Beyond the Benchmark by EFG

In this special short episode of Beyond the Benchmark, GianLuigi and Stefan give their immediate reaction to the Fed's 17 September decision to cut interest rates by 25 basis points. While a true picture of market reaction is yet to be seen, Stefan highlights some of the learnings to be gleaned from the decision about how the FOMC is currently operating and what their longer term thinking is.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Stefan Gerlach, Chief Economist, EFG

https://bit.ly/3veyR4U

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The US consumer remains a crucial pillar of the economy, but what happens when they face the combined pressures of high interest rates and trade tariffs? In this episode, Chelsea Wiater, Senior Portfolio Manager for New Capital’s US growth equity strategies, unpacks the evolving habits of American consumers. She explores the striking divergence between weak consumer sentiment and resilient spending, and highlights the industries finding success in this challenging environment.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Chelsea Wiater, Senior Portfolio Manager, New Capital

https://bi...

Collapsing birth rates are taking the world into uncharted territory, according to research done by James Pomeroy and HSBC. Shrinking populations from China to Europe will put unprecedented pressure on fiscal policy, but bright spots for investors still remain in the developing world.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

James Pomeroy, Global Economist at HSBC

https://bit.ly/38Y9plu

EFGAM:

https://www.newcapital.com/

Important disclaimers

The value of investments and the income...

In the first of a special three-part series, Giorgio Pradelli, CEO of EFG International, joins Moz to discuss his personal and professional journey. From his early days in Torino, Italy, to leading one of Europe’s top private banks, Giorgio shares valuable insights on leadership, decision-making, building a strong company culture, and the importance of staying calm under pressure in today’s ever-changing business landscape.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Giorgio Pradelli, CEO EFG International

http://bit.ly/40q19WK

EF...

In the wake of the 'big, beautiful bill', Don Rissmiller shares his view that 2026 and beyond look positive for the US economy. However, there may be some turbulence in the final months of 2025 as tariff disruption and geopolitical pressures wash through the system. 

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Don Rissmiller, Partner and Chief Economist at Strategas

http://bit.ly/4oz4jlp

EFGAM:

https://www.newcapital.com/

Important disclaimers

The value of investments and t...

Could Trump appoint a new Fed chairman before Powell’s term is due to end and what are the possible market implications? Stefan Gerlach joins Moz Afzal to explore the current central bank dynamics as well as the broader economic challenges facing the US, eurozone and UK and how feasible their growth ambitions are.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Stefan Gerlach, Chief Economist EFG 

http://bit.ly/4o6ypfZ

EFGAM:

https://www.newcapital.com/

Important dis...

Shannon Tan, EFG Sports Ambassador and professional golfer on the Ladies European Tour joins Moz on the podcast this week. The 21 year old Singaporean golfer shares the story of her journey to professional golf, along with her strategies for maintaining focus and discipline while on tour, and how she copes with the pressure of playing against some of the best in the world.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Shannon Tan, EFG Sports Ambassador

http://bit.ly/4lCKQhk

EFGAM:

Chris Senyek, Chief Investment Strategist at Wolfe Research goes into why he thinks the cyclical nature of the market has changed in the years since the 2008 financial crisis. As central banks grapple with sticky inflation and high debt to GDP ratios, we discuss the delicate balancing act between yields and interest rates and how they differ globally.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Chris Senyek, Chief Investment Strategist at Wolfe Research

https://bit.ly/3scDZml

EFGAM:

https://www...

Friend of the podcast Dan Clifton returns to Beyond the Benchmark to help make sense of the ongoing Trump tariff saga and his ‘big beautiful bill’. Trump’s economic trials and tribulations are also set against the backdrop of a radical shift in the way the US conducts foreign affairs, as signalled on his recent trip to Qatar in a speech which has been surprisingly overlooked by most.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Dan Clifton, Head of Policy Research at Strategas

http://bit.ly/3iTUMIG...

José Pedro Almeida, Executive in Residence at INSEAD, explains how he helps governments, investors and businesses lead AI and digital transformations, with a particular focus on healthcare. From how to get CEO buy-in to the dos (and don’ts) of measuring success, Jose explains the human role in a GenAI enabled business.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

José Pedro Almeida

https://bit.ly/43hdhdf

EFGAM:

https://www.newcapital.com/

Important disclaimers

The value of i...

What role do global platforms such as Meta have in managing misinformation? What is the difference between misinformation and fake news, and what impact does it have on society? What lessons has Meta learnt from the challenging geopolitical environment of the past few years? Moz talks to Tom Bonsundy O’Bryan, Head of misinformation policy for EMEA at Meta to gain a fascinating insight into the world of combating misinformation at the world’s largest social media company.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Tom Bonsundy-O'Bryan

ht...

The Trump administration has an infamously dim view on sustainability, but what does this really mean for the landscape of sustainable investing? Melanie Beyeler, Senior Portfolio Manager at New Capital, talks to Moz about why it’s not necessarily all bad news for the segment, and what sustainable investing opportunities may arise out of the new global dynamic.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Melanie Beyeler

https://bit.ly/4cuNGBK

EFGAM:

https://www.newcapital.com/

Important di...

In this special episode of Beyond the Benchmark, the tables are turned as EFG’s Global Chief Investment Officer, Moz Afzal, steps into the hot seat. Fresh off being named CIO of the Year at the 2025 WealthBriefing European Awards, Moz shares insights into his journey from junior analyst to managing $25 billion in assets. He discusses the key challenges he’s faced, the importance of leadership and integrity in asset management, and why embracing uncertainty is crucial for investment success.

Our host, Ben Woodford: 

https://bit.ly/4hRe5KW

Our guest, Moz Afzal

htt...

Is it really the case that the first to invent a technology is the one who benefits from it in the long term? Is it a myth that we can accurately predict the outcomes of new innovation? In this final episode of the 3 part Laws of Technology series, Nathan Furr dispels two oft-held but statistically untrue myths about human innovation. This episode was recorded on 12th September 2024.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest, Nathan Furr, Professor of Strategy at INSEAD

https://bit.ly/4ehEeBY

Important...

Chinese generative AI contender, DeepSeek, caused huge waves in markets across the globe at the end of January. Investors and analysts were caught flat footed after the Chinese company, operating on inferior hardware, revealed a generative AI comparable to leading Western models while claiming that development costs had been a fraction of their American counterparts. This week with the help of Jonathan Rawicz and Henry Walters we delve into the technical details behind why this development was such a revelation, and what the longer term impacts of successful AI implementation might look like across sectors.

Our host...

Will Trump successfully cut a deal with Russia on the Ukraine conflict? Will we see the emergence of a new great power paradigm? Where does an aggressive 'America First' policy leave the rest of the world? The next decade is beset by geopolitical questions following great change in Washington. Against this backdrop, Gideon Rachman, Chief Foreign Affairs Commentator at the Financial Times, talks at the EFG Investment Summit 2025, outlining his views on the likely scenarios that may unfold.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Gideon Rachman, Chief...

Donald Trump's election victory brings with it a plethora of unknowns about the next four years. After a highly unusual election cycle, change is on the horizon, from a reordering of the existing power structures of the West to tariffs on China, from Elon Musk's DOGE to deregulation. In this special episode, Dan Clifton, Head of Policy Research at Strategas, delivers his thoughts on Trump 2.0 at the EFG Investment Summit 2025.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Dan Clifton, Head of Policy Research at Strategas

https...

Economic resilience, shifting policies, and global uncertainties set the tone for 2024. In this episode, Moz and Daniel reflect on a year marked by strong US growth, challenges in Europe, and the lingering effects of Covid stimulus. They share their perspectives on the key factors shaping the outlook for 2025, from trade tariffs to potential stimulus in China, and discuss what these trends could signal for global markets and economies moving forward.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Daniel Murray, Deputy CIO and Head of Research:

https...

In this episode of Beyond the Benchmark, Moz is joined by Jeff deGraaf, a leading technical analyst from RenMac, for an insightful discussion on 2024’s market performance and opportunities in 2025, as well as touching on China’s resilience and the global influence of the US dollar.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Jeff deGraaf, CMT, CFA, Chairman and Head of Technical Research at Renaissance Macro Research

https://www.renmac.com/jeff-degraaf/

EFGAM:

https://www.newcapital.com/

Impo...

Breaking companies down into modular systems that drive value and understanding their self-reinforcing cycles are key in navigating the technological landscape. Nathan Furr takes us through two laws of technology in the next of this three-part series, providing examples of how today’s leaders are utilising these elements to their advantage. This episode was recorded on 12th September 2024.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest, Nathan Furr, Professor of Strategy at INSEAD

https://bit.ly/4ehEeBY

Important disclaimers

The value of investments an...

Polls on a knife edge, multiple assassination attempts, a convicted felon running for president, a candidate campaigning for just 100 days pre-election; these are just a few of the reasons this US election cycle is unlike anything we have ever seen. Thankfully, Dan Clifton, Head of Policy Research at Strategas, is here to bring some clarity to the turmoil, and what all this might mean for investors.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Dan Clifton, Head of Policy Research at Strategas

https://bit.ly/3iTUMIG

As central banks around the world appear to be successfully getting a handle on inflation, we look at the changing market narrative going into the final quarter of 2024. Labour market numbers start to take precedence in shaping market sentiment, while the US gears up for an election that, despite intense volatility, is surprisingly normal in its impacts on markets so far. Meanwhile further afield, China shows signs of struggling to hit their 5% growth target.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Daniel Murray

https://bit.ly/3...

Does the conventional wisdom around technology and business really hold up to scrutiny? Nathan Furr guides us through the 6 Laws of Technology, each law turning a piece of conventional thinking on its head when it comes to how companies deploy technology for the best outcomes. This is part 1 of a 3 part series, each episode covering 2 of the laws in detail.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest, Nathan Furr, Professor of Strategy at INSEAD

https://bit.ly/4ehEeBY

Important disclaimers

The value...

As inflation across the globe falls back closer to Central Bank target levels, Central Bankers face a new question: how quickly and how deeply should interest rates be cut? EFG's Chief Economist Stefan Gerlach joins Moz to help understand how different Central Banks are plotting this course.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest, Stefan Gerlach, Chief Economist at EFG:

https://bit.ly/3veyR4U

Important disclaimers

The value of investments and the income derived from them can fall as well as...

Did investors overreact to the recent equity market sell off? This week Gerry Fowler, Head of European Equity Strategy at UBS, talks Daniel Murray through his current view on the equity landscape and recent volatility. Surprising opportunities in European equities, China's EV dominance and the US Consumer are all in focus in this episode. 

Our host, Daniel Murray, CEO of EFGAM Switzerland:

https://bit.ly/3NBVBC2

Our guest:

Gerry Fowler, Head of European Equity Strategy at UBS

https://bit.ly/3WUjyIt

EFGAM:

h...

An attempted assassination, a new Democratic candidate and a controversial choice of running mate are just some of the reasons this US election is shaping up to be one of the most tumultuous in recent memory. Sarah Bianchi, Senior Managing Director at Evercore ISI and former deputy US Trade Representative helps Moz understand the various moving parts in this dynamic election. 

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Sarah Bianchi, Senior Managing Director, Evercore ISI and former deputy US Trade Representative 

https://bit.ly/4dppnoe

...

With the US economy so far experiencing a 'soft landing' scenario, Wolfe Research's Stephanie Roth discusses the current state of play for the world's largest economy and the emerging risk factors for the year ahead. With the Fed looking at continued rate cuts, and a presidential election only months away, it's all eyes on the US economy.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Stephanie Roth, Chief Economist at Wolfe Research, LLC

https://bit.ly/46ku3cm

EFGAM:

https...

As we look ahead to Q3 of 2024, the interface between politics and economics comes into sharp relief. With around 49% of the global population going to the polls in 2024, we explore the potential fiscal and market impacts these elections have had or threaten to have over the coming months. From the UK's new Labour government, to the fiery Trump-Biden showdown in the US, to Modi's re-election in India, this is the Q3 Insight.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Daniel Murray

https://bit.ly/3tNPXSK

In this special episode on the regulation of AI, and the opportunities and investment themes that accompany the nascent technology, we listen in to highlights from key presentations at the recent Gamma Foundation Summit in Rome on the 29th May.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Luciano Floridi

Professor and Founding Director of the Digital Ethics Center, Yale University

https://bit.ly/4cKe9KA

EFGAM:

https://www.newcapital.com/

Important disclaimers

Saj-nicole Joni, renowned as the first female professor of mathematics at MIT and a pivotal executive in Microsoft's formative years, now dedicates her expertise to advising top CEOs as a 'CEO whisperer.' With a wealth of experience in leadership and innovation, she helps high-performing leaders navigate complex challenges, make strategic decisions, and elevate their organizations to new heights. Discover the insights and strategies that have made her a trusted advisor to some of the world's most influential executives.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Saj-nicole Joni...

Not many people can say they are a published author and Global Head of Trust at an international banking group, but Head of EFG Wealth Management Julie Collins can. Moz talks to the Jersey-based Julie on her career and writing.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Julie Collins, Global Head of Trust and Managing Director of EFG Wealth Solutions Jersey

https://bit.ly/3wEwbOS

Henry Walters, CFA, Equity Analyst at EFGAM

https://bit.ly/44mM74F

...

The boom in the Artificial Intelligence value chain over the past 18 months has made stocks such as NVIDIA household names and delivered significant returns for well placed investors. However, as AI usage and commercialisation evolves and matures, who will the next winners be in this rapidly changing space? Moz talks with Jonathan Rawicz and Henry Walters to identify the future battlegrounds, looking at how AI will be deployed, who the main players are, or could be, and what system architectures are available.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Join us on Beyond the Benchmark as we review the Q2 2024 Insight document. The macro A-team come together to talk through the thinking behind the publication. The worst predictions for the state of the global economy fail to materialise once again, while the markets wake up to the new reality of a higher interest rate environment that's here to stay, with the Fed holding rates in the March FOMC. In other areas, we ask is it the end of the ICE age?

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

While Japan and China have received a lot of attention in recent years for their unfavourable demographics, James Pomeroy, Global Economist at HSBC, points to research showing that much of the world is facing similar conditions. This is a fact that goes largely unreported yet could have enormous impacts on the global economy. 

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

James Pomeroy, Global Economist at HSBC

https://bit.ly/38Y9plu

EFGAM:

https://www.newcapital.com/

Important disclaimers

Is there a 'no-landing' scenario for the global economy? Moz talks to Chris Senyek, Chief Investment Strategist at Wolfe Research about the unexpected strength of the US and global economy, with inflation numbers going in the right direction and the market bull run extending its 18 month run, repeatedly proving sceptics wrong.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Chris Senyek, Chief Investment Strategist at Wolfe Research

https://bit.ly/3scDZml

EFGAM:

https://www.newcapital.com/

Important disclaimers

...

In the world of Healthcare, few recent innovations have caused as much of a stir as the emergent GLP-1 agonist drugs, which have proven to have a material impact on weight loss. In this episode Moz is joined by New Capital's Mike Clulow and Chelsea Wiater to talk through what GLP-1s are, how they work and the potentially far reaching impacts they may have on the consumer staples and healthcare industries. 

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guests:

Mike Clulow, Senior Portfolio Manager, New Capital

h...

This week we dive into the little-known world of Catastrophe Bonds, a sub category of Insurance Linked Strategies, exploring how they work and their potential upsides and downsides. To help understand this unique instrument, Moz is joined by Rhodri Morris, Head of ILS Analytics at Twelve Capital. 

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Rhodri Morris, Head of ILS Analytics at Twelve Capital

https://bit.ly/3V9phuR

EFGAM:

https://www.newcapital.com/

Important disclaimers

The value o...

As the US economy eyes a soft landing with inflationary pressures easing, Moz talks to Neil Dutta, Head of Economic Research at Renaissance Macro Research about when the Fed will be cutting rates.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Neil Dutta, Partner, Head of Economic Research, Renaissance Macro Research https://www.renmac.com/neil-dutta/

EFGAM:

https://www.newcapital.com/

Important disclaimers

The value of investments and the income derived from them can fall as well as rise, and...

At the end of January 2024, Moz Afzal and Stefan Gerlach attended a series of meetings with public and private sector stakeholders in Singapore and Hong Kong. Top of mind was the strength of the Chinese economy, its housing market and what the future may hold for the largest market in Asia. In this episode of Beyond the Benchmark, Moz and Stefan recap these conversations and what the key takeaways are.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Stefan Gerlach, Chief Economist, EFG

https://www.efginternational.com...

In this special episode of Beyond the Benchmark, we revisit a talk from our Investment Summit on 9th January 2024. Dan Clifton, Partner and Head of Policy Research for Strategas Securities. In an unprecedented year of elections across the world, the US presidential race looms largest. What factors really impact the outcome? Does anyone actually want either Biden or Trump? Could there be a third party challenger? Listen in.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Dan Clifton, Partner and Head of Policy Research for Strategas Securities

...