of The American Legion and actively supports charities that assist first responders and military families. Other books he has written are Forging Bonds of Steel: How to Build a Successful and Lasting Relationship with Your Financial Advisor; Fire Your Retirement Planner: YOU!; The Mindset of Retirement Success; Parent's Guide to Your Child's Retirement. and 18 Wealth Lessons That Will Transform Your Thinking. In episode 473 of the Fraternity Foodie Podcast, we find out why Rodger chose SUNY Brockport for his undergraduate experience, what he would do differently if he had to do college all over again, how he eliminated debt and got back on track to financial autonomy, what is food inflation, the real reason why we should want to be rich, what conversations should I be having with my kids about their retirement, what's the solution on the rising national debt, and what are some helpful organizations assisting first responders and military families. Enjoy!

PODCAST: Joe Gesue, Senior VP for NBC's coverage of the Olympics and Paralympics and veteran of 13 previous Olympic Games, joins Sports Business Radio from Paris to take us Behind the Scenes for the upcoming Paris Olympics, which start on July 26th. Gesue, who has won 18 Emmy Awards in his career, previews NBC's coverage of the Paris Olympics, tells us about all of the available platforms to consume NBC's Olympic coverage and he shares what's new about the coverage of these Olympics. Gesue also tells us about the specifics of his role for NBC with the Paris Olympics. This conversation is a great primer to get you ready for the 2024 Olympic Games in Paris. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. Visit morganstanley.com/gse to learn more. #NBC #Media #Olympics #Paris #TV #Streaming #SportsBusiness Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're a listener to Thoughts on the Market you may be interested in Season 2 of our podcast: What Should I Do With My Money? ----------------Money is emotional and that can make it difficult to know if we're making the right decisions. This season, the stakes are high. From prenups to passing a legacy to their children, from affording a dream home to literally wanting to save the planet, our guests get to the heart of what matters to them most and you get answers to some of the questions you might have yourself. No matter where you are with your finances, you don't have to navigate them alone. Our Financial Advisors show once again that a little guidance can go a long way. Join us to hear how a conversation can turn concern into confidence, hosted by Morgan Stanley Wealth Management's Jamie Roô.-----This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdfYou have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Environmental, Social and Governance (“ESG”) investments in a portfolio may experience performance that is lower or higher than a portfolio not employing such practices. Portfolios with ESG restrictions and strategies as well as ESG investments may not be able to take advantage of the same opportunities or market trends as portfolios where ESG criteria is not applied. There are inconsistent ESG definitions and criteria within the industry, as well as multiple ESG ratings providers that provide ESG ratings of the same subject companies and/or securities that vary among the providers. Certain issuers of investments may have differing and inconsistent views concerning ESG criteria where the ESG claims made in offering documents or other literature may overstate ESG impact. ESG designations are as of the date of this material, and no assurance is provided that the underlying assets have maintained or will maintain and such designation or any stated ESG compliance. As a result, it is difficult to compare ESG investment products or to evaluate an ESG investment product in comparison to one that does not focus on ESG. Investors should also independently consider whether the ESG investment product meets their own ESG objectives or criteria.There is no assurance that an ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or a dependable measure of future results.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.Signal Awards 2023 – Bronze WinnerSource: Signal Award Winners (October 2023) 2023 Signal Awards receive votes from the public voting stage, podcast fans cast over 130,000 votes for the Signal Listener's Choice award. Signal Award Winners were selected by the Signal Academy. Morgan Stanley Smith Barney LLC is not affiliated with Signal Awards. For more information, see www.signalawards.com. ©2024 Morgan Stanley Smith Barney LLC. Member SIPC.FCS Portfolio Awards 2024 – BronzeSource: Financial Community Society Portfolio Awards (May 2024) 2024 FCS Portfolio Awards. The Portfolio Awards competition recognizes creative excellence in marketing communications work from financial companies, with Gold, Silver and Bronze trophies awarded for Branded Content. This year's panel comprised 49 senior executives from financial firms and communications agencies. Morgan Stanley Smith Barney LLC is not affiliated with Financial Communications Society. For more information, see https://thefcs.org/portfolio-awards. ©2024 Morgan Stanley Smith Barney LLC. Member SIPC.Shorty Awards Finalist 2024Source: Shorty Impact Awards (May 2024) 2024 Annual Shorty Impact Awards. The Shorty Awards winners and honorees, including Finalists, Gold, Silver, and Bronze Honorees; are chosen by the Real Time Academy. The decision is made based on three main criteria: purpose/impact, creativity, strategy & execution, and engagement. Morgan Stanley Smith Barney LLC is not affiliated with the Shorty Impact Awards. For more information, see https://shortyawards.com/impact-awards/rules/. ©2024 Morgan Stanley Smith Barney LLC. Member SIPC.Webby Award Nominee 2024Source: 2024 Webby Awards (May 2024) The Webby Awards is the Internet's most respected symbol of success. The 28th Annual Webby Awards received nearly 13,000 entries from all 50 states and over 70 countries worldwide. Podcasts: News & Politics, Best Host, Best Series, Best Live Podcast Recording & more. Associate Academy members are former Webby winners and nominees and other invited industry professionals who are leaders in their peer groups because of their creative and technical accomplishments. Associate members are invited to take part in Round 1 Judging, the initial phase of the Webby evaluation process. Morgan Stanley Smith Barney LLC is not affiliated with The Webby Awards. For more information, see https://www.webbyawards.com/. ©2024 Morgan Stanley Smith Barney LLC. Member SIPC.© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# (3566982 05/2024)

PODCAST: Sandra L. Richards, Managing Director, Head of Morgan Stanley Global Sports & Entertainment and Segment Sales & Engagement and Joseph Toledano, Managing Director, Head of Insured Solutions, Morgan Stanley Wealth Management, join this week's edition of Sports Business Radio to discuss how athletes and entertainers should be protecting their assets and planning for when the unexpected hits. From Damar Hamlin and Jeremy Renner's near death experiences to musicians who have to cancel their concert tours to college athletes who don't take out insurance policies, we discuss several examples of high net worth individuals who had to prepare for the unexpected. Following the pandemic, many are preparing for scenarios that seemed like long shot circumstances previously. Morgan Stanley Global Sports & Entertainment has launched a new audio cast: “Protecting Your Star Power: Insured Solutions for the Sports & Entertainment Industry”. Access the audio cast here: https://www.morganstanley.com/what-we-do/wealth-management/global-sports-entertainment#insuredGSEaudiocast Also on this week's show, we discuss the Stanley Cup and NBA Finals, NBA Free Agency and a coach who is being paid $85M NOT to coach. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #Money #FinancialPlanning  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: We step into the Sports Business Radio #podcast vault to look back on our conversation with Alex Honnold (@AlexHonnold), professional adventure rock climber whose free-solo ascents of America's biggest cliffs have made him one of the most recognized and followed climbers in the world. Alex became the first climber to free solo Yosemite's 3,000-foot El Capitan wall and it was captured on film for the Oscar-winning Best Documentary, "Free Solo”. We also look back on our conversation with Lindsey Horan (@LindseyHoran), U.S. Women's National Team soccer star. Horan discussed the importance of World Cup vs the Olympics, what she looks for in her endorsement partners and Equal Pay for the USWNT. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #FreeSolo #AlexHonnold #USWNT #Soccer #LindseyHoran #SportsBusiness  Learn more about your ad choices. Visit megaphone.fm/adchoices

Forbes recognized Thomas Fautrel as a 2018 and 2019 Top Next-Gen Wealth Advisor, and in 2021-2024, Thomas was featured on the Forbes Best-In-State Wealth Advisors list. Before founding Seventy2 Capital, Thomas served as a Senior Vice President with Morgan Stanley Wealth Management and an Assistant Vice President with Merrill Lynch & Co. He began his career as a financial advisor with A.G. Edwards. On this episode of The Active Advisor podcast, host Bryan Moore chats with Thomas Fautrel, President and Co-Founder of Seventy2 Capital Wealth Management. Join Bryan and Thomas as they discuss the topic of going independent as a financial advisor. They delve into the benefits, struggles, and future plans of being an independent advisor. Thomas, the President and Co-Founder of Seventy2 Capital Wealth Management, shares his expertise and journey to becoming a successful independent advisor and business owner.

PODCAST: We step into the SBR Vault to look back on past conversations with Chip Schaefer, Director of Performance Health and winner of 11 NBA championships with the Michael Jordan/Scottie Pippen/Phil Jackson led Chicago Bulls dynasty of the 1990's and the Kobe Bryant/Shaquille O'Neal/Phil Jackson led dynasty of the 2000's. Schaefer won 6 rings with the Bulls and 5 rings with the Lakers. He shares stories of those teams, details the differences he observed between Michael Jordan and Kobe Bryant and provides insight into what made Phil Jackson such a unique and successful Head Coach. Schaefer was the Head Trainer for the 1989-90 Loyola Marymount University men's basketball team that broke NCAA scoring records and featured Bo Kimble, Jeff Fryer and the late Hank Gathers and was coached by Paul Westhead. Schaefer also discusses his own role with performance health of elite athletes and how it has changed over the past 3 decades.  We also hear from Dr. W. Chris Winter (@SportSleepDoc), Renowned sleep specialist and author of the book “The Sleep Solution: Why Your Sleep is Broken and How to Fix It”. Winter provides his expertise to several pro sports teams including NBA and MLB teams. More and more sports teams are working with sleep consultants to map out the best travel and sleep patterns for their seasons, how to utilize sleep for recovery. Dr. Winter is a foremost sleep expert who has many great tips to share that will benefit elite athletes, coaches and everyday people.  LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #Health #Wellness #Sleep  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Cal Ripken Jr., first ballot Baseball Hall of Famer, owner of the longest consecutive games played streak in baseball history (2,632 games), 2-time American League MVP, 19-time MLB All-Star and Co-Owner of the Baltimore Orioles joins Sports Business Radio for a wide-ranging conversation. Ripken discusses his Hall of Fame career, his exceptional work creating and developing Ripken Baseball and the Cal Ripken Sr. Foundation, his new partnership with David Blitzer and Josh Harris (Unrivaled Sports) and his upcoming docuseries with MoonBall Media where he will serve as an Executive Producer. Ripken, who played his entire 21-year career with the Baltimore Orioles, also discusses what its like to be back with the Orioles in a formal capacity as part of David M. Rubenstein's new ownership group and what he hopes to contribute in his role with the team. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment, celebrating its 10th anniversary in 2024, is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #CalRipkenJr #Orioles #MLB #Baseball #IronMan #Entrepreneur  Learn more about your ad choices. Visit megaphone.fm/adchoices

Lisa Shalett, our CIO for Wealth Management, and our Head of Corporate Credit Research discuss how to forecast expected returns over the long term, and whether historic cycles can help make sense of the market environment today. ----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.Lisa Shalett: And I'm Lisa Shalett, Chief Investment Officer for Morgan Stanley Wealth Management.Andrew Sheets: And on part one of this special episode of the podcast, we'll be discussing long run expected returns across markets, how we think about cross asset correlations and portfolio construction, and what are the special considerations that investors might want to have in mind in the current environment.It's Friday, May 3rd at 4pm in London.Lisa Shalett: And it's 11am here in New York City.Andrew Sheets: Lisa, you and I are both members of Morgan Stanley's Global Investment Committee, which brings together nine of our firm's market, economic, and portfolio management thought leaders to provide a strategic framework for advice that we give to clients.Andrew Sheets: I wanted to touch on a unique aspect of that process because, you know, we're talking about estimating returns over different horizons for markets. And I think there's something that's kind of unique about that challenge. I mean, I think in most aspects of life, it's probably safe to say that the next decade is more uncertain than the next six months or next year. But when we're thinking about asset class returns, it's not quite as simple as that.Lisa Shalett: Not at all. And very often this is where our understanding of history needs to play a big part. When we think about the future, what are the patterns that we think might be persistent? And therefore, encourage us to think about long run trends and mean reversion. And what dynamics might actually be disconnected, or one offs that are characteristic of maybe structural change in the economy or geopolitics or in policymaking stance.Andrew Sheets: How have these latest capital market assumptions changed over the last year?Lisa Shalett: I think one of the most profound changes has been our willingness to embrace the idea that, in fact, we are in a higher for longer inflation regime. And that has a couple of implications. The first has to do, of course, with nominal returns. A higher inflation environment suggests that nominal returns are actually likely to be higher. The second really has to do with where we are in the cycle and its implications for correlations. We've been through periods most recently, where stocks and bonds were, in fact, anti-correlated; or there was a diversifying property, if you will to the 60 40 portfolio. Most recently, as inflation and level of interest rates has had profound importance to both stock valuations and bond valuations, we have found that these correlations have turned positive. And that creates a imperative, really, for clients to have to look elsewhere beyond cash, bonds, and stocks to get appropriate diversification in their portfolios.Andrew Sheets: Well, it's been less than a month since we updated our strategic recommendations. We've recently also published an update to our tactical asset allocation recommendations. So, Lisa, I guess I have two questions. One is, how do you think about these different horizons, the strategic versus the tactical? And can you also summarize what's changed?Lisa Shalett: Sure. You know, we very often talk to clients about the tactical horizon as being in the 12 to 18-month time frame.In our most recent adjustment, we moved from what had been roughly a, year old underweight in US large cap stocks, and we neutralized that, kind of quote unquote, back to benchmark. So, we added some exposure, and we funded that exposure by selling out of two other positions; one that we had had in both small cap value and small cap growth, as well as a position we had, that we had put on as a hedging oriented position and long duration treasuries.Now, some might say well, given the move in interest rates, is now the right time to take that hedge off? Our decision was basically premised on the fact that we're just not seeing the value in holding duration today given the inversion of the yield curve, and we're not getting paid for the risk of duration. And so, you know, we thought redeploying into those large cap stocks was prudent. Now, the other rationale, really has to do with earnings achievability. A lot of our thoughts were premised early in the year on this idea of a soft landing -- and a soft landing that would include deceleration in top line growth. And so, we were skeptical that could produce what consensus was looking for, which was a 10 to 11 per cent bottom line in 2024. As it turns out, it looks like, nominal GDP in the US is going to continue to persist at levels above 5 per cent, and that kind of tailwind, suggested that our skepticism would prove too conservative; and that, in fact, in a, 10 per cent bottom line could be achievable -- especially if it were being driven by manufacturing oriented companies who are seeing a pick up from global growth.Andrew Sheets: Lisa, maybe if I could just ask you kind of one more question related to some of these longer-term assumptions, you know, I imagine you get some skepticism to say, ‘Well, you know, is the market of today really comparable to, say, the stock market of 30 or 40 years ago? Can we really use metrics or mean reversion that's worked in the past when, you know, the world is different.'Lisa Shalett: Yeah, no, that, that's a fantastic question. I mean, some of the bigger variables in the world that we look at have shown over very long periods of time tendencies to cycle, whether those are things around the business cycle, valuations, cost of capital. Those are the types of variables that over long periods of time tend to mean revert. Same thing volatility. There tend to be long term characteristics. And the history book is pretty convincing that even if sometimes mean reversion is delayed, it ultimately plays out. But we do think that there are elements that we need to continue to question, right. One of them is, you know, has monetary policy and central bank intervention fundamentally changed the rules of the game? Where central banks implicitly or explicitly are managing market liquidity as much as they are managing cost of capital; and as a result, the way markets interact with the central bank and the guidance -- is that different?A second, factor has to do with market structure, right? And in a world where market prices were really being determined almost exclusively by fundamentals, right? There was this constant rotational shift between growth style and value style and where value could be determined in the market. As we've moved to a market that is increasingly driven by passive flows; there's a question that many market participants have raised about whether or not markets have gotten more inefficient because price discovery is actually, in the short run, not what's driving prices, but rather flows; passive flows are driving prices.And so, you know, how do we account for these leads and lags in prices being actually remarked to fundamentals? So those are at least two of the things that I know we are constantly tossing around as we think about our methodologies and capital market assumptions.Andrew Sheets: That was part one of my conversation with Lisa Shalett, Chief Investment Officer for Morgan Stanley Wealth Management.Look out for part two of our conversation, where we'll be discussing the impact of higher interest rates on asset classes. And how investors should think about an unusually concentrated stock market. Andrew Sheets: As a reminder, if you enjoy Thoughts in the Market, please take a moment to rate and review us wherever you get your podcasts. It helps more people find the show.

Mark Newton, CMT, a distinguished market analyst and strategist at Fundstrat Global Advisors, brought his wealth of experience and analytical prowess to the forefront in a compelling podcast interview on the CMT Association's Fill The Gap series. With a career spanning significant roles at firms like Morgan Stanley Wealth Management and Greywolf Execution Partners, Mark has honed his expertise in technical analysis and market strategy over decades.During the podcast, Mark delved into a comprehensive analysis of current market trends, leveraging his deep understanding of economic data and its impact on investor sentiment. He emphasized the critical importance of employing a diverse range of technical tools to effectively navigate volatile market conditions, drawing on specific strategies that have proven effective in recent market cycles.Mark's insights extended beyond technical analysis, as he addressed audience questions regarding sector rotation dynamics and emerging market opportunities. His nuanced understanding of market dynamics and strategic thinking provided invaluable perspectives for both seasoned professionals and novice investors tuning in.Mark Newton's contributions to the field of technical analysis, coupled with his practical insights gleaned from his extensive career, made the podcast interview a definitive resource for anyone looking to enhance their understanding of current market dynamics and refine their investment strategies.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

PODCAST: We step into the Sports Business Radio Vault to look back on past Sports Business Radio conversations with Jack Nicklaus (winner of 18 major championships), Bubba Watson (2-time winner of The Masters) and Mark Steinberg (agent for Tiger Woods). LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #Golf #JackNicklaus #BubbaWatson #TigerWoods #TheMasters #SportsBusiness  Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you ready to dive deep into the world of finance and find out how one woman is changing the game for female empowerment in the industry? Welcome to episode 110 of Carlsbad: People, Purpose, and Impact! I am your host, Bret Schanzenbach, and today we're sitting down with the phenomenal Catherine Magaña, managing partner of WWM Financial.Catherine's journey is nothing short of inspiring—from her early days learning the ropes in a male-dominated field to launching Savvy Woman Wealth Management, a division aimed at educating women on all things fiscal. Join us as we explore Catherine's professional evolution, her strategic move during the 2008 financial crisis, and how her core values of family, community, and integrity shape her work and philanthropy. Plus, find out how the addition of tax strategist Rachel Ivanovic is revolutionizing the services at WWM Financial!Don't miss this episode packed with insights and Catherine's powerful message of financial literacy and independence. Tune in to learn, be inspired, and maybe even discover your path to financial empowerment! Catherine's Bio: Catherine began her financial management career at Smith Barney (now Morgan Stanley Wealth Management) in 1999. She then partnered with Steve Wolff and Cliff Wiese in 2004 while at Smith Barney and now serves as a CERTIFIED FINANCIAL PLANNER™ for Wolff Wiese Magaña, dba WWM Financial and Savvy Women Wealth Management (“SWWM”) a subsidiary which she helped found in 2011.Catherine graduated from Cal Poly San Luis Obispo with a bachelor's degree in business administration. She enjoys walking/running in local 5K's (Carlsbad 5000 and Encinitas 5K), learning how to play golf and spending time at Moonlight Beach with her family. Catherine enjoys new adventures. She has zip lined in the mountains, rock climbed, and has even walked through hot coals barefoot! Catherine is active in local community service activities such as Holiday Baskets, Fill the Plate, and Backpacks for Kids.Catherine is well respected among other San Diego business professionals and participates in many organizations. She was awarded “2018 Five Star Wealth Manager,” “2016 Carlsbad Chamber Small Business Awards for Women Owned Business,” “2016 Carlsbad Chamber Go Giver Award,” “NCPC Volunteer of the Year for The Carlsbad Charitable Foundation” and was a finalist in the 2016 San Diego Business Journal Women Who Mean Business awards. She serves as a Board Member and Chair of the Government Affairs Committee for the Carlsbad Chamber of Commerce, is the past Chair of Board of Directors and past Grants Chair for the Carlsbad Charitable Foundation, is an Executive Board member and past President for the Financial Planning Association of San Diego.She has been married to Joscelin since 2000. They have twins – a boy and girl, Phoenix and Madison.Check out these Links:WWM Financial Facebook page Linkedin Did this episode have a special impact on you? Share how it impacted youCarlsbad Podcast Social Links:LinkedInInstagramFacebookXYouTubeSponsor: This show is sponsored and produced by DifMix Productions. To learn more about starting your own podcast, visit www.DifMix.com/podcasting

Take a deep dive into the creation of an advanced digital assistant with Jeff McMillan and David Wu of Morgan Stanley. As the Head of AD&I, Morgan Stanley Wealth Management and the Head of Knowledge Management & Generative AI respectively, Jeff and David led the creation of an AI assistant for the global investment firm's advisors. Robb and Josh invite them in for a conversation about the technical work and strategic initiatives that enabled Morgan Stanley to create a knowledge base that's given them a massive leap forward with conversational AI.

PODCAST: Brett Rapkin, Emmy-Award winning Founder of Podium Pictures, joins Sports Business Radio to discuss his latest media project - “Dinners with DeMar”, featuring Chicago Bulls star DeMar DeRozan interviewing athletes such as Draymond Green, Damian Lillard and Dwyane Wade about the importance to #mentalhealth. Rapkin has also produced documentaries and docu-series that include sports stars Michael Phelps Steve Nash, Bode Miller Carmelo Anthony, Shawn White, Candace Parker and Mikaela Shiffrin. Rapkin discusses the crowded athlete content space, the importance of shining a spotlight on mental health for athletes and how his 501c3 is funded to produce his projects. Also on this week's edition of Sports Business Radio, Keith Forman, Sports Business Radio Co-Founder, joins Host Brian Berger to discuss the bizarre unfolding story around Los Angeles Dodgers superstar Shohei Ohtani and gambling and theft allegations made against his longtime friend and interpreter. We peel back the many layers to this story and tell you how it will impact MLB, the Los Angeles Dodgers, the future of sports gambling and even how elite athletes may manage their finances in the future. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #ShoheiOhtani #MLB #SportsGambling #SportsDocumentary #DeMarDeRozan #AthleteContent #Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Greg Maddux, first ballot Baseball Hall of Fame pitcher, 4-time Cy Young award winner, 355 game winner, 18-time Gold Glove award winner and one of the greatest pitchers of all-time, joins Sports Business Radio for a wide-ranging conversation. Maddux updates us on his life in retirement post MLB career, he shares insight into what it was like having Scott Boras as his agent and the pivotal 1992 contract negotiations that broke down with the Chicago Cubs that led to his signing as a free agent with the Atlanta Braves, he discusses his methodical preparation when he pitched and how being teammates with fellow Baseball Hall of Fame pitchers John Smotlz and Tom Glavine with the Atlanta Braves elevated each of them, he reflects on his Nike commercial “Chicks Dig the Long Ball”, Maddux tells us if he has the desire to work for a MLB team as a pitching coach or not, he weighs in on whether or not he thinks his home town of Las Vegas will make for a good MLB market and he informs us of his upcoming fundraisers at Circa Resort and Casino in Las Vegas benefitting the Baller Dream Foundation, which provides various levels of support to alleviate stressors families encounter throughout their cancer journey. Maddux will throw out the first pitch on March 28 at Circa Resort in Casino in Las Vegas as part of its Baseball Opening Day Celebration. Maddux will host a celebrity poker tournament at the Circa Las Vegas on April 27-28. To learn more about how you can participate or support the Baller Dream Foundation, visit www.circalasvegas.com or www.ballerdream.org. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #GregMaddux #MLB #ChicagoCubs #AtlantaBraves #HallofFame #Baseball #Pitcher #Nike #LasVegas  Learn more about your ad choices. Visit megaphone.fm/adchoices

Full transcript Marketing is both an art and a science, but unless the science is sound, the rest of the company won't believe that you're driving results. So says Morgan Stanley Wealth Management CMO Andrea Zaretsky, who has devoted her entire marketing career — starting at American Express in 2003, with stops at Sephora and Toys-R-Us in between — to improving measurement. "From the beginning, it's been really important for me to understand how to use analytics," Andrea says. "How to make sure that we're setting up the right test and control, how do we ensure that we're getting learnings and cascading them, and then how do we scale wins to truly drive growth for the company?" Today on Building Better CMOs, Andrea talks with MMA Global CEO Greg Stuart about the three things companies can do to measure better, how to work with non-native marketers, and why the Super Bowl really matters. They also discuss the underrated importance of customer experience to business results and — most importantly — how E*TRADE makes those talking baby ads. Follow or subscribe to Building Better CMOs Rate & review the podcast Links: Andrea's LinkedIn Greg's LinkedIn This episode was produced and edited by Eric Johnson from LightningPod.fm. Learn more about your ad choices. Visit megaphone.fm/adchoices

Gracie Gold (@GracieGold95), 2-Time US Figure Skating Champion and Olympic Medalist as well as Author of her new tell-all memoir OUTOFSHAPEWORTHLESSLOSER, joins Sports Business Radio for an in-depth conversation about the figure skating and Olympic culture that requires perfection with performance and appearance, to taking us inside of her challenging family life, to sharing sobering details about her trip to rehab where Gracie battled depression, anxiety and suicidal ideation, Gracie tells us why she wrote this book, how she hopes it helps others and what her path forward looks like. This is a deep and meaningful conversation that you will want to listen to. In our Sports Business headlines of the Week segment, we recap Super Bowl LVIII in Las Vegas and share our thoughts on Tiger Woods' new venture with Taylor Made Golf. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #GracieGold #FigureSkating #Olympics #Book #USOC #TeamUSA #NFL #SuperBowl #Golf #TigerWoods  Learn more about your ad choices. Visit megaphone.fm/adchoices

Melissa Giles, Executive Director of Portfolio and Platform Management with Americana Partners, presents the Monthly Market Commentary as written by, David M Darst, Chief Investment Officer with Americana Partners.  Any charts/graphs referenced are available in print format and may be provided at your request. David is currently the Chief Investment Officer for Americana Partners. David served for 17 years as a Managing Director and Chief Investment Strategist of Morgan Stanley Wealth Management, with responsibility for Asset Allocation and Investment Strategy; was the founding President of the Morgan Stanley Investment Group; and was founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. After 2014, he served for several years as Senior Advisor to and a member of the Morgan Stanley Wealth Management Global Investment Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held Senior Management posts within the Equities Division and earlier, for six years as Resident Manager of their Private Bank in Zurich. David is the Author of twelve books: (i) The Complete Bond Book (McGraw-Hill); (ii) The Handbook of the Bond and Money Markets (McGraw-Hill); (iii) The Art of Asset Allocation, Second Edition (McGraw-Hill); (iv) Mastering the Art of Asset Allocation (McGraw-Hill); (v) Benjamin Graham on Investing (McGraw-Hill); (vi) The Little Book that Saves Your Assets (John Wiley & Sons), which was ranked on the bestseller lists of The New York Times and Business Week; (vii) Portfolio Investment Opportunities in China (John Wiley & Sons); and (x) Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons). His works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, Romanian, and Vietnamese. Seapoint Books published David's eleventh book in 2012 , Voyager 3, containing his creative writing, and in 2016, his twelfth book, Flim-Flam Flora, a children's book coauthored with his daughter. David appears as a frequent guest on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron's Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He has broadcast and written extensively on asset allocation in the Morgan Stanley biweekly Investment Strategy and Asset Allocation Commentary and in the Firm's Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997. David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David serves on the Investment Committee of the Phi Beta Kappa Foundation and the Advisory Boards of the George Washington Institute for Religious Freedom and the Black Rock Arts Foundation. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University Business Schools, and for nine years, David served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. In November 2011, David was inducted by Quinnipiac University in their Business Leaders Hall of Fame. David is a CFA Charter holder and a member of the New York Society of Security Analysts and the CFA Institute. Join Our Distribution List – For a full copy of our report. 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A copy of Americana Partners' current written disclosure brochure filed with the SEC which discusses among other things, Americana Partners' business practices, services and fees, is available through the SEC's website at: www.adviserinfo.sec.gov. The tax and legal information contained in this newsletter is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market. Investing involves certain risks, including possible loss of principal. You should understand and carefully consider a strategy's objectives, risks, fees, expenses and other information before investing. The views expressed in this commentary are subject to change and are not intended to be a recommendation or investment advice. Such views do not take into account the individual financial circumstances or objectives of any investor that receives them. The strategies described herein may not be suitable for all investors. There is no guarantee that the adviser will meet any of its investment objectives. All indices are unmanaged and are not available for direct investment. Indices do not incur costs including the payment of transaction costs, fees and other expenses. This information should not be considered a solicitation or an offer to provide any service in any jurisdiction where it would be unlawful to do so under the laws of that jurisdiction. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Nasdaq Composite® Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests. The EAFE® Index is a stock index offered by MSCI that covers non-U.S. and Canadian equity markets. It serves as a performance benchmark for the major international equity markets as represented by 21 major MSCI indices from Europe, Australasia, and the Middle East. The EAFE® Index is the oldest international stock index and is commonly called the MSCI EAFE Index. The Russell 2500® is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The CBOE Volatility Index (VIX) is a measure of expected price fluctuations in the S&P 500 Index options over the next 30 days. The VIX is calculated in real time by the Chicago Board Options Exchange (CBOE). P/E or Price to Earnings ratio is indicates the dollar amount an investor can expect to invest in a company in order to receive one dollar of that company's earnings. The Consumer Confidence Survey® reflects prevailing business conditions and likely developments for the months ahead. The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District; Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The ISM manufacturing index, also known as the purchasing managers' index (PMI), is a monthly indicator of U.S. economic activity based on a survey of purchasing managers at more than 300 manufacturing firms. The Composite Index of Leading Indicators, otherwise known as the Leading Economic Index (LEI), is an index published monthly by The Conference Board. It is used to predict the direction of global economic movements in future months. A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. The option adjusted spread (OAS) measures the difference in yield between a bond with an embedded option, such as an MBS or callables, with the yield on Treasuries. Mean reversion, in finance, suggests that various phenomena of interest such as asset prices and volatility of returns eventually revert to their long-term average levels. A meme stock is a security that has seen an increase in trading volume after going viral on social media or an online forum. This document may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,”“anticipate,”“should,”“planned,”“estimated,”“potential”and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio' operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward looking statements or examples. This material is proprietary and may not be reproduced, transferred, modified or distributed in any form without prior written permission from Americana Partners. Americana Partners reserves the right, at any time and without notice, to amend, or cease publication of the information contained herein. Certain of the information contained herein has been obtained from third-party sources and has not been independently verified. It is made available on an "as is" basis without warranty. Any strategies or investment programs described in this presentation are provided for educational purposes only and are not necessarily indicative of securities offered for sale or private placement offerings available to any investor. The mention of any individual security should not be construed as a recommendation to buy or sell that security.

Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management, discusses long-term investors' biggest concern – the amount and timing of interest rate moves.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.----- Transcription -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Lisa Shalett: And I'm Lisa Shalett, Chief Investment Officer for Morgan Stanley Wealth Management. Andrew Sheets: And on this special episode of the podcast, we'll be discussing some of the latest market trends and what they may mean for our retail clients. It's Tuesday, January 23rd at 4 p.m. in London. Lisa Shalett: And it's 11 a.m. here in New York. Andrew Sheets: Lisa, it's great to have you back on. So wealth management clients are typically investing for the long term in order to meet specific goals such as retirement. And with that in mind, let's start with the current market backdrop. You know, we've entered the year with increased market confidence. We've seen implied volatility near some of the lowest levels that we've seen in several years. And yet we've also seen some mixed economic data to start the year. So as you look out into 2024, what are the major risks that you're focused on? Lisa Shalett: Well, I think one of the first things that, you know, we're trying to impress upon our clients, who tend to be long term, who tend to be multi-asset class investors, very often owning a simple classical 60/40 portfolio, is that we've been in this very interesting potential regime change, where both bonds and stocks are sensitive to the same thing. And that is the level and rate of change of interest rates. And that's meant that the 60/40 portfolio and stocks and bonds are actually positively correlated with one another. And so the very first thing we're talking to clients about is the extent to which we believe they need to focus on diversification. I think a second factor that we're talking, you know, to clients a lot about is liquidity. Now in the macro sense, we know that one of the reasons that markets have been able to resist some of the pressure is coming from the fed. Raising rates 550 basis points in kind of 15, 16 month period has been because there have been huge offsets in the macro backdrop providing liquidity to the marketplace. So we're talking about the fact that some of those supports to liquidity may, in fact, fall away and go from being tailwinds to being headwinds in 2024. So what does that mean? That means that we need to have perhaps more realistic expectations for overall returns. The third and final thing that we're spending a lot of time with clients on is this idea of what is fair valuation, right? In the last eight weeks of the year, clients were, you know, very I think enamored is probably the right word with the move in the last eight weeks of the year, of course, people had, you know, the fear of missing out. And yet we had to point out that valuations were kind of reaching limits, and we therefore haven't been shocked at this January, the first couple of weeks, markets have maybe stalled out a little bit, having to kind of digest the rate that we've come and the level that we're at. So those are some of the themes that, you know, we've begun to talk about, at least with regard to portfolio construction. Andrew Sheets: So, Lisa, that's a great framing of it. You know, you mentioned the importance of rates to the equity story, this unusually high correlation that we've had between bonds and stocks. And you have this debate in the market, will the Fed make its first rate cut in March? Will it make its first rate cut in June, like the Morgan Stanley research call is calling for? Is that the same thing? And how important to you in terms of the overall market outlook is this question of when the Fed actually makes its first interest rate cut? Lisa Shalett: Yeah. For our client base and long term investors, you know, we try to push back pretty aggressively on this idea that any of us can time the market and that there's a big distinction and difference between a march cut and a may or June cut. And so what we've said is, you know, the issue is, again, less about when they actually begin, but why do they begin? And one of the reasons that they may begin later than sooner would be that inflation is lumpy. And I know that some of the economists on our global macro team have that perspective that, you know, the heavy lifting, if you will, or the easy money on the inflation trade has been made. And we were able to get from 9 to 4 on many inflation metrics, but getting from 4 to 2 may require patience as we have to, you know, kind of wait for things like owner occupied rents and housing related costs to come down. We have to wait for the lags in wage growth to come out of some of the calculations, and that may require a pickup in unemployment. We may have to wait for some of the services areas where there has been inflation, things related to automotive insurance and things related to health care for some of those items to settle down as well. And so that might be one of the issues that impacts timing. Andrew Sheets: So moving to your second key point around market liquidity. Another factor I want to ask you about, which I think is kind of adjacent to that debate, is what about all this cash? You know, we've heard a lot about record inflows into US money market funds over 2023. You have around $6 trillion sitting in US money market funds. How do you see that story playing out, and how do you think investors should think about that question of should I redeploy my cash, given it's still offering relatively high yields? Lisa Shalett: So for our clients, you know, one of the things that we're very focused on, again, because we're taking that much longer time frame is saying, look, how does the current 5.3, 5.25 money market yield compare with expected returns for stocks and bonds over the next couple of years? And in that framing from where we sit, what we're saying is cash is reasonably competitive still. Now if rates come down very, very quickly right, we again get back to that question of why. If rates are coming down very quickly because we have disinflationary growth then, then that might be a signal that it's time to redeploy into riskier assets. Alternatively, if they're cutting because they see deteriorating economic conditions, staying in cash for a little while longer during a slowdown might also be the right thing, even though your yields might be going from five to 4 to 3 and a half. And from where we sit, I think our clients know that our capital market assumptions have erred on the conservative side, no doubt about it. But, you know, we think U.S. equities are apt to return at best in 2024 something in the 4 or 5, 6 range against a backdrop where earnings growth could be 10%. And for, you know, investment grade credit, which I know is your expertise. We're saying, you know, we think that rate risk is moderate from here, that it's asymmetric. Andrew Sheets: Lisa, just to bring in your third point on valuations, especially valuations and a potentially higher real rate environment. What should investors do in your opinion to build those diversified portfolios given the valuation reality that they're having to deal with? Lisa Shalett: So look, I think our perspective is that in a world where, you know, real interest rates are higher, the dynamics around balance sheet quality really come into the fore dynamics around those business models, where you have to ask yourself, are the companies that I own, are the credits that I own truly able to earn their cost of capital? And you know, those questions tend to put pressure on excess valuations. So when we're building portfolios, at least right now, we have a bias to press up against the current skew in the market, right. We're currently skewed to growth versus value. So we've got a preference for value. We've got some skew towards mega-cap versus large mid or small cap. So we're skewing large mid and small cap and active management versus the cap weighted management. We've had this huge skew towards a US bias in our client portfolios, and we're trying to push back against that and say in a relative value context, other regions like parts of emerging markets, like Japan, like parts of Europe are showing genuine interest. So part of this idea of higher real rates in the US is this idea that other asset classes, other regions than this mega cap U.S. growth bias that has really dominated the themes over the last 18 months, that that might get challenged. Andrew Sheets: Lisa, thanks for taking the time to talk. We hope to have you back soon. Lisa Shalett: It's always great speaking with you, Andrew. Andrew Sheets: As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us on the Apple Podcast app. It helps more people find the show.

PODCAST: Sports Business Radio Host Brian Berger and Executive Producer Bryan Griggs reveal Sports Business Radio's list of the Top 10 Sports Business stories of 2023. Listen to find out the #sportsbiz stories that top our list. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #CollegeSports #CollegeFootball #Golf #PGA #LIVTour #Messi #Soccer #WomensSports  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: NBA Commissioner Adam Silver (@AdamSilverNBA) joins Sports Business Radio to reflect on the inaugural NBA In-Season Tournament, share what he's looking for with the next NBA media rights deal, update us on the ownership situations with the Dallas Mavericks and Portland Trail Blazers and tell us about the most important things he learned from late NBA Commissioner David Stern. In our sports business headlines segment, we discuss the Final 4 for the College Football Playoff and Shohei Ohtani's pending record-setting contract. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating and share our episodes if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. WATCH NBA Commissioner Adam Silver on the Sports Business Radio YouTube channel at www.sportsbusinessradio.com. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. Money in the Making™ is the new digital financial education program aims to help young athletes, entertainers and emerging talent in the sports and entertainment industry build and manage wealth. Learn more about the financial literacy program by visiting etrade.com/gsemoneyinthemaking #NBA #AdamSilver #Basketball #SportsBusinessRadio  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Alice Milligan, Chief Marketing Officer for Morgan Stanley, joins Sports Business Radio for a wide-ranging conversation about her path to success as well as how to build a trustworthy brand. As CMO of Morgan Stanley, Alice oversees the firm's global brand strategy and go-to-market platform, encompassing all marketing campaigns, sponsorship assets and digital properties. She is a key member of the firm's leadership team and is leading a significant marketing transformation to help propel Morgan Stanley into the future as a prosperous “house of brands” following the acquisition of brands like Solium Capital, Eaton Vance and E*TRADE. Prior to her current role, Alice was EVP & Chief Customer Officer for E*TRADE, where she oversaw the firm's brand, marketing, retail products, digital customer experience, and analytics. Previously, Alice was the Chief Digital Client Experience Officer for Citi's U.S. Consumer Bank, where she reimagined the end-to-end strategy, design and delivery of the bank's digital channels. She also garnered more than 25 years of increasingly senior marketing and digital experience at leading brands like American Express, Coach and AT&T. Milligan also shares insight on the best ways to manage time, Morgan Stanley Global Sports & Entertainment's efforts to provide financial literacy to athletes and entertainers, Morgan Stanley's global partnership with the WTA and the Importance of women leadership in sport and financial services industries. Also joining Sports Business Radio for this episode is Leela Srinivasan, CEO of Parity. Minority-founded in 2020, Parity's mission is to close the gender income and opportunity gap in professional sports. Parity achieves this mission by developing high-impact campaigns and collaborations between brands, pro women athletes and their fans. Parity works with over 850 women athletes across more than 70 sports from archery to weightlifting. Learn more about Parity at www.paritynow.co. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #financialservices #money #financialliteracy #payequity #womeninbusiness #MorganStanley #AliceMilligan #Parity  Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're a listener to Thoughts on the Market you may be interested in another of our podcasts: What Should I Do With My Money? ----------------------------------------------------------------------------------------------------------------------------This material has been prepared for informational purposes only. It does not provide individuallytailored investment advice. It has been prepared without regard to the individual financialcircumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC(“Morgan Stanley”) recommends that investors independently evaluate particular investmentsand strategies, and encourages investors to seek the advice of a Financial Advisor. Theappropriateness of a particular investment or strategy will depend on an investor's individualcircumstances and objectives.----------------------------------------------------------------------------------------------------------------------------The team here at Thoughts on the Market is so excited for our friends at Morgan Stanley Wealth Management and their What Should I Do With My Money? podcast, which was recently chosen by listeners as their favorite money and investment podcast in the 2023 Signal Awards.Whether you're a seasoned investor or just venturing into the investment world for the first time, there's never been a better time to tune in as the team at What Should I Do With My Money? gears up for a new season. In each episode, we listen in on a conversation between a guest with money questions and a financial advisor from the team at Morgan Stanley. In this excerpt, Willow and Sarah talk about buying a property versus renting.For more information visit morganstanley.com/mymoney.

PODCAST: We step into the Sports Business Radio #podcast vault to revisit one of the most listened to conversations in the 19-year history of our show. David Stern, late NBA Commissioner Emeritus, sat down with Brian Berger for an in-depth conversation on December 8, 2016 in front of a studio audience in New York City to discuss his life and reflect on his storied career that saw him serve as NBA Commissioner for 30 years. He also shared the vision that made him many people's consensus choice for “greatest pro sports commissioner of all-time”. This conversation is truly a masterclass on #sportsbusiness and allows listeners to tap into the genius of David Stern. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #NBA #DavidStern #NewYorkCity #SportsBusiness Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: The Sports Business Radio Road Show presented by Morgan Stanley Global Sports & Entertainment brings you conversations with Erin Kane (VP of Women's Sports for Excel Sports Management) and Sam Rapoport (Senior Director, Diversity, Equity & Inclusion for the NFL). The conversations were recorded in New York City at the Sports Business Journal Gamechangers conference honoring top women executives in sports. Kane, one of the leading sports agents for women athletes, discusses Excel's recent signing of women's college basketball star Caitlin Clark and the growing women's sports landscape.  Rapoport shares her story of going from football player to leading the NFL's diversity, equity and inclusion efforts and becoming a trusted advisor for NFL Commissioner Roger Goodell. Rapoport was named to People magazine's “25 Women Changing the World” list. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating and share our episodes if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment - the Exclusive Financial Partner of Sports Business Radio. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more.  Money in the Making™ is the new digital financial education program aims to help young athletes, entertainers and emerging talent in the sports and entertainment industry build and manage wealth. Learn more about the financial literacy program by visiting etrade.com/gsemoneyinthemaking #MorganStanley #FinancialLiteracy #Money #WomeninSports #NIL #NFL #SportsBusiness #SportsBusinessRadio  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Matt Holliday (@MattHollidayOSU), former MLB star with the Colorado Rockies, Oakland A's, St. Louis Cardinals and New York Yankees, 7-Time #MLB All Star, World Series champion with the St. Louis Cardinals in 2011, 2007 NL batting champion and 2007 NLCS MVP joins Sports Business Radio for a conversation. Holliday is now part of PBX Pickleball, the organization that unites retired pro athletes with the pickleball community. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #MLB #Pickleball #MattHolliday #StLouisCardinals #ColoradoRockies  Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: We enter the Sports Business Radio Vault to look back on conversations with Ian Happ (@ihapp_1), Chicago Cubs All-Star and Gold Glove outfielder, Co-Host of The Compound podcast (@thecompoundpod), entrepreneur and mental health advocate and Gracie Gold (@GracieGold95 on IG), Two-time U.S. National Champion and Olympic Figure Skater. Happ discusses his experiences with the Cubs, his process when it comes to Co-Hosting The Compound podcast, what he looks for in a business partner and he speaks out on the importance of mental health and why that topic is a personal one for him. Gold discusses the mental and emotional toll the pressure that being an elite athlete has had on her, spending her entire life focused on a 4-minute performance on the ice at the Olympics and at the U.S. Figure Skating National championships and the lack of mental health and post Olympic career resources that are available to Olympic athletes. Driven by passion, but broken by pursuit, Gold has battled depression and she opens up about her struggles during this candid interview. Gold also offers solutions for how mental health issues for athletes can be treated in the future.  LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Underdog Fantasy - the Official Gaming Partner of Sports Business Radio and the fastest growing fantasy app. The Underdog Fantasy app is available at Underdogfantasy.com, on iOS, and on Android. We've got a SPECIAL OFFER FOR SPORTS BUSINESS RADIO LISTENERS: New users get up to $100 matched on their first deposit when they use the code SBR. So download the app at underdogfantasy.com and then enter the promo code SBR to get up to $100 to play with.  This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #MLB #Cubs #IanHapp #Olympics #GracieGold #MentalHealth Learn more about your ad choices. Visit megaphone.fm/adchoices

PODCAST: Malcolm Jenkins (@MalcolmJenkins), 2-Time Super Bowl champ, 3-Time Pro Bowler over a 13-year NFL career, CEO of Malcolm Inc. and Author of the new book and his memoir: What Winners Won't Tell You - Lessons from a Legendary Defender joins Sports Business Radio for an in-depth conversation. Jenkins discusses highlights of his new book, which is on sale now at bookstores everywhere and on Amazon.com. LISTEN to Sports Business Radio on Apple podcasts or Spotify podcasts. Give Sports Business Radio a 5-star rating if you enjoy our podcast. Click on the plus sign on our Apple Podcasts page and follow the Sports Business Radio podcast. Follow Sports Business Radio on Twitter @SBRadio and on Instagram, Threads and Tik Tok @SportsBusinessRadio. This week's edition of Sports Business Radio is presented by Morgan Stanley Global Sports & Entertainment. Morgan Stanley Global Sports & Entertainment is a division of Morgan Stanley Wealth Management dedicated to serving the unique and sophisticated needs of elite and professional athletes, entertainers, executives, creators, and other top talent and professionals in the sports and entertainment industry. The division consists of over 200 Financial Advisors with the Global Sports & Entertainment Director/Associate Director designation, several of whom are former professional and collegiate athletes who once embarked on a similar journey to that of today's talent, leaders, executives and creators. Visit morganstanley.com/gse to learn more. #NFL #MalcolmJenkins #Book #Author #Athlete #CEO #SportsBiz #FlyEaglesFly #WhoDat  Learn more about your ad choices. Visit megaphone.fm/adchoices

Greg Fleming is the founding CEO of Rockefeller Capital Management, where he took the helm of a storied family office in 2018 to build and serve other families and institutions as well. Prior to taking on this challenge, Greg was the President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management and before that spent seventeen years at Merrill Lynch, culminating in serving as President and Chief Operating Officer from 2007-2009. Our conversation walks through some of Greg's career path, including highlights from the financial crisis, and the Rockefeller Capital Management business and strategy. We hit on ESG investing, serving clients, and leadership. And I couldn't help asking Greg about his relationship with Yankee great Derek Jeter. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Bond yields have seen a surprising increase as a result of real interest rates, which could mean both good and bad news for other asset types.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, a Senior Fixed Income Strategist for Morgan Stanley. Along with my colleagues, bringing you a variety of perspectives, I'll be talking about trends across the global investment landscape and how we put those ideas together. It's Friday, August 18th at 2 p.m. in London. August is a month in financial markets that is often all or nothing. Sometimes it's quiet, a self-reinforcing state where investors desire to recharge and enjoy the nicer weather means fewer deals and lower activity, reinforcing the desire to enjoy the nicer weather. But there's a flip side. The fact that so many investors' are away in August can also amplify market moves, especially if worries mount, and we see that in the historical data. August has seen the largest average rise in stock market volatility of any month, if we go back to 2010, where it's seen higher volatility in 10 out of the last 14 years. So far, this August is off to another volatile start. The culprits are plenty. Equity markets have been having a great run based almost entirely on expanding valuations, an unusual occurrence, as Lisa Shalett, the CIO of Morgan Stanley Wealth Management and I discussed on this program last week. Data in China has been weaker than expected and across the U.S., Europe and Japan, bond yields have been rising significantly. The bond move is especially notable given how it's been happening. Yields aren't rising because of inflation, as last week's U.S. consumer price inflation reading was a little better than expected, and longer run expectations of U.S. inflation are actually lower on the month. The market also has increased its expectation of further rate hikes from the Federal Reserve or the ECB, although it has added another expected hike for the Bank of England. Rather, the increase in yields this month has been almost entirely due to the so-called real interest rate, that is the yield on bonds over and above expected inflation. In the U.S., ten year real rates are now about 1.9% above expected inflation, which is a similar level to what we saw from 2003 to 2005. There's both bad and good news here. The bad news is that if investors can get a higher guaranteed return over inflation from government bonds, other assets are going to look less attractive by comparison. We continue to hold a more cautious view on U.S. equity markets as well as commodities. But there's also some good news. Higher real rates have made TIPS or Treasury inflation-protected securities more attractive and my colleagues in interest rate strategy like them. The recent volatility in bond markets has cheapend mortgage backed securities, where my colleague Jay Bacow, Morgan Stanley's co-head of securitized products research, has recently moved back to a positive view. And higher yields are improving the funding ratio for many pension funds, encouraging them to buy safer, longer term investment grade bonds. More broadly, higher long term real rates could be a sign that the market is more confident about the long term outlook for the U.S. economy. If we think back to the 1990s, it was a period of higher expected potential growth and higher rates relative to expected inflation. If we think about the sluggish 2010s, it was the opposite with very low rates relative to inflation as the market worried that growth could not achieve escape velocity. It will take years to know if the bond market is really endorsing a stronger long run economic view, but as we hope to emphasize, higher rates aren't necessarily all bad. Thanks for listening. Subscribe to Thoughts on the Market on Apple Podcasts, or wherever you listen and leave us a review. We'd love to hear from you.

While the Fed navigates a soft landing for the U.S. economy and stock valuations remain high, how can investors navigate the risks and rewards of a surprisingly strong equity market? Lisa Shalett is Morgan Stanley Wealth Management's Chief Investment Officer. She is not a member of Morgan Stanley Research.----- Transcript -----Andrew Sheets: Welcome to Thoughts in the Market. I'm Andrew Sheets, Fixed Income Strategist at Morgan Stanley. Lisa Shalett: And I'm Lisa Shalett, Chief Investment Officer for Morgan Stanley Wealth Management. Andrew Sheets: And today on the podcast, we'll be discussing what's been happening year to date in markets and what might lie ahead. It's Friday, August 11th at 1 p.m. in London. Lisa Shalett: And it's 8am here in New York City. Andrew Sheets: So, Lisa, it's great to have you here. I think it's safe to say that as a strategy group, we at Morgan Stanley have been cautious on this year. But I also think this is a pretty remarkable year. As you look back at your experience with investing, can you kind of help put 2023 in context of just how unusual and maybe surprising this year has been? Lisa Shalett: You know, I think one of the the key attributes of 2023 is, quite frankly, not only the extraordinarily low odds that history would put on the United States Federal Reserve being able to, quote unquote, thread the needle and deliver what appears to be an economic soft landing where the vast and most rapid increase in rates alongside quantitative tightening has exacted essentially no toll on the unemployment rate in the United States or, quite frankly, average economic vigor. United States GDP in the second quarter of this year looked to accelerate from the first quarter and came in at a real rate of 2.4%, which most folks would probably describe as average to slightly above average in terms of the long run real growth of the US economy over the last decade. So, you know, in many ways this was such a low odds event just from the jump. I think the second thing that has been perplexing is for folks that are deeply steeped in, kind of, traditional analytic frameworks and long run correlative and predictive variables, the degree to which the number of models have failed is, quite frankly, the most profound in my career. So we've seen some real differences between how the S&P 500 has been valued, the multiple expansion that we have seen and things like real rates, real rates have traditionally pushed overall valuation multiples down. And that has not been the case. And, you know, I think markets always do, quote unquote climb the wall of worry. But I think as we, you know, get some distance from this period, I think we're also going to understand the unique backdrop against which this cycle is playing out and, you know, perhaps gaining a little bit more of an understanding around how did the crisis and the economic shocks of COVID change the labor markets perhaps permanently. How did the degree to which stimulus came into the system create a sequencing, if you will, between the manufacturing side of the economy and the services side of the economy that has created what we might call rolling slowdowns or rolling recessions, that when mathematically summed together obscure some of those trends and absorb them and kind of create a flat, flattish, or soft landing as we've experienced. Andrew Sheets: How are you thinking about the valuation picture in the market right now? And then I kind of want to get your thoughts about how you think valuations should determine strategy going forward. Lisa Shalett: So this is a fantastic question because, you know, very often I'm sitting in front of clients who are, you know, very anxious about the next quarter, the next year. And while I think you and I can agree that there certainly are these anomalous periods where valuations do appear to be disconnecting from both interest rates and even earnings trends, they don't tend to be persistent states. And so when we look at current valuations just in the United States, if you said you're looking at a market that is trading at 20x earnings the implication is that the earnings yield or your earnings return from that investment is estimated at roughly 5%. In a world where fixed income instruments and credit instruments are delivering that plus at historic volatilities that are potentially half or even a third of what equities are, you can kind of make the argument that on a sharp ratio basis, stocks don't look great. Now, that's not all stocks. Clearly, all stocks are not selling at 20x forward multiples. But the point is we do have to think about valuation because in the long run, it does matter. Andrew Sheets: I guess looking ahead, as you think about the more highly valued parts of the market, where do you think that thinking might most likely apply, as in the current valuation, even if it looks expensive, might be more defendable? And where would you be most concerned? Lisa Shalett: I think we have to, you know, take a step back and think about where some of the richest valuations are sitting. And they're sitting in, you know, some of the megacap consumer tech companies that have really dominated the cycle over the last, you know, 14, 15 years. So we have to think about a couple of things. The first is we have to think about, you know, the law of large numbers and how hard it is, as companies get bigger and bigger, for them to sustain the growth rates that they have. There will never be companies as dominant as, you know, certain banks. There will never be companies that are as dominant as the industrials. There will never be companies that are as dominant as health care. I mean, there's always this view that winners who achieve this kind of incumbent status are incumbent forever. And yet history radically dispels that notion, right? I think the second thing that we need to understand is very often when you get these type of valuations on megacap companies, they become, you know, the increased subject of government and regulatory scrutiny, not only for their market power and their dominance, but quite frankly for things around their pricing power, etc. The last thing that I would say is that, you know, what's unique about some of the megacap consumer tech companies today that I don't hear anyone talking about, is this idea that increasingly they're bumping up against each other. It's one thing when, you know, you are an e-commerce innovator who is rolling up retail against smaller, fragmented operators. It's quite another when it's, you know, three companies own the cloud, seven companies own streaming. And I don't hear anyone really talking about it head on. It's as if these markets grow inexorably and there's, you know, room for everyone to gain share. And I push back on some of those notions.Andrew Sheets: So, Lisa, I'd like to ask you in closing about what we think investors should do going forward. And to start, within one's equity portfolio, where do you currently see the better risk reward? Lisa Shalett: So we're looking at where are the areas where earnings have the potential to surprise on the upside, and where perhaps the multiples are a little bit more forgiving. So where are we finding some of that? Number one, we're finding it in energy right now. I think while there's been a lot of high fiving and enthusiasm around the degree to which headline inflation has been tamed, I think that if you, you know, kind of look underneath the surface, dynamics for supply and demand in the energy complex are beginning to stabilize and may in fact be showing some strength, especially if the global economy is stronger in 2024. A second area is in some of the large cap financials. I think that some of the large cap financials are underestimated for not only their diversity, but their ability to actually have some leverage if in fact global growth is somewhat stronger. We also think that there may be opportunities in things like residential REITs. There's been, you know, concern about that area, but we also know that the supply demand dynamics in US housing are in fact quite different this cycle. And last but certainly not least, I think that there are a series of themes around fiscal spending, around infrastructure, around decarbonization, around some of the the reconfiguration of supply chains that involves some of the less glamorous parts of the market, like utilities, like, you know, some of the industrials companies that have some very interesting potential growth attributes to them that that may not be fully priced as well. Andrew Sheets: Lisa, thanks for taking the time to talk. Lisa Shalett: Absolutely, Andrew. Always a pleasure. Andrew Sheets: And thanks for listening. If you enjoy Thoughts on the Market, please take a moment to rate and review us on Apple Podcasts. It helps more people find the show.

Commercial real estate is melting down fast. Home values next.— Elon Musk (@elonmusk) May 29, 2023 That's what Tesla and SpaceX founder Elon Musk tweeted last week in response to a stream of tweets from venture capitalist David Sacks. In that series, Sacks claimed that Fed rate hikes and the increased borrowing costs they led to are causing a slew of problems in the financial world, including a soon-to-be crash in commercial real estate. That latter part could certainly be possible. In fact, JPMorgan estimates that nearly $450 billion in commercial real estate debt could go into default this year. Meanwhile, Morgan Stanley Wealth Management forecasts a 40% peak-to-trough decline in CRE prices, increasing the risk of default even further. Does that mean a similar drop in home values is coming, too? Let's take a look. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're a listener to Thoughts on the Market you may be interested in our new podcast: What Should I Do With My Money? ----------------Managing our money can be ... a lot. It's one of the most important aspects of our lives, and yet, many of us just muddle through, without any help, hoping that we haven't made a mistake. It doesn't have to be that way. At Morgan Stanley, we help people manage their money at all stages of their lives, whether a young person just starting out or an executive planning their retirement. And while each person's situation is unique, many of their concerns are common. On this podcast, we match real people, asking real questions about their money, with experienced Financial Advisors. You'll hear answers to important questions like: Is now the right time to buy a house? What to do if your business fails? How should I be saving to cover the cost of college? How much do I really need to retire and am I on track? Having an experienced Financial Advisor on your side can go a long way. Someone who you can trust, who gets you, who has tackled these same issues before and who has the expertise to develop a plan that fits your goals. Join us as our guests share their stories around life's major moments. And hear the difference a conversation can make. Hosted by Morgan Stanley Wealth Management's Jamie Roô. For more information visit morganstanley.com/mymoney.