Money Stuff: The Podcast Embarrassment of Something: IQ, PE, BX
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Jan 9, 2026 The discussion kicks off with Wyclef Jean and segues into JP Morgan's bold move to use AI for proxy voting. They dive into private equity recruiting and the backlash against traditional practices, revealing the rapid pace of hiring. The hosts debate the impact of institutional buyers on housing affordability and analyze Trump's controversial policy proposals. Expect insights on stock buybacks and the quirks of Jamie Dimon's leadership style. It's a whirlwind of finance, politics, and technology that adds a fresh twist to familiar topics.
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AI Replaces Traditional Proxy Advice
- J.P. Morgan is replacing ISS/Glass-Lewis with an AI voting system to handle routine proxy votes.
- Matt Levine argues a chatbot trained on past votes is "good enough" for low-stakes governance decisions.
Conflict Risks When Asset Managers Vote In-House
- Insourced AI voting can shift outcomes because asset managers have corporate conflicts of interest.
- Levine warns JP Morgan may simply 'vote with management' to avoid upsetting corporate clients.
Keep Humans For Big Governance Calls
- Expect AI to provide recommendations but keep humans for high-stakes proxy decisions like massive pay packages.
- Use portfolio managers to overrule AI on mergers or CEO compensation calls.