Enterprising Investor

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, a seasoned risk expert and former regulator, joins Genevieve Hayman to discuss the failures of traditional financial models. He highlights how human behavior and complex interactions drive market crises, using the nightclub analogy for emergence. Bookstaber critiques equilibrium models and explains the importance of incorporating networks and contagion into risk management. The conversation touches on the revolutionary role of AI in creating realistic market simulations through agent-based modeling, emphasizing the need for new financial education that addresses complexity.

Christine Mahoney, a Senior Partner at Mercer with over 30 years in pension consulting, delves into the Mercer CFA Institute Global Pension Index 2025. She highlights how 52 retirement systems are evaluated on adequacy, sustainability, and integrity. The conversation covers the impact of government on pension investments, innovative policy reforms, and the necessity of balancing fiduciary duties with national economic goals. Additionally, Christine advocates for democratizing private asset access in defined contribution plans, emphasizing flexible guidance over mandates.

Winston Ma, CFA, an investor and former head of the North America office for China Investment Corporation, dives into the evolving landscape of sovereign wealth amidst AI advancements. He reveals how the unconventional U.S. sovereign wealth fund is strategically investing in tech giants like Intel to bolster America’s AI supply chains. Winston discusses governance challenges, co-investment opportunities, and emphasizes the interconnectedness of law, finance, and geopolitics for investors. He also highlights the potential for increased global collaboration among sovereign funds.

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 asset pricing. Learn more about Rob Arnott: https://rpc.cfainstitute.org/voices-of-influence/rob-arnott Mike mentioned "Stocks for the Long Run" article by Ed McQuarrie and others, you can find that here: https://www.tandfonline.com/doi/full/10.1080/0015198X.2023.2268556 This show is made possible through partnerships with sponsors like Tenzing MEMO. Tenzing MEMO gets professionals up to speed quickly on ~6,000 public companies with real-time research, topical briefings, and intelligent Q&A derived from the latest market data, filings, news, and transcripts. Use MEMO to go from 0 to 60 fast on your watchlist, competitors, clients, and your own company, too. Register for a free trial to see what Tenzing MEMO can do for you today. Visit their website and give it a try. https://www.tenzingmemo.com/

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 tokenization parallels ADRs in global investing The regulatory landscape for stablecoins and digital assets The investment case for Bitcoin and select cryptocurrencies For the CFA Institute perspective on tokenization, visit rpc.cfainstitute.org and search "tokenization." This show is made possible through partnerships with sponsors like Tenzing MEMO. Tenzing MEMO gets professionals up to speed quickly on ~6,000 public companies with real-time research, topical briefings, and intelligent Q&A derived from the latest market data, filings, news, and transcripts. Use MEMO to go from 0 to 60 fast on your watchlist, competitors, clients, and your own company, too. Register for a free trial to see what Tenzing MEMO can do for you today. Visit their website and give it a try. https://www.tenzingmemo.com/

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 strategy. Anson also shares thoughtful advice for early-career professionals on developing global perspective and getting the most out of the CFA® charter. Tune in for a timely conversation on building resilient portfolios in an increasingly interconnected—and unpredictable—world.

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 are resurfacing, how housing affordability pressures could shape the macro landscape, and why small caps might be ripe for a comeback. Don't miss this deep-dive conversation on market resilience, risk signals, and forward-looking strategies for navigating volatility.

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 South Africa and reflects on initiatives designed to ensure lasting, inclusive progress in the industry. Additional insights include strategies to overcome persistent misconceptions around ETFs, the role of transparency and education in investor decision-making, and a forward-looking vision for integrating African capital markets into the global investment ecosystem through regulatory alignment and regional cooperation. Tune in for perspective on unlocking talent, expanding access, and promoting resilience across frontier and emerging markets.