Masters in Business

Richard Thaler, a Nobel laureate and a pioneer in behavioral economics, and Alex Imas, a behavioral finance professor, delve into the quirks of human decision-making. They explore how mental accounting affects spending and the psychology behind NFL draft picks. The duo discusses the enduring nature of behavioral biases and the implications for investors, especially regarding the winner's curse in auctions. They also share insights on choice architecture to combat biases and the impact of gamification in trading, offering practical advice for aspiring economists.

Perth Tolle, founder of the Life and Liberty Indexes and creator of the Freedom 100 EM Index, shares her vision for investing without supporting autocracies. She discusses the importance of screening emerging markets for freedom and explains the ethical implications for investors. Tolle details her methodology, utilizing the Human Freedom Index to guide investment decisions and avoid dictatorships like China and Russia. Her approach champions ethical allocation while showcasing the potential of freer emerging markets to foster growth. A groundbreaking perspective on responsible investing!

Ben Hunt, co-founder of Perscient and author of the Epsilon Theory newsletter, shares insights from his transition from political science to AI-driven narrative analytics for investors. He highlights the importance of narratives over raw data in shaping markets, citing examples like Bernanke’s forward guidance. Hunt explains how Perscient processes vast amounts of unstructured data to identify recurring story patterns and signals for investment decisions, emphasizing the need for human oversight to guide AI and avoid misleading outputs.

In this engaging conversation, Cass Sunstein, a Harvard Law School professor and co-author of 'Algorithmic Harm', discusses the dual nature of algorithms in our lives. He uses a Star Wars analogy to illustrate how algorithmic harm can exploit our biases. The talk dives into how algorithms influence everything from consumer behavior to democratic processes by creating echo chambers. Sunstein also highlights the need for consumer protections and transparency in algorithmic practices, drawing a line between acceptable pricing strategies and exploitative tactics.

In this engaging conversation, Stephanie Drescher, Apollo’s Chief Client and Product Development Officer, shares insights from her impressive journey starting at JP Morgan. She discusses the growing importance of private markets and how they have become essential in investment portfolios, especially as public markets shrink. Stephanie highlights Apollo's unique company culture and their strategic focus on wealth distribution. Listeners will also learn about the innovative structures being introduced to make private markets more accessible to clients.

Bill Artseronian, Director of Tax Services at Ritholtz Wealth Management, dives into the complexities of tax management for investors. He discusses essential strategies like asset location and the benefits of tax diversification. Bill elaborates on the mega backdoor Roth, clarifying how to convert pre-tax funds and avoid tax traps in equity compensation. He also highlights tools for reducing taxes on significant gains and the implications of recent 2025 tax law changes for strategic planning. Timing income and deductions is key to maximizing savings!

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.