Masters in Business

Jay Leno, the iconic comedian and former host of The Tonight Show, shares his insights on the shifting landscape of late-night comedy. He reminisces about his impressive collection of over 214 classic cars, detailing how he chooses them and the emotional stories behind some rare finds. Leno connects his passion for cars and watchmaking, valuing the artistry and mechanics in both. He discusses the impact of streaming on television, defends free speech in comedy, and shares hilarious anecdotes from his time interviewing presidents, making for an engaging conversation.

Michelle Leder, a seasoned SEC filings researcher and founder of Footnoted, dives into the seismic shifts at the SEC. With a new crypto-friendly chair, she's concerned about the reduced enforcement and the potential risks to investors. They discuss the revival of the IPO market and the implications of cutting quarterly reporting, which could harm retail investors. Leder also highlights the rarity of effective clawback policies and worries about cybersecurity disclosures, painting a picture of a more corporate-friendly regulatory environment.

Samantha McLemore, founder and CIO of Patient Capital Management, chats about her journey from being an analyst with Bill Miller to running her own firm. She dives into the blend of value and growth investing, highlighting her contrarian approach with companies like Amazon. Samantha also shares her shifting views on Bitcoin and the transformative impact of AI on markets, stressing the importance of patience and embracing discomfort in investing. Plus, intriguing insights on melding Buddhist and stoic principles into her investment philosophy!

Ben Hunt, Founder of Perscient, delves into how narratives shape markets and influence social behavior. He discusses the role of influential storytellers, from Fed chairs to retail influencers, in crafting prescriptive market narratives. Hunt contrasts narrative analysis with sentiment analysis, highlighting the importance of understanding story arcs over mere emotional reactions. He warns about being captured by dominant narratives and emphasizes the need for critical thinking to unveil the underlying motives of these stories.

Stephen Cohen, BlackRock’s Chief Product Officer, dives into the evolution of investment products, highlighting the growth of ETFs and their global adoption. He shares insights on blending public and private markets, the launch of the Bitcoin ETF, and the operational hurdles of scaling private investments. Cohen discusses AI's emerging role in investment strategies and the importance of ongoing learning and product innovation. Tune in for valuable perspectives on navigating the future of finance and the intersection of traditional and digital assets.

Bill Artzerounian, Director of Tax Services at Ritholtz Wealth Management, shares expert insights on year-end tax strategies. He emphasizes the importance of proactive planning to seize opportunities from recent tax law changes. Common mistakes investors make are discussed, alongside crucial moves for high earners, including charitable giving and smart timing for equity compensation. Bill also explains the implications of new catch-up contribution rules and highlights effective strategies like tax-loss harvesting to optimize your financial future.

Paul Zummo, Chief Investment Officer at J.P. Morgan Alternative Asset Management, shares his extensive expertise in hedge funds and alternative investments. He discusses his '30 Pearls of Investment Wisdom,' emphasizing the importance of culture and process over narratives in investing. Zummo also highlights the rise of alternatives in today's market, regional opportunities in Japan and the Middle East, and the unique dynamics of shorting versus long investing. His insights on balancing courage with caution make for a captivating listen for aspiring investors.

Michelle Leder, an SEC-filings researcher and founder of Footnoted, dives deep into the world of hidden information within corporate filings. She explains how companies often use subtle tactics to underplay bad news, like timing disclosures for minimal attention. Michelle also highlights the importance of understanding 'non-disclosure disclosure' practices and deciphering metadata red flags. With real-world examples from companies like Zoetis and Nikola, she emphasizes that careful examination of filings can reveal valuable insights for savvy investors.

Wilhelm Schmid, CEO of A. Lange & Söhne, shares insights on luxury watchmaking at a prestigious automotive event. He draws fascinating parallels between watch and car design, emphasizing craftsmanship and purposeful innovation. Wilhelm discusses the meticulous handcrafting process and the significance of authenticity in luxury brands. He highlights innovations like a stoppable tourbillon and introduces the new Saxonia Thin. With a nod to younger collectors, he hints at exciting surprises for the future of A. Lange & Söhne.

Ben Hunt, founder of Perscient, dives into the fascinating world of narrative-driven investing. He explores how narratives, much like viruses, spread through media and influence market valuations. Hunt argues that numbers are perceived through stories, making metrics like PE ratios narrative-driven. He also emphasizes the importance of word choice and presentation in shaping narratives. By leveraging big data, Hunt reveals how investors can detect dormant narratives before they catch on, democratizing insights that were once intuitive.