Podcast appearances and mentions of William Blair

Ian Smith, portfolio manager at William Blair, joins Excess Returns to break down emerging markets, global diversification, and why EM may offer a very different opportunity set than US stocks. We discuss AI capex, the role of Korea, Taiwan, China and India, the impact of the dollar, quality investing, valuation, and how active investors can think about opportunity in a world shaped by AI disruption and geopolitical change.William Blair Investment Managementhttps://im.williamblair.com/The Problem With Qualityhttps://im.williamblair.com/insights/articles/the-problem-with-qualityTopics covered:Why emerging markets are not one single tradeHow AI capex is reshaping EM indexes and performanceWhy Korea, Taiwan and China are central to the AI supply chainThe role of the US dollar in emerging market returnsWhy EM index concentration is higher than many investors realizeWhat past innovation cycles can teach us about the AI buildoutHow AI is changing the definition of quality investingWhy China's manufacturing strength creates both opportunity and riskThe long-term case for India despite high valuationsHow William Blair evaluates quality, trajectory and underappreciationWhy valuation in emerging markets requires more than simple multiplesThe one investing lesson Ian Smith would teach the average investorTimestamps:00:00 Intro04:10 Why emerging markets are not one market08:37 Why EM is underrepresented in global indexes13:16 How the dollar impacts emerging market returns18:37 AI capex, picks and shovels, and EM supply chains24:17 How William Blair is using AI in the investment process28:30 Why quality and growth have decoupled in emerging markets33:19 Why AI disruption creates opportunity for active managers37:30 China's overcapacity, competition and global manufacturing edge42:00 India's long-term growth drivers and valuation challenge47:00 Finding underappreciated quality in EM stocks52:01 Deglobalization, China and the future of global trade56:09 The one lesson Ian Smith would teach investors

William Blair industrials analyst Ross Sparenblek discusses how humanoid robotics could mark a structural shift in productivity by extending AI's capabilities from digital tasks into real-world physical labor. He outlines the key forces accelerating adoption, from demographic pressures to supply chain dynamics, while highlighting both the long-term opportunity and the technical and scaling challenges still ahead.

Ryan Daniels, William Blair's group head of healthcare technology and services research , discusses how policy reform, reimbursement changes, technology innovation, and consumer preferences are accelerating a shift in care delivery toward outpatient, virtual, and home based settings. He outlines why this trend is reaching an inflection point in 2026 and what it could mean for providers, payers, employers, and healthcare investors.

War-driven energy shocks, sticky inflation, and an unusually split Fed are back at the center of the macro conversation. In this month's Monthly Macro, William Blair macro analyst Richard de Chazal assesses what those dynamics, and the growing influence of AI, mean for bonds, equities, and portfolio risk.

Story of the Week (DR):Happy (?) May Day MMMay Day 2026: Top CEO pay increased 20 times faster than workers' pay in 2025Rivian Sold 42,247 Cars And Paid Its CEO [RJ Scaringe] $403 Million, Or 15 Jim FarleysComcast Co-CEO Mike Cavanagh Lands $72 Million Pay Package For 2025Google co-founder [Sergey Brin] rips California billionaire tax: 'I fled socialism'ONE-TIME wealth tax: The proposal would impose a 5% tax on net worth above the $1 billion threshold for people who were California residents as of Jan. 1, 2026, with some assets like real estate and certain retirement accounts excluded~$13B, with certain exclusions this figure could drop to $9B (the approximate value of his real estate empire)This is the equivalent of $2,500 if you earn $50,000Ken Griffin slams Mamdani for singling him out as a 'profound lack of judgment,' ripping socialist bentBill Ackman to New York City Mayor Mamdani: Don't scare away the billionaires CEOs got millions after boards ‘neutralized' the impact of tariffs. Some won't say what it was worthRTX CEO Christopher Calio: $27.7 million in compensation last yearAt its January 2025 board meeting, the compensation committee of RTX pre-authorized the removal of tariff impacts on business metrics related to Calio's pay months before President Trump announced a set of sweeping Liberation Day tariffs on April 2, 2025 that upended global supply chains. The RTX comp committee said that the tariff-cost impact “should be neutralized” for determining annual bonus payouts because the tariffs were “externally imposed, unpredictable and unrelated to operational execution.”Calio's annual bonus hit $5.1 million, an 85% increase over the $2.76 million the company paid him the year beforeHow much of that growth was attributable to the tariff exclusion, RTX did not discloseWe spoke to over 30 CEOs and business leaders. Here's what worries them mostA world of constant shocksSupply chains are under strain and getting costlierInflation is testing the consumerAI is an opportunity, but also a threatCyber and trust are keeping CEOs upEnergy security is back at the centerThe leadership playbook is changingThe 'Dirty Secret' Behind AI Layoffs: Forrester Warns Tech Is Often Non-ExistentForrester finds most firms citing AI for job cuts lack the systems to back it up, deepening mistrust over how and why people are being let goExecutives are increasingly blaming artificial intelligence for sweeping layoffs even when the technology is barely in place, Forrester has warned, with analyst J.P. Gownder saying that in 'nine out of 10' such cases the AI capability behind those cuts simply does not existMeta says it doesn't know its ideal size as it prepares to lay off 10% of its staffBed Bath & Beyond CEO: AI will lead to ‘significant reduction in headcount'Sam Altman says he is 'deeply sorry' for failing to alert police ahead of mass shootingSam Altman Issues Grim ApologySam Altman is “the face of evil” for not reporting school shooter, says lawyerSam Altman apologized to the people of Tumbler Ridge, British Columbia, because OpenAI had flagged and banned the suspect's ChatGPT account but did not alert police before the mass shootingApril 28, 2026: Our commitment to community safety“We assume the best of our users, but when we detect that someone is attempting to use our tools to potentially plan or carry out violence, we take action, including revoking access to OpenAI's services.”“We use automated detection systems to identify potentially concerning activity at scale.”“When an account or conversation is flagged, it is assessed in context by trained personnel. These human reviewers are trained on our policies and protocols, and operate within established privacy and security safeguards”“When conversations indicate an imminent and credible risk of harm to others, we notify law enforcement.”Zero mention of the Tumbler Ridge massacre, the apology, the lawsuits, etc.Elon Musk's trial against Sam Altman to reveal the ongoing power struggle for OpenAIMusk is suing Altman, OpenAI, and Microsoft over the claim that OpenAI abandoned its original nonprofit, “benefit humanity” mission and instead became a profit machine, while OpenAI says Musk is really trying to slow a competitor he helped createThe courtroom tone has been described as unusually messy and theatrical, with the judge reportedly telling both sides to stop acting out on social mediaThe judge told Musk to cool it on the “robot apocalypse” and “Terminator” talk.Musk lawyer says OpenAI 'stole a charity,' as trial against AI firm, Sam Altman beginsWorld's Richest Man, Least Generous? Elon Musk Tops Forbes 'Least Philanthropic' ListForbes' analysis concludes that Elon Musk has given around $500 million 'directly to those in need' — a sum that sounds enormous in isolation yet, by the magazine's maths, represents just 0.06 per cent of his reported wealth. In other words, for every $1,000 attached to his name on paper, roughly 60 cents has so far gone, in clear line of sight, to people or causes that can be classed as receiving direct help.Jerome Powell says he will continue to serve as a Fed governor, calls Trump criticism 'unprecedented'Powell says he's staying on as a Fed governor after his chair term ends, which blocks Trump from simply creating an empty seatPowell says the pressure campaign is unprecedented and threatens the Fed's independence.Bessent Says Powell Staying On Is ‘Violation' of All Fed Norms“It's highly unusual for someone who says he's an institutionalist and cares about norms at the Fed. This is a violation of all Federal Reserve norms.”“I think it is an insult to Kevin Warsh, Miki [Michelle] Bowman and Chris Waller to think that these other Republican nominees do not care about the institution of the Fed and that he alone can maintain the integrity of the Fed.”Trump Takes a ‘Wrecking Ball' to Independent Scientific Advisory BoardThe DEI death blow: “We Could See the Largest Drop in Black Representation Since the End of Reconstruction”Much like dual class shares: The erosion of the Voting Rights Act directly dilutes the collective political power of Black communitiesThomas Dartmouth Rice ("The two most popular characters in the world at the present time are [Queen] Victoria and Jim Crow.") received some formal education in his youth, but ceased in his teenage years when he acquired an apprenticeship with a woodcarver named DodgePentagon inks deals with seven AI companies for classified military workOpenAI, Google, Nvidia and others agreed to ‘any lawful use' of their tech. Anthropic, feuding with Pentagon over potential AI misuse, was not includedGoodliest of the Week (MM/DR):DR: France unveils plan to ditch all fossil fuels by 2050a “first of its kind” plan to phase out coal by 2030, oil by 2045 and gas by 2050 during a global conference aimed at breaking reliance on fossil fuelsMM: War on Social Media: Greece to ban anonymity on social media DRI seriously might move to GreeceMeta's threat to quit New Mexico ‘is showing the world how little it cares about child safety,' AG saysAssholiest of the Week (MM):Disney's spineless chair James Gorman DRABC can beat Trump FCC's license threat if owner Disney is willing to fightThe man who was the savior picking the new CEO, when asked what he thinks of the attack on Kimmel and Disney's ABC (again), said, “It's the job of the CEO with their team to figure out the right answer and they'll be guided by the board”, and then declined to say what advice he or the board would give regarding the “Jimmy Kimmel Live!” show.“We have a terrific new CEO, Josh D'Amaro, he's world class so I'm sure he'll rise to the occasion and do what the right thing is.”Here's a glow up of Gorman choosing the new CEO:James P. Gorman, former head of Morgan Stanley, became Disney's chairman a year ago with succession at the top of his to-do list. The 67-year-old Australia native comes with strong opinions and sterling credentials: He helped stabilize, then revitalize the Wall Street bank during his 14 years in the C-suite, retiring in December 2024 after orchestrating a seamless baton pass.“I don't know that there's anyone who could have navigated these kinds of leadership transitions better than James,” Wharton School Dean Erika H. James said in an interview. “He's not afraid to do the hard things.”James was on the board of Morgan Stanley with GormanSo the board abdicates all responsibility? They bow out? Without Ken Doll Bob Iger around they have no part to play anymore?“Even after paying off the president last year, ABC is once again under attack by this administration,” Sen. Adam Schiff (D-Calif.) wrote yesterday. “This should be a lesson to all who capitulate to the president: You cannot buy his favor, you can only rent it.”Even the fucking CATO INSTITUTE weighed in: FCC's Punitive Review of ABC-Disney's Broadcast Licenses Shows Need to Protect Free Expression“Punishing a media organization, no matter what one thinks of their reporting or programming, is an affront to the right of Americans to speak and listen to whatever speech they wish”AI OverloadPopular pasta sauce brand is launching new device to record conversationsPrego owned by Campbells selling a puck that sits on your dinner table, records the conversation, and offers “conversation prompts”When a soup company thinks the answer to AI in soup is a fucking device sitting on your table, listening to you, when we're already surrounded by our tech overlords doing the same thing, we know we've jumped the sharkChip Wilson and the male CEO industrial complexLululemon Founder Takes Aim at New CEO Pick, Escalates Proxy FightChip uses “governance” as his main angle of attack without acknowledging that 50% of the board he hates, including the chair, HE HAND PICKED HIMSELFWall Street sank the shares more than 13% on the announcement of Heidi O'NeillCritiqued her tenure at Nike pushing “direct to consumer” - without acknowledging that Nike is a dual class controlled company with the company founder's nepo baby on the board AND an executive chair (Mark Parker) AND the current CEO (Elliott Hill)Do you think O'Neill made the decision in a vacuum by herself? She's an NEO under not one but THREE leaders - and in 2025 she got a massive stock award (11.4m) to keep her around. She also has a babysitter - she was head of Consumer, Product, & Brand, but there was Craig Williams, Chief Commercial OfficerIs this anything but fucking white dude manbaby sexists anymore?60% female board who just added another woman of color to go above that, +8% gender power gap, 70% female influence - the analytics suggest they are not deferential to the CEO, the only merit director on the board are womenWhile dude analyst Bill Campbell at Paragon Intel said, “she does not look like the obvious architect of the deeper reset this moment demands,” William Blair analyst Sharon Zackfia said, “She brings a significant breadth of knowledge in women's performance apparel and her experience accelerating speed-to-market is particularly welcome at lululemon where lead times have ballooned to about 24 months.”Reading the timeline of interactions, Wilson just sounds like a fucking baby, complaining the board isn't talking to his people enough, they don't respond quickly enough, even as every time he doesn't get his way he publicly says the board sucks but commits to the chair he wants to have “constructive” dialogue. Then the board offers him board seats if he just shuts the fuck up, and he says he won't agree to shut up but they should give him the board seats anyway.Headliniest of the WeekDR: Lululemon's New CEO Is Already in the Hot Seat—and She Hasn't Even StartedMM: 51% of U.S. employees have cried at the office within the last month, according to a new reportWho Won the Week?DR: Only Elon Musk can fire Elon Musk from SpaceX, filing showsMM: Earth - SpaceX ties Musk compensation to Mars colonization goal, which I assume can only mean if Musk himself colonizes Mars he gets paidPredictionsDR: Billionaires start to introduce their own taxes on “normal” people, like: Sidewalk Wear-and-Tear Tax: charged per step, tracked via mandatory Smart Shoes™ and a Public Bench Depreciation Fee: sitting longer than 90 seconds counts as an “asset strain,” tracked via mandatory Smart Boxer Briefs™MM: Because Jamie Dimon says bureaucracy sinks companies and the solution may be getting rid of the ‘jerks' who don't want to solve it, JPMorgan begins firing the 51% of jerks who cried in the office this month.

In this episode of Biotech Breakthroughs, Matt Phipps, group head of biotech research, speaks with William Blair biotech analyst Myles Minter about how gene editing is moving from early hype toward clinically validated therapies. They discuss lessons from the first approved ex vivo product and highlight key 2026 catalysts across CRISPR, base editing, RNA editing, and DNA writing.

UBS no longer sees ServiceNow (NOW) as a better positioned stock in the AI trade. William Blair adds Amazon (AMZN) to its conviction list. Piper Sandler expects a bigger step down for Nike (NKE) shares. Diane King Hall takes investors through the top headlines driving action on Wall Street to start Friday's session. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

William Blair macro analyst Richard de Chazal unpacks the market implications of the U.S.–Iran conflict, discussing how the war is reshaping inflation and growth risks and challenging central banks' playbooks, and why markets may be underpricing the possibility of a more prolonged disruption. Richard also touches on emerging stress in private credit beneath the surface.

Andrew Bender still remembers a moment from high school football practice when a coach challenged him with a simple question: “Do you want to be all conference or all state?” The comment surprised him. At the time, Bender tells us he wasn't even sure he had the potential to reach the lower bar. Yet the moment stayed with him because it revealed something important—that sometimes others see possibilities before we do.That lesson about recognizing potential shaped how Bender approached his career decisions. Early on, while working at William Blair, he faced a choice common among his peers: continue toward private equity or pursue a different path. Instead of following the typical investment track, he realized he preferred working inside organizations rather than advising them from the outside. The parts of investment banking he enjoyed most involved “diving into the organizations” he represented, Bender tells us.Over time, that realization led him toward roles blending strategy and finance. Consulting and business school helped him develop structured problem-solving skills and the ability to learn new industries quickly. Later, at Snyder's-Lance, he worked across corporate strategy and business-unit finance, gaining operational perspective that would prepare him for future CFO roles.That blend of strategy and finance thinking surfaced again after Bender joined BNI Global. Preparing board materials, he realized the company tracked numerous KPIs but struggled to explain performance drivers. If the metrics didn't link to financial outcomes, he recalls thinking, “what are we doing here?”The solution was simplification. Bender helped refocus leadership on five core business drivers—member renewals, visitor activity, conversion rates, chapter launches, and pricing—while teaching operational leaders how those metrics translate into financial performance.

William Blair macro analyst Richard de Chazal and co-head of technology, media, and communications research, Jason Ader, unpack the sharp selloff in software stocks and the growing fear around AI-driven disruption. They explore why the “software apocalypse” narrative may be overblown, how AI could ultimately expand the software market, and what investors should watch as winners and losers begin to separate.

William Blair macro analyst Richard de Chazal breaks down rising geopolitical tensions, sticky inflation risks, Fed policy uncertainty, and the durability of U.S. growth amid fiscal stimulus and the evolving AI-driven productivity cycle.

Earnings season rolls on with key reactions and market-moving insights. Key reads on the AI trade with Palantir and NXPI both reporting. Kate Moore, Citigroup Wealth CIO, on why earnings growth and forward revisions are critical for stocks to push higher. Louie DePalma, Senior Research Analyst at William Blair, reacts to Palantir earnings after upgrading the stock this morning. Disney's stock slide and leadership questions with Jim Stewart, Business Reporter at The New York Times; a reset in global currencies with Kathy Lien, Managing Director of FX Strategy at BK Asset Management; and a look at Bitcoin's slide with Mark Palmer, Senior Analyst at StoneX. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Phillip Securities upgraded Microsoft (MSFT) and Apple (AAPL) after both companies reported earnings last week. Diane King Hall explains why the analyst sees more promise in the Mag 7 giants. Elsewhere in Big Tech, Palantir (PLTR) has a new bull in William Blair with the firm seeing strong earnings growth ahead. Humana (HUM) continues to struggle with other healthcare stocks, though Diane points Monday's downside action to a downgrade. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Roche made the biggest splash this week so far, announcing on Tuesday that GLP-1/GIP injectable CT-388 led to 22.5%weight loss in a Phase II trial. These numbers appear to put CT-388, which Roche acquired in its $2.7 billion Carmot buy, in line with Eli Lilly's Zepbound, according to William Blair analysts. Roche plans to start a Phase III study of CT-388 in the first half of this year and is also pairing the drug with a therapy from Zealand Pharma, with the aim of offering a weight lossoption with fewer gastrointestinal side effects. Meanwhile, Baseline Therapeutics debuted to challenge Lilly with a Phase III–ready GLP-1 for alcohol use disorder.  In the vaccines sector, Moderna took perhaps the biggest action to date amid Health Secretary Robert F. Kennedy's anti-vaccine policies and rhetoric, last week announcing that the company will no longer run late-stage vaccine trials for infectious diseases. “You cannot make a return on investment if you don't have access to the U.S. market,” CEO Stéphane Bancel saidthe World Economic Forum at Davos, Switzerland. Pfizer CEO Albert Bourla, also speaking at Davos, called RFK Jr.'s rhetoric and policies on vaccines “anti-science.”  Finally, Sarepta released new data on Monday for Elevidys, the company's embattled gene therapy for neuromuscular disease Duchenne muscular dystrophy. Plus, check out up-and-coming treatments for Alzheimer's and Parkinson's.

Starbucks (SBUX) got an upgrade from William Blair and a price target hike from Goldman Sachs. Rick Ducat turns to key levels for investors to watch as shares attempt to find their footing as Starbucks brews a rebound story. Tom White offers an example options trade for the stock. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Jared Lou, portfolio manager on the emerging markets debt team at William Blair, says that the outlook for Venezuela and its place in the investment world has "dramatically changed" with the removal of president Nicholas Maduro. Lou noted that Venezuelan debt should be able to be restructured now, creating "a much better future than they had just a few days ago." Lou says emerging markets are well positioned for a big year in 2026, with continued dollar weakness also contributing to tailwinds.   WalletHub.com released its list of the "Best Credit Cards for 2026" today, and Chip Lupo, an analyst for the site, discusses not only some of the best deals but why consumers may want to be shopping for new credit cards now, even if they don't need one, noting that many credit deals have changed and improved. He says card users who fail to keep up with their perks and benefits will lose out and waste some of their credit dollars. Cecilia Amo, founder of Amo Law Legacy Planning discusses how consumers who want to avoid estate planning may doom their families to problems with probate, lost assets and much more. At a time of year when many people are trying to improve their financial lives, she talks about how estate planning does not have to be difficult, and the peace of mind it provides.

Tony Frascotti, William Blair's Head of Private Shares Trading, discusses the evolving landscape of private shares trading, highlighting market shifts, the expanding influence of AI and crypto sectors, and the changing dynamics of IPOs and liquidity for late-stage private companies. *This episode was recorded December 8th, 2025

William Blair macro analyst Richard de Chazal discusses why 2026 looks brighter for the economy, exploring the impact of AI-driven investment, evolving policy risks, and the surprising strength of the American consumer. *This episode was recorded December 16th, 2025

William Blair financial technology analyst Andrew Jeffrey discusses how stablecoins, regulatory clarity, and new payment rails are transforming global B2B transactions. *This episode was recorded November 17, 2025

William Blair's group head of healthcare technology and services analyst, Ryan Daniels, explores how artificial intelligence is revolutionizing healthcare revenue cycle management by automating financial workflows, reducing costs, and reshaping the industry's future for providers and vendors.

One of biopharma's most memorable bidding wars finally came to an end on Friday—with Metsera right back in the arms of its original suitor, but with Pfizer paying around $10 billion for the rights to the obesity biotech, a nearly $3 billion increase over its original bid. But while Novo Nordisk may have bowed out of that race, the company still made headlines this past week, with CEO Maziar Mike Doustdar joining Eli Lilly head David Ricks at the White House on Thursday to announce a deal that will see their GLP-1 drugs offered at about $350 per month.   This marks a significant discount to the current list prices of $1086 and $1350 for Lilly's obesity drug Zepbound and Novo's comparator Wegovy, respectively. No matter how low they go, however, the GLP-1 leaders can still be undercut by compounders, Steven Grossman, policy and regulatory consultant and author of the FDA Matters blog, told BioSpace this week.   Speaking of Lilly, the Indianapolis-based pharma had a busy week, reporting 20% weight loss in a mid-stage study of its amylin agonist eloralintide that William Blair analysts said “validates [the] amylin agonist class.” Lilly also netted two new partners, inking a $1.2 billion RNAi pact with SangeneBio to target metabolic diseases and licensing a genetic eye disease therapy from MeiraGTx Holdings for up to $475 million.   On the regulatory front, the FDA awarded the second round of priority review vouchers under its new Commissioner's National Priority Vouchers program. Unlike the first cohort of vouchers, which was announced in October, this group mostly consisted of products already on the market—with the exception of Lilly's orforglipron.   Finally, BioSpace dives into one the hottest trends in the immunology and inflammation (I&I) space—pipeline-in-a-product. Possibly motivated by blockbuster drugs like AbbVie's Skyrizi and Rinvoq and Regeneron and Sanofi's Dupixent, companies are optimizing shots on multiple goals in this lucrative space.  

William Blair macro analyst Richard de Chazal and group head of energy and power technologies Jed Dorsheimer explore the seismic changes reshaping the U.S. energy landscape as rising electricity costs and surging demand—especially from AI—put unprecedented pressure on the grid. The discussion also unpacks a five pillar plan for energy abundance, the balance between renewables and firm baseload power, and the economic and geopolitical forces driving a new era in energy markets.

Farr, Miller & Washington's Michael Farr breaks down the big earnings movers, including Affirm, Block, Expedia and Airbnb. William Blair's Jed Dorsheimer breaks down Musk's pay package vote. HSBC's Alastair Pinder on where to invest globally. Rockwell Automation CEO Blake Moret on his company's strong quarter and using AI. LinkedIn Head of Economics Kory Kantenga on alternative jobs data.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Despite growing fears of a bubble, one of Goldman Sachs' top strategists lays out why the market has more room to run. Then forget pain at the pump, it's now pain at the plug. William Blair out with a new report on how rising energy costs are reshaping the American economy and who stands to benefit. Plus could 15 years of European underperformance be coming to an end? Deutsche Bank arguing just that. And they have a new trade they say can be a big winner. All that on Money Movers. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

William Blair energy and environmental services analyst Tim Mulrooney and macro analyst Richard de Chazal explore how reshoring, AI infrastructure, and labor and energy challenges are driving transformation across the U.S. economy.

The U.S. government is now in its second week of a shutdown—with the FDA having paused acceptance of all new drug applications for the duration. But it was business as usual at the CDC, which adopted the recent recommendations of its newly revamped advisory committee on chickenpox and COVID-19 vaccines. And another senior leader, National Institute of Allergy and Infectious Diseases Director Jeanne Marrazzo, was fired last week, after filing a whistleblower report.  Across the country, cell and gene therapy leaders arrived in Phoenix for the annual Meeting on the Mesa, as the space remains in a state of flux—with regulatory and M&A momentum being stalled by commercial and market challenges. Takeda, for one, is looking to offload its cell therapy platform after years of hefty investment.  President Donald Trump's long-awaited tariffs did not hit on Oct. 1 as promised. But in the face of the looming levies, Pfizer signed a drug pricing deal with the White House that provides a three-year exemption. Amgen appears to be climbing onboard as well, announcing that its lipid-lowering drug Repatha will be available at a steep discount. These moves are all well and good for Big Pharma players, but a recent report from CRB reveals most smaller biopharma companies are not planning any investments to offset tariffs.  In our weekly weight loss segment, Skye Bioscience's cannabinoid receptor 1-targeting candidate nimacimab failed to outpace placebo in reducing body weight but elicited “intriguing synergy” in combination with Novo Nordisk's Wegovy, according to William Blair analysts. And regulatory documents shed further light on Pfizer's $4.9 billion takeover of Metsera, in which the New York pharma beat out two higher bidders for the promising obesity startup.  Finally, make sure to check out The 5 Most Powerful Women in Biopharma and BioSpace's inaugural 40 Under 40, highlighting 40 young leaders who have made an impact on the biopharma industry.  

William Blair macro analyst Richard de Chazal and energy analyst Neal Dingmann discuss how rapid technological advances, shrinking inventories, and relentless demand—especially for natural gas—are reshaping the energy sector, driving new strategies and investment opportunities for the years ahead.

Friday, September 26, 2025. Week 39.   In #S10e182 I told you about CAMP4, don't miss that, watch here: https://www.youtube.com/watch?v=PZ0Oj-Zz-B0 Sharing research comments from William Blair & Wedbush   William Blair Initiation of Coverage: “Among several quality investors, the private placement included the Syngap Research Fund, which is active in the Syngap1 patient community and will be an important resource in aiding patient identification and enrollment in the Phase 1/2 trial in our view.”   Wedbush Ph1/2 Will Likely Begin From Ex-U.S., Aiming for Early Intervention. Citing precedents of other intrathecally delivered antisense oligonucleotide programs for CNS indications, where the FDA oftentimes required sponsors to begin at a dose level well below the efficacious dose, CAMP plans to begin patient dosing outside the U.S. for the potential to go directly to doses that are expected to show efficacy. The selection of patient age range will depend on regulatory discussions, and management highlighted the impact of the disease on neurodevelopment, so early intervention could allow patients to have a better opportunity to achieve as normal as possible development. CAMP Will Have Access to Natural History Data being Collected by SRF and CHOP. According to management, a natural history study is being conducted by SynGAP Research Fund (SRF), which also participated in the private placement, in collaboration with Children's Hospital of Philadelphia (CHOP), and CAMP will have access to data as well as patients for future clinical study enrollment. Donate now: https://curesyngap1.org/donate/ Beacon of Hope was a great success, raised over $100k.  We need to do this every year.  Thanks to Navarros for getting this launched, also to SJ, Emily Barnes, Peter Halliburton, & Kathryn Helde who helped make this event incredible. Emmy's video (top of) https://curesyngap1.org/resources/movies/ Blog: https://cureSYNGAP1.org/Beacon25 (will be live Friday night 9/26) Pairs well with Gala Blog: https://curesyngap1.org/Gala25  Research is non-stop:  - CRID, get one. https://curesyngap1.org/blog/every-syngap1-related-disorders-patient-needs-a-crid/  - ProMMiS, incredible coordination meeting today.  Sign up. https://curesyngap1.org/resources/studies/syngap1-ProMMiS/  - Sign up for Citizen Health too!  AI Advocate is live for us an awesome. https://www.citizen.health/partners/srf   Episode 183 of #Syngap10 #CureSYNGAP1 #Advocate #PatientAdvocacy #UnmetNeed #SYNGAP1 #SynGAP #SynGAProMMiS

William Blair macro analyst Richard de Chazal and specialty retail analyst Dylan Carden unpack why retail stocks are under pressure despite solid earnings, exploring the impact of tariffs, supply chain shifts, and what it means for the holiday season. This episode was recorded on August 22, 2025.

Ryan Daniels, William Blair's group head of healthcare technology and services, returns to discuss the accelerating transformation of specialty care in the face of rising acuity, delayed diagnoses, and regulatory shifts. From bundled payments to AI-driven coordination, this episode explores how providers and investors are reshaping oncology, cardiology, and other high-impact disease states.

William Blair macro analyst Richard de Chazal dissects July's economic surprises—from noisy GDP data and sticky inflation to the disruptive rise of stablecoins and a renewed case for small- and mid-cap stocks. This episode was recorded on August 1, 2025.

John Sherman, a director for William Blair & Co. and the lead author for the firm's report titled Why Mexico Is Positioned Well as Global Trade Evolves, joins the program to elaborate on his findings. (07/2025)

John Sherman, a director for William Blair & Co. and the lead author for the firm's report titled Why Mexico Is Positioned Well as Global Trade Evolves, joins the program to elaborate on his findings. (07/2025)

John Sherman, a director for William Blair & Co. and the lead author for the firm's report titled Why Mexico Is Positioned Well as Global Trade Evolves, joins the program to elaborate on his findings. (07/2025)

Tesla (TSLA) shares took a beating this morning after CEO Elon Musk announced plans to form an "American Party," widening the divide between Musk and President Trump. That's not all the news hitting the stock. Jenny Horne talks about a downgrade from William Blair off expectations it will lose steam in the energy race. This comes as Trump plans to talk about a potential TikTok deal with China this week.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-...Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-...Watch on Sling - https://watch.sling.com/1/asset/19192...Watch on Vizio - https://www.vizio.com/en/watchfreeplu...Watch on DistroTV - https://www.distro.tv/live/schwab-net...Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

In this inspiring chat, Andrew shares his journey from multiple student club rejections at UCLA to landing a coveted investment banking offer at William Blair. Hear how he leveraged the WSO Academy, mock interviews, and cold email networking to turn things around — all while starting late in the recruiting cycle. From setbacks to success, Andrew's story is a must-watch for anyone aiming to break into finance. ------------------------------------------------------------------------------------------------------

William Blair macro analyst Richard de Chazal discusses the Fed's softer tone, how companies are adapting to tariffs and labor shifts, and why housing and hiring trends are setting the stage for a dynamic second half of 2025.

Sharon Zackfia, head of consumer research at William Blair, shares insights from over a decade of Glassdoor data to reveal how culture, leadership, and operational models—not just pay—shape employee satisfaction and long-term brand success in the restaurant sector.

Ryan Daniels, William Blair's group head of the healthcare technology and services research sector, explores how America's rapidly growing senior population is reshaping healthcare, technology, and everyday services through the powerful trend of aging in place.

William Blair macro analyst Richard de Chazal unpacks the latest on global tariffs, inflation pressures, recession risks, and why smidcap stocks might be poised for a comeback in a shifting economic landscape. *This episode was recorded on May 28, 2025

William Blair macro analyst Richard de Chazal breaks down a wild month of macroeconomic news, focusing on the impact of President Trump's tariff policies on the global economy, equity and bond markets, consumer confidence and corporate inventory strategies. Richard also shares his firsthand experience of Spain's recent power outage and its unexpected lessons. *Recorded April 30, 2025

Today, we explore the world of tools to break down Snap-on. Snap-on has been around for over 100 years and operates with over a $17 billion market cap. It has continuously evolved the straightforward model of selling tools to specialists, like mechanics, into a durable business model while carving out a leadership position in the professional tools market. My guest is Matt Fleming, portfolio manager at William Blair. Matt gets into what makes Snap-on stand out, the early days of tool innovation, the relationship-focused sales team built around a franchise model, and a financing program that dates back to the very early days. If you've only lived in the world of DeWalt tools, you'll have some fun learning about the professional world through Snap-On. Please enjoy this breakdown of Snap-on.  Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Business Breakdowns (00:02:22) Understanding Snap-on's Market and Customers (00:06:19) Snap-on's Rich History and Evolution (00:15:03) The Financial Dynamics of Snap-On's Franchise Model (00:19:42) Snap-on's Competitive Edge and Innovation (00:22:32) Snap-on's Financial Model and Growth Drivers (00:24:28) Breakdown of Tool Industry Segments (00:25:39) Challenges in the Evolving Auto Repair Market (00:28:38) Historical Performance During Economic Downturns (00:30:25) Margin and Cash Flow Analysis (00:34:16) Capital Allocation and Risk Management (00:41:41) Valuation and Market Comparisons (00:44:58) Key Lessons from Snap-on

William Blair biotech analysts Matt Phipps and Andy Hsieh discuss Andy's innovative scoring system for evaluating investigational agents in obesity treatment. This system, highlighted in Andy's report “Shaping the Future: Innovations and Trends in Obesity Treatment,” considers both weight loss and gastrointestinal side effects to provide a more comprehensive clinical assessment. Tune in to hear their insights on the future of obesity therapies, upcoming industry catalysts, and more.

William Blair macro analyst Richard de Chazal discusses the juxtaposition between weak consumer sentiment and solid economic data, exploring whether a recession is imminent and the implications of shifting inflation regimes, fiscal policy dominance, and ongoing tariff uncertainty.

Delve into William Blair's latest generative AI report, “Navigating the Boom: Confronting GenAI's Most Pressing Questions.” Featuring insights from technology analysts Jason Ader, Arjun Bhatia, and Sebastien Naji, this episode explores the current state of AI, industry trends, and the future of AI development.

Tony Frascotti, head of private shares trading at William Blair, discusses the latest trends, challenges, and opportunities in the private shares market, delving into the impact of macroeconomic factors, the influence of AI on investment strategies, and the resurgence of the crypto market. Tony also provides insights into the current state of late-stage investments, the role of data in driving market decisions, and the evolving landscape of private shares trading.

Kevin Hincks looks at a pair of A.I. theme stocks in Palantir (PLTR) and Supermicro (SMCI). Shares of PLTR have fallen more than 30% since hitting all-time highs, but did get an upgrade from William Blair. Meanwhile, SMCI reverses its post-earnings gains. Kevin has example options trades for both PLTR and SMCI.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

William Blair macro analyst Richard de Chazal reflects on February's economic narratives, including the impact of noisy data, government spending cuts, climate change, mass deportations, recent inflation data, and the evolving nature of inflation on future monetary policy decisions. *Recorded February 25, 2025