Masters in Business

Adam Marrè, CISO at Arctic Wolf, recounts a chilling ransomware incident in the gaming industry that originated from a single phishing email. He discusses the dire consequences for developers and the crucial need for robust cybersecurity measures. David Adrian from Chrome highlights unphishable authentication methods as a means to fortify defenses. Together, they emphasize the importance of employee training and collaboration in cultivating a strong security culture to combat ever-evolving threats in the gaming sector.

Mike Wilson, Chief Investment Officer and Chief US Equity Strategist at Morgan Stanley, shares his journey from an investment banker to a top strategist. He discusses the intricacies of asset valuation, highlighting the role of fiscal and monetary policies on market dynamics. Insights on adjusting investment strategies post-COVID and the impact of government support on inflation and economic predictions are covered. Wilson also emphasizes the importance of adaptability in volatile markets and addresses future challenges like climate change within financial discussions.

Jonathan Miller, President of Miller Samuel, brings insights from the forefront of real estate. He discusses the high-interest rates and low inventory that today's buyers face, highlighting the need for a strategic approach. Miller emphasizes the psychological aspects of buying a home, advocating for a long-term investment perspective. He also shares tips on navigating bidding wars, advocating for attractive offers beyond just price. Finally, he provides strategies for dealing with new constructions in this challenging market.

Heather Brilliant, CEO of Diamond Hill Investment Group, shares her transformation from aspiring lawyer to finance leader. She discusses the critical role of debate skills in stock picking and her educational journey at the University of Chicago. Heather emphasizes the need for a long-term vision in managing public companies and underscores the importance of ownership mentality among employees. Additionally, she dives into the significance of fundamental research, economic moats, and navigating the balance between active and passive investing in today's volatile markets.

Eric Balchunas, an ETF analyst at Bloomberg Intelligence, dives into the critical impact of investment fees on long-term returns. He highlights the trend towards fee reductions and the emergence of zero-fee ETFs, making them appealing to investors. The conversation reveals how even marginal fee differences can lead to significant growth over time. Balchunas also discusses the evolution from mutual funds to ETFs, emphasizing their lower costs and greater tax efficiency, ultimately suggesting that savvy investors should prioritize fee management for optimal performance.

Ricky Sandler, the founder and CIO of Eminence Capital, discusses the evolving landscape of investing as he shares insights from his impressive career. He elaborates on the importance of blending active and passive strategies for robust portfolios. The conversation delves into the short selling intricacies and challenges posed by market shifts, using GameStop as a case study. Sandler emphasizes retail investing's rise, fueled by technology, and reflects on the lessons learned from navigating a volatile market.

Aswath Damodaran, a leading finance professor at NYU Stern, dives into the fascinating concept of corporate life cycles. He compares these stages to human aging, detailing the unique challenges companies face at each phase. Damodaran also discusses the importance of understanding company valuations, particularly for emerging startups versus established firms. He highlights how big names like Google and Facebook adapt their strategies when transitioning from high growth to sustainable rates. This insightful conversation uncovers key lessons for investors navigating market complexities.

Mike Greene, a seasoned portfolio manager and chief strategist at Simplify Asset Management, dives deep into the pitfalls of passive investing. He discusses how passive strategies can distort market structures and raise risks for investors. Greene also critiques the dominance of major firms like Vanguard, highlighting their influence on market behavior. The conversation touches on the implications of retirement accounts and the ongoing shifts shaping investment dynamics. Ultimately, he challenges listeners to reconsider conventional wisdom surrounding active versus passive investment approaches.

Ari Rosenbaum, a principal at O’Shaughnessy Asset Management, delves into the evolving landscape of personalized investing. He discusses how direct indexing enables investors to align their portfolios with personal values beyond mere financial gains. Rosenbaum explains the significance of customizing investments to reflect ethical beliefs, such as avoiding sectors like firearms. He also touches on the importance of gender diversity in corporate governance and shares strategies for environmentally-conscious investing.

Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University, shares his insights on behavioral finance and the importance of emotional well-being in financial decision-making. He discusses the evolution of finance education, emphasizing the shift from traditional views to a holistic understanding of wealth and happiness. Statman explores values-based investing, the impact of financial decisions on relationships, and the balance between saving and spending for younger generations. He ultimately argues that true fulfillment transcends mere wealth accumulation.