Enterprising Investor
529 episodes - English - Latest episode: 12 days ago - ★★★★ - 50 ratingsFormerly Guiding Assets, Enterprising Investor is the flagship podcast of CFA Institute and the definitive program for the investment management industry. As stewards of the investment industry, Enterprising Investor will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals.
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Episodes
A Japanese Manager’s Take on Multi-Asset Strategy and Opportunities in Japan
September 12, 2016 08:29 - 10 minutes - 7.33 MBIn Episode #292, we sat down with Yuichi Chiguchi, Head of Multi-Asset Strategies, BlackRock Japan, to discuss the best practices in managing these strategies. He also shared his views on whether long-term investing works in Japan given the slump in its stock market in recent decades and how he and his team are navigating the negative interest rate environment and finding opportunities in the Japanese bond market.
Merchant, Not Samurai: The Japanese Approach to Asset Management
August 30, 2016 16:00 - 12 minutes - 8.36 MBIn Episode #290, Kazuhisa Okamoto, CFA, from I-O Wealth Advisors in Tokyo, formerly President of CFA Society Japan and CEO of Barclays Global Investors Japan, offered an explanation from the angle of Japan’s deep cultural heritage and, in particular, the “merchants’ way” (as opposed to the “samurai’s way” that is well known in popular culture), the origin of which traces back to the Endo era.
The Technologies Moving the Frontier of Investment
August 30, 2016 12:32 - 12 minutes - 17.7 MBIn Episode #291, Ashby Monk discusses how leading investors are making use of these emergent technologies. Technology has been a force in investment management since the telegraph machine, but recent developments are intensifying the pace of change. As executive and research director of the global projects center at Stanford University, Ashby Monk is a frontline observer of what these changes mean for the world’s major investors.
The Future of Energy
August 03, 2016 13:17 - 11 minutes - 8.26 MBIn Episode #288, Energy expert Amy Myers Jaffe walks through the breadth of innovation in the energy markets both in traditional energy sources (e.g., oil) and so-called alternative energy technologies (e.g., solar). Energy breakthroughs have lowered the costs of alternatives dramatically and provide a viable channel for both capital investment and government policy to flow. In particular, Jaffe expects a wave of climate change related policies to push economies more forcefully into alternat...
Avoiding the Madness of Crowds
August 03, 2016 11:51 - 9 minutes - 8.53 MBIn Episode #289, Rupal J. Bhansali, a value investor whose patience and emphasis on risk management has helped set her apart from her peers, draws the important distinction between risk and volatility, addresses the perils of “value traps,” and shares other valuable lessons that she has learned over the course of her investing career.
Emotional Intelligence, Empathy, and Being a Force for Good
July 07, 2016 05:34 - 11 minutes - 8.33 MBIn Episode #287, Dr. Daniel Goleman, best-selling author of Emotional Intelligence and A Force For Good, the Dalai Lama’s Vision for Our World, discusses the role of empathy in emotional intelligence and ways emotional intelligence can help finance professionals succeed and be a force for good.
Skill, Scale, and Luck in Active Management
June 16, 2016 17:39 - 6 minutes - 5.98 MBIn Episode #286, Investment manager and author Jacques Lussier, CFA, discusses what, other than superior analytical abilities, leads to investment manager outperformance, as well as the proper way of assessing investment manager performance. Hint: a factor-based approach is his preference. Additionally, Lussier discusses the important role that risk management has in driving outperformance, as well as what kinds of clients make for the best kind of client for investment managers.
Rock Singer Turned Private Equity Investor Bob Geldof on Investing in Africa
June 06, 2016 09:00 - 19 minutes - 18.1 MBIn Episode #285, Sir Bob Geldof, a businessman, political activist, songwriter, musician, author, and former lead singer of the Boomtown Rats, sat down with John Authers of The Financial Times following the 69th CFA Institute Annual Conference to talk about Geldof’s journey from rock star to private equity investor. Amid the topics discussed: What’s the case for investing in Africa? Why aren’t more investors harnessing the continent’s prospects? What about concerns about corruption? And, whe...
Emerging Markets: How to Better Understand and Mitigate Risk Going Forward
May 23, 2016 15:34 - 12 minutes - 8.97 MBIn Episode #284, Martyn Davies, managing director of emerging markets and Africa at Deloitte Frontier Advisory, discusses the coming demand shock for some emerging markets, the relationship between China and Africa, and what needs to happen for emerging markets to divorce themselves from moves in commodities and simple currency fluctuations. The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.
Why Memory Training Matters for Financial Professionals
May 09, 2016 04:47 - 11 minutes - 7.98 MBIn Episode #283, Chester Santos, one of the world’s foremost experts on memory training and the 2008 USA Memory Champion, discusses why it’s important for financial professionals to exercise their memories. Santos reviews the three main principles of memorization—visualization, invoking additional senses, and applying creativity; and offers practical tips on how to become better at remembering people’s names.
Health Care Is An Essential Element of Wealth Care
April 28, 2016 12:32 - 5 minutes - 3.8 MBIn Episode #282, Carolyn McClanahan, a physician and founder of Life Planning Partners, tells CFA Institute why it is essential that financial advisers talk to their clients about their health and then walks us through the components of a health care discussion.
The Reformed Broker Joshua M. Brown Talks Business
April 19, 2016 11:34 - 13 minutes - 9.15 MBIn Episode #281, Joshua M. Brown, CEO of Ritholtz Wealth Management, the persona behind the highly successful financial blog, The Reformed Broker, talks about his views on the Obama administration’s push for a fiduciary standard for brokers; the story behind his “reformation”; the outlook for fintech; how social media has helped business; and who he considers “must-reads.”
Designing Financial Products
March 17, 2016 15:22 - 12 minutes - 11.8 MBIn Episode #280, John Kay asks which design principles can financial service providers use for building products that can help investors achieve their goals.
Approaches to Equity Country Allocation
March 01, 2016 12:28 - 9 minutes - 8.59 MBIn Episode #279, Borderless markets have made it easier for fund managers to seamlessly invest in equities. Yet, country allocation and local risk factors are among dominant considerations for global fund managers. In this interview, Aswath Damodaran discusses approaches and limitations in equity country selection.
Fixed Income for the Next Thirty Years?
February 11, 2016 13:08 - 8 minutes - 5.78 MBIn Episode #278, David Schawel, CFA, discusses the appropriate role for fixed income as investors contemplate the end of a thirty year bull market in rates. Schawel also discusses how professional investors use Twitter and his outlook for Marketplace lending.
Through the Eye of the Storm with Feminine Values
February 01, 2016 17:18 - 10 minutes - 9.42 MBIn Episode #276, Halla Tomasdottir, Founder and CEO of Sisters Capital, outlines the arguments for a more balanced approach and evaluates the connections to a more sustainable financial services industry.
Risks and Opportunities in International Small Cap Equities
January 25, 2016 08:28 - 6 minutes - 5.78 MBIn Episode #276, Jon Moog at US-based Lizard Investors discusses why international small cap investing should come with a warning label, “Don’t try this at home.” While opportunities abound for the savvy investor, poor corporate governance, illiquidity, and lax accounting standards are just some of the risks Moog and his colleagues wrestle with as part of their due diligence process. Learn about the importance of “time arbitrage” as well as risks and rewards of international small cap invest...
The Wrong Way of Thinking About Money
January 13, 2016 17:11 - 13 minutes - 19.2 MBIn Episode #275, Dan Ariely, as he provides a more rational approach to money and opportunity costs. There is a rational or right way as well as an irrational or wrong of thinking about money. As human beings we are prone to thinking about money in the wrong way, but fortunately, there are some things we can do about our irrationality.
In Search of Economic Moats
December 18, 2015 13:43 - 9 minutes - 8.26 MBIn Episode #274, Elizabeth Collins, CFA, of Morningstar explains how investors can generate alpha through the disciplined application of their Moats methodology and fundamental equity valuation principles.
Nerve-Wracking Developments in Currency Markets
December 02, 2015 14:30 - 9 minutes - 6.36 MBIn Episode #273, Ronald G. Layard-Liesching, chairman and founder, Mountain Pacific Group, a firm dedicated to risk management, quantitative finance, and currency investing discusses the current interrelationship of currencies with financial markets, and a particularly troubling scenario for which most investors are unprepared.
Macroeconomic Redux
November 12, 2015 16:20 - 10 minutes - 7.28 MBIn Episode #272, Karin Kimbrough, managing director and head of macro and economic policy at Bank of America Merrill Lynch, discusses how central banks' quantitative easing has affected both global economic and productivity growth.
Solving Problems through Effective Philanthropy
October 27, 2015 10:19 - 8 minutes - 5.84 MBIn Episode #271, Will Ortel sits down with an investor, Ron Bruder, who has made the transition in the hopes that others can learn from his journey. Ron Bruder established Education for Employment at the beginning of the century to target the problem of Arab youth unemployment. Since that time, his foundation has spread throughout the Middle East and North Africa and won acclaim from the World Economic Forum, The Guardian, and former US President Bill Clinton. In this interview, Bruder discu...
Progress in Japan’s Corporate Governance
October 02, 2015 16:00 - 13 minutes - 3.17 MBIn episode #270, Dr. Yoshiko Takayama, former board governor of International Corporate Governance Network and a current member of Japan Corporate Governance Forum, shared her perspectives on the subject with us. Many changes have taken place in Japan’s corporate governance in recent years. Last year the Stewardship Code was approved with much fanfare and now the corporate governance code. What’s really happening on the ground? What can foreign investors expect and what to watch for in the...
Strategies for Effective Leadership in Crisis Situations
September 16, 2015 15:02 - 9 minutes - 8.71 MBIn episode #269, Erika James, dean of Goizueta Business School at Emory University, is well-known for her research in the areas of crisis leadership and workplace diversity. She has written that crises are inevitable and every organization will experience a crisis of some magnitude. In this interview, Dean James discusses how leaders can prepare for a crisis and then take the experience and use it to take the organization to the next level once the crisis ends. She also talks about the b...
It's long past time for investors to pay attention to Africa
September 02, 2015 06:17 - 12 minutes - 2.79 MBIn episode #268, Will Ortel and Melissa Cook, CFA, discuss why it’s critical for companies and investors to pay attention to the continent, where they can fruitfully devote their attention, and how it is emerging as a battleground for a new category of company.
Why Using Data on Your Own Behavior Is Key to Improving Investment Decision Making
August 19, 2015 12:53 - 7 minutes - 6.9 MBIn episode #267, Clare Flynn Levy is founder and CEO at Essentia Analytics, a software firm that allows fund managers to capture data about their own behavior so they can improve their investment processes. In this interview, she discusses a fundamental problem that investment professionals share: they sell skill, but get paid for performance, and yet the two are not the same. Ms. Levy explains how and why it’s important for fund managers to keep track of their investment processes so they c...
What It Takes to Win on Wall Street: Proven Strategies
August 05, 2015 08:15 - 11 minutes - 7.69 MBIn episode #266, Carla Harris, a managing director and vice chairman of global wealth management at Morgan Stanley and author of Expect to Win, explains the business case for diversity in the business world. She also shares career advice, or what she calls “pearls of wisdom,” acquired over a nearly three-decade career on Wall Street, and talks about how she hires and how her leadership style has evolved over time.
The Biology of Risk Taking
July 29, 2015 12:48 - 18 minutes - 4.17 MBIn episode #265, John Coates, research fellow in neuroscience and finance at the University of Cambridge, researches the biology of risk taking and stress. Previously, he traded derivatives for Goldman Sachs and ran a trading desk for Deutsche Bank. Dr. Coates’s book, The Hour between Dog and Wolf, was short-listed for both the Financial Times/Goldman Sachs Book of the Year Award and the UK Wellcome Trust Science Writing Prize. His research on risk taking has attracted interest from business...
Macro Investing for all Seasons
July 15, 2015 08:55 - 8 minutes - 8.07 MBIn episode #264, Andreas J. Sauer, CFA, shares key characteristics of his approach to macro investing, which infers market expectations for both real growth and monetary policy. Sauer also discusses how he developed trading strategies based on this approach.
The Art and Science of Short-Selling
June 30, 2015 16:04 - 6 minutes - 5.68 MBIn episode #263, James Clunie, CFA, ASIP, a fund management director at Jupiter Asset Management, manages an absolute return fund with a global long/short investment mandate. In this brief interview, he discusses the role of shorting in the price discovery process, what makes a stock an attractive candidate for shorting, and the risks associated with the practice.
The Financial Crisis: Cause and Effects
June 17, 2015 01:53 - 18 minutes - 4.25 MBIn episode #262, Martin Wolf joins Robert Stammers, CFA, to discuss his newest book and his presentation at the 68th CFA Institute Annual Conference in Frankfurt, Germany. Wolf discusses the causes of the financial crisis and what options are available to investment professionals and policy makers to strengthen the financial system and to potentially avoid additional financial calamities. Martin Wolf also explains the need to change the role and focus of central banks in relation to their pa...
Geopolitics in the 21st Century: a New Paradigm Emerges
June 05, 2015 13:49 - 14 minutes - 3.4 MBIn episode #261, Philippa Malmgren makes the case for an emerging world order that is quite different from what we’ve known since the end of World War II. In particular, she highlights developments in Asia, such as the Asian Infrastructure Bank and BRICS bank as being significant symbols of a desired shift away from US hegemony.
Understanding Millennials and Money and the Implications for Financial Advisers
May 01, 2015 06:20 - 7 minutes - 1.79 MBIn episode #260, Patrick O’Shaughnessy, CFA, principal and portfolio manager at O’Shaughnessy Asset Management and author of Millennial Money, discusses how millennial investors are different from prior generations, including the events that shaped their outlook and risk tolerance, and offers some advice for traditional wealth managers who want to work with millennials.
What Financial Advisers and Small Firms Need to Know about Cyber Risk
April 17, 2015 12:39 - 7 minutes - 5.4 MBIn episode #259, Thomas D. Giachetti, chair of the securities practice at Stark & Stark, is a frequent speaker on the topic of cyber risk in financial services. Here he talks about potential exposures and consequences of a cybersecurity breach; duty to clients; and steps that financial advisers and firms should take to protect their practices.
Helping Clients Plan for Retirement Living
March 31, 2015 15:29 - 11 minutes - 15.2 MBIn episode #258, Michael Finke, professor and director of retirement planning at Texas Tech University, discusses a number of new trends in longevity and why this is such an important part of retirement planning. He also reviews what the research tells us about what makes retirees happy and talks about the implications of cognitive decline on wealth and well-being.
Asia: Global Growth Driver
March 18, 2015 10:43 - 12 minutes - 2.84 MBIn episode #257, Jim Walker, a leading economist and Founder of Asianomics Group Limited, evaluates the global economy from the perspective of investors with a focus on Asia and emerging markets.
Investing in SME: Role of the State
March 10, 2015 10:22 - 9 minutes - 6.54 MBIn episode #256, Abdulaziz B. Al Loughani explains the role of the state in development of small and medium-size enterprises in the Gulf Cooperation Council (GCC) countries.
Roubini: Unconventional Truth Six Years After the Global Financial Crisis
February 20, 2015 12:21 - 9 minutes - 6.4 MBIn episode #255, Nouriel Roubini explains why six years after the global financial crisis, reality has continued to defy the expectations from unconventional monetary policies, with neither a robust global economic recovery nor fears of hyperinflation being realized. He also shares his views on potential causes of economic inequality and going forward, what could be a better set of policies.
Entrepreneurship, Diversity, and Value Investing
February 02, 2015 11:56 - 5 minutes - 4.14 MBIn episode #254, Kim Shannon, CFA, president and chief investment officer at Sionna Investment Managers and an experienced value investor, discusses the lessons she learned in starting her own asset management firm, as well as the need for greater gender diversity in corporate governance. Shannon also shares insights on the discipline of value investing and the principal challenges facing investors today.
CEO Candor and Stock Price Performance
January 16, 2015 09:37 - 6 minutes - 4.64 MBIn episode #253, Laura Rittenhouse, CEO of Rittenhouse Rankings, conducts annual benchmark surveys of corporate communications, and has identified a link between the authenticity and transparency of executive communications and a firm's stock price performance. Rittenhouse explains how investors can detect a lack of candor on the part of a firm's CEO.
Climate Bonds Primer
December 30, 2014 15:19 - 8 minutes - 5.85 MBIn episode #252, Founder and CEO of the Climate Bonds Initiative, Sean Kidney, provides a primer about climate bonds. This includes: what they are; how they are helping change the climate story in investing; and what the future of the business might be.
Investment Lessons from John Maynard Keynes
December 17, 2014 10:40 - 5 minutes - 4.16 MBIn episode #251, Elroy Dimson discusses his research on John Maynard Keynes, collectables, and indices, and draws out some investment lessons from the past.
Must Understand Demographic Trends
December 02, 2014 18:58 - 8 minutes - 7.97 MBIn episode #250, Rob Arnott discusses the many demographic headwinds confronted by the global economy and how they explain much of the post-Great Recession economic malaise.
Myths of Financial Theory and Emerging Markets
November 07, 2014 16:58 - 12 minutes - 8.79 MBIn episode #249, Jerome Booth argues that 80% of financial theory is not fit for purpose and describes how investors in the developed world cannot afford to ignore emerging markets. Proper asset allocation requires a strategic view about macro-economic forces, like funds flows, and geopolitical factors rather than traditional optimization models.
Trends in Asian Wealth Management
October 28, 2014 03:51 - 11 minutes - 2.7 MBIn episode #248, There has been significant wealth accumulation in Asia in recent years. Vineet Vohra, CFA, of HSBC discusses trends and developments that are taking place across the region, including asset allocation, fees, and ETFs.
The GIPS Guidance Statement for Asset Owners
October 10, 2014 13:19 - 7 minutes - 5.66 MBIn episode #247, John P. Meier, CFA, discusses the newly released Guidance Statement on the Applicability of the GIPS Standards for Asset Owners, including the reasons behind issuing the guidance statement and how claiming compliance with the GIPS standards can benefit these asset owners.
The Pooled Fund Guidance Project
October 01, 2014 13:00 - 9 minutes - 6.85 MBIn episode #246, Ann Putallaz provides an update on the pooled funds guidance project, highlighting key issues for consideration during the guidance drafting process and discusses why such guidance is needed in the industry.
The Economics of Happiness and the Value of Prediction Markets
September 02, 2014 13:00 - 16 minutes - 11.2 MBIn episode #245, Justin Wolfers challenges the prevailing view that there is a limit to the happiness that money can buy.
The Value of Alternative Investments
August 20, 2014 13:00 - 11 minutes - 10.5 MBIn episode #244, Thomas R. Schneeweis questions the relevancy of modern portfolio theory and addresses common misconceptions associated with alternative investments.
A New Approach to Estimating Variations in the Equity Risk Premium
August 06, 2014 13:00 - 9 minutes - 4.34 MBIn episode #243, Dr. Katsunari Yamaguchi, CFA, president of Ibbotson Associates, Japan, has developed a new approach to estimating the equity risk premium that conveniently addresses its variations over time.