Enterprising Investor

Eddie Perkin, CFA: How to Outthink Investment Biases

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 collectively.

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Irina Bevza, CFA: The AI Self-Driving Portfolio—Are We There Yet?

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, where does human judgment remain essential?

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Genevieve Hayman and Ryan Munson: What Makes Young Investors Different, and What Do Wealth Managers Need to Know?

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, Business Operations, Research and Policy Center at CFA Institute.

Mustafa Dah: Why Don't Markets Consistently Price Heat as a Tangible Risk?

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 such as lost operating days, adaptation spending, and weather-risk signals directly into financial analysis and investment decisions.

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Kwame Christian: Finding Confidence in Conflict Through Better Negotiation

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.

Neeraj Khemlani and Matt Ankrum, CFA: The Hunt for 100-Bagger Stocks

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 businesses and becoming a more effective long-term investor.

Ben Carlson, CFA: Risk, Reward, and the Real Price of Long-Term Investing

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 expectations, communicating complex concepts in accessible ways, and designing portfolios that clients can stick with over the long term. Carlson also shares lessons from Warren Buffett, the financial crisis, and his own experience working with institutional investors and wealth management clients. Listen to the episode to learn how a long-term perspective can help investors navigate market turbulence and build lasting wealth.

Joachim Klement: Geopolitics, Inflation, and Portfolio Strategy

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 Foundation brief, The Geoeconomic Decade, on the CFA Institute Research and Policy Center website: https://rpc.cfainstitute.org/research/foundation/2025/geoeconomic-decade.

Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds

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 outcomes. Whether you are an institutional allocator or an individual investor, this conversation offers a clear-eyed look at the risks and complexities shaping today's private markets. Listen now to gain timely insights and practical perspectives.

Raluca Filip, CFA: Helping Investors Navigate Risk, Volatility, and Second Thoughts

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 strategies to help advisors guide clients through hesitation and emotional reversals, support better decision-making under pressure, and strengthen long-term trust in the advisory relationship.

Stefan Sharkansky: The Only Other Spending Rule Article You Will Ever Need

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 DIY investors looking to design more resilient decumulation strategies. Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky's article in the Financial Analysts Journal to explore the research in depth.

Roger Urwin: What a Total Portfolio Approach Looks Like in Practice

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 to understand how asset owners are applying a total portfolio lens in real-world investment organizations. 00:00 – The Evolution of Total Portfolio Approach (TPA) in 2025 01:56 – Crossing the Chasm: TPA Moves Into Mainstream Institutional Investing 07:06 – What Is Top-Down Total Portfolio Approach (Level 3 TPA)? 10:50 – CIO vs. Chief Total Portfolio Officer: Rethinking Portfolio Leadership 19:05 – Dynamic Asset Allocation: How TPA Changes Investment Decisions 26:42 – Governance, Risk Guardrails & Real-Time Portfolio Data 34:28 – Investment Skills for TPA: Systems Thinking & Strategic Foresight 41:20 – From Asset Allocation Model to Investment Operating System

Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description

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 models, and how the investment profession may need to evolve for a more uncertain world. Listen to the episode to hear Roger Urwin's perspective on the shift from strategic asset allocation to a total portfolio approach. Chapter Markers 00:00 Introduction and Welcome 01:12 Roger Irwin's Career and Industry Background 04:02 Why Total Portfolio Approach Matters Now 04:58 Origins of Strategic Asset Allocation (SAA) 09:32 Benchmarks, Universality, and Communication Challenges 12:01 How TPA Addresses Complexity 14:47 Accessibility vs Flexibility: SAA vs TPA 16:13 Governance Trade-offs and Organizational Design 17:53 Systems Thinking and Market Disruption 19:16 Ecosystem Thinking, Reflexivity, and Risk Models 21:21 Recalibrating Investment Frameworks 22:56 Is TPA More Resilient Than SAA? 24:27 People, Incentives, and Cultural Barriers 28:49 AI, Human Intelligence, and the Future Analyst 30:46 Human + Artificial Intelligence in Investing 34:48 Managing Systemic Risk and Long-Term Horizons 40:57 Value Creation in a World of Real-Time Information 43:55 Stewardship, System-Level Investing, and Externalities 45:00 Can SAA and TPA Coexist? 47:29 Industry Momentum and What Comes Next 49:36 Closing Thoughts and Series Preview

Ashley Herd: Why Better Managers Drive Better Business Results

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 "pause, consider, act" framework helps managers handle everything from delegation to performance conversations. The discussion also explores what investors and analysts can learn about management quality by listening closely to leadership behavior — not just the numbers — and why culture and innovation are inseparable from long-term returns. Listen to the full episode of Enterprising Investor to hear practical insights on building better managers, stronger teams, and more resilient businesses.

Anna Martirosyan: Ethical AI, Model Governance, and the Future of Responsible Finance

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 Follow the Financial Thought Exchange podcast for more expert perspectives: https://sites.libsyn.com/545057/site

Greg Fisher, CFA: Complexity Science, Uncertainty & the Future of Asset Management

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 shape asset prices, and how asset managers can incorporate complexity-informed insights into their research and decision-making. Listen and follow the podcast, and explore our report Reframing Financial Markets as Complex Systems for additional insights: https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

Victor Haghani: From The Missing Billionaires to Smarter Risk and Better Decisions

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.

Richard Bookstaber: Understanding Markets Through Complexity and Human Behavior

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 report, Reframing Financial Markets as Complex Systems, available at https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

Christine Mahoney: What the Mercer CFA Institute Global Pension Index Says About the Health of Retirement Systems

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

Winston Ma, CFA: Sovereign Wealth, AI Strategy, and the Future of Global Capital

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, advisors, and retail investors alike must view every company through the interconnected lenses of law, finance, technology, and geopolitics. Tune in to hear Winston's insights, and don't miss his blog post, Intel, TikTok, and a US Sovereign Wealth Fund: What It Means for Investors, on Enterprising Investor.