Enterprising Investor

Is private equity really outperforming public markets, or are flawed benchmarks, infrequent valuations, and unrealized gains creating an illusion of superior returns? Sofia Gertsberg, Managing Director and Head of Quantitative Investment Science at HarbourVest, joins host Kevin Max on the Enterprising Investor podcast to examine why private equity performance remains so difficult to measure and compare. From conflicting benchmarks and stale valuations to the growing divide between paper returns and actual cash distributions, Gertsberg explores how investment-level benchmarking could help investors distinguish genuine manager skill from leverage, market exposure, and valuation effects. As private equity expands into wealth management...

Private credit has grown into a $3.5 trillion asset class, promising higher yields, lower volatility, and greater liquidity. But are investors underestimating the risks? Cheryll-Ann Wilson, PhD, CFA, Senior Research Affiliate at CFA Institute, joins host Kevin Max to examine how opaque valuations, semiliquid funds, weaker loan covenants, and hidden leverage could expose investors to unexpected losses. As private credit moves into retail portfolios, what should wealth advisers and portfolio managers demand before investing?

Why do financial bubbles keep happening when investors know the warning signs? Mark Higgins argues that speculation may be driven less by irrational investors than by rational participants whose incentives increasingly align around keeping capital flowing. We explore how these speculative supply chains form, why risk becomes harder to see as they mature, and how the pattern that helped fuel the Global Financial Crisis may now be emerging in private equity and private credit.

Guest host Kevin Max, editor of Enterprising Investor, speaks with Mark J. Higgins, CFA, CFP®, financial historian, investment adviser, and author of Investing i...

Eddie Perkin, CFA, former chief investment officer at Eaton Vance and Goldman Sachs Asset Management, joins host Mike Wallberg, CFA, to explore how investors can counter the biases that undermine sound decisions. Drawing on his book, Running Against the Herd, Perkin explains how zero-based portfolio reviews can loosen investors’ attachment to holdings, why a sound process matters more than any single outcome, and how blind votes and junior-first feedback can prevent groupthink. He also shares lessons on productive conflict, long-term compounding, and building teams that challenge assumptions. Listen to discover practical ways to make better investment decisions — individually and coll...

As agentic AI pushes investment management toward greater autonomy, research points to credible risks that lie ahead. So, what happens when AI moves from assisting portfolio managers to actually making and governing investment decisions?

Kevin Max, editor of Enterprising Investor, sits down with Irina Bevza, PhD, CFA, Head of Quantitative Solutions at Fineco Asset Management, Dublin, to explore the promise and faults of the self-driving portfolio. This episode explores what self-driving portfolios could mean for institutional asset management—and asks the bigger question for investment professionals: If AI can increasingly perform the work of the portfolio manager, wh...

Over the next 25 years, trillions of dollars will transfer to younger generations, primarily Gen Z and Millennials. We dive into new CFA Institute research on how younger generations are transforming financial advice through digital-first experiences, AI-powered personalization, values-based investing, and more collaborative adviser relationships. We learn what wealth management professionals must do today to prepare for The Great Wealth Transfer tomorrow. 
Guest host, Kevin Max, editor of Enterprising Investor, speaks with authors of Next-Gen Investors: A Guide for Wealth Managers and Financial Advisers, Genevieve Hayman is Senior Manager, Macrosystems & Foresight, at CFA Institute and Ryan Munson, Senior Manager, B...

If heat is a real-world cost for companies, why is it still not accurately and consistently priced into the market? Guest host, Kevin Max, editor of Enterprising Investor, speaks with Mustafa Dah, an associate professor of finance and chair of the Department of Finance and Accounting at the Lebanese American University, about  extreme heat as a distinct financial risk. While climate-related disclosures have expanded, markets often struggle to translate recurring heat exposure into company valuations, credit assessments, and costs of capital. This episode explores why investors, analysts, and portfolio managers need to move beyond disclosure and incorporate measurable indicators s...

Why do so many professionals avoid difficult conversations—and what does it cost them? Mike Wallberg, CFA, speaks with Kwame Christian, founder and CEO of the American Negotiation Institute and author of Finding Confidence in Conflict, about the psychology of negotiation, building confidence, and handling disagreement with empathy. They discuss compassionate curiosity, self-advocacy, salary negotiations, emotional intelligence, and practical techniques for navigating conflict while strengthening relationships. Whether you're leading a team, managing clients, or challenging investment ideas, this conversation offers actionable strategies for becoming a more effective communicator.

What do the market's biggest long-term winners have in common? Neeraj Khemlani, former president of CBS News and author of The Coffee Can Investor, and Matt Ankrum, CFA, managing partner of Ankrum Capital, join host Mike Wallberg, CFA, to explore the research behind "100-bagger" stocks and the investing principles that can help build generational wealth. From recurring revenue and competitive advantages to the power of compounding and investor patience, they share lessons from decades of market history and explain why some of the best opportunities may be hiding in plain sight. Tune in for practical insights on identifying exceptional...

In this episode of Enterprising Investor, Ben Carlson, CFA, director of institutional asset management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth, joins Mike Wallberg, CFA, to discuss why volatility is the unavoidable price of higher returns. Drawing on market history, behavioral finance, and real-world investing examples, Carlson explores the challenges of market timing, inflation, and portfolio construction, while highlighting the habits that help investors stay disciplined through uncertainty.

For investment practitioners, the conversation offers valuable insights into managing client...

Joachim Klement joins Mike Wallberg, CFA, to break down the investment implications of today's geopolitical environment. From energy market disruptions to shifting trade dynamics, Klement explains how global events feed through to inflation, interest rates, and asset valuations. The conversation also explores how investors can separate noise from signal, rethink international diversification, and incorporate assets such as commodities to better manage geopolitical risk. With markets increasingly shaped by policy and global tensions, Klement offers a practical lens for portfolio construction. Listen today to learn how to position portfolios in a more complex and interconnected world, and find Joachim's Research...

What is really happening beneath the surface of private markets? In this episode of the Enterprising Investor, host Mike Wallberg, CFA, speaks with returning guest, Mark Higgins, CFA, author of Investing in US Financial History, and Leyla Kunimoto, founder of Accredited Investor Insights, about emerging stress in private credit and private equity. They explore investor outflows from semi-liquid funds, the mechanics and risks of NAV-based valuation, and the growing disconnect between market narratives and underlying realities. Drawing on both current market developments and historical cycles, Kunimoto and Higgins unpack what these trends could mean for liquidity, pricing, and investor...

Market volatility and relentless news cycles can cause even confident investors to second-guess their risk tolerance. Raluca Filip, CFA, joins guest host Cathy Scott to explore why clients hesitate, reverse decisions, or suddenly reassess their appetite for risk — and how advisors can respond in those pivotal moments. Drawing on her work with financial professionals, Filip explains the psychology behind shifting risk perceptions, particularly among investors shaped by prolonged bull markets. She highlights the gap between imagining a downturn and actually living through one, and why traditional risk questionnaires often fall short when emotions take hold. The conversation offers practical st...

Is it time to move beyond the 4% rule?

Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, "The Only Other Spending Rule Article You Will Ever Need," and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement.

He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DI...

What does a total portfolio approach look like inside an investment organization?

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, describes how TPA functions in practice, from new roles like the Chief Total Portfolio Officer to the governance structures, data, and decision frameworks that shape portfolio-wide thinking. Speaking with Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he discusses the guardrails that support disciplined decision-making, the skills and mindsets required to operate across silos, and why resilience, foresight, and systems thinking are becoming core investment competencies. Listen to the episode...

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, reflects on how leading asset owners are rethinking strategic asset allocation amid faster regime change, rising systemic risk, and growing complexity. In a conversation hosted by Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he draws on decades of experience advising global funds to explain why a total portfolio mindset is gaining traction—and how it reframes goals, governance, and investment decision-making. The discussion explores what it means to invest through a truly holistic lens, why mindset and organizational design matter as much as mo...

Great management isn't a "soft skill" — it's a measurable performance lever. Ashley Herd, founder and CEO of Manager Method and author of The Manager Method: Practical Strategies to Lead with Purpose and Confidence, joins host Mike Wallberg, CFA, to unpack why communication sits at the heart of effective leadership and how small managerial choices ripple through engagement, retention, and profitability. Drawing on her experience as a lawyer, in-house leader, and advisor who has trained more than 250,000 managers, Herd explains why promoting top performers into management roles so often backfires, how leaders can avoid micromanagement without disappearing, and why her "pa...

Anna Martirosyan, strategy and transactions manager at EY Parthenon, speaks with guest host Lotta Moberg, CFA, about the ethical foundations of AI in finance, including fairness, transparency, model governance, and the risks that arise as firms automate more decisions. Drawing on her chapter in AI in Asset Management: Tools, Applications, and Frontiers, Anna explains how practitioners can use AI responsibly while navigating evolving global regulations.

Tune in to hear their full conversation.

Read the complete book online: https://rpc.cfainstitute.org/themes/technology/ai-in-asset-management

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In this extended deep dive, guest host Raymond Pang, Senior Researcher at CFA Institute, speaks with Greg Fisher, CFA, about how complexity science can offer a richer lens for understanding uncertainty, market behavior, and the limitations of traditional financial models. Building on themes explored in our recent episode with Richard Bookstaber and Genevieve Hayman — including feedback loops, emergent dynamics, and the need for more adaptive approaches to risk — Fisher expands the discussion to the historical roots of the mechanistic mindset and why a systems-based perspective may benefit investment practitioners. The conversation explores how narratives, structural change, and evolving patterns shap...

Victor Haghani — co-founder of Long-Term Capital Management and founder of Elm Wealth — joins host Mike Wallberg, CFA, to discuss the ideas behind his book The Missing Billionaires: A Guide to Better Financial Decisions. Using the "missing billionaires" puzzle as a starting point, Haghani explores why so many investors struggle with risk sizing, how our instincts often sabotage long-term results, and why dynamic asset allocation makes more sense than sticking to static rules. Listen now to learn how understanding "how much" to invest can be the key to lasting financial success.

Risk expert and author Richard Bookstaber joins guest host Genevieve Hayman, senior researcher at CFA Institute, to explore why traditional financial models often fail to capture the real dynamics of markets. Drawing from decades of experience — from hedge funds to the US Treasury — Bookstaber unpacks how human behavior, feedback loops, and network effects shape systemic risk and market crises. The conversation delves into how complexity science, agent-based modeling, and new AI tools can help investors build resilience and rethink how risk is managed. Listen to the episode for insights on navigating today's interconnected financial landscape, and read Genevieve's recent repo...

Mercer Senior Partner Christine Mahoney joins host Mike Wallberg, CFA, to unpack key findings from the Mercer CFA Institute Global Pension Index 2025. She explains how 52 retirement income systems are evaluated on adequacy, sustainability, and integrity—and what those measures reveal about the resilience of retirement systems worldwide. The discussion explores government influence on pension investments, the principle of "retirement first," and the role of policy incentives in balancing national priorities with member outcomes. Listen now to hear what's driving pension reform and innovation globally. Read the full report:

https://rpc.cfainstitute.org/research/reports/2025/mercer-cfa-institute-global-pension-index-2025

In this episode of Enterprising Investor, Winston Ma, CFA, investor, attorney, author, and partner at Dragon Capital, joins guest host and editor of the Enterprising Investor blog, Cathy Scott, to explore how sovereign wealth is reshaping markets in the age of AI and geopolitical rivalry. Drawing on his experience as former head of the North America office for China Investment Corporation, Winston unpacks the unconventional rise of a US sovereign wealth fund, its investments in Intel and critical AI supply chains, and the far-reaching implications for global investors. From governance challenges to co-investment opportunities, he explains why asset managers...

Rob Arnott, founder and chairman of Research Affiliates, joins The Enterprising Investor to challenge long-held assumptions about the equity risk premium and asset allocation. Drawing on Fear, Not Risk, Explains Asset Pricing, the provocative paper he co-authored with Edward McQuarrie, Arnott explores why markets may reward investors less for traditional risk-taking than previously believed, and how fear—both of loss and of missing out—better explains investor behavior. From historical return data to the role of AI in gauging market sentiment, Arnott offers a bold framework that could reshape modern finance. Tune in to rethink the foundations of modern asse...

Guest host Chris Wiese, CFA, Managing Director of Education at CFA Institute, speaks with Baxter Hines, CFA, Chief Investment Officer at Honeycomb Digital Investments and author of Digital Finance: Security Tokens and Unlocking the Real Potential of Blockchain. Hines shares how blockchain is reshaping finance—from stablecoins and tokenized bonds to compliance automation and cross-border payments. He explains why tokenization can lower costs, increase efficiency, and improve transparency across markets, and how regulatory clarity in Washington is accelerating adoption. The discussion also explores: Real-world use cases for tokenized securities The role of blockchain in reducing settlement times and costs How to...

CFA Institute Research and Policy Center senior investment data scientist Brian Pisaneschi, CFA, breaks down the future of AI in investing—covering retrieval-augmented generation (RAG), agentic workflows, and why human creativity remains your strongest edge. Discover how to pair large language models with accurate data to cut through noise, reduce hallucinations, and make smarter decisions. Listen now to sharpen your AI investing skills—and explore Brian's in-depth articles on the CFA Institute Research and Policy Center website, rpc.cfainstitute.org.

At CFA Institute LIVE 2025, guest host Chris Wiese, CFA, managing director of \education at CFA Institute, sat down with Mark Anson, CFA, CEO of Commonfund, for a wide-ranging conversation on how institutional investors can adapt to today's shifting global landscape. Drawing on leadership experience at CalPERS, British Telecom Pension Scheme, and Nuveen, Anson reflects on regulatory complexity, the evolution of global equity markets, and why a 30/30/40 allocation model remains relevant. The episode explores emerging market opportunities, accessing the illiquidity premium in private capital, and how rising uncertainty—from geopolitical shifts to potential changes in endowment taxation—is shaping portfolio stra...

What's driving the curious performance of US equities in 2025—and what risks are flying under the radar? Christopher Shipley, Senior Vice President and Co-Chief Investment Officer at Fort Washington Investment Advisors, joins host Mike Wallberg, CFA, to unpack the geopolitical and economic currents shaping investor sentiment. From the muted market reaction to Middle East tensions and the structural tilt of US markets toward growth, to the evolving implications of tariffs and AI's layered impact across industries, Shipley offers a clear-eyed view on where investors might find both challenges and opportunities. Listen in for his take on why value stocks ar...

Guest host Chris Wiese, CFA, Managing Director of Education at CFA Institute, sits down with Nerina Visser, CFA, President's Council Representative for the Middle East and Africa, during the CFA Institute LIVE 2025 conference. Their conversation spans the dynamic investment environment across the region and the evolving role of CFA Institute in supporting professionals navigating local and global challenges. Nerina discusses the structural realities shaping participation in the profession—including currency volatility, affordability, and access—and highlights new ways of thinking about program value relative to income levels. She also shares her advocacy for gender diversity through Women in ETFs Sout...

Barbara Stewart, CFA, returns to The Enterprising Investor to share findings from her latest Rich Thinking study, based on candid conversations with 54 people across the globe. This year's central question—"What's the smartest thing you ever did?"—unlocks an inspiring range of stories about personal and professional transformation. From a Singaporean ballet dancer who defied expectations, to an Argentine executive who discovered the Japanese concept of ikigai, to an Australian entrepreneur who rebuilt his life after addiction, Barbara explores how risk-taking, mindset shifts, career pivots, and geographic leaps often lead to unimagined success. With trademark warmth and insight, she illu...

At CFA Institute LIVE 2025, returning guest Mark Higgins, CFA, sat down with guest host Lotta Moberg to explore the rise—and risks—of private credit. With a historical perspective and a sharp eye for market cycles, Mark challenges the prevailing optimism, drawing parallels to past investment booms and offering a compelling case for greater caution. He also examines the expanding role of consultants and questions common assumptions in portfolio construction. A must-listen for anyone navigating the complex terrain of private markets.

Andrew Ang—former BlackRock executive, Columbia professor, and advisor to Sarawak's sovereign wealth fund— explores the intersection of personal journey and professional insight in modern investing. From the severe value investing drawdown between 2018 and 2020 to the strategic comeback post-COVID vaccine announcements, Andrew unpacks lessons from one of the most turbulent financial periods in history. He also discusses how investors can build resilience into their portfolios, the nuanced role of crypto assets, and the growing importance of tax-efficient strategies in long-term wealth building. Listen in for a thoughtful discussion that blends research, practical guidance, and a global perspective on today's inve...

Eric Hanno, CFA, is co-head of Apollo Global Management's Apollo Aligned Alternatives (AAA) strategy. He and host Mike Wallberg, CFA, discuss the current market dynamics for semi-liquid investments amid high levels of uncertainty and volatility in public markets. Eric shares insights on consumer and business confidence trends, the impact of tariffs, and the overall energy in Apollo's offices. With a focus on how investors can effectively allocate semi-liquid assets into their portfolios, this episode provides valuable perspectives for navigating today's investment landscape. Tune in for expert insights from a leader in private equity.

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Dan Boston, Lead Manager of Polar Capital's International Small Company Fund (PCSCX), shares his perspective on why international equities may be poised for a resurgence. The conversation unfolds amid sharp market volatility following President Trump's announcement of sweeping new tariffs. With global markets down significantly, Dan and Mike explore the broader implications for asset classes including U.S. treasuries, oil, and international stocks. Tune in for a timely discussion on where global opportunities may lie in today's unsettled investment landscape.

This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern...

Renowned economist and former Federal Reserve advisor Danielle DiMartino Booth joins host Mike Wallberg, CFA, for a hard-hitting conversation about the real state of the U.S. economy. From the under-the-radar signs of a recession to the shifting credit landscape, Danielle unpacks why traditional metrics may be missing the mark—and what investors should really be watching. The conversation digs into retail bankruptcies, private credit vulnerabilities, and how the gig economy is quietly reshaping the labor market. Plus, Danielle shares timely insights on inflation, student debt, reshoring, and what the data says about where we're headed next. Whether you're a...

Geopolitical strategist and bestselling author Peter Zeihan returns for a deep dive into the shifting global order. He and host Mike Wallberg, CFA, explore the evolving role of the US in international trade, the economic impact of demographic shifts, and how America's political landscape is reshaping its strategy on the world stage. Peter unpacks the forces driving today's geopolitical and economic upheaval, offering insights on what the future holds for investors, businesses, and nations alike. Be sure to catch both Peter and Mike at CFA Institute LIVE 2025 in Chicago this May!

This podcast is sponsored by Fintool...

Join us for a special crossover episode of Enterprising Investor, where host Mike Wallberg, CFA, sits down with The Long Term Investor podcast's Peter Lazaroff, CFA, for a lively and thought-provoking conversation. Together, they dive into the key influences that have shaped their investing philosophies and personal worldviews, sharing insights gleaned from their experiences with a wide range of guests. This episode is packed with actionable takeaways as they explore the powerful intersection of investment strategies and personal growth. Tune in now for this unique podcast crossover, blending expertise, experience, and fresh perspectives in one compelling discussion. And if...

Senior Affiliate Researcher at CFA Institute, Cheryll-Ann Wilson, CFA, discusses the recently published CFA Institute Research & Policy Center report, "Creating Value from Big Data in the Investment Management Process: A Workflow Analysis." Cheryll-Ann shares insights from her research, which involved a comprehensive survey and interviews with investment professionals worldwide. The conversation explores the use of AI and big data technologies in the finance sector, highlighting the challenges and opportunities that practitioners, regulators, and executives face in adopting these innovations. Tune in to gain a deeper understanding of how technology is reshaping the investment management profession and what it means...

In this episode, Mike welcomes Olivier Fines, CFA, Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute, and Mark Higgins, CFA, author of "Investing in U.S. Financial History." The discussion centers around the findings of a recent CFA Institute Research and Policy Center report titled "The Dollar's Exorbitant Privilege," which Olivier co-authored. Olivier shared insights from the survey report, and Mark provided a historical perspective on reserve currencies and events that have triggered shifts away from dominant currencies in the past. This engaging conversation provides valuable insights into the complexities of US debt, the...

Mike Wallberg, CFA, welcomes Amanda Voegeli, CFA, President and Managing Partner of Southlea Group, to discuss the unique landscape of Canadian public sector pension plans. The conversation dives into the competitive challenges these plans face in attracting and retaining talent compared to private finance giants such as Blackstone and Goldman Sachs. Amanda also highlights findings from a recent study by Southlea Group that sheds light on compensation strategies and talent retention within these massive public entities. Tune in for valuable perspectives on the intersection of pension management and human capital in Canada.