Podcast appearances and mentions of sanford bernstein

Our guest this week is Sudarshan Murthy from GQG Partners. Sudarshan is a co-portfolio manager on all GQG investment strategies, which include global equities, US equities, and emerging markets. Before joining GQG in 2016, Sudarshan worked as an Asian equities analyst for Matthews International, and he was also a sell-side researcher at Sanford Bernstein. Before his investment career, Sudarshan worked in IT services at Infosys Technologies and in banking. He holds degrees from the National Institute of Technology in India, the Indian Institute of Management, and the Wharton School of the University of Pennsylvania.BackgroundGQG PartnersLinkedIn bioEmerging Markets“Turning Tides in Emerging Markets: India, Indonesia, and Brazil are making waves,” GQG Research, Feb. 18, 2025.“GQG's $19 Billion Fund Says Chinese Stock Rally Is ‘Confusing,' ” by Ishika Mookerjee, Bloomberg, March 1, 2024“India has moved from red tape to red carpet”: PM Modi in virtual address at G20 meet, Financial Express, Aug. 24, 2023“Navigating the Herd Mentality in Indian Markets,” GQG Research, Nov. 15, 2024Current Events“Sudarshan Murthy speaks with Gabriel Mellqvist from EFN Ekonomikanalen about elections,” GQG Partners Instagram, Nov. 8, 2024.“What are the potential impacts of the new US administration's tariff policies?” GQG Facebook video, Jan. 9, 2025.

Follow us on X: @GordonGChang @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk Join America's Roundtable (https://americasrt.com/) radio co-hosts Natasha Srdoc and Joel Anand Samy with Gordon G. Chang, a leading expert on U.S.-China relations. Gordon G. Chang is an American attorney and author of Plan Red: China's Project to Destroy America and The Coming Collapse of China. Chang lived and worked in China and Hong Kong for almost two decades, most recently in Shanghai, as Counsel to the American law firm Paul Weiss and earlier in Hong Kong as Partner in the international law firm Baker & McKenzie. He served two terms as a trustee of Cornell University. The conversation with Gordon Chang focuses on the threats emanating from China that are impacting America on the economic and security fronts. Natasha Srdoc and Joel Anand Samy speak with Gordon Chang about China's aggressive tactics to undermine the United States. From cyberattacks to fentanyl and economic power plays, Chang breaks down the CCP's dangerous agenda. How will America and other democratic nations respond to the growing influence of the Chinese Communist Party (CCP) led by its Secretary General Xi Jinping who wants to shape the world in China's image? Plan Red: China's Project to Destroy America by Gordon G. Chang In his new book Plan Red: China's Project to Destroy America (https://www.amazon.com/Plan-Red-Project-Destroy-America/dp/B0DD94BNDR), Gordon Chang writes that in Xi Jinping's conception of the world, there is no place for the United States or even the current international order. Analyst Gordon G. Chang warns that Xi Jinping believes he must destroy America to accomplish his objectives. And that Xi already has a plan to do it. Xi reveres Mao and is marching China back to Maoism. He is reinstituting totalitarian social controls, demanding absolute political obedience from everyone, and cutting foreign links. Closing China off from the world is an essential element of his plan to save the communist system. His isolationism and xenophobia evoke policies from the earliest years of the People's Republic and during the two millennia of imperial rule. And Xi can't stop talking about war. More significantly, he is implementing the largest military buildup since the Second World War, he is trying to sanctions-proof the Chinese regime, he is stockpiling grain and other commodities, he is surveying America for strikes and sabotage, he is mobilizing China's civilians for battle, and he is purging China's military of officers opposed to going to war. Gordon G. Chang's writings on China and North Korea have appeared in The New York Times, The Wall Street Journal, The National Interest, The American Conservative, Commentary, National Review, Barron's, and The Daily Beast. He is a columnist at Newsweek and writes regularly for The Hill. He has given briefings at the National Intelligence Council, the Central Intelligence Agency, the State Department, and the Pentagon. He has also spoken before industry and investor groups including Bloomberg, Sanford Bernstein, Royal Bank of Scotland, and Credit Lyonnais Securities Asia. Chang has appeared before the House Committee on Foreign Affairs and the U.S.-China Economic and Security Review Commission. Chang has appeared on Fox News Channel, Fox Business Network, Newsmax, CNN, MSNBC, CNBC, PBS, the BBC, and Bloomberg Television. Mornings with Maria: Gatestone Institute senior fellow Gordon Chang discusses Trump's handling of China during his presidency, China-linked hackers allegedly hitting U.S. internet providers and GOP senators trying to curb the country's influence on the west. | "Mornings with Maria" features anchor Maria Bartiromo alongside a roundtable of rotating industry titans and economic experts discussing the major news and themes driving the business day and the market moves. (https://www.foxbusiness.com/video/6362488983112) Further reading | Op-Ed Pieces by Gordon G. Chang Newsweek | U.S. Taxpayers Are Financing Genocide Through China's Gotion | Opinion (https://www.newsweek.com/us-taxpayers-are-financing-genocide-through-chinas-gotion-opinion-1957941) Newsweek | China's Economy Is in Deep Trouble | Opinion (https://www.newsweek.com/chinas-economy-deep-trouble-opinion-2037177) Newsweek | China Can't Win Trump's New Trade War | Opinion (https://www.newsweek.com/china-cant-win-trumps-new-trade-war-opinion-1984025) americasrt.com (https://americasrt.com/) https://summitleadersusa.com/ | https://jerusalemleaderssummit.com/ America's Roundtable on Apple Podcasts: https://podcasts.apple.com/us/podcast/americas-roundtable/id1518878472 X: @GordonGChang @ileaderssummit @NatashaSrdoc @JoelAnandUSA @supertalk America's Roundtable is co-hosted by Natasha Srdoc and Joel Anand Samy, co-founders of International Leaders Summit and the Jerusalem Leaders Summit. America's Roundtable (https://americasrt.com/) radio program - a strategic initiative of International Leaders Summit, focuses on America's economy, healthcare reform, rule of law, security and trade, and its strategic partnership with rule of law nations around the world. The radio program features high-ranking US administration officials, cabinet members, members of Congress, state government officials, distinguished diplomats, business and media leaders and influential thinkers from around the world. Tune into America's Roundtable Radio program from Washington, DC via live streaming on Saturday mornings via 65 radio stations at 7:30 A.M. (ET) on Lanser Broadcasting Corporation covering the Michigan and the Midwest market, and at 7:30 A.M. (CT) on SuperTalk Mississippi — SuperTalk.FM reaching listeners in every county within the State of Mississippi, and neighboring states in the South including Alabama, Arkansas, Louisiana and Tennessee. Listen to America's Roundtable on digital platforms including Apple Podcasts, Spotify, Amazon, Google and other key online platforms. Listen live, Saturdays at 7:30 A.M. (CT) on SuperTalk | https://www.supertalk.fm

In this episode of the Model FA Podcast, David DeCelle sits down with Abby Salameh, Chief Growth Officer at RFG Advisory. Abby shares her fascinating career journey, from starting in institutional sales at Sanford Bernstein to launching the first financial advisor newspaper, Investment News.    Abby discusses her transition into growing large RIA firms like Fusion Advisor Network and Hightower Advisors, and the key lessons she's learned about advisor growth and operational efficiency.    Check out these key moments: 0:06:35 Abby's early career path and how she "happenstanced" into financial services 0:12:35 Abby's move from publishing into the custodial side at TD Waterhouse 0:15:35 Abby's experience growing Fusion Advisor Network, Private Advisor Group, and Hightower 0:24:04 Abby's approach to helping advisors identify where they spend their time and energy 0:31:07 Abby's focus on culture and selectivity in who RFG brings onto their platform 0:36:32 How RFG balances automated content with custom, advisor-branded content This episode is full of insights for any financial advisor looking to grow their practice in a sustainable way. Tune in to hear Abby's unique perspective from her diverse background in the industry. Connect with Abby:   Website: https://www.rfgadvisory.com Email: asalameh@rfgadvisory.com LinkedIn: https://www.linkedin.com/in/abbysalameh/   About the Model FA Podcast   The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes  to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.    Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you'd love to see covered.    Our Team: President of Model FA, David DeCelle   If you like this podcast, you will love our community! Join the Exchange on Skool.com to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.

(0:00) Intro.(1:28) About the podcast sponsor: The American College of Governance Counsel.(2:14) Start of interview.(3:09) Nick's "origin story." (6:36) On his first startup IMix.com (focused on music streaming)(7:55) His pivot as an equity analyst at Sanford Bernstein.(8:32)  His focus on investing in and advising internet companies.(9:56) His time at Google (2010-2022), first in Canada then as Chief Evangelist.(13:21) His time at Chief Growth and Strategy Officer at Coveo, a Canadian AI company (2022-2023).(14:44)  Joining the boards of the Toronto Stock Exchange, iA Financial Group, McEwen Mining,  and Alida and advising boards on AI. Teaching at the Rotman School of Management, Northwestern and the Canadian Institute of Directors (ICD).(16:55)  Defining AI. The types of AI: 1) Computational AI, 2) Sensors AI, and 3) Generative AI.(21:22)  The future of Generative AI: Big Tech or startups? (24:42)  On whether the investment mania in AI is justified. "This technology wave is likely to be much more significant than the internet." "It's the most important technology wave that I have ever seen in my career."(26:19)  How corporate directors should think about opportunities and risks of AI. "The most important thing in governance for a board, in my view for AI, is making sure there is movement." Other risks: 1) Use of confidential information, 2) Creating a private version of AI, 3) Hallucinations (fake information by AI), 4) Issues of bias. Corporate training.(35:07)  On where AI fits in board committees, and on surge of AI experts on boardrooms. *recommendation by Nick: Coursera class on prompt engineering (Vanderbilt University).(39:51) On AI regulation by the US (EO by President Biden), EU, Canada and others.(46:03)  The US-China race on AI - geopolitical implications. *reference to Marc Andreessen's article Why AI Will Save the World.(50:03) On OpenAI's board fiasco and some of the unusual governance structures of leading AI companies.(54:45) Books that have greatly influenced his life: The Little Prince by Antoine de Saint-Exupéry (1943)1984 by George Orwell (1949)(55:50) His mentors: #1 his mother, #2 McKinsey & Co.(56:33)  Quotes that he thinks of often or lives her life by: "You miss 100% of the shots you don't take" by Wayne Gretzky.(57:30) An unusual habit or absurd thing that he loves: Keeping track and data of his healthcare. He recommends the book "Outlive" by Peter Attia. Two tests that he recommends: Cleerly heart scan using AI and Galleri test for cancer detection. Tracks VO2 Max.(1:00:04) The living person he most admires: Anders Tegnell (Sweden's state epidemiologist).(1:02:18) Recommendation for corporate directors on where to get started on getting educated on AI.Nicolas Darveau-Garveau is an AI and digital transformation expert. He was Google's Chief Evangelist and worked as Chief Strategy and Growth Officer at Coveo, a leading AI company. He currently serves on the boards of the Toronto Stock Exchange, iA Financial Group, McEwen Mining, and Alida. You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__You can join as a Patron of the Boardroom Governance Podcast at:Patreon: patreon.com/BoardroomGovernancePod__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Sallie Krawcheck is the CEO and co-founder of Ellevest, an investing and wealth management company built by women for women. In a sea of financial services sameness, Ellevest stands apart with its mission to get more money in the hands of women. Prior to Ellevest, Krawcheck was one of the only financial executives of her generation to have held C-suite roles at the largest global banks — as CEO of Merrill Lynch, Smith Barney, US Trust, and Sanford Bernstein and as CFO of Citi. Today, as a venture-funded entrepreneur, she's beat impossibly long odds to raise $144 million in venture-capital funding (women CEOs raise $1 out of every $10,000 Series B fintech dollars). Fortune Magazine has called Krawcheck “The Last Honest Analyst,” Barron's considers her one of the “Most Influential Women in US Finance,” and Vanity Fair has named her to their “New Establishment List.” In this episode of Takin' Care of Lady Business®, Jennifer Justice speaks with Sallie Krawcheck, the CEO and founder of Ellevest, an investment and wealth management company for women. They discuss the importance of financially empowering women and debunking societal myths discouraging them from prioritizing money and investing. Krawcheck highlights the difference between saving and investing, emphasizing the higher chances of positive returns with investing. They address the gender wealth gap and the impact of investing on women's financial independence, including the ability to leave toxic relationships and pursue dreams. Here is what to expect on this week's show: Unveil the secrets of how compounding can amplify your investments over time.  Learn why one size doesn't fit all in investing and why women might need to approach investing differently.  Get a sneak peek into a platform aiming to revolutionize how women invest.  How to dive deep into investments that align with your values and secure your financial future while supporting causes you're passionate about. Quotes: “We've got to change culture to recognize that money wanting money is not being unattractive or unfeminine or greedy or shrewish or ugly or any of those things.” – Sallie Krawcheck “The smart way to do it is not invest on your emotions but to invest steadily and through a sense of panic.” – Sallie Krawcheck “The past is the past. Starting today [is a] good time to start.” – Sallie Krawcheck This episode is sponsored by Medjet. Medjet is the top-rated air medical transport and crisis response membership for travelers. If you're hospitalized while traveling or your safety is threatened abroad, they get you home. Join Medjet before your next trip at Medjet.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

A version of this essay has been published by Open Magazine at https://openthemagazine.com/essays/the-new-knowledge-war/Generative AI, as exemplified by chatGPT from Microsoft/OpenAI and Bard from Google, is probably the hottest new technology of 2023. Its ability has mesmerised consumers to provide answers to all sorts of questions, as well as to create readable text or poetry and images with universal appeal. These generative AI products purport to model the human brain (‘neural networks') and are ‘trained' on large amounts of text and images from the Internet. Large Language Models or ‘LLMs' are the technical term for the tools underlying generative AI. They use probabilistic statistical models to predict words in a sequence or generate images based on user input. For most practical purposes, this works fine. However, in an earlier column in Open Magazine, “Artificial Intelligence is like Allopathy”, we pointed out that in both cases, statistical correlation is being treated by users as though it were causation. In other words, just because two things happened together, you can't assume one caused the other. This flaw can lead to completely wrong or misleading results in some cases: the so-called ‘AI hallucination'. To test our hypothesis, we asked chatGPT to summarise that column. It substantially covered most points, but surprisingly, though, it completely ignored the term ‘Ayurveda', although we had used it several times in the text to highlight ‘theory of disease'. This is thought-provoking, because it implies that in the vast corpus of data that chatGPT trained on, there is nothing about Ayurveda.The erasure of Indic knowledgeEpistemology is the study of knowledge itself: how we acquire it, and the relationship between knowledge and truth. There is a persistent concern that Indic knowledge systems are severely under-represented or mis-represented in epistemology in the Anglosphere. Indian intellectual property is ‘digested', to use Rajiv Malhotra's evocative term.For that matter, India does not receive credit for innovations such as Indian numerals (misnamed Arabic numerals), vaccination (attributed to the British, though there is evidence of prior knowledge among Bengali vaidyas), or the infinite series for mathematical functions such as pi or sine (ascribed to Europeans, though Madhava of Sangamagrama discovered them centuries earlier).The West (notably, the US) casually captures and repackages it even today. Meditation is rebranded as ‘mindfulness', and the Huberman Lab at Stanford calls Pranayama ‘cyclic sighing'. A few years ago, the attempts of the US to patent basmati rice and turmeric were foiled by the provision of ‘prior art', such as the Hortus Malabaricus, written in 1676 about the medicinal plants of the Western Ghats. Judging by current trends, Wikipedia, and presumably Google, LinkedIn, and other text repositories, are not only bereft of Indian knowledge, but also full of anti-Indian and specifically anti-Hindu disinformation. Any generative AI relying on this ‘poisoned' 'knowledge base' will, predictably, produce grossly inaccurate output. This has potentially severe consequences: considering that Sanskrit, Hindi, Tamil, Bengali (and non-Latin scripts) etc. are underrepresented on the Internet, generative AI models will not learn or generate text from these languages. For all intents and purposes, Indic knowledge will disappear from the discourse. These issues will exacerbate the bias against non-English speakers, who will not think about their identity or culture, reducing diversity and killing innovation.More general problems with epistemology: bias, data poisoning and AI hallucinationsGenerative AI models are trained on massive datasets of text and code. This means they are susceptible to inherent biases. A case in point: if a dataset is biased against non-white females, then the generative AI model will be more likely to generate text that is also biased against non-white women. Additionally, malicious actors can poison generative AI models by injecting false or misleading data into the training dataset. For example, a coordinated effort to introduce anti-India biases into Wikipedia articles (in fact this is the case today) will produce output that is notably biased.  An example of this is a query about Indian democracy to Google Bard: it produced a result that suggested this is a Potemkin construct (i.e., one that is merely a facade); Hindu nationalism and tight control of the media “which has become increasingly partisan and subservient to the government” were highlighted as concerns. This is straight from ‘toolkits', which have poisoned the dataset and are helped, in part, by US hegemonic economic dominance. More subtly, generative AI models are biased towards Western norms and values (or have a US-centric point of view). For example, the Body Mass Index (BMI), a measure of body fat, has been used in Western countries to determine obesity, but is a poor measure for the Indian population, as we tend to have a higher percentage of body fat than our Western counterparts. An illustration of AI hallucination came to the fore from an India Today story entitled "Lawyer faces problems after using ChatGPT for research. AI tool comes up with fake cases that never existed." It reported how a lawyer who used ChatGPT-generated precedents had his case dismissed because the court found the references were fabricated by AI. Similar risks in the medical field for patient treatment will be exacerbated if algorithms are trained on non-curated datasets. While these technologies promise access to communication, language itself becomes a barrier. For instance, due to the dominant prevalence of English literature, a multilingual model might link the word dove with peace, but the Basque word for dove (‘uso') is used as a slur. Many researchers have encountered the limitations of these LLMs, for other languages like Spanish or Japanese. ChatGPT struggles to mix languages fluently in the same utterance, such as English and Tamil, despite claims of 'superhuman' performance. The death of Intellectual Property RightsIntellectual property rights are a common concern. Already, generative AIs can produce exact copies (tone and tenor) of creative works by certain authors (for example, J K Rowling's Harry Potter series). This is also true of works of art. Two things are happening in the background: any copyright inherent in these works has been lost, and creators will cease to create original works for lack of incentives (at least according to current intellectual property theory). A recent Japanese decision to ignore copyrights in datasets used for AI training (from the blog technomancers.ai, “Japan Goes All In: Copyright Doesn't Apply to AI Training”) is surprisingly bold for that nation, which moves cautiously by consensus. The new Japanese law allows AI to use any data “regardless of whether it is for non-profit or commercial purposes, whether it is an act other than reproduction, or whether it is content obtained from illegal sites or otherwise.” Other governments will probably follow suit. This is a land-grab or a gold rush: India cannot afford to sit on the sidelines.India has dithered on a strict Data Protection Bill, which would mandate Indian data to be held locally; indirectly, it would stem the cavalier capture and use of Indian copyright. The Implications are chilling; in the absence of economic incentives, nobody will bother to create new works of fiction, poetry, non-fiction, music, film, or art. New fiction and art produced by generative AI will be Big Brother-like. All that we would be left with as a civilisation will be increasingly perfect copies of extant works: Perfect but soulless. The end of creativity may mean the end of human civilisation.With AIs doing ‘creation', will people even bother? Maybe individual acts of creation, but then they still need the distribution channels so that they reach the public. In the past in India, kings or temples supported creative geniuses while they laboured over their manuscripts, and perhaps this will be the solution: State sponsorship for creators.Indian Large Language Models: too few yet, while others are moving aheadDiverse datasets will reduce bias and ensure equitable Indic representation to address the concerns about generative AI. Another way is to use more rigorous training methods to reduce the risk of data poisoning and AI hallucinations.Progressive policy formulations, without hampering technological developments, are needed for safe and responsible use to govern the use of LLM's across disciplines, while addressing issues of copyright infringement and epistemological biases. Of course, there is the question of creating ‘guardrails': some experts call for a moratorium, or strict controls, on the growth of generative AI systems. We must be alive to its geopolitical connotations, as well. The Chinese approach to comprehensive data-collection is what cardiologists refer to as a ‘coronary steal phenomenon': one segment of an already well-perfused heart ‘steals' from another segment to its detriment. The Chinese, for lack of better word, plunder (and leech) data while actively denying market access to foreign companies. Google attempted to stay on in China with Project Dragonfly, while Amazon, Meta, Twitter were forced to exit the market. Meanwhile, ByteDance, owner of TikTok, is trying to obscure its CCP ties by moving to a 'neutral jurisdiction' in Singapore, while siphoning off huge amounts of user data from Europe and the US (and wherever else it operates) for behavioural targeting and capturing personal level data, including from children and young adults. The societal implications of the mental health 'epidemic' (depression, low self-esteem, and suicide) remain profound and seem like a reversal of the Opium Wars the West had unleashed on China. India can avoid Chinese exclusivism by keeping open access to data flows while insisting on data localisation. The Chinese have upped the ante. Reuters reported that “Chinese organisations have launched 79 AI large language models since 2020”, citing a report from their Ministry of Science and Technology. Many universities, especially in Southeast Asia, are creating new data sets to address the spoken dialects. West Asia, possibly realizing the limitations of “peak-oil”, have thrown their hat in the ring. The United Arab Emirates (UAE) claims to have created the world's “first capable, commercially viable open-source general-purpose LLM, which beats all Big Tech LLMs”. According to the UAE's Technology Innovation Institute, the Falcon 40B is not only royalty free, but also outperforms “Meta's LLaMA and Stability AI's StableLM”. This suggests that different countries recognise the importance of investing resources to create software platforms and ecosystems for technological dominance. This is a matter of national security and industrial policy.“We have no moat” changes everything: welcome to tiny LLMsChiranjivi from IIT Bombay, IndiaBERT from IIT Delhi and Tarang from IIT Madras are a few LLMs from India. India needs to get its act together to bring out many more LLMs: these can focus on, and be trained on, specialised datasets representing specific domains, for instance, that can avoid data poisoning. The Ministries concerned should provide support, guidance, and funding. The obstacle has been the immense hardware and training requirements: GPT-3, the earlier generation LLM, required 16,384 Nvidia chips at a cost of over $100 million. Furthermore, it took almost a year to train the model with 500 billion words, at a cost of hundreds of millions of dollars. There was a natural assumption: the larger the data set, the better the result with ‘emergent' intelligence. This sheer scale of investments was considered beyond Indian purview. A remarkable breakthrough was revealed in a leaked internal Google memo, timed with Bard's release, titled "We have no moat, and neither does OpenAI," a veritable bombshell. It spoke about Meta's open sourcing its algorithmic platform, LLaMA, and implications for generative AI research.  Although there is no expert consensus, the evidence suggests smaller datasets can produce results almost as good as the large datasets.This caused a flutter among the cognoscenti. Despite Meta releasing its crown jewels for a wider audience (developers), there was an uptick in its stock value, despite failures in its multiple pivots beyond social media. To understand this better, Geoffrey Hinton, the ‘godfather' of deep learning, explains in detail: All large language model (LLM) copies can learn separately, but share their knowledge instantly. That's how chatbots know more than an average person. The performance trajectory of different LLM's has skyrocketed; for example, consider this: Using LLaMa as a base, researchers were able to quickly (in weeks) and cheaply (a few $100) produce Alpaca and Vicuna that, despite having fewer parameters, compete well with Google's and openAI's models. The graph shows that the answers from their chatbots are comparable in quality (per GPT-4). A fine-tuning technique called LoRA (Low Rank Adoption) is the secret behind this advance.This abruptly levels the playing field. Open-source models can be quickly scaled and run on even laptops and phones! Hardware is no longer a constraint. Let a thousand Indian LLMs bloom!  The way forwardGiven the astonishing amounts being invested by venture capitalists and governments in generative AI, there will be an explosion in startup activity. There are already a few in India, such as Gan, Kroopai, Peppertype.ai, Rephrase.ai, TrueFoundry, and Cube. Still, TechCrunch quoted Sanford Bernstein analysts who painted a gloomy picture: “While there are over 1500 AI-based startups in India with over $4 billion of funding, India is still losing the AI innovation battle”. Without exaggeration, it can be argued that this is an existential threat for India, and needs to be addressed on a war-footing. The AIforBharat initiative at IIT Madras is a start, but much more is needed. A sharply focused set of policies and regulations needs to be implemented by the government immediately that will both prevent the plunder of our intellectual property and data, and also encourage the creation of large numbers of models that make good use of Indian ingenuity and Indic knowledge.2245 words, 4 June 2023 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit rajeevsrinivasan.substack.com

There are lies, damn lies and statistics as the saying goes, and about the latter, Adam Parker knows a thing or two. Armed with a Phd in stats, he began his Wall Street career as a semi's analyst at Sanford Bernstein in 1999. Reflecting back on the deep dive research the firm was known for, he notes that today's rapid fire information environment requires especially efficient communication to clients.We look backward to gather some insights on how Adam's framework and process came to be. Markets teach lessons and for Adam, it is the recovery periods – March 2009 and March 2020,  for example – that illustrated the need to look past headline negativity and embrace risk when it was difficult to do so. He shares as well the challenges inherent in determining if change – in margins, in profits and stock price, for example – is structural versus cyclical.We shift to Adam's founding of Trivariate Research, a firm providing top down investment strategy to institutional clients. First, we review some of chaos that ensued 3 years back during the pandemic and learn of some of the factor work that isolated work from home versus re-opening, a theme further distilled by adding a high and low quality factor to each. Next we talk about crowding, an area of focus at Trivariate. Here the team collects data on ownership among a prominent group of stock pickers, aimed at identifying both conviction as well as bad crowding.We round out the conversation by further exploring crowding, but in the context of hidden, overlapping factors. Here Adam talks about his work in the area of signal correlation and how factor sensitivities of sets of stocks can vary substantially over time. The result is a “handle with care” approach to interpreting model outputs. I hope you enjoy this episode of the Alpha Exchange, my conversation with Adam Parker.

This lecture is a part of the Annual Pearl Harbor Day Lecture Series and is presented in collaboration with IWP's China/Asia Program. Recorded live on November 29, 2022 at The Institute of World Politics in Washington, D.C.. About the Lecture Xi Jinping is not only implementing the fastest military buildup since the Second World War, but he is also mobilizing the Chinese people for war. He has just created a new war cabinet. He talks about war all the time. The American political and military establishments, however, are not taking Xi seriously, and in Washington, there is an evident lack of sense of urgency. This mismatch will have severe consequences. About the Speaker Gordon G. Chang is the author of The Great U.S.-China Tech War and Losing South Korea, booklets released by Encounter Books. His previous books are Nuclear Showdown: North Korea Takes On the World and The Coming Collapse of China, both from Random House. Chang lived and worked in China and Hong Kong for almost two decades, most recently in Shanghai, as Counsel to the American law firm Paul Weiss and earlier in Hong Kong as Partner in the international law firm Baker & McKenzie. His writings on China and North Korea have appeared in The New York Times, The Wall Street Journal, The National Interest, The American Conservative, Commentary, National Review, Barron's, and The Daily Beast. He is a columnist at Newsweek and writes regularly for The Hill. He has spoken at Columbia, Cornell, Harvard, Penn, Princeton, Yale, and other universities and at The Brookings Institution, The Heritage Foundation, the Cato Institute, RAND, the American Enterprise Institute, the Council on Foreign Relations, and other institutions. He has given briefings at the National Intelligence Council, the Central Intelligence Agency, the State Department, and the Pentagon. He has also spoken before industry and investor groups including Bloomberg, Sanford Bernstein, Royal Bank of Scotland, and Credit Lyonnais Securities Asia. Chang has appeared before the House Committee on Foreign Affairs and the U.S.-China Economic and Security Review Commission. Chang has appeared on CNN, Fox News Channel, Fox Business Network, CNBC, MSNBC, PBS, the BBC, and Bloomberg Television. He is a regular co-host and guest on The John Batchelor Show. Outside the United States, he has spoken in Beijing, Shanghai, Taipei, Hong Kong, New Delhi, Seoul, Singapore, Tokyo, The Hague, London, Ottawa, Toronto, and Vancouver. He served two terms as a trustee of Cornell University. Learn more about IWP graduate programs: https://www.iwp.edu/academic-programs/ Make a gift to IWP: https://interland3.donorperfect.net/weblink/WebLink.aspx?name=E231090&id=18

Craig Moffett has covered the telecommunications industry – first as a management consultant and later as a Wall Street analyst – for more than thirty years. He has been elected to Institutional Investor Magazine's All-American Research Team in the U.S. Telecom and/or Cable & Satellite sectors on seventeen separate occasions, including nine separate appearances as the #1 analyst in America in either U.S. Telecom and/or Cable & Satellite. Prior to founding MoffettNathanson, Mr. Moffett spent more than ten years at Sanford Bernstein & Co., LLC as a senior research analyst. He was previously the President and founder of the e-commerce business at Sotheby's Holdings, the venerable auction house, where, in 1999, he led Sothebys.com to what was then the highest first year sales of any consumer website ever launched. Mr. Moffett spent more than eleven years at The Boston Consulting Group, where he was a Partner and Vice President specializing in telecommunications. He was the leader of BCG's global Telecommunications practice from 1996 to 1999. While at BCG, he led client initiatives in the U.S. local, long distance, and wireless sectors, in both consumer and commercial services, and advised companies outside the U.S. in Europe, Latin America, and Asia. Mr. Moffett graduated from Harvard Business School with Honors in 1989. He received a BA from Brown University, where he was magna cum laude and Phi Beta Kappa, in 1984. Detailed Show Notes - 5:41 - Why Silicon Valley Bank is a good fit for MoffettNathanson 6:50 - Why telecom is a hard business 7:40 - The history of US telecom 10:10 - How cable incubated an industry under AT&T/telecom's business 15:52 - How does cable compete with fiber going forward? 17:47 - High splits, node splits, who gives a split? 22:50 - Cable strategy and why high splits are the current strategy 29:09 - Wireless vs. broadband going forward 35:00 - The physics of wireless 46:00 - Verizon's big strategic decision was correct but implementation left something lacking 51:10 - Cable's wireless offering and how it fits into the competitive set 58:44 - What does broadband's growth runway look like? 1:03:45 - How do fiber overbuilders factor into the future? 1:08:00 - The fiber bubble will burst. Then some Altice discussion.

Tina Bou-Saba is Co-Founder and Co-Managing Partner at Verity Venture Partners, an early-stage consumer-focused investment firm. Verity Venture Partners invests in purpose-driven entrepreneurs who are building the next generation of great consumer companies, including emerging brands and the technologies that enable them. Tina has been actively investing since 2016 through CXT Investments, her personal investment vehicle, with a focus on beauty, personal care, health and wellness, e-commerce, and enabling technology. Tina is a problem solver, creative and independent thinker, and trusted partner to entrepreneurs, with sharp instincts for commercial opportunities. After starting her career in investment banking at Morgan Stanley, she covered retail as an equity analyst at Sanford Bernstein and Berman Capital, and has broad knowledge of the industry from mass to specialty to e-commerce. As a member of the strategy team at Victoria's Secret, Tina worked closely with VS leadership to commercialize new business opportunities, and led extensive quantitative and qualitative customer research. She attended Phillips Exeter Academy, Harvard College, and Harvard Business School, where she was a Baker Scholar. --- Send in a voice message: https://anchor.fm/skincareanarchy/message

Activos globales caen después que la primera ministra del Reino Unido, Liz Truss, defendiera el plan de recortes impositivos; Sanford Bernstein ve un repunte de corta duración en medio del mercado bajista; Jim Wyss (@jimwyss), quien cubre el Caribe para Bloomberg News, comenta su reportaje sobre el muro entre Haití y la República Dominicana. Para leer el reportaje en inglés de Jim Wyss: https://www.bloomberg.com/news/features/2022-09-28/dominican-republic-builds-102-mile-wall-to-block-haitian-migrants?sref=IHf7eRWL  Producido por Eduardo Thomson (@ethomson1)

August's inflation number was larger than expected. Where is inflating squeezing consumers the most and what will be the Fed's response when they meet next week? An economic calamity was avoided this week when a temporary arrangement kept rail workers on the job. What makes rail so important to the US economy? Quantitive strategists, or Quants for short, use statistical analysis to better understand how markets may perform. Quants from Sanford Bernstein made bold predictions regarding the future of the stock market and we review their results.

Goldman Sachs und Sanford Bernstein warnen, dass die Rallye an der Wall Street zu weit gelaufen ist. Solange sich die Ertragsaussichten nicht stabilisieren, sei das Risiko eines erneuten Rückschlags hoch. Dass die Notenbank den Zeitpunkt einer nahenden Zinswende seit Tagen kritisch kommentiert, sei ebenfalls eine Warnung an Marktteilnehmer. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • Facebook: http://fal.cn/SQfacebook • Twitter: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram

On todays episode of the WTFinance podcast I interviewed Adam Seessel, Founder and Chief Investment Officer of Gravity Capital Management and author of the recently released book "Where the Money is: Value Investing in the Digital Age". Buy the Book here - https://www.amazon.co.uk/Where-Money-Value-Investing-Digital-ebook/dp/B0B2Q35N7N/During the podcast we talked about how hard it was for Adam to change his investment philosophy, tools for picking winners, distortions in the markets and why young investors gravitate to high risk investing. I hope you enjoy!0:00 - Introduction0:26 - Influence for writing the book?2:50 - How hard was it to change your investment philosophy?4:00 - Tools to pick the winners9:30 - Any other mechanisms that are different?12:20 - Distortions in markets13:40 - How do we know if “This time is different”?17:55 - Overcomplicating investing19:10 - Analysing Macro21:50 - Buy what you know 24:00 - Cutting your losses in a trade?26:10 - Too much emphasis on near term metrics29:00 - Companies that are continuing to grow despite economy30:10 - Advice for not FOMOing into investments?33:40 - Message to takeaway from the book?34:45 - Younger investors gravitating to high risk investingAdam Seessel is founder and Chief Investment Officer of Gravity Capital Management, which runs money for both institutions and high-net worth individuals in a long-term, tax-efficient manner.  He began his career at Sanford Bernstein and moved to progressively higher analytical responsibilities at Baron Capital and Davis Selected Advisers, where he ran consumer-products and media research.  He started Gravity in 2003.Gravity Capital Management manages money in both a partnership and a separate-account format.  It has a long-term record of beating the market after fees, with special focus on capital preservation.  In 2008, for example, the Gravity Long-Biased Fund lost only 5.5% of capital and returned 27% in 2009.Seessel began his career as an investigative journalist, winning the George Polk Award in 1991 for environmental reporting.  The award is generally considered the 2nd highest honor in American journalism after the Pulitzer Price. He remains active in journalism as an occasional contributor for both Barron's and Fortune magazines. Adam graduated summa cum laude from Dartmouth College in 1985 with a BA in Religion.Adam Seessel - LinkedIn - https://www.linkedin.com/in/adam-seessel-89872911/Fortune - https://fortune.com/author/adam-seessel/WTFinance - Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfnTikTok - https://vm.tiktok.com/ZMeUjj9xV/iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

In this episode of The Raz Report, Jason Raznick speaks with Jakub Rehor, Co-founder and CIO of Lucy LabsJason and Jakub talk about:What is a perpetual swap?How To Navigate Crypto VolatilityWhich is a better investment - USDC vs USDTWhat happened with Terra USD?Algorithmic Stable CoinsAdvice for retail crypto investorsAdvice for institutional crypto investorsWhat works in crypto trading vs what works in traditional financeGuest:Jakub RehorCo-founder and CIO of Lucy LabsTwitter: https://twitter.com/jakubrehorLearn more about Lucy Labs here!Host:Jason RaznickFounder, CEO of BenzingaTwitter: https://twitter.com/jasonraznickSign Up to Benzinga Pro today to receive most exclusive interviews, news and stock picks fast!https://pro.benzinga.com/Click here for more episodes of The RazReport.Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.Transcript:In this edition of the RazReport we have Jakub Rehor Co-Founder and CIO of Lucy Labs. Jason Raznick: This is going to be an exciting one because he has tons of experience working at hedge funds from Third Avenue and just being in this industry, being in the McKinsey. So I'm going to stop talking now and start asking questions, Jakub, you have a lot of interest in experience from crypto to equities being at multi-billion-dollar value fund for many years. But before we get into all that fun stuff, where did you grow up?Jakub Rehor: I grew up in Czechoslovakia, so it was in the 1970s and 1980s. So it was still a communist country and it was a very different place than then living here in the US now.Jason Raznick: So you went through the Velvet Revolution? Jakub Rehor: Yeah. The Velvet Revolution. One thing I might mention, because it has something to do with crypto is there was an interesting currency situation in Czechoslovakia.So you had the national currency, which was the crown and that's what you were to earn and you would spend in regular shops, but you also had hard currency stores that had stuff that the regular shops didn't have. And if you want it to be shopping in those hard currency stores, you need i the special vouchers that that were exchangeable for a higher currency.And you could go into these stores and use these vouchers to pay for, more luxury luxurious stuff. And nobody would really ask you how you got your hands on it. That it was a, it was just considered to be okay. And the third currency that was circulating in the country was the Deutsche Mark.If you were planning to go on a vacation abroad or you were planning to live it up and go to restaurants and buy some souvenirs you would use Deutsche Mark. So there was really like three currencies in circulation in the country. And there was a gray market where people would be changing from one currency to another.So I'm familiar with with a situation where technically you have a single currency, but you have actually in reality, multiple circulating currencies with fluctuating exchange rates. And the connection to crypto is that people are talking about now, oh, why would we even have something like Bitcoin running in parallel with whatever the country currencies is?And it's so strange and there will be never any need for it. And I'm like, no, that's normal to me. I grew up with that. That's just absolutely normal state of affairs.Jason Raznick: And so you going with those multiple currencies, do you think then, like the Bitcoin revolution will be here stay? Jakub Rehor: Oh, it's absolutely here to stay. Nobody will uninvent Bitcoin. We now know that it's impossible. Whatever happens to Bitcoin in itself somebody will come up with a new cryptocurrency. It's just you'll never put this genie back into the bottle. What Bitcoin did was to do something that was considered impossible.Prior to that, a lot of people have tried to create native internet currency, and a lot of them foundered on the same set of problems. They, it was centralized. It was easy to shut down. It was referring to an underlying FIAT or underlying commodity and it was difficult to keep the ledger synchronized around the world.And Bitcoin solved all of these problems. It really, it is a real breakthrough in computer science.Jason Raznick: It brings you back to when you were growing up in Czechoslovakia where there were multiple currencies.Jakub Rehor: Yeah. And the problem that Bitcoin solves are very often not problems that we have here in the US here, the payment systems work pretty well here.Banks work pretty well. You're not worried about your ATM stopping working tomorrow. So explaining the value of Bitcoin to Americans is a little bit like it, it sounds a little bit unreal, the problems that it's trying to solve, but you go outside of the US you go to countries like Cyprus or Lebanon, Venezuela Iran. They get it. They mean they understand that solves their problems today and here.Jason Raznick: So going back to your upbringing, you ended up going to school at Yale. Was that from Czechoslovakia or like how'd you end up in Yale?Jakub Rehor: So I was studying electrical engineering and Czechoslovakia, and I was involved in the students strike.I joined the national student strike coordinating committee, which was part of the Velvet Revolution. We basically built the check internet very early on.We connected all the universities across the country hook them up and we use that network to print and distribute all the materials that the the development revolution leaders were putting out. Our goal was to break the monopoly, the media monopoly that the communist media had and get all this information out into people's hands.And we mentioned to do that in a space of a week, about a week and a half. We we hooked up basically all the printers and copy machines and fax machines that we could get our hands on. And we were printing we're printing posters and materials by the tens of thousands. We had them on all the streets in the country.Jason Raznick: And did it catch on?Jakub Rehor: Yeah. When the student strike started it originally was just a couple of schools and then it snowballed it started at the theater academy. Then, we joined as the electrical engineering and pretty much all the schools very quickly joined on and 10 days after the start of the strike, we were able to organize a general strike where the whole country shut down for 2 hours. To send the message to the government that we can prove that we have general support for what we stand for.And in order to organize the general strike, you really needed to coordinate all this information, get it out, get it into the right hands. Early on we realized that kind of, again, there's a connection to Bitcoin.The problem really wasn't in trying to encrypt the communication on our network. We didn't really care if the secret service was reading us or not, because we were putting it out and posters and all that stuff. Anyway, the real challenge was to authenticate the information. We were worried that the state security would try to inject some provocative material in there to try to disrupt us by sending false information. And there, so authentication was, it was more of an issue than.And it's very similar to Bitcoin where all the transactions are visible to everyone. They're not encrypted, which address sent how much to what address, but the important part is authenticated. You cannot fake sending money. You cannot send money that you don't have.Jason Raznick: So then you make your way to America and you go to Yale. Did that change you? Did the Velvet Revolution shape the person you are today? Jakub Rehor: Yale was a wonderful experience. You are surrounded with a lot of bright, talented driven people and it's it was a great environment to encourage you to go and and pursue whatever interests you have.Jason Raznick: so from Yale, did you go right to your first job?Jakub Rehor: Yep. Went straight to McKinsey. Spent a couple of years at McKinsey doing consulting at various places. Jason Raznick: What kind of companies were you consulting for at McKinsey?Jakub Rehor: It was a very interesting batch of companies. My first client was a, it was an online service, actually, one of the first online services.This was before internet really caught on. So in those days you had the three companies, CompuServe, Prodigy, and AOL, and they had a strategic issue. What do we do about this internet thing? Are we just gonna ignore it? Because we have much content on our own network or are we going to take this bet that over the long-term the content that's available on the internet is going to be better than what we have inside our network.And okay. If you decide to take that bet what does it mean? What kind of technology do we have to build? How do we connect our customers with that? How do we do our marketing? It was really interesting times. It was the early days of the internet.Jason Raznick: Is that something that you were striving towards? Jakub Rehor: Yeah. It's like basically whatever I did, I couldn't get away from the internet and the technology. It just follows you everywhere.Jason Raznick: Then you left McKinsey. And is that when you went to Marty Whitman's Third Avenue?Jakub Rehor: Not directly, at first I went to Sanford Bernstein. Then I went to Putnam Investments and then I ended up at Third Avenue. So I actually started doing value investing at Sanford Bernstein. I was an equity analyst and then worked my way up through being more senior, all the way to PM level at the Third Avenue.And so I spent a long time analyzing balance sheets, analyzing companies, analyzing businesses and making investments and running portfolio construction, running a managing risk and all that wonderful stuff.Jason Raznick: So at Third Avenue, we came all the way to PM. How many people were there at Third Avenue?Jakub Rehor: At the time it was about 100 people, about 20 people were in the research department or in the investment.Jason Raznick: What made you want to go from McKinsey to Wall Street?Jakub Rehor: The best part of working at McKinsey was doing the strategy, research and thinking longer term, the hardest part of working McKinsey was doing cost cutting.So one of the studies I was on was that a electrical utility where, they had a capital budget that it was getting a little bit out of control and you had to go in there and start cutting expenses. So you would go and identify the projects that needed to be shut down. And that's it's pretty stressful situation because you talk to people whose jobs are linked directly to these projects.So they know that if this project gets canned, they may have no future of the company. So they will, they try to fight really hard to preserve it. So you end up in this like hand to hand combat where you fighting against the people you're trying to help. It's quite stressful. And it wasn't all that enjoyable.Going into Wall Street and equity investing is very much like becoming a strategy specialist, right? You're thinking about longer-term issues. You spend a lot of time researching what's going on, but luckily you don't have to go there and actually do the hard things that are required to run a business.Jason Raznick: So then you start researching this crypto space. And is that when you're like your co-founders you got ready to create lucky Labs?Jakub Rehor: Yeah, that was pretty much around 2017, early 2018.So my co-founders: One of them came from investment banking and private equity. He was actually the CEO of Lehman Brothers, North American Equity Sales. So he's very familiar with that side of the business, with things like prime brokerage execution, operations, all that stuff. And the other co-founder is a technology specialist and he started his career working at JP Morgan, working on their foreign exchange trading desk.When it first became automated in the early 1990s and his latest project before we started Lucy Labs was he was a consultant for ISDA, which you may be familiar, it is the is the organization that regulates over the counter derivatives trading. And they had a long project stemming from the financial crisis in which they are forcing over the counter traders to put up margin.Historically OTC trades were done without a margin. Which led to problems when Lehman Brothers blew up. And the ISDA, a margin project went on for several years to create the methodology, to calculate margin requirements for any derivative ever traded anywhere in the world. So you can imagine that was a huge project. And our co-founder Rob was was the lead consultant.Jason Raznick: What are the first two things you did Lucy Labs? Jakub Rehor: The first thing was let's figure out what works here. This is a completely new market that we don't know anything about, which is very exciting. A little bit scary too. So we rolled up our sleeves and start figuring out how to do execution here, how to find investment opportunities, how to get historical data, how to put it all together and roll out to an investment strategy.And so we did that, we were a prop trading fund for three years, we were doing it with our own. And investigating as much as we could about the market.Jason Raznick: Are there that work in traditional finance, but don't that don't work in crypto?Jakub Rehor: So I would say even most things in traditional finance don't really work in crypto. So coming in as a value investor, there's really no value investing in crypto. It's very difficult to figure out intrinsic value for any of these projects. People have tried, we have certainly tried it's a very difficult problem.And I don't think that anyone has found a way to make it. What does work is a momentum-based strategies. So momentum is something that has worked on all sorts of assets over long periods of history. And so when we started looking at crypto, we had this theory that, it probably will be working in crypto as well.And we were pleasantly surprised how powerful the momentum factor is within crypto. It is it is actually quite surprisingly powerful. Crypto is very much driven by sentiment by retail trading and a momentum just captures that very well. Jason Raznick: And this volatility is macro volatility. What do you make of it in the crypto space? The past few weeks? Jakub Rehor: We've been in this space for 4 years and this is just par for course, this is actually not even particularly. Painful period in the sense that we've lived through the bear market of 2018, we've lived through the 2000, 20, early years in the bear market in 2018.Just to give you a little comparison, Ethereum was down 95%. From peak to trough in a space of less than a year. That's a very painful situation. Bitcoin was down over 80% peak to trough. So that's what a bear market in crypto looks like. Similarly in 2020 to March, 2020, we went through a 24 hour period in which Bitcoin dropped 50% in 24 hours.In crypto you have to deal with the volatility. Your models have to take that into account. You cannot be leveraged you, your risk management has to be, on top and you just have to expect that there is a, there is always something scary happening.Jason Raznick: How do you guys go about trading in crypto? Jakub Rehor: So we do a bunch of things, so I can describe a few of those things.Let's talk about the momentum trading. We have a pretty active program in which we take long positions in crypto coins when momentum is positive and we go to cash when momentum turns negative. You look at the recent historical performance and in general, there is an autocorrelation of performance. So things in crypto that have gone up recently have a tendency to keep going up and things that have gone down recently have a tendency to go down. So that's the bet you want to be taking. The downside is you will miss the turning point. So when things start bouncing off a bottom or an instinct, things start rolling at the top.You're going to miss that, but that's actually over the long-term, that's a price that's beneficial to pay. So we would when there is a bear market in crypto thing, things start selling off, we will generally go into cash. And that's certainly what we've been doing. Most of this year in that our models started putting us into cash towards the end of last year, towards the beginning of this year.And we were almost completely in cash for the past month or so.And you don't necessarily even need a very elaborate models, any sort of trend model will tell you to get out of the market over the past month or so.Jason Raznick: Okay. So then how do you know when to get in? Jakub Rehor: You wait, you miss the bottom. You see the market turning around, you see the price momentum picking up, and then you jump back on with the expectation that you will probably get in 10 or 15% above the bottom price. But again, in the longterm, that's a very good trade-off to take.Jason Raznick: So are you guys getting back in now?Jakub Rehor: No, we're still waiting for things to stabilize.Jason Raznick: When do you think that will be? Jakub Rehor: One thing I've learned is not to try to predict the markets. it's way too hard. So I, I have no idea when this will turn is there more downside it's possible? Again, in 2018, we've seen 85 to 90% drawdowns in crypto. So it's certainly possible is that what's going to happen? I have no idea. We're going to, we're going to let our models tell us when to get in.Jason Raznick: Are you in straight cash or are you doing stable coins? How do you handle that? Jakub Rehor: There are a number of things you can do in the crypto market if you want to be market neutral. There are strategies that you can do to generate returns. So I can mention a few of them.So one is a trade in crypto that does have a counterpart in traditional markets. And it's called a Basis Trade. The idea here is you may have a derivative, let's say a future that's trading at a different price from the underlying, so you can have a future on Bitcoin trading at a premium to the spot price of Bitcoin.And a simple trade is you can go short the future. You can buy the underlying spot and at the future expiration, that gap is going to close. And you're going to collect that spread. So that's the traditional basis trade that works in traditional markets. People do this in US treasuries and commodities and all sorts of things. But it also works in crypto and in crypto, there's actually a slightly, different version of this.The dominant product in crypto trading is a Perpetual Swap, which looks a little bit like a future, but it has no expiration. And the way the mechanism works is that when there is a difference between the derivative price and the underlying price, there's a funding rate that goes from one side to the other.When the derivative is more expensive than the spot, the people who are long are paying people who are short. So you can put a short position in the perpetual swap. You can put a long position in the spot and collect the funding rates. And that's a trait that historically has been providing returns of about 10% to 15% per year. There are periods when it makes more money than that. When there is a lot of speculative excitement and speculative mania we have seen it book 30%, 40% annualized. And then there are times when people are running away from the market and you will be generating maybe 0% or low single digits.Jason Raznick: I personally put some money in stable coins, USDC right? What you were describing is too complicated for me, I won't understand.Jakub Rehor: Stable coins is a safe place to be when things start falling apart. But of course, stable coins, it's a minefield as well. There are multiple kinds of stable coins. There's the very simple kind of, that works like a money market fund in traditional finance. There it's a fully backed by reserves and the stable coin is just a token. It works like a share in the underlying fund. And the fund hopefully is fully collateralized and it always has a 100% of its assets in cash or cash like products. So USDC is a great example of that, right? That's a that's a stable coin that's fully backed.Jason Raznick: Would you say USDC is very safe?Jakub Rehor: I would. I would put also USDT with USDC. So people think that USDT is an algorithmic stable coin, but it's not. It's exactly the same idea as USDC. They are also backed by reserves. they started disclosing their reserves and the composition of their reserves. So you can look at their statements and figure out what. How well back they are and how much confidence you can have in them. So USDT is actually a fully backed stable coin and it's not subject to the same problem that the algorithmic stable coins have.Algorithmic stable coins are completely different. And there are really two kinds. You could imagine a situation where you do not have US dollar reserves backing you, but you can have crypto reserves backing the dollar peg value of your stable coin.Because crypto is so volatile. What you need to have is you need to be over collateralized, right? If you're issuing $1 worth of stable coins, you probably want to have at least $2 worth of crypto backing you because if crypto falls down 50% you are still fully backed.So over collateralized, stable coins are, they're not necessarily that great because crypto can fall more than 50%, but at least it's a reasonable stab at approaching this problem. There's a whole, another class of algorithmic stable coins that are under collateralized. So they issue $1 worth of liabilities and they have less than $1 worth of assets, and that is crazy stuff. And those are bound to blow up. And Terra USD was definitely one of those where they were under collateralized. They issued billions of dollars worth of the pegged stable coin. And the mechanism that they had was saying if a lot of people come in and try to convert to US Dollar at parody, we have these other things that that we can print unlimited amounts off, and we're going to print this thing and we're going to sell it. And that way we'll generate the value for the stable coin, which obviously is insane because when you have a run on the bank when you have a run on the stable coin, the value of the stuff that you are printing is starting to collapse so you have to keep printing more and more to generate the same amount of value. And you end up diluting that second asset to zero and you end up breaking the peg. Terra USD is not the first one where it happened. There was a bunch of other ones in the past. It is absolutely amazing to me that people keep falling for this. But here we are, people put tens of billions of dollars into this.Jason Raznick: What do you think got people so into it? Jakub Rehor: There's the old saying in the markets, "Bulls make money, bears make money, and pigs get slaughtered." People just got really piggish. These 20% yields sound amazing.I think that a lot of people did understand that these yields are unsustainable and they are they were funded by the VC investors or the launch of funds that that Luna the project behind the stable coins raised.So they understood that these 20% yields wouldn't last, but they thought, I'll just collect them for as long as I can and get out. And, as we know, getting out is the hard part.Jason Raznick: Getting out is the hard part. And so when you're in cash, do you guys do just say "Hey, I'm going to buy some USDC"?Jakub Rehor: Sure, we do that. Jason Raznick: What about Terra Luna?Jakub Rehor: No, forget it. Nothing algorithmic. We wouldn't feel comfortable with that.There is actually an interesting innovation going on, so I would say. There is one potential new kind of algorithmic stable coin. That is interesting to watch. It's tiny. It's still an experiment. We'll see if the experiment is successful or not. But the idea is similar to what I just described about the basis trade, right? So when you have a basis trade, you sell a derivative and you buy the underlying spot. What do you actually generate is like a synthetic stable coin. You create a synthetic dollar that. And there are people out there who are trying to generate to create synthetic dollars exactly. By doing this, by putting these offsetting positions on the derivatives and the spot markets, and they're doing it on decentralized exchanges. So that is an interesting idea because it's not really subject to the same risk that the traditional algorithmic stable coins are because even in Iran, you should be able to liquidate both sides and and be able to defend the peg.Now. It's still early days. There's only, I think few million dollars experimenting with this approach. And a lot of this depends on the infrastructure outside of these folks control. If you are issuing a stable coin like that, you need fairly liquid markets in the derivatives that you use to back this up, those markets have to provide a 24 / 7 availability. You have to be able to withdraw money fairly quickly. So the infrastructure really needs to be there. And the danger is that we are still too early and the infrastructure cannot support that. But it's a very interesting.Jason Raznick: And are you guys trying to get involved with these experiments or are you just watching it? Jakub Rehor: We're watching at this point and cheering on from the sidelines.The whole crypto space is a thousand experiments right now.Jason Raznick: Do you think there should be more regulation in the crypto space? Jakub Rehor: Regulation is coming, there is no doubt about it. Regulation makes sense when the market is a little bit more mature and it becomes obvious what is the right thing to do and what is not the right thing to do.Regulators are not really equipped to know upfront. What is a good idea and what is a bad idea. And right now, you see a lot of the regulators around the world, including the US stepping back and trying to figure out what the heck is going on. What should we allow? What should we not allow? And that allows the space to do a lot of experimentation and sort of by learning, we're going to discover what is a good idea and what we should just. Let it happen again.I think algorithmic stable coins is a very dangerous idea and we're getting a lot of evidence for that. And I think the regulation is going to clamp down on that. At the same time, fully backed, reserved stable coins are sailing through this crisis pretty well and I think the regulation again should reflect that and encourage that sort of product as opposed to the more algorithmic ones.Jason Raznick: Who is Lucy? Jakub Rehor: Our CTO came up with that. There was a fairly famous fossil form of the early human, like before humans really evolved to become modern humans. And it's so it's it hearkens to that. It's like early steps in this new world that is being that is developing in front of us.Jason Raznick:What else does Lucy Labs do? Jakub Rehor: So we have a blog on Medium we just launched, a blog talking about crypto products. The first post specifically talks about perpetual swaps. The history of them. It's a product that's unique to crypto doesn't really have an exact equivalent in traditional finance. So we spend a little bit of time explaining how it works and what are the tricky things to be aware of working with that. And we're really enjoying that. So I think we'll be doing a lot more to have that.Jason Raznick: What are perpetual swaps? Jakub Rehor: So perpetual swaps it's super interesting. It's a version of a future. Traditional futures of an expiration. So usually every three months or so the future expires and it's settled either with the underlying or it gets settled in cash. And when the crypto exchanges started taking off, that was the product that they offered and they discovered that retail investors actually had a real trouble.managing Futures, the managing the expirations. People would forget that, third, Friday in June or whatever is the expiration date. And they would log into their account once every two weeks. And one day they would log into their account and their position was gone and they will be like, oh my God, what's happening.The traditional futures turned out to be not a great fit for crypto. So a number of exchanges started experimenting and one of them called Bitmax which was based in Hong Kong in those days they played with different things. They tried to shorten the futures to have expiration every 48 hours then every 24 hours. And finally they decided what if we never expire this thing? Just make it perpetual. Then the issue you have, how do you make sure that the swap price doesn't drift away completely from the underlying, if you don't have expiration that will force those two prices to converge, how do you make sure they don't just, it just doesn't walk off into space.And the innovation they came up with is they first started thinking of referencing some outside interest rate that would and you were to charge the people who were on the wrong side of the trade. So if the future was too expensive they would charge people who were long. And the question is, how do you set an interest rate in crypto, like what is the Bitcoin interest rate? There's really no good answer for that. So they decided let's just generate it from the price itself. Let's just look at the difference between the price of the swap and the price of the underlying. And let's charge that difference.That will force people who are long to be paying a lot of money and hopefully it will incentivize them to close the position and sell the long position, which will force it back to the equilibrium price. And when they first came up with that, nobody knew if it would work or not. It was a real experiment. It was a kind of stab in the dark. And in the first 6 months, it was pretty hairy. The prices were all over the place. The swap price was drifting away from their underlying and it was a little bit chaotic, but after about six months ARPS figured out how to play this game and over the past 2 or 3 years, that market has really matured and it became the predominant way of trading crypto outside of the US. The perpetual swap markets are anywhere on the order of 5 to 10 times greater than the underlying spot markets.Jason Raznick: One of the things you mentioned earlier with Marty Whitman, you are an investigator and you're looking for opportunities to companies and you can value, invest and see stuff that people aren't seeing. Is this similar to that?Jakub Rehor: It's very similar. It's again, you're being a detective and you constantly ask questions like what's going on and why? The way we really wrapped our head around the perpetual swaps was we were taking regular positions in the spot markets, and then we saw liquidity as much better in the perpetual swap so why not start trading that we started trading that. We're getting hit with these funding costs. And we're like, oh, we hate paying these funding rates. Hear me out. What if we start collecting them instead? How would you go about it? And very quickly we figured out, okay, you can create the synthetic position and do this.And yeah, you stay, you learn by doing. The way you discover these opportunities, you are active in the space. You trade, you do experiments and you discover things that you didn't realize were happening and you'll find new opportunities all the time.And we'll help amplify your blog and get people to get the word out.Jason Raznick: What advice do you have for crypto investors?Jakub Rehor: I would say with retail investors, crypto is a very risky, very volatile asset space. You do want to be in it longer term, but be aware that these 80% drawdowns are happening and are likely to happen for the foreseeable future.So position sizing is the most important thing you need to worry about. If things get really tough. Can I survive this, don't put on too big a position and definitely do not put on leverage. Retail investors tend to get in trouble with too much leverage on their positions.But longer term. Crypto is very likely to be around for a long time. And learning about it is best done by trading and being active in the market. Be there and trade it. But keep it Small enough that you can afford the pain of the downturn, similar to what we're seeing today.for institutional investor, my advice is slightly different. I would still say you should be experimenting in this market. The interesting thing is the infrastructure for trading that's being built in crypto markets is, I would say a hundred years ahead of what's in the traditional markets that you are used to, the efficiency and effectiveness of the trading platforms is going to absolutely steamroll, the traditional trading venues.And I would recommend to start learning about how things work there so that when it happens, you'll be prepared. I'll give you an example, the huge difference between a traditional infrastructure and the crypto infrastructure in traditional infrastructure. Let's say you trade futures and the way you to say you're trading futures on wheat, for example.So you have to put up a margin and at the end of each day, your position is marked to market and the exchange calculates any additional margin that's needed. And you have until the next morning to come up with the cash to keep the position. OIn that period between the calculation of the margin and depositing of the cash, the exchanges that.If you actually go bankrupt, the exchange may not be able to collect. And, they have a fund to insure them against that. But it is a real business risk for the exchange, which is why they set the margins very high. To live with having that risk on their balance sheet.So the size of the margin is a function of the payment cycle and the settlement cycle. In traditional finance, the settlement cycle has to be at least 24 hours because the traditional payment rails take 24 hours to get, your payment from your bank to the exchange or the broker.So by nature, they cannot offer high leverage in the products that they. Just because of the settlement counterparty risk issue.You go to crypto exchanges and you realize that they have the recalculate, the margins at a much higher frequency. The exchange. I mentioned BitMax, actually, they started recalculating margin on every tick.So every trade happens, they go and go through a million accounts that they have and recalculate the margin requirements immediately. So they don't have that 24 hour delay for them to be at risk, they can liquidate positions much faster than that. Because of that they can lower their margin requirements. And some of these guys used to offer a 100 times leverage. Thankfully they reduced that now, but you can still get 20 to 25 times leverage on your crypto positions. The exchanges can afford to do that without putting themselves at risk because of this much faster settlement cycle that they have available.Now, if you are an institutional trader and you doing things like hedging, you're doing things like arbitrage. Where do you want to execute? You obviously want to execute at the place with lower margin requirements because you'll have a better capital efficiency. You'll have a higher return on capital.So liquidity is likely to stay at these crypto exchanges that have the newer techniques. And we're seeing that clearly in, for example, the Bitcoin futures market. CME rolled out its Bitcoin futures product in December, 2017. So it's four years now. And they only have about 5% market share in global Bitcoin futures trading, which is amazing.CME is leading venue for derivatives trading. How come they cannot get more market share than that? And the response is because of the, how slow their settlement cycle is. They are requiring 35% margin for any Bitcoin position while the crypto exchanges, they may ask for 3 to 5% margin for the same position.So again, as an institutional investor, you'll be better off trading on these new exchanges.Now these guys, the crypto exchanges are coming into the US so right now, there is a hearing in front of the Congress Senate Agriculture Committee. And and there is a application with the CFTC in which FTX, which is one of the leading crypto exchanges is trying to bring this 24/ 7 trading in commodities with instant margin calculation, and an instant settlement so T plus 0 seconds. If this gets approved and really, there's no reason why it shouldn't be it needs to work its way through the regulatory process, but if this gets approved and you will get a fully regulated exchange with these parameters, can you imagine what that's going to do with people like CME?The reason CME is doing things this way is that's how you did it in 1868. When you were started, when you literally had a guy, in the morning, run to the bank with a check. And deposited with the clerk on the exchange at 7:30 AM. And if the check wasn't there by 8:30 AM, the positions would be liquidated that's and it's baked into all of their systems.They are, it will not be easy for them to upgrade their system to be able to compete with this.Jason Raznick: Do you personally buy Bitcoin or were you an early investor in Bitcoin? Jakub Rehor: Oh yeah, way too early. I bought my first Bitcoin back in 2013 or something like that. It was $14. I was down 80% within a month of my purchase. So yeah, it was a small amount of money.Jason Raznick: Do you have a favorite crypto?Jakub Rehor: I'm still partial of the Bitcoin, my first love.Jason Raznick: The last one is what's your worst or your first job? That's a question I always ask.Jakub Rehor: I did all sorts of things. I painted houses. I work in the fields. I worked in bakeries. So it's a very wide range of things and honestly, they're all fine. I think any job is what you make from it. What you make of it. You can learn a lot of from just painting a house.Jason Raznick: And if people want to check you out, where should they go?Jakub Rehor: We are at https://lucylabs.io/.Jason Raznick: Thank you for coming on the RazReport. We appreciate it.Support this podcast at — https://redcircle.com/the-raz-report/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Joining us in the Shop this week is the CEO of Esoterica Capital, Dr. Bruce Liu. Listen along as we learn more about why Esoterica was founded along with the investment philosophy Dr. Liu uses to manage Esoterica's ETF, WUGI. We also discuss the future of Chinese company listings in the US, as well as why AMD is positioned to continue taking market share from Intel. Dr. Liu's team is constantly adding material to their resources website, and with a reasonable price tag (free), it's definitely worth checking out!About Dr. Liu:Bruce manages WUGI, Esoterica's active ETF investing in 5G-enabled digital economy. Prior to Esoterica, he was a portfolio manager and partner of PhaseCapital. He was an equity strategist at WisdomTree Asset Management and a sell-side equity strategist at Sanford Bernstein. Bruce started his investment career at Dow Chemical Pension Fund. He received his Ph.D. in Business Administration from University of Connecticut and holds the Chartered Financial Analyst (CFA) designation.Guest Links:Esoterica Capital WebsiteSocials:Follow Dr. Liu on Instagram, LinkedIn and TwitterFollow Esoterica on Instagram, LinkedIn and TwitterIf you like our show, please let us know by rating and subscribing on your platform of choice!If you like our show and hate social media, then please tell all your friends!If you have no friends and hate social media and you just want to give us money for advertising to help you find more friends, then you can donate to support the show here!2 Bulls Discord:https://discord.gg/Q8hft2zMTMAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Meredith Jenkins is the Chief Investment Officer of Trinity Wall Street, where she oversees $5.5 billion of the church's endowment and real estate assets.  Before taking the helm as Trinity's first CIO, she was the co-CIO of Carnegie Corporation of New York, Andrew Carnegie's foundation, from 2011 to 2016. She joined Carnegie in 1999 as its first investment associate and was an integral part of the build-out of the Corporation's investment capability under its first CIO.  During the period, Meredith spent four years in Asia as the Corporation's special representative focusing on opportunities in China, Japan, India, Southeast Asia, and Australia. Meredith started her career at Goldman Sachs in investment banking, Sanford Bernstein in research, and Cambridge Associates in consulting before attending Harvard Business School. She currently sits on the Investment Committee of the Wenner Gren Foundation and the Board of Directors of the University of Virginia Investment Management Company. Our conversation starts with Meredith's early career lessons and discusses alignment of interest, standing by managers in difficult times, markers of success, manager research in Asia, the co-CIO structure at Carnegie, and governance in her new challenge of starting an investment office from scratch. Fun loving and smart as a tack, Meredith offers pearls of wisdom through our conversation. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides

Do you think "Fish" when you think of business. You should. Peter Handy has turned his seafood company into a major entrepreneurial venture and has grown the business in the middle of a pandemic. While you might think supplying fish to restaurants would be problematic during the last 18 months, he expanded the business in other areas and has added revenue and staff.   About Peter Handy Peter Handy is president & CEO of Bristol Seafood, a processor and distributor known for its uncompromising Maine standards. In addition to his role at Bristol, he serves on the boards of the Boys & Girls Clubs of Southern Maine, Maine Public Radio and Bigelow Laboratory for Ocean Sciences, and the investment committee of the Portland Museum of Art. Before joining Bristol, Peter co-founded BoxMyDorm.com, a national storage and shipping company for college students. In addition, he held financial services roles in New York at JPMorgan and Sanford Bernstein in roles ranging from asset management to institutional trading. Peter is a graduate of the Wharton School at the University of Pennsylvania and a Chartered Financial Analyst. He lives in Yarmouth, Maine with his wife Jocelyn and three daughters. About Bristol Seafood Bristol Seafood is on a mission to make seafood America's favorite protein. Since its founding in 1992 on the waterfront in Portland, Maine, the company built a nationwide following for its steadfast adherence to its Uncompromising Maine Standards. Bristol was named to the Top 25 Seafood Sustainability & Conservation list, the Top 25 Seafood Product Innovations, and is the first seafood company in the US to earn a Fair Trade certification. The company specializes in dry scallops, wild-caught haddock and cod, and ready to cook Seafood for the retail market under its My Fish Dish brand. See more at www.bristolseafood.com, or contact Iréne Moon VP – Marketing irenem@bristolseafood.com and 207-200-2561. https://thomsinger.com/podcast/bristol-seafood Learn more about your ad choices. Visit megaphone.fm/adchoices

Bart McDonough is the CEO and founder of Agio, a hybrid managed IT and cybersecurity services provider dedicated to protecting businesses' most precious assets. Bart is also the author of Cyber Smart: Five Habits to Protect Your Family, Money, and Identity from Cyber Criminals available on Amazon and Barnes & Noble. He has racked up more than 20 years experience in cybersecurity, business development and IT management while working at SAC Capital Advisors, BlueStone Capital Partners, OptiMark Technologies, Sanford Bernstein and American Express. Scott Schober is a #cybersecurity and wireless technology expert, author of Hacked Again, host of 2 Minute CyberSecurity Briefing video podcast and CEO of Berkeley Varitronics Systems who appears regularly on Bloomberg TV, Fox Business & Fox News, CGTN America, Canadian TV News, as well as CNN, CBS Morning Show, MSNBC, CNBC, The Blaze, WPIX as well as local and syndicated Radio including Sirius/XM & Bloomberg Radio and NPR.

Bart McDonough is the CEO and founder of Agio, a hybrid managed IT and cybersecurity services provider dedicated to protecting businesses' most precious assets. Bart is also the author of Cyber Smart: Five Habits to Protect Your Family, Money, and Identity from Cyber Criminals available on Amazon and Barnes & Noble. He has racked up more than 20 years experience in cybersecurity, business development and IT management while working at SAC Capital Advisors, BlueStone Capital Partners, OptiMark Technologies, Sanford Bernstein and American Express. Scott Schober is a #cybersecurity and wireless technology expert, author of Hacked Again, host of 2 Minute CyberSecurity Briefing video podcast and CEO of Berkeley Varitronics Systems who appears regularly on Bloomberg TV, Fox Business & Fox News, CGTN America, Canadian TV News, as well as CNN, CBS Morning Show, MSNBC, CNBC, The Blaze, WPIX as well as local and syndicated Radio including Sirius/XM & Bloomberg Radio and NPR.

Tech innovation offers huge opportunities to make the supply chain more efficient and sustainable, de-risking previously challenging decisions for farmers and suppliers. What are the technologies that are going to have the most significant impact on the seed to plate supply chain? Join us as we explore the innovations on the horizon that promise to further disrupt the journey from seed to plate. In this fascinating look at how the seed to plate supply chain is being disrupted, we join RethinkX, Eatable Adventures, iNewtrition, and the University of Reading to see how tech can truly revolutionise the way we produce food for the future. About our panel Catherine Tubb, Senior Research Analyst, RethinkX Catherine Tubb is focused primarily on disruption in the agriculture and food industries and is co-author of RethinkX’s recent report “Rethinking Food & Agriculture 2020-2030 (https://www.rethinkx.com/food-and-agriculture) ”. Prior to joining RethinkX, she was a vice president at the equity research firm Sanford Bernstein, focusing on the chemicals sector, particularly the pesticide and fertilizer industries. Catherine has a PhD in Chemistry and a MSci in Natural Sciences from Cambridge University. Dr David Christian Rose, Elizabeth Creak Associate Professor of Agricultural Innovation and Extension, University of Reading Dr David Rose is Elizabeth Creak Associate Professor of Agricultural Innovation and Extension at the University of Reading. He works on technology adoption and behaviour change in farming, as well as exploring the ethics of the fourth technology revolution. He is also conducting research on the co-design of the new Environmental Land Management Scheme in England. Research students in the group are exploring the implications of precision livestock farming for animal welfare (Juliette Schillings) and how farming futures can be made more inclusive (Auvikki de Boon). Raphaëlle O’Connor, Founder iNewtrition Food Innovation expert with over 25 years’ experience working internationally for start ups and multinationals. After starting my career as a food scientist and technologist, I have led multiple technical, brand extension and business deployment projects with Johnson & Johnson, Wyeth, Pfizer and Nestle. Paula Álvarez, Ecosystem Development Manager, Eatable Adventures Paula Álvarez is responsible for analysing the different innovations encompassing the food system and integrating the relevant actors involved in Eatable Adventures Ecosystem. Eatable Adventures is a food business accelerator that connects new food ventures with main industry stakeholders through its online community www.gastroemprendedores.com and www.food.entrepreneurs.com. It helps organisations to understand the complexity of startups and selects the best approach towards successful partnerships. Paula holds a BSc Nutrition from the autonomous university of Madrid and a MSc Food Marketing and Product Development degree from Sheffield Hallam University.

Eroom’s Law is Moore’s Law spelled backwards. It’s a term that was coined in a Nature Reviews Drug Discovery article by researchers at Sanford Bernstein and describes the exponential decrease in biopharma research and development efficiency between the 1950s and 2010. Whereas Moore’s describes technologies becoming exponentially faster and cheaper over time, Eroom’s Law describes the trend of drug development becoming exponentially more expensive over time.The article describing Eroom’s Law was published in 2012, and analyzed data up till 2010. That is perhaps ironic as 2010 appears to be an inflection point in the trend. In Breaking Eroom’s Law, the authors analyze the data since 2010 and show that costs appear to have stabilized over the last ten years. But what has contributed to this critical and exciting trend shift? In our conversation, Jorge and Vijay discuss the three causes cited by the authors of the Breaking Eroom’s Law article, their views on what technologies and policies will continue to push costs down, and their opinion on whether Eroom’s Law is broken for good.

Podcast Notes Key Takeaways Eroom’s Law is Moore’s Law spelled backwardsIt’s a term that was coined in a Nature Reviews Drug Discovery article by researchers at Sanford Bernstein and describes the exponential decrease in biopharma research and development efficiency between the 1950s and 2010Whereas Moore’s describes technologies becoming exponentially faster and cheaper over time, Eroom’s Law describes the trend of drug development becoming exponentially more expensive over time. “I think that COVID will have the impact of accelerating the future in terms of modernizing how we think about running the appropriate studies for therapies to patients safely and effectively, but also quickly” – Jorge CondeEven flattening Eroom’s Law would be a major accomplishment for the industryRead the full notes @ podcastnotes.orgEroom’s Law is Moore’s Law spelled backwards. It’s a term that was coined in a Nature Reviews Drug Discovery article by researchers at Sanford Bernstein and describes the exponential decrease in biopharma research and development efficiency between the 1950s and 2010. Whereas Moore’s describes technologies becoming exponentially faster and cheaper over time, Eroom’s Law describes the trend of drug development becoming exponentially more expensive over time.The article describing Eroom’s Law was published in 2012, and analyzed data up till 2010. That is perhaps ironic as 2010 appears to be an inflection point in the trend. In Breaking Eroom’s Law, the authors analyze the data since 2010 and show that costs appear to have stabilized over the last ten years. But what has contributed to this critical and exciting trend shift? In our conversation, Jorge and Vijay discuss the three causes cited by the authors of the Breaking Eroom’s Law article, their views on what technologies and policies will continue to push costs down, and their opinion on whether Eroom’s Law is broken for good.

If your company's dominated by one type of person, you run the risk of tunnel vision. You might move fast — but you'll often drive straight into traps as you grow. Truly scalable companies need a diverse portfolio of viewpoints to see the opportunities others miss. Sallie Krawcheck knows this well.She rose through the ranks of Wall Street and saw firsthand the challenges a lack of diversity brings. After serving as CEO of Sanford Bernstein, Smith Barney, Citi's Wealth Management and Merrill Lynch Wealth Management, Sallie went on to found Ellevest, an investment platform aimed at women. Her straight talk — and hilarious asides — create the clear business case for diversity of all kinds. Cameo appearance: Steven Johnson (host of the podcast American Innovations; and author of best-selling books, including the recent "Farsighted: How We Make the Decisions That Matter the Most").

ACA President and CEO, Matt Polka sits down with founding partner of MoffettNathanson, Craig Moffett. Craig Moffett has been elected to Institutional Investor Magazine’s All-American Research Team in the U.S. Telecom and/or Cable & Satellite sectors on fifteen separate occasions, including nine separate appearance as the #1 analyst in America in either U.S. Telecom and/or Cable & Satellite. He has also been rated the #1 analyst in the U.S. Telecommunications sector by Bloomberg Markets, and he has consistently ranked #1 in Research Quality in Greenwich Research’s annual survey in both Telecommunications and U.S. Cable and Satellite sectors. Prior to founding MoffettNathanson, Mr. Moffett spent more than ten years at Sanford Bernstein & Co., LLC as a senior research analyst.

Financial feminist Sallie Krawcheck is the CEO and Co-Founder of Ellevest, a recently launched innovative digital investment platform for women. She is the Chair of Ellevate Network, the global professional woman's network, and of the Pax Ellevate Global Woman's Index Fund, which invests in the top-rated companies in the world for advancing women. She is also the best-selling author of “Own It: The Power of Women at Work.” Before becoming an entrepreneur, she was CEO of Merrill Lynch Wealth Management, of Smith Barney and of Sanford Bernstein. In this episode we discuss: - How being a woman in business affects your trajectory - How to utilize your strengths and weaknesses - Why we MUST talk about money - Relationships between fathers and daughters - Gender biases in the work place and how to work around them - Embracing underestimations  Resources: Check out more about Ellevest and Sallie Connect with Cindy on social! Instagram Facebook Twitter Website

Meredith Jenkins is the Chief Investment Officer of Trinity Wall Street, where she oversees $5.5 billion of the church’s endowment and real estate assets.  Before taking the helm as Trinity’s first CIO, she was the co-CIO of Carnegie Corporation of New York, Andrew Carnegie’s foundation, from 2011 to 2016. She joined Carnegie in 1999 as its first investment associate and was an integral part of the build-out of the Corporation’s investment capability under its first CIO.  During the period, Meredith spent four years in Asia as the Corporation’s special representative focusing on opportunities in China, Japan, India, Southeast Asia, and Australia. Meredith started her career at Goldman Sachs in investment banking, Sanford Bernstein in research, and Cambridge Associates in consulting before attending Harvard Business School. She currently sits on the Investment Committee of the Wenner Gren Foundation and the Board of Directors of the University of Virginia Investment Management Company. Our conversation starts with Meredith’s early career lessons and discusses alignment of interest, standing by managers in difficult times, markers of success, manager research in Asia, the co-CIO structure at Carnegie, and governance in her new challenge of starting an investment office from scratch. Fun loving and smart as a tack, Meredith offers pearls of wisdom through our conversation. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides

Adam Posen, president of the Peterson Institute for International Economics, says the Fed is in a period of "normal" difficulties. Prior to that, Kevin Logan, HSBC's chief U.S. economist, says the Fed is on course to begin its disinvestment policy. Deborah Lehr, a senior fellow at the Paulson Institute, says there's concern about China's abilities to combat North Korea. Finally, Alexia Howard, a senior research analyst at Sanford Bernstein, says Mondelez is struggling in emerging markets. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Adam Posen, president of the Peterson Institute for International Economics, says the Fed is in a period of "normal" difficulties. Prior to that, Kevin Logan, HSBC's chief U.S. economist, says the Fed is on course to begin its disinvestment policy. Deborah Lehr, a senior fellow at the Paulson Institute, says there's concern about China's abilities to combat North Korea. Finally, Alexia Howard, a senior research analyst at Sanford Bernstein, says Mondelez is struggling in emerging markets.

The threat of Medicare clamping down on drug prices has never loomed larger. Sanford Bernstein’s Ronny Gal and Liav Abraham of Citi gauge the risk and explain how ophthalmology drug companies might be impacted.

Richard Greenfield, an analyst of media and technology at BTIG, says HBO and Warner Bros. are the crown jewels of Time Warner and expects Viacom and CBS to merge. Brian Wieser, a senior research analyst at Pivotal Research Group, weighs in on the potential AT&T and Time Warner merger and the evolution of digital media. Nick Heymann, an analyst at William Blair, says project financing will be a big deal for GE. Sara Senatore, a research analyst at Sanford Bernstein, says McDonald's Corp. should be able to grow in this industry, but not very fast. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Richard Greenfield, an analyst of media and technology at BTIG, says HBO and Warner Bros. are the crown jewels of Time Warner and expects Viacom and CBS to merge. Brian Wieser, a senior research analyst at Pivotal Research Group, weighs in on the potential AT&T and Time Warner merger and the evolution of digital media. Nick Heymann, an analyst at William Blair, says project financing will be a big deal for GE. Sara Senatore, a research analyst at Sanford Bernstein, says McDonald's Corp. should be able to grow in this industry, but not very fast.

A research note by brokerage company Sanford Bernstein comparing passive investing to Marxism has created a furor of debate between proponents of active and passive investing ideologies. Aman weighs into the debate.

(Bloomberg) -- Taking Stock with Kathleen Hays and Pimm Fox. GUEST: Jonas Oxgaard, Chemicals Equity Analyst at Sanford Bernstein, on Bayer's sweetened bid for Monsanto, as Monsanto mulls options.

Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the economic outlook with UniCredit's Harm Bandholz; Apple with Piper Jaffray's Gene Munster; housing outlook with Miller Samuel's Jonathan Miller; and McDonald's with Sanford Bernstein's Sara Senatore. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

(Bloomberg) -- Taking Stock with Kathleen Hays and Pimm Fox. GUEST: Jonas Oxgaard, Chemicals Equity Analyst at Sanford Bernstein, weighs in on Bayer AG's bid for Monsanto: he's not optimistic the deal will go through.

Sallie Krawcheck, CEO of Ellevate, opens up about her life and what has helped her to succeed. Before becoming an entrepreneur, Sallie was dubbed one of the last honest voices on Wall Street. She's led firms like Sanford Bernstein, Smith Barney, and the Roth Management Unit for Citi Group and Bank of America. She's spoken out publicly about being fired - twice. And in this conversation, Sallie talks about her transition out of wall street and what it was like for a woman to succeed in the boys club.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.AudioPlayer.embed("audioplayer_254", {soundFile:"http%3A%2F%2Fsupplychaininsights.com%2Fwp-content%2Fuploads%2Fpodcasts%2FSupply_Chain_Effectiveness_and_Financial_Performance_with_Alexia_Howard_of_Sanford_Bernstein-Podcast_112.mp3"}); Lora Cecere, CEO and Founder of Supply Chain Insights, interviews Alexia Howard, Senior Research Analyst at Sanford Bernstein, as she discusses supply chain effectiveness.  Alexia feels that supply chains are evolving quickly and need to adapt and understand how the consumer is trending. Straight Talk With Supply Chain Insights – Podcast #112

http://www.youtube.com/watch?v=bBpZDy_ISkU&feature=plcp In this episode of China Money Podcast, guest Michael Werner, senior research analyst covering the Chinese and Hong Kong banks at Sanford Bernstein & Co., discusses Chinese banking stocks, their exposure to local governments and the property sector, and whether Chinese banks will see their non-performing loan ratios skyrocket. Listen to the full interview in the audio podcast, or read an excerpt. Q: First, let’s look at Chinese banking stocks. In terms of valuation, are they attractive? A: I still think the banks are attractive. We’ve seen a very strong increase in terms of the share prices over the past three to four months. But I still think you will get incremental news that will help the valuations of the banks. As China’s Central Bank eases monetary policy that will help with valuations, thought it might not be the best for earnings. I still think for the next two to three months, we still have some upside for the banks. Q: Now let’s turn to the fundamentals of the banks. Many people are concerned about the banks’ exposure to the property sector and local governments. How big a risk are these? A: Yes, these are certainly risks to the banks. But I think the market has overstated the risks. We really saw that toward the end of last year. The market was pricing in for some of these loans to go to zero in terms of valuation, which in our view is simply not going to happen. The listed banks that we cover, they had around 11 to 12 percent of their loan book exposed to local government loans. On the property side, you have around 15 percent going into residential mortgages and maybe another 10 to 12 percent going into commercial real estate. In our view, the residential mortgages are very safe with very low loan-to-values. There is a very good track record of people paying off these loans. On the local government financing vehicle side, certainly there will be some problems. But I think the bulk of the loans are going to end up healthy. But there will be a good five to ten percent of the loans that will have trouble repaying. That’s a couple of years out, and the banks will have enough time to earn up enough reserves to provision against that. On the commercial real estate side, the banks have actually reduced their exposure. They do have exposures, but they tend to have exposure to the largest, the best and the most liquid of the property developers. So I don’t think that will be a problem. The largest concern that we have are the local government financial vehicle (LGFV) loans. Q: So, where do you think the non-performing loan ratio will peak? A: Our best guess right now is around 2.5 percent. Right now, the NPL ratio for the whole banking system is around one percent. Getting into 2 or 2.5 percent in the next couple of years is actually in line with what we have seen in other countries that experience slowdowns. We think the Chinese economy will slow down to 7 to 8 percent at the end of this year to early 2013. Q: So are you saying there are not as much trouble as people fear? A: That’s absolutely correct. What we have seen in China is relatively good underwriting standards. I think that Chinese banks are going to surprise people on how well they are provisioned and what the ultimate NPL ratio will be. Some people have been forecasting 8 to 12 percent (NPL ratio). That does not seem likely in our viewpoint. The government will definitely help put in place policies that will mitigate these risks. Just like during the past few years, the banks have been earning a lot of money, and the government has put in place very restrictive policies in terms of capital and provisioning. Now on the other end, when economic growth is slower, the regulators will relax some of those restrictive measures. That counter-cyclicality (in policies) is actually positive for the banks. About Michael Werner: