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In this episode, Patrick Hargreaves, CEO of AKO Capital and PM of the AKO Capital Global Fund, is in discussion with Eloise Goulder, head of the Data Assets and Alpha Group. Patrick discusses the rationale for the quality investment philosophy at AKO Capital and the 'patterns of quality' the team look to identify to source these companies (as articulated in their 2016 Quality Investing book). He also lays out the five specialized teams who work alongside the analysts on market research, forensic accounting, behavioral analysis, data science and sustainability. Finally, Patrick highlights where machine learning and LLM tools can be additive in their processes, and where the role of the human, and of judgement, remains critical. Shownotes: https://www.akocapital.com/ https://www.akocapital.com/quality-investing/ This episode was recorded on June 6, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
Audience member and Patron "Fuckin' Tom" (and the lovely and charming Mrs. Fuckin' Tom) patiently tolerate multiple stories about leaks while Mr. Hatch, Eileen Yulick, Dick Rexholes and Research Department shake a few dribbles out of this one.
In this episode, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, is joined by Chris Andrew, head of Market Structure and Regulatory Change in EMEA. Together, they explore the recent pick-up in European equity volumes and turnover ratios, discussing factors including geopolitical shifts, fiscal policy changes and the evolving landscape of European capital markets. Finally, Eloise and Chris delve into the potential for sustained outperformance, and the implications and challenges of achieving greater capital market integration via the Savings and Investments Union across Europe. Related episodes: Equity Concentration Risks and the Retail Investor - April 2024 An Emerging European Retail Investor - August 2023 Market Structure and the Decline in European Liquidity - March 2023 This episode was recorded on May 22, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode of JacquesTalk we discuss how the duo of George Pickens and CeeDee Lamb ranks among all the duos Dak Prescott has had since 2019. Then we talk about Nick Chubb and why he's a bad fit in Dallas. We end it talking about restaurant critics and one of my favorite restaurant closings.
Analyzing alternative data can be complex and challenging – but it can also be highly rewarding. In this episode, Mark Fleming-Williams, head of Data Sourcing at CFM and creator of “The Alternative Data Podcast,” speaks with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan. They discuss the value of alt data, how the viability of a data set is assessed and what AI and LLMs mean for the future of the industry. Shownotes: https://www.cfm.com/ https://podcasts.apple.com/us/podcast/the-alternative-data-podcast/id1539909575 This episode was recorded on April 29, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
True Crime Kent was kind enough to join us yet again for a season finale episode! Special Guest Kunt Chungus joins Hum Dinger, Richard Tonsiltickler, Gabe Owners and the Research Department to discuss pre-OSHA Industrial Accidents researched on a website that, as of recently, sponsors no one involved.
In this episode, Andrew Tyler, head of Global Market Intelligence, and Federico Manicardi, head of International Market Intelligence, speak with Eloise Goulder, head of the wider Data Assets & Alpha Group. They discuss the case for a further rally in U.S. equities, which could be driven by catalysts, including corporate earnings and tariff negotiations, as well as relatively light positioning. They explain why this view may only be tactical, given risks to medium-term economic growth. And finally, they explore the state of equity markets outside the U.S., including in Europe, China and Japan. This episode was recorded on May 30, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
This is the last episode before the Season 3 Finale featuring Kent Chungus! In this episode Brad the Impaler, Wesley Weaseltits, Phil Downerpants, and the Research Department are joined by special guest Mitosis!
In this episode, Edwina Lowe, product specialist in the Data Assets and Alpha Group, speaks with Eloise Goulder, head of the group. Edwina and Eloise discuss the merits of data vs. model in the systematic investing process and the extent to which both are critically important. This episode marks the 100th episode of the Trading Insights series on our Making Sense podcast channel. This episode was recorded on April 3, 2025. Shownotes: To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence Related podcasts: How the Bank of England harnesses AI and data AI in the macro process, with Balyasny's head of Macro Research & Chief Economist The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
Today my guest is Prachi Mishra, who is a Professor in the Department of Economics, and Director and Head of Isaac Center for Public Policy at Ashoka University. Prior to joining Ashoka, Prachi was Chief of the Systemic Issues Division and Advisor in the Research Department at the International Monetary Fund. We spoke about the current state of the Indian economy, India's growth trajectory, if the rupee is overvalued, India's fiscal consolidation, and much more. We also spoke about Trade, but this episode was recorded before the big tariff announcements on April 2. Recorded March 31st, 2025. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Click here for the latest Ideas of India episodes sent straight to your inbox.
Ta-Da! Look what it is . . . ! Its another long one. A long one about shorts. Gene Pool, Jack Hoff, Gabe Porn, and the Research Department learn some important lessons they forgot exactly when their hangovers cleared.
Pierre-Daniel Sarte and Thomas Lubik discuss their research on the components of productivity growth, how that growth has varied over time and across industries, and how much it will benefit from the use of artificial intelligence. Sarte and Lubik are senior advisors in the Research Department at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_04_09_productivity_growth
In this episode, Eloise Goulder, head of J.P. Morgan's Data Assets and Alpha Group and James Benford, chief data officer at the Bank of England, discuss the potential for data and AI to transform decision-making both at the Bank of England and across the finance industry more widely. They also discuss the impact of generative AI on market efficiency and financial stability, the balance between the use of AI and human judgement as well as the ethical considerations shaping the future of financial services. This episode was recorded on March 19, 2025. Shownotes: To learn more about James Benford's role at the Bank of England: James Benford | Bank of England Further information on the Bank of England's Data and Analytics Strategy: The Bank's data and analytics strategy: a three-year roadmap | Bank of England Disclaimer: The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
สรุปไทม์ไลน์ ทรัมป์ประกาศขึ้นภาษีอะไรไปบ้าง จับตา 2 เม.ย. สหรัฐฯ ประกาศตอบโต้ Reciprocal Tariff ไทยเสี่ยงแค่ไหน? ผลกระทบจากเหตุแผ่นดินไหวจบแล้วหรือยัง เซ็กเตอร์ไหนได้รับผลกระทบ ปรับกลยุทธ์ลงทุนอย่างไร พูดคุยกับ สุทธิชัย คุ้มวรชัย Head of Research Department บล.อินโนเวสท์ เอกซ์
สรุปไทม์ไลน์ ทรัมป์ประกาศขึ้นภาษีอะไรไปบ้าง จับตา 2 เม.ย. สหรัฐฯ ประกาศตอบโต้ Reciprocal Tariff ไทยเสี่ยงแค่ไหน?ผลกระทบจากเหตุแผ่นดินไหวจบแล้วหรือยัง เซ็กเตอร์ไหนได้รับผลกระทบ ปรับกลยุทธ์ลงทุนอย่างไร พูดคุยกับ สุทธิชัย คุ้มวรชัย Head of Research Department บล.อินโนเวสท์ เอกซ์
In this episode, Eloise Goulder, head of the Data Assets and Alpha Group, and Lauren Anderson, head of Government Relations for EMEA, discuss the global geopolitical backdrop following a record elections year. They then dive into Europe, given the sharp outperformance of European equities year to date, addressing the extent to which geopolitical, fiscal, defense and growth developments could mark a structural shift for the region. In addition, they address challenges including tariffs, as well as the medium-term outlook for countries in the Gulf Cooperation Council (GCC). This episode was recorded on March 6, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
For market purists, any mention of the term industrial policy used to evoke visions of heavy-handed Soviet-style central planning, or the stifling state-centric protectionism employed by Latin American countries in the late 20th century. But that conversation turned dramatically over the last several years, as President Joe Biden's signature legislative achievements like the CHIPS and Science Act and the Inflation Reduction Act showcased policies designed to influence and shape industries ranging from tech to pharma to green energy. My guest today, Harvard Kennedy School Professor Ricardo Hausmann, is the founder and director of the Growth Lab, which studies ways to unlock economic growth and collaborates with policymakers to promote inclusive prosperity around the world. Hausmann says he believes markets are useful, but have shown themselves inadequate to create public benefits at a time when public objectives like the clean energy transition and shared prosperity have become increasingly essential to human society. In a wide-ranging conversation, we'll discuss why industrial policy is making a comeback, tools that the Growth Lab has developed to help poorer countries and regions develop and prosper, and the uncertainty being caused by President Trump's pledge to raise tariffs and protectionist barriers.Ricardo Hausmann's policy recommendations:Encourage governments to track industries that are not yet developed but have the potential for growth and monitor technological advancements to identify how new technologies can impact existing industries or create new opportunities.Develop state organizations with a deep understanding of societal trends and industrial potential, similar to Israel's office of the Chief Scientist or the U.S. Presidential Commission on Science and Technology.Encourage governments to develop a pre-approved set of tools—including training, educational programs, research programs, and infrastructure—that can be quickly mobilized for specific economic opportunities.Teach policy design in a way that mirrors medical education (e.g., learning by doing as in a teaching hospital), because successful policy design requires real-world experience, not just theoretical knowledge. Ricardo Hausmann is the founder and director of Harvard's Growth Lab and the Rafik Hariri Professor of the Practice of International Political Economy at Harvard Kennedy School. Under his leadership, the Growth Lab has grown into one of the most well regarded and influential hubs for research on economic growth and development around the world. His scholarly contributions include the development of the Growth Diagnostics and Economic Complexity methodologies, as well as several widely used economic concepts. Since launching the Growth Lab in 2006, Hausmann has served as principal investigator for more than 50 research initiatives in nearly 30 countries, including the US, informing development policy, growth strategies and diversification agendas at the national, regional, and city levels. Before joining Harvard University, he served as the first chief economist of the Inter-American Development Bank (1994-2000), where he created the Research Department. He has served as minister of planning of Venezuela (1992-1993) and as a member of the Board of the Central Bank of Venezuela. He also served as chair of the IMF-World Bank Development Committee. He holds a Ph.D. in economics from Cornell University.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master's in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lillian Wainaina. Design and graphics support is provided by Laura King of the OCPA Design Team. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner of the OCPA Digital Team. Editorial support is provided by Nora Delaney and Robert O'Neill of the OCPA Editorial Team.
In this episode, John Schlegel, head of Global Positioning Intelligence at J.P. Morgan, sits down with Andrew Tyler, head of the Global Market Intelligence team, to discuss the current state of the U.S. equity markets amid recent fluctuations. They examine the underlying factors contributing to the recent drawdown, including macroeconomic data, trade policy uncertainties and valuation concerns. The conversation also explores potential sector opportunities, the impact of international equities and the role of seasonality in market movements. This episode was recorded on March 3, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode, Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan, chats with Andrew Howard, head of Sustainable Investing at Schroders Asset Management. They discuss the recent drivers of sustainable investing -- from a regulatory, industry concentration, macro landscape, and data availability perspective. They also explore changes in underlying sustainability risks facing the economy, and how these trends can be incorporated into the underlying investment thesis. This episode was recorded on November 7, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, sits down with Rui Fernandes, global head of Markets Trading Structuring at J.P. Morgan, to explore the evolution of the trading and structuring businesses. They delve into the key drivers of success including innovation, customization at scale and platform interoperability. They also touch on the rise of multi-asset investing, the impact of AI on product design and the importance of staying attuned to client needs in a rapidly changing financial landscape. This episode was recorded on January 29, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode, the team delves into the risk and reward dynamics of U.S. equities compared to the rest of the world, following the recent comparative underperformance from the U.S. They discuss recent investor flows and positioning, and whether the recent underperformance in U.S. equities presents a “buy the dip” opportunity. They also touch on the macroeconomic environment, corporate earnings and geopolitical factors, assessing how these elements impact U.S. exceptionalism relative to Europe and the rest of the world. John Schlegel, head of Global Positioning Intelligence, and Ellen Wang, from the U.S. Market Intelligence team, are joined by Eloise Goulder, head of the wider Global Data Assets & Alpha Group. This episode was recorded on February 11, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
This interview with Karnit Flug was on January 2, shortly after the Government of Israel released all manner of economic statistics and announced some rather significant tax tweaks. Based on my anecdotal conversations with people in the professional, VC and tech sectors, there is growing concern that the new tax measures will have the most deleterious—and disproportionate—impact on small independent businesses in Israel. Karnit Flug, as you will hear, thinks otherwise. So, I will keep an eye on how this develops. And in the coming months I intend to publish more podcasts and YouTube videos focusing on the economy. It's amazing how overlooked this critical topic has been throughout the war. Then again, our Minister of Finance is Bezalel Smotrich. He has a lot to say about annexing various territories, but he seems far less engaged when it comes to financial and economic matters. We have included in the podcast notes links to two previous podcasts with Karnit Flug, from back in the days when judicial reform was seen to be the key economic threat. Then—and perhaps more so now—Flug is very concerned with the emigration of Israel's most talented citizens to Europe, North America, anywhere but here. The pressure of serving most of the year in reserve duty, the huge stress this puts on families—and all that compounded by deep concerns with the political direction of the country and how that is impacting our economic power—well, many are voting with their feet. That trend is among the top economic issues and threats facing Israel today, in her view. Always enlightening to speak with Karnit Flug. I had intended to publish this interview in the second week of January, but then all hell broke loose, as President Trump would say. His repeated warnings that the hostage issue had better be resolved by Inauguration Day made everything else seem less urgent. This entire country was on 24/7 hostage alert. The good news is that my discussion with Karnit was very macro, so the podcast remains as relevant today as it was a few weeks ago. Tune in.Podcast Notes:Two previous State of Tel Aviv podcasts with Karnit Flug:Prof. Karnit Flug completed her five-year term as Governor of the Bank of Israel in November 2018. In March 2019 she joined the Department of Economics at the Hebrew University.As Governor, Prof. Flug oversaw the design and implementation of Israel's monetary policy and served as the Economic Advisor to the government. She was widely credited for maintaining stability and supporting growth in the Israeli economy.Prior to her appointment as Governor, Prof. Flug was the Bank of Israel's Deputy Governor from July 2011. Between July 2013 and November 2013, she served as Acting Governor.Previously, Prof. Flug became Director of the Research Department and Chief Economist of the Bank of Israel in June 2001 – a position she held for 10 years. She published numerous papers on macroeconomic policies, the labor market, balance of payments and social policies. In 1984, Prof. Flug started as an economist at the International Monetary Fund, before returning to Israel to join the Research Department of the Bank of Israel in 1988. In 1994–96, while on leave from the Bank of Israel, she worked at the Inter-American Development Bank in Washington D.C. as a Senior Research Economist.Prof. Flug‘s contribution to social and economic policies in Israel has been significant. She served on a number of public and government committees, including the Committee on Increasing Competitiveness in the Economy, the Committee for Social and Economic Change ("the Trajtenberg Committee"), the Defense Budget Prof. Flug received her M.A. (cum laude) in Economics from The Hebrew University of Jerusalem in 1980, and her Ph.D. in Economics from Columbia University in 1985.In 2018, she was awarded an honorary doctorate from Tel Aviv University in recognition of her “exceptional stewardship of Israel's monetary policy and economy.” In March 2019, Prof. Flug received the “Governor of the Year" Award for 2018 by the Central Banking Publication.In each of her five years as Governor of the Bank of Israel, Prof. Flug was ranked among the top 10 central bankers in the world by Global Finance magazine.Prof. Flug is married with two children.State of Tel Aviv is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.stateoftelaviv.com/subscribe
In this episode, Kumar Panja, EMEA Head of the Capital Advisory Group at J.P. Morgan, engages in a compelling conversation with Amy Flikerski, Managing Director and Head of the External Portfolio Management at CPP Investments. Delve into the intricacies of hedge fund management for both emerging and established hedge funds with a particular focus on how to approach CPP Investments – including team structure, the investment model and strategy preferences. This episode offers a wealth of knowledge for hedge fund managers seeking to understand the intricacies of engaging with CPP Investments and navigating the current market dynamics. To learn more about CPP Investments: https://www.cppinvestments.com/about-us/our-investment-teams/team-capital-markets/external-portfolio-management/ This episode was recorded on November 12th, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. To find out more about our services, please contact markets.marketing@jpmorgan.com. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode, Sunny Potharaju from the Positioning Intelligence team is joined by John Schlegel, head of the Global Positioning Intelligence team at J.P. Morgan. Their discussion focuses on the strong performance of hedge funds, particularly in crowded stocks, and the potential for continued performance into 2025. John and Sunny examine the setup for U.S. equities, noting a possible upcoming "buy the dip" opportunity, while acknowledging a more uncertain medium-term outlook. The episode concludes with broader insights into the positioning landscape in Europe and Asia. The Positioning Intelligence team sits within the wider Data Assets & Alpha Group. This discussion follows episodes released on: November '24 – A Post-Election Rally in U.S. Equities October '24 – How High is Positioning in U.S. Equities This episode was recorded on January 13, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.
In this episode, we hear from Chris Pulman, head of Macro Research and Chief Economist at Balyasny Asset Management. Chris discusses the role of Macro Research and Economics in creating value within the investment process; use of data, models, tech systems and generative AI within the macroeconomic space; the benefits of marrying fundamental expertise with technological processes; and the skillsets required to excel in this area. Chris is in discussion with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan. This episode was recorded on June 26th, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2024 JPMorgan Chase & Company. All rights reserved.
In this episode, we hear from Debora Kantt, head of Corporate Futurism at J.P. Morgan. Debora discusses the importance of thinking ‘Future Back', in overcoming behavioral biases and training the human brain to think in a non-linear way. She also provides examples of ‘weak signals', or seeds of future trends, across the biocomputing and affective computing fields. Debora is in discussion with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan. Shownotes: To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence This episode was recorded on October 15, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2024 JPMorgan Chase & Company. All rights reserved.
In this episode we hear from Elaina Elzinga, Principal and Head of Active Manager Selection at Wellcome Trust. Elaina runs through portfolio construction when spanning investments from HFs to LOs to real assets, how use of data and AI in the investment space influences allocation decisions, and how these longer term investment goals interplay with Wellcome Trust's mission and purpose. Elaina is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group at J.P. Morgan. To learn more about Wellcome Trust: www.wellcome.org To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence Related podcasts: Asset Allocation amid Climate risks, with Fidelity International Macroeconomist – January 2024 A Macroeconomic Approach to Investing, with Fulcrum's Chief Risk Officer – February 2024 Recording date: 17 October 2024 The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2024 JPMorgan Chase & Company. All rights reserved.
In this episode, the Data Assets & Alpha Group review recent U.S. equity strength and discuss the potential for a further rally into year-end. They discuss implications of the U.S. elections, recent macro and micro data and sectors which look to offer better risk / reward. They also discuss the relative underperformance of European equities and the risk / reward in China. Andrew Tyler, head of Global Market Intelligence, and Federico Manicardi, head of International Market Intelligence, are in discussion with Eloise Goulder, head of the Global Data Assets & Alpha Group. Note that this discussion follows episodes released on: July '24 – US Equities at All-Time Highs Jun '24 – An Underperformance in European Equities This episode was recorded on November 19, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
In this episode, we hear from Deepak Maharaj, Head of Equities and Cross Asset QIS Structuring at J.P. Morgan. Deepak discusses the rapid development of Equities QIS strategies - from the technology enhancements to the use of LLMs in product development - and where this space is likely to evolve in future. Deepak is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group at J.P. Morgan. Shownotes: To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence Related podcasts: Extending the trend, with JP Morgan's Lead CTA Structurer Time Traveler: A Look Back in Time with Fredrik Giertz – Part 1 Time Traveler: A Look Back in Time with Fredrik Giertz – Part 2 This episode was recorded on October 7, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
Dive into the world of early-stage hedge fund investing with Kumar Panja, EMEA Head of Capital Advisory Group and Sam Diedrich, Managing Director and Head of Absolute Return at Partners Capital Investment Group. Uncover strategies for emerging managers, the power of SMAs, and the art of probabilistic thinking. Perfect for aspiring managers and savvy investors seeking a competitive edge. This episode was recorded on July 16, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. To find out more about our services, please contact markets.marketing@jpmorgan.com
In this episode we hear from John Schlegel regarding how high positioning looks post the stellar rally in US equities. John discusses the recent drivers of US equity strength, the main buyers of the rally so far, where this leaves positioning, and the risk / reward for equities from here. John also touches on equity positioning across Europe and APAC. John Schlegel, Head of Global Positioning Intelligence is in discussion with Eloise Goulder, Head of the Global Data Assets & Alpha Group. This episode was recorded on October 14, 2024 The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
In this episode we hear from Matt Jones, Global Portfolio Manager at Fidelity International. Matt discusses the intersection of quant techniques with the fundamental investment process, the benefits and challenges of this approach and the evolution data use in this strategy over the last two decades. Matt Jones is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group at JP Morgan. This episode was recorded on September 9, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
(Conversation recorded on July 30th, 2024) The science surrounding our planet's dynamic and complex climate can be difficult to understand, and perhaps even more challenging to decipher what the actual realities and trajectories are among so much media coverage. Yet the study of Earth's systems has been ongoing for decades, with a majority of scientists reaching a consensus on the realities of human-driven global heating. In this episode, ocean and climate physicist Stefan Rahmstorf joins Nate for an overview on the most common questions and misconceptions concerning the state of the climate, including the nuances of what our future planetary home might look like. How can carbon dioxide – which makes up such a small percentage of the atmosphere – have such a large effect on the temperature of the whole planet? Why does warming have such huge ripple effects across the biosphere – from ocean currents and wind patterns to extreme weather and wildfires? What do projections for the future tell us about the survivability of some of Earth's most populated regions – and how can communities and nations prepare and mitigate these challenges amid many other converging crises we face? About Stefan Rahmstorf: Stefan Rahmstorf is Co-Head of the Research Department on Earth System Analysis of the Potsdam Institute for Climate Impact Research (PIK) and Professor of Ocean Physics at the University of Potsdam. His research focuses on paleoclimate, ocean circulation, sea level, extreme weather events and Earth System modeling. After working at the New Zealand Oceanographic Institute and the Institute of Marine Science in Kiel, Stefan Rahmstorf joined PIK in 1996. From 2004 to 2013 Stefan Rahmstorf advised the German government as a member of its Advisory Council on Global Change (WBGU). He is not only an outstanding and highly cited scientist but also a sought-after science communicator and speaker, winning the Climate Communication Prize of the American Geophysical Union in 2017. Show Notes and More Watch this video episode on YouTube --- Support The Institute for the Study of Energy and Our Future Join our Substack newsletter Join our Discord channel and connect with other listeners
In this episode we hear from Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) at J.P. Morgan. Chris discusses the evolution of ETF markets, the rapid rise in the issuance of new instruments (particularly actively managed ETFs) and the way in which retail investors are using these products. Chris is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group at J.P. Morgan. Shownotes Related podcasts: Equity Concentration Risks and the Retail Investor with Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) – April 2024 An Emerging European Retail Investor with Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) – August 2023 Market Structure and the Decline in European Liquidity with Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) – March 2023 This episode was recorded on September 12th 2024 The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. Copyright 2024. All rights reserved.
The Serbian-American economist Branko Milanovic is one of the world's leading authorities on inequality. In this KEEN ON America conversation, we talked about Milanovic's interpretation of the history of American economic inequality - from slavery to contemporary capitalism. Why has America become so much unequal over the last fifty years, I asked. And today, in what Milanovic sees as a post neo-liberal age, how does he imagine the future of economic inequality?Branko Milanovic obtained his Ph.D. in economics (1987) from the University of Belgrade with a dissertation on income inequality in Yugoslavia. He served as lead economist in the World Bank's Research Department for almost 20 years, leaving to write his book on global income inequality, Worlds Apart (2005). He was a senior associate at the Carnegie Endowment for International Peace in Washington (2003-2005) and has held teaching appointments at the University of Maryland (2007-2013) and at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University (1997- 2007). He was a visiting scholar at All Souls College in Oxford, and Universidad Carlos III in Madrid (2010-11). Professor Milanovic's main area of work is income inequality, in individual countries and globally, including in preindustrial societies. He has published articles in Economic Journal, Review of Economics and Statistics, Journal of Economic Literature, Journal of Development Economics, and Journal of Political Philosophy, among others. His book The Haves and the Have-nots (2011) was selected by The Globalist as the 2011 Book of the Year. Global Inequality (2016) was awarded the Bruno Kreisky Prize for the best political book of 2016 and the Hans Matthöfer Prize in 2018, and was translated into 16 languages. It addresses economic and political effects of globalization and introduces the concept of successive “Kuznets waves” of inequality. In March 2018, Milanovic was awarded (jointly with Mariana Mazzucato) the 2018 Leontief Prize for Advancing the Frontiers of Economic Knowledge. His most recent books are Capitalism, Alone, published in 2019, and Visions of Inequality, published in 2023..Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe
India has emerged as a top market for global private equity firms in the last decade, but what's been driving this growth? Join Abhinav Bharti, Head of India Equity Capital Markets and Nitin Maheshwari, Head of India M&A and APAC Strategic Investors Group M&A as they discuss the significant expansion and transformation of India's private equity market. Learn about the macroeconomic themes, market maturity and regulatory changes attracting global investors to India. This episode was recorded on August 26, 2024 This material was prepared by the Investment Banking Group of J.P. Morgan Securities LLC and not the Firm's Research Department. It is for informational purposes only and is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument. © 2024 JPMorgan Chase & Company. All rights reserved.
In this episode we hear from Edwina Lowe, Product Specialist within the Data Assets & Alpha Group and Luca Rainero, Head of the Data Intelligence team within the broader group. They discuss the evolution of retail investor behavior post Covid, and how social media data can be leveraged to understand retail investor views and impact on markets. Edwina and Luca are in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence Related podcasts: Equity Concentration Risks and the Retail Investor with Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) APAC Equity Market Structure & the Liquidity Landscape with Clare Witts, Head of APAC Market Structure An Emerging European Retail Investor with Chris Andrew, Head of Market Structure and Regulatory Change (EMEA) Diving into Social Sentiment with Jamie Wise, BUZZ Index Founder, Periscope Capital This episode was recorded on August 19, 2024 The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. Copyright 2024, JPMorganChase & Co. All rights reserved.
Join Claudia Jury, Global Co-Head of Sales & Research at J.P. Morgan and Robyn Grew, CEO of Man Group, for a discussion on the intricate landscape of alternative investments. Robyn shares insights on the evolution of the alternatives market, the impact of increasing complexity on portfolio construction and the importance of technology in investment management. Explore everything from AI's role in investment management to the nuances of maintaining a competitive edge in a dynamic market environment. This episode was recorded on June 27, 2024. Advancing Alternatives delivers thought leadership on the Alternatives sector via engaging discussions between J.P. Morgan and industry leaders. To find out more about our services, please contact markets.marketing@jpmorgan.com The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
In this episode we hear from Gurps Kharaud, Global Head of Equities Digital Markets, and Franc Chioccola, Head of Vida Portfolio Solutions and a member of the same team, here at J.P. Morgan. Gurps and Franc run through the digitization of portfolio management, how investing client demands have evolved as a result, where banks and J.P. Morgan are stepping in to provide value, and where the industry is likely to evolve from here. Gurps and Franc are in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group at J.P. Morgan. To learn more about Vida: https://markets.jpmorgan.com/portfolio-solutions/portfolio-solutions To learn more about the Data Assets & Alpha Group: https://www.jpmorgan.com/markets/market-data-intelligence This episode was recorded on July 25, 2024. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan's Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.
Neighborhood Formation and Neighborhood Effects (Dionissi Aliprantis) Dionisi Aliprantis is an assistant vice president and a senior research economist in the Research Department at the Federal Reserve Bank of Cleveland, the director of the Bank's Program on Economic Inclusion, and the founding director of the Math Movement. He is the author of “Making Our Neighborhoods, Making Our Selves”: A Review Essay. Appendices: Dionissi Aliprantis: Brilliant.org and Vsauce on The Banach-Tarski Paradox Greg Shill, Professor of Law & Michael and Brenda Sandler Faculty Fellow in Corporate Law, University of Iowa College of Law: The Radical Fair Housing Act, by Noah Kazis Jeff Lin: 3Blue1Brown Series on Neural Networks Follow us on the web or on Twitter: @denselyspeaking, @jeffrlin, @greg_shill. Producer: Courtney Campbell The views expressed on the show are those of the participants, and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia, the Federal Reserve System, or any of the other institutions with which the hosts or guests are affiliated.
“One thing people don't realize is that the goal of disinformation is not simply to get you to believe a falsehood. It's to demoralize you into giving up on the idea of truth, to polarize us around factual issues, to get us to distrust people who don't believe the same lie. And even if somebody doesn't believe the lie, it can still make them cynical. I mean, we've all had friends who don't even watch the news anymore. There's a chilling quotation from Holocaust historian Hannah Arendt about how when you always lie to someone, the consequence is not necessarily that they believe the lie, but that they begin to lose their critical faculties, that they begin to give up on the idea of truth, and so they can't judge for themselves what's true and what's false anymore. That's the scary part, the nexus between post-truth and autocracy. That's what the authoritarian wants. Not necessarily to get you to believe the lie. But to give up on truth, because when you give up on truth, then there's no blame, no accountability, and they can just assert their power. There's a connection between disinformation and denial.”Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
“Getting people to care is the most important thing. I went all the way to the Maldives for research for my book How to Talk to a Science Denier because I wanted to see coral death. I wanted to see the Maldives. I wanted to see the country most under threat from climate change. One of my teachers was a 17 or 18-year-old kid who was the captain of a fishing boat. He said, "Oh, sir, outside the Maldives, no one cares." And that was when I realized that climate denial was not just about belief, it was about caring. He was right. Could you get people to care? How do you get people to care about what happens to the Maldives? They have to go there and meet people and/or know someone in order to care. I've been really fortunate in my life to have had so many teachers in that way, sometimes through short interactions.”Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
“One thing people don't realize is that the goal of disinformation is not simply to get you to believe a falsehood. It's to demoralize you into giving up on the idea of truth, to polarize us around factual issues, to get us to distrust people who don't believe the same lie. And even if somebody doesn't believe the lie, it can still make them cynical. I mean, we've all had friends who don't even watch the news anymore. There's a chilling quotation from Holocaust historian Hannah Arendt about how when you always lie to someone, the consequence is not necessarily that they believe the lie, but that they begin to lose their critical faculties, that they begin to give up on the idea of truth, and so they can't judge for themselves what's true and what's false anymore. That's the scary part, the nexus between post-truth and autocracy. That's what the authoritarian wants. Not necessarily to get you to believe the lie. But to give up on truth, because when you give up on truth, then there's no blame, no accountability, and they can just assert their power. There's a connection between disinformation and denial.”Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
“Getting people to care is the most important thing. I went all the way to the Maldives for research for my book How to Talk to a Science Denier because I wanted to see coral death. I wanted to see the Maldives. I wanted to see the country most under threat from climate change. One of my teachers was a 17 or 18-year-old kid who was the captain of a fishing boat. He said, "Oh, sir, outside the Maldives, no one cares." And that was when I realized that climate denial was not just about belief, it was about caring. He was right. Could you get people to care? How do you get people to care about what happens to the Maldives? They have to go there and meet people and/or know someone in order to care. I've been really fortunate in my life to have had so many teachers in that way, sometimes through short interactions.”Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
How do we fight for truth and protect democracy in a post-truth world? How does bias affect our understanding of facts?Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.“One thing people don't realize is that the goal of disinformation is not simply to get you to believe a falsehood. It's to demoralize you into giving up on the idea of truth, to polarize us around factual issues, to get us to distrust people who don't believe the same lie. And even if somebody doesn't believe the lie, it can still make them cynical. I mean, we've all had friends who don't even watch the news anymore. There's a chilling quotation from Holocaust historian Hannah Arendt about how when you always lie to someone, the consequence is not necessarily that they believe the lie, but that they begin to lose their critical faculties, that they begin to give up on the idea of truth, and so they can't judge for themselves what's true and what's false anymore. That's the scary part, the nexus between post-truth and autocracy. That's what the authoritarian wants. Not necessarily to get you to believe the lie. But to give up on truth, because when you give up on truth, then there's no blame, no accountability, and they can just assert their power. There's a connection between disinformation and denial.”https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
How to talk to a science denier? How do we fight for truth and protect democracy in a post-truth world? How does bias affect our understanding of facts?Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.“Getting people to care is the most important thing. I went all the way to the Maldives for research for my book How to Talk to a Science Denier because I wanted to see coral death. I wanted to see the Maldives. I wanted to see the country most under threat from climate change. One of my teachers was a 17 or 18-year-old kid who was the captain of a fishing boat. He said, "Oh, sir, outside the Maldives, no one cares." And that was when I realized that climate denial was not just about belief, it was about caring. He was right. Could you get people to care? How do you get people to care about what happens to the Maldives? They have to go there and meet people and/or know someone in order to care. I've been really fortunate in my life to have had so many teachers in that way, sometimes through short interactions.”https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
How do we fight for truth and protect democracy in a post-truth world? How does bias affect our understanding of facts?Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.“One thing people don't realize is that the goal of disinformation is not simply to get you to believe a falsehood. It's to demoralize you into giving up on the idea of truth, to polarize us around factual issues, to get us to distrust people who don't believe the same lie. And even if somebody doesn't believe the lie, it can still make them cynical. I mean, we've all had friends who don't even watch the news anymore. There's a chilling quotation from Holocaust historian Hannah Arendt about how when you always lie to someone, the consequence is not necessarily that they believe the lie, but that they begin to lose their critical faculties, that they begin to give up on the idea of truth, and so they can't judge for themselves what's true and what's false anymore. That's the scary part, the nexus between post-truth and autocracy. That's what the authoritarian wants. Not necessarily to get you to believe the lie. But to give up on truth, because when you give up on truth, then there's no blame, no accountability, and they can just assert their power. There's a connection between disinformation and denial.”https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
How to talk to a science denier? How do we fight for truth and protect democracy in a post-truth world? How does bias affect our understanding of facts?Lee McIntyre is a Research Fellow at the Center for Philosophy and History of Science at Boston University and a Senior Advisor for Public Trust in Science at the Aspen Institute. He holds a B.A. from Wesleyan University and a Ph.D. in Philosophy from the University of Michigan. He has taught philosophy at Colgate University, Boston University, Tufts Experimental College, Simmons College, and Harvard Extension School (where he received the Dean's Letter of Commendation for Distinguished Teaching). Formerly Executive Director of the Institute for Quantitative Social Science at Harvard University, he has also served as a policy advisor to the Executive Dean of the Faculty of Arts and Sciences at Harvard and as Associate Editor in the Research Department of the Federal Reserve Bank of Boston. His books include On Disinformation and How to Talk to a Science Denier and the novels The Art of Good and Evil and The Sin Eater.“Getting people to care is the most important thing. I went all the way to the Maldives for research for my book How to Talk to a Science Denier because I wanted to see coral death. I wanted to see the Maldives. I wanted to see the country most under threat from climate change. One of my teachers was a 17 or 18-year-old kid who was the captain of a fishing boat. He said, "Oh, sir, outside the Maldives, no one cares." And that was when I realized that climate denial was not just about belief, it was about caring. He was right. Could you get people to care? How do you get people to care about what happens to the Maldives? They have to go there and meet people and/or know someone in order to care. I've been really fortunate in my life to have had so many teachers in that way, sometimes through short interactions.”https://leemcintyrebooks.comwww.penguinrandomhouse.com/books/730833/on-disinformation-by-lee-mcintyrehttps://mitpress.mit.edu/9780262545051/https://leemcintyrebooks.com/books/the-art-of-good-and-evil/https://leemcintyrebooks.com/books/the-sin-eater/www.creativeprocess.infowww.oneplanetpodcast.orgIG www.instagram.com/creativeprocesspodcast
This is the second in a series on Alzheimer's on both a personal and medical research level, focused on the impact on Black and Indigenous people. Hear about Dr. Gee's collaboration with University of Wisconsin-Madison's Alzheimer's Research Department, including his guests Dr. Carey Gleason, MD and Dr. Fabu Carter. Dr. Carey Gleason shares the science behind Alzheimer's and the need for a diverse population of research participants. Dr. Fabu Carter discusses reaching out to the community and in particular the Black community. Also, don't miss a special cross-cultural Black Ice Breakers segment with the week's guests. UW-Madison - Alzheimer's Disease Research Center (ADRC) https://www.adrc.wisc.edu/about alexgee.com Support the Show: patreon.com/blacklikeme
Lisa Shalett is a member of Morgan Stanley's Wealth Management Division and is not a member of Morgan Stanley's Research Department. Unless otherwise indicated, her views are her own and may differ from the views of the Morgan Stanley Research Department and from the views of others within Morgan Stanley. Our CIO for Wealth Management, Lisa Shalett, and our Head of Corporate Credit Research continue their discussion of the impact of interest rates on different asset classes, the high concentration of value in equity markets and more.----- Transcript -----Welcome to Thoughts on the Market, and to part two of a conversation with Lisa Shalett, chief investment officer for Morgan Stanley wealth management. I'm Andrew Sheets, head of corporate credit research at Morgan Stanley.Today, we'll be continuing that conversation, focusing on how higher interest rates could impact asset classes, and also some recent work about the unusually high concentration of stocks within the equity market.We begin with Lisa's very topical question about how higher interest rates might impact credit. Lisa Shalett: So, Andrew, let me ask you this. From your perspective as the Global Head of Corporate Credit Research, what happens if we're, in fact, in this new regime of rates being higher for longer? Andrew Sheets: Yeah, thanks, Lisa. It seems more topical by the day as we see yields continuing to march higher. So I think like a lot of things in the market, it kind of depends a little bit on what the fundamental backdrop is that's driving those interest rates higher. Because if I think about the modern era for credit, which I'll define as maybe the last 40 years, the tightest that we've ever seen corporate credit spreads was not when the Fed or the European central bank was buying bonds. It was not when you had lots of leverage building up in the financial system prior to the financial crisis. It was in the mid 90s when the economy was pretty good. The Fed had hiked rates a lot in [19]94 and then it cut them a little. And, you know, the mid nineties, I think, are one of the poster children for, kind of, a higher for longer rate environment amidst a pretty strong economy. So, if that is what we're looking at, we're looking at rates being higher for longer because the economic output of the US and other regions is generally stronger. I think that's an environment where you can have the overall credit market performing still pretty well. You'll certainly have dispersion around that as not every balance sheet, not every capital structure was planned, was created with that sort of rate environment in mind.Overall, if you had to say, is credit more afraid of a kind of higher for longer scenario or is it more afraid of, growth being a lot weaker than expected, but that would bring low rates. I actually think a lot of credit investors would much rather have a more stable growth environment, even if that brings somewhat fewer rate cuts and higher for longer rates.Lisa Shalett: One other thing, I know that the Global Investment Committee has been debating is this idea between the haves and the have nots that's been somewhat unique to this business cycle where, there's been a portion of the mega cap and large cap universes who have demonstrated, quite frankly, total insensitivity to interest rates because of their cash balances. Or because of their lack of need for actual borrowing. And then there's smaller midsize companies, these smaller cap or unprofitable tech companies, some of the companies that may have been born in the venture capital boom of the early 2020s. How is this have, have not, debate playing out in the credit markets? Are there parts of the credit markets that are starting to worry that there's a tail?Andrew Sheets: Yeah, I think that's just a fascinating question at the moment because we've lived in this very macro world where it seemed like big picture questions about central banks: Will we go into recession? What will commodity prices do is driving everything. And even this week, questions about interest rates are dominating the headlines on TV and on the news.But I think if you peel things back a little bit, this is an incredibly micro market, you know, we're seeing some of the lowest correlations and co-movement between individual stocks in the US and Europe that we haven't in 15 years. If I think about the credit market, the credit market is not just sailing into this environment, happy go lucky, no risk on the horizon. It's showing some of the highest tiering that we've seen in a very long time between CCC rated issuers, which is the lowest rated, main part of performing credit and Single-B issuers, which are still below investment grade rated, but are somewhat better. Market is charging a very high price premium between those two, which suggests that it is exactly as you mentioned, differentiating based on business model strength and level of leverage and the likes.So, this environment of differentiation -- where the overall market is kind of okay, but you have lots of churning below the surface -- I think it's a very accurate description of credit. I think it's a very accurate description of the broader market, and it's certainly something that we're seeing investors take advantage of we see it in the data.Andrew Sheets: Lisa, you recently published a special report on the consequences of concentration, which focuses on some of these mega cap stocks and how they may present underappreciated risks for investors. What were the key takeaways from that that we should keep in mind when it comes to market concentration and how should we think about that?Lisa Shalett: The fundamental point we were trying to make -- and it really has to do with some of the unintended risks potentially that passive investors may be embracing that they don't fully appreciate -- is really through the end of 2023, US equity indices became extraordinarily, concentrated; where the top 10 names were accounting for greater than, a third of the market capitalization. And history has shown that such high levels of concentration are rarely sustainable. But what was particularly unique about the era of the Magnificent Seven or these top 10 mega cap tech stocks is not only were they a huge portion of the whole index, but in many ways they had become correlated to one another, right? Both, in terms of their trading dynamics and their valuations, but in terms of their factor exposures, right? They were all momentum oriented. They were all tech stocks. They were all moving on an AI, narrative. In many cases, they had begun competing with each other; one another directly in businesses, like the cloud, like streaming services and media, et cetera.Andrew Sheets: And Lisa, kind of further on that idea, I assume that one counterpoint that you get to this work is that some of these very large mega cap names are just great companies. They've got strong competitive positions; they've got opportunities for future growth. As an investor, how do you think about how much you are supposed to pay up for quality, so to speak? And, you know, maybe you could talk just a little bit more about how you see the valuations of some of these larger names in the market.Lisa Shalett: What we always remind clients is, there is no doubt that, these are great companies and they have phenomenal, cash flows, phenomenal profit growth. footprints, dominant positions, and markets that are growing. But the question is twofold. When is that story fully discounted, right?And when do great companies cease to be great stocks? And if you look back in history, history is littered with great companies who cease to be great stocks and very often, clients quote unquote never saw it coming because they hung their hat on this idea, but it's a great company.Andrew Sheets: Any parting thoughts as we move closer to the midpoint for 2024?Lisa Shalett: The line that I'm using most with clients is that, I fundamentally believe that uncertainty in terms of the economic scenarios that could play out from here. Whether we're talking about a no landing, we're talking about a hard landing, we talk about a stagflation. And the policy responses to that, whether it's the timing of the Fed, and what they do. And what's their mix between balance sheet and rates, and then what happens post the presidential elections in the US. And is there a policy change that shifts some of the growth drivers in the economy. I just think overall uncertainty is rising through the end of the year, and that continues to argue, for a position as we've noted, where clients and their advisors are particularly active towards risk management, and where the premium to diversification is above average. Andrew Sheets: Lisa, thanks for taking the time to talk. Hope we can have you back again soon.Lisa Shalett: It's great to speak with you, as always, Andrew.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.
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