Enterprising Investor

In this episode of Guiding Assets, host Mike Wallberg is joined by serial entrepreneur and angel investor, Mac Lackey. With a background in starting, scaling, and selling multiple companies, Mac shares his secrets to success as an entrepreneur and investor. From his passion for soccer to his various ventures in the sports industry, Mac discusses his journey and the lessons he has learned along the way. Tune in to gain insights on achieving success in the business world.

Ever wondered how your confidence level influences your decision making and how understanding this concept could be a game changer in the world of finance? Tune into our engaging conversation with Peter Atwater, author of  the new book The Confidence Map: Charting a Path from Chaos to Clarity. You probably know Peter as the thought-leader who coined the term 'K-shaped recovery.’ In this interview we navigate the intriguing facets of confidence mapping, from the two critical axes of certainty and control to the four quadrants — the Comfort Zone, the Stress Center, the Passenger Seat, and the Launch Pad — each providing unique insights into our behaviors and responses.   As our dialogue deepens, we explore how personal vulnerabilities can act as catalysts in decision making, shifting our focus to immediate concerns and diminishing strategic thinking. Peter introduces us to the concept of the 'five Fs,' a framework delineating our reactions to stress and providing strategies to evade the negative reinforcement loop of catastrophizing. This discussion serves as a critical reminder of our need to manage vulnerability and anxiety to make more informed decisions.   Our discussion then takes a leap into the world of finance, revealing how these concepts can significantly impact investment strategies. We dissect the five reactions to intense vulnerability — fight, flight, freeze, follow, and nihilism — and their crucial role in risk assessment and decision-making within the investment landscape. To cap it off, Peter shares invaluable insights from his own career journey, underlining the importance of understanding the crowd and its sentiment. So, join us for this insightful episode where we delve into the human psyche, its impact on our decision making, and the role it plays in the world of finance.

Discover the crucial role of governance and fiduciary thinking in the blockchain and crypto space as we navigate the recent cryptocurrency failures of FTX and Terra Luna with Eelco Fiole, co-founder and managing partner of Alpha Governance Partners, and guest host, Andres Vinelli, chief economist at CFA Institute. Uncover how the lack of oversight and risk management contributed to these disasters and gain valuable insights on the importance of establishing trust with investors through proper governance. Join our riveting conversation as we explore the evolving landscape of the crypto industry, touching on the impact of energy consumption and ESG considerations on the success of new protocols. Learn about the different consensus mechanisms used in cryptocurrency transactions and their implications on energy use, as well as the potential of carbon taxes on the future of crypto. Don't miss this essential episode for anyone seeking to keep pace with the rapidly changing world of cryptocurrency governance and investment.

Discover how to unlock the power of alternative data in your investment strategy with Kai Wu, founder and chief investment officer of Sparkline Capital, as he speaks with Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute. Listen in as we explore the use of modern technology, data, and machine learning to enhance traditional investment approaches. Kai shares how Sparkline Capital applies these innovative techniques to measure intrinsic value, especially in the realm of intangible assets. Learn how alternative data sets and tools like natural language processing and AI can revolutionize your approach to value investing.   In the second part of our discussion, we focus on the potential of AI in risk management and investing. We explore how natural language processing can be used to quantify intangible assets and measure risk. Kai shares insights from Sparkline's experiences in using alternative data to make more informed investment decisions. We also discuss the significance of creating transparent and traceable models and the growing role of data vendors in the investment landscape. Don't miss out on this engaging conversation packed with actionable insights for today's tech-savvy investor.     --------- EPISODE CHAPTERS ---------   (0:00:06) - Using Alternative Data in Value Investing (0:12:14) - AI in Investing and Risk Management (0:17:20) - The Importance of Unstructured Information

In this episode of Guiding Assets, Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute, interviews BentallGreenOak co-CEO Sonny Kalsi. They discuss the outlook for office real estate and regional banks, as well as the best places to invest in this environment. They also touch on topics such as diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) issues. BentallGreenOak is one of the largest real estate investment firms in North America and Sonny shares his insights on the industry. Overall, this episode provides valuable insights for investors looking to navigate the current economic landscape.   [00:02:29] Regional banks' real estate lending. [00:03:18] Private market lenders. [00:07:31] Systemic Risk in Banking. [00:12:44] Real estate and carbon emissions.   [00:16:09] Systemic risk and transition.

Join us for a celebratory trip down memory lane as we mark the 500th episode of Guiding Assets! This little show we started all the way back in 2007 has now survived a dozen hosts, two financial crises, and a pandemic. We will look back at the history of the show and welcome back some familiar voices to share their favorite clips from memorable episodes.  A huge thank you to all the listeners who have been with us for all these years. And to everyone who has contributed their talents to make this show happen. Happy 500 everyone!   --------- EPISODE CHAPTERS --------- (0:00:13) - Celebrating 500 Episodes of Guiding Assets (6 Minutes) We take a trip down memory lane to celebrate our 500th episode. We hear from some familiar voices as we trace back to the origin of the show in 2007. We get a glimpse of our early days of podcasting, discussing the challenges of creating episode content from one of our original hosts, Rob Gowen, CFA.  (0:06:43) - Mike Walberg, CFA (6 Minutes) Mike shares some thoughts on the show and his favorite episodes.  (0:12:59) -  Lauren Foster (5 Minutes) Host Lauren Foster also stops by to catch up and share some thoughts. (0:18:22) - Closing(1 Minutes) We close out with Mitch thanking all the people who have contributed to the show over the years.  ---Links to full episodes of highlight clips------ William N. Goetzmann: Finance and Human Progress - Two Sides of the Same Coin https://bcove.video/3n5p8nP John Bogle: Reflections on 40+ Years in the Finance Industry https://bcove.video/3Wt7jlv Peter Zeihan: The New World (Dis) Order https://bcove.video/421iKlQ Jan Van Eck: History and Investing - Gold, ETFs, and Alexander Hamilton https://bcove.video/2DO8hVl

In this fascinating episode, Andres Vinelli, chief economist at CFA Institute, sits down with Marko Papic, partner and chief strategist at Clocktower Group, to explore the geopolitical implications of a multi-polar world. Listen in as we discuss the role of the US and emerging markets, and provide tips for applying a geopolitical strategy toolkit to investing. We also forecast the resolution of the debt ceiling and analyze why a professional investor should care about geopolitics. Get ready to dive into the idea of a multi-polar world being a discordant one, and how this can impact investment profiles in different regions or sectors in the economy. Join us as we continue the conversation by examining strategies emerging market economies can use to benefit from engaging with both the US and China. We'll also discuss how investors can use material constraints to assess political paths of least resistance. Don't miss our analysis on the irony of China having withdrawn their efforts to finance infrastructure projects around the world, and the efforts of the US to counter the Belt and Road Initiative. This episode is packed with insights on investing in emerging markets and commodities in a multi-polar world — you don't want to miss it! --------- EPISODE CHAPTERS --------- (0:00:13) - Geopolitics and Investing (10 Minutes) Marko Papic, partner and chief strategist at Clock Tower Group, and I explore the geopolitical implications of a multi-polar world. We examine the role of the US and emerging markets, and provide tips for applying a geopolitical strategy toolkit to investing. We forecast the resolution of the debt ceiling and discuss why a professional investor should care about geopolitics. We analyze the idea of a multi-polar world being a discordant one, and how this can impact investment profiles in different regions or sectors in the economy. (0:10:40) - Assessing Geopolitics for Asset Allocation (13 Minutes) We explore strategies emerging market economies can use to benefit from engaging with both the US and China, and how investors can use material constraints to assess political paths of least resistance. We also discuss the irony of China having withdrawn their efforts to finance infrastructure projects around the world, and the efforts of the US to counter the Belt and Road Initiative. (0:23:23) - Investing in Emerging Markets and Commodities (2 Minutes) Marko Papic and I discussed the global investment landscape in a multi-polar world. We looked at how countries like Spain, America, Brazil, Netherlands, and Japan are increasing their CAPX spending, and how this could create a new CAPX-driven cycle, even without a single country to replace China. We examined the impact of this cycle on the US dollar and emerging markets, as well as the strategies investors can use to benefit from this shift in the global economy.  

Susan HayesCulleton, CFA, a noted author, economist, and managing director of The HayesCulleton Group, shares her experience in building a successful financial literacy program called "Money Matters" that has been rolled out in every high school in Ireland. We discuss the importance of relationships, understanding the teacher and student perspectives, and having a clear outcome in mind when creating an engaging and interactive curriculum. We also delve into Susan's creative approach to teaching financial concepts, such as her character Paul who learns about alternatives to direct property investment. By using relatable, real-life examples and engaging narratives, Susan aims to make financial education more accessible and enjoyable for young people. Throughout our conversation, we discuss the challenges of teaching financial literacy to young people and address misconceptions surrounding the stock market as gambling. We emphasize the emotional aspect of money and the importance of understanding our learned behaviors and attitudes toward it. Additionally, we explore the process of deciding the chapters for the financial literacy book "Money Matters," focusing on various ways to make the content relatable and engaging for teenagers. The inclusion of CFA charterholders' profiles provides valuable insights into potential careers, and incorporating networking lessons helps students develop essential life skills. Finally, Susan shares her willingness to assist other countries and societies in adopting this model for financial literacy education. Join us for an engaging and informative discussion with Susan, and discover the importance of financial literacy in today's world.   Chapters:   (0:00:04) - Building Financial Literacy (0:09:15) - Real Estate Investment (0:12:13) - Navigating Financial Literacy Education (0:18:57) - Financial Literacy, Career Paths and Networking (0:28:01) - The Key to Success (0:31:26) - Financial Literacy With Susan HayesCulleton   Chapter Summaries:   (0:00:04) - Building Financial Literacy (9 Minutes) In this episode of Guiding Assets, we hear a success story from SusanHayes Culleton, CFA, a noted author, economist, and managing director of The HayesCulleton Group. She shares her experience in building a financial literacy program called "Money Matters" that has been rolled out in every high school in Ireland, focusing on personal finance, entrepreneurship, and investing. Susan emphasizes the importance of relationships, understanding the teacher and student perspectives, and having a clear outcome in mind when creating an engaging and interactive curriculum.   (0:09:15) - Real Estate Investment (3 Minutes) In this part of the conversation, we delve into the creative process behind Susan's approach to teaching financial concepts, such as her character, Paul, who learns about alternatives to direct property investment. By using relatable, real-life examples and engaging narratives, Susan aims to make financial education more accessible and enjoyable for young people. We also discuss the challenge of overcoming biases and misconceptions around the financial markets, emphasizing the importance of demystifying these topics for a wider audience.   (0:12:13) - Navigating Financial Literacy Education (7 Minutes) Throughout this conversation, we discuss the challenges of teaching financial literacy to young people and address misconceptions surrounding the stock market as gambling. We also emphasize the emotional aspect of money and the importance of understanding our learned behaviors and attitudes toward it. Additionally, we examine the role of teachers in educating students about personal finance, entrepreneurship, and the stock market, while considering their varying interests and confidence levels. Furthermore, we explore the importance of building relationships with stakeholders and being open to feedback in the development of financial literacy curriculum, ultimately prioritizing the needs of students and teachers.   (0:18:57) - Financial Literacy, Career Paths and Networking (9 Minutes) We explore the process of deciding the chapters for the financial literacy book "Money Matters," focusing on various ways to make the content relatable and engaging for teenagers. The inclusion of CFA charterholders' profiles provides valuable insights into potential careers, and incorporating networking lessons helps students develop essential life skills. We also discuss the possibility of applying this model to other disciplines, such as STEM, and the ongoing collaboration on a new book called "Engineering World." Finally, Susan shares her willingness to assist other countries and societies in adopting this model for financial literacy education.   (0:28:01) - The Key to Success (3 Minutes) In this segment, Susan shares her first job in the industry as part of a stock market training company and the advice she would give to her younger self — focusing on the importance of relationships, empathy, and knowing where you want to go in life.

Dive deep into the world of asset allocation with Anubhuti Gupta, CFA, CIPM, a senior principal consultant for Mercer's Wealth business in Singapore. We discuss the impact of inflation on portfolios and how investors can structure them for resilience amidst inflationary pressures. We also explore the challenges of diversification in 2022 and the importance of private markets in portfolio allocation. Additionally, we touch on the benefits of investing governance, the role of Outsourced Chief Investment Officer (OCIO) providers, and the importance of keeping an open mind throughout our investment careers. Join us in this insightful conversation as we navigate the ever-changing landscape of investing and asset allocation. Chapters: (0:00:03) - Asset Allocation in Inflation (0:09:26) - Diversifying Portfolios in an Unpredictable Market (0:20:02) - Benefits of Investing Governance (0:23:43) - Keeping an Open Mind Chapter Summaries: (0:00:03) - Asset Allocation in Inflation (9 Minutes) We discuss the impact of inflation on portfolios and how investors can structure their portfolios for resilience in the face of inflationary pressures. Anubhuti highlights the importance of focusing on energy efficiency, security, infrastructure, technology, and materials to facilitate the transition. We also delve into the potential for value stocks to outperform in the current market environment, as growth equities may struggle to recover to previous market highs' (0:09:26) - Diversifying Portfolios in an Unpredictable Market (11 Minutes) Diving into the challenges of diversification in 2022, we discuss the risks associated with relying on traditional strategies like the 60/40 portfolio. With equities and bonds producing negative results simultaneously for the first time in many investors' careers, it is essential to consider more dynamic approaches, such as incorporating specialist downside risk mitigation strategies or using real assets. We also touch on the importance of private markets in portfolio allocation, emphasizing their continued relevance for those with long horizons and a desire for innovation. However, it is crucial to reassess portfolio risk and exposure levels in the context of both public and private markets. (0:20:02) - Benefits of Investing Governance (4 Minutes) As we examine the disconnect between private real estate and REITs, we consider the potential opportunities that may arise when valuations for private real estate funds align with reality. We stress the importance of maintaining a long-term view and avoiding short-term panic-driven decisions that may be detrimental to the portfolio. Discussing governance and the outsource CIO (OCIO) model, we highlight the benefits of working hand in hand with asset allocators to manage assets as opposed to in-house management. This approach allows for streamlined decision-making processes and the ability to take advantage of market dislocations and emerging opportunities. (0:23:43) - Keeping an Open Mind (3 Minutes) In this conversation, we delve into the concept of Outsourced Chief Investment Officer (OCIO) providers and their role in easing the pain points for asset allocators and investment teams. By outsourcing certain aspects of the value chain to OCIO providers, entities can focus on high-value activities where they excel. Additionally, we share some personal insights from Anubhuti Gupta's career journey, emphasizing the importance of keeping an open mind for both young and seasoned professionals in the industry.

In this episode, we dive deep into strategies for building robust market forecasts with Gerry Fowler, CFA, Head of European Equity Strategy and Global Derivative Strategy at UBS. We discuss the importance of leading indicators in understanding potential future outcomes for market and business cycles, as well as the impact of rising interest rates on corporate profitability and the potential economic ramifications. We also explore how harnessing your strengths and leaning into them can lead to a successful career. Join us as we uncover the secrets to navigating the ever-changing financial landscape and making the most of the opportunities it presents. Chapters: (0:00:00) - Building Market Forecasts (0:14:13) - Navigating Interest Rates (0:21:16) - Harnessing Strengths to Succeed in Career Chapter Summaries: (0:00:00) - Building Market Forecasts (14 Minutes) In this episode, we explore strategies for building more robust market forecasts with Gerry Fowler, CFA, Head of European Equity Strategy and Global Derivative Strategy at UBS. We discuss the importance of leading indicators in understanding potential future outcomes for market and business cycles. By examining these indicators, investors can gain insight into the expansion, slowdown, contraction, and recovery phases of the business cycle. Fowler highlights the importance of macro regime distributions, which help identify how market performance, profits, and valuations cluster around the business cycle. He emphasizes the need for humility when interpreting leading indicators, as they are often mere guesses with inherent errors. (0:14:13) - Navigating Interest Rates (7 Minutes) We discuss the impact of rising interest rates on corporate profitability and the potential economic ramifications. Despite healthy jobs growth and elevated inflation figures, there are signs that the tightening of credit standards and weakening demand for credit will affect profitability. The lag effect of rate hikes and the hidden credit tightening in private enterprise, along with the increase in bankruptcies, suggests that there may be a need to brace for a potential economic downturn. The conversation also touches on the Federal Reserve's potential pivot to a more dovish position, the likelihood of a recession starting in the third quarter of this year, and the expectation of aggressive rate cuts from the fourth quarter. (0:21:16) - Harnessing Strengths to Succeed in Career (2 Minutes) Reflecting on my career in finance, I recall my first job at Salomon's with Barney in Australia and my journey into derivatives strategy and portfolio management. I discuss the importance of knowing one's strengths and leaning into them for success. Additionally, I emphasize the value of becoming a specialist while maintaining a broad network of colleagues, competitors, and providers for a well-rounded perspective as you progress in your career.