Enterprising Investor

CFA Institute

  • 32 minutes 59 seconds
    Olivier Fines, CFA, and Mark Higgins, CFA: The Role of the U.S. Dollar as a Global Reserve Currency

    In this episode, Mike welcomes Olivier Fines, CFA, Head of Advocacy and Capital Markets Policy Research for EMEA at CFA Institute, and Mark Higgins, CFA, author of "Investing in U.S. Financial History." The discussion centers around the findings of a recent CFA Institute Research and Policy Center report titled "The Dollar's Exorbitant Privilege," which Olivier co-authored. Olivier shared insights from the survey report, and Mark provided a historical perspective on reserve currencies and events that have triggered shifts away from dominant currencies in the past. This engaging conversation provides valuable insights into the complexities of US debt, the role of the dollar, and the historical context that shapes our current financial system.

    17 December 2024, 8:00 am
  • 26 minutes 36 seconds
    Amanda Voegeli, CFA: Insights from Canadian Pension Plans

    Mike Wallberg, CFA, welcomes Amanda Voegeli, CFA, President and Managing Partner of Southlea Group, to discuss the unique landscape of Canadian public sector pension plans. The conversation dives into the competitive challenges these plans face in attracting and retaining talent compared to private finance giants such as Blackstone and Goldman Sachs. Amanda also highlights findings from a recent study by Southlea Group that sheds light on compensation strategies and talent retention within these massive public entities. Tune in for valuable perspectives on the intersection of pension management and human capital in Canada.

    1 December 2024, 5:00 am
  • 29 minutes 16 seconds
    Rich Nuzum, CFA: Lessons from Top-Ranked Political Systems

    In this episode of the Enterprising Investor podcast, guest host Ryan Munson discusses the 2024 edition of the Mercer CFA Institute Global Pension Index with Mercer's Executive Director of Investments and Global Chief Investment Strategist, Rich Nuzum, CFA. Rich, who has extensive experience in providing investment advice and leading long-term savings reform projects, shares insights into the key features of robust pension systems and the challenges faced by underperforming ones.

    15 November 2024, 8:00 am
  • 25 minutes 41 seconds
    Clare Flynn Levy: Measuring Decision-Making Skill in Investing

    Founder and CEO of Essentia Analytics, Clare Flynn Levy, joins Mike Wallberg, CFA, to discuss the concept of the behavioral alpha score, a metric designed to assess an investor's decision-making skill. Drawing from her experience as an active equity fund manager, Clare explains the origins of the behavioral alpha score and its significance in the pursuit of sustainable investment alpha in an increasingly competitive landscape. She emphasizes that traditional methods of generating alpha, such as superior information, are no longer effective, highlighting the importance of understanding and improving one's own decision-making processes. Tune in to explore how behavioral analytics can enhance investment strategies and decision making.

    1 November 2024, 7:00 am
  • 26 minutes 3 seconds
    Stephen Foerster, CFA: Trailblazers, Heroes, and Crooks

    Stephen Foerster, CFA, discusses his new book, "Trailblazers Heroes and Crooks: Stories to Make You a Smarter Investor."  In the book, Professor Foerster shares intriguing stories that illustrate valuable lessons for investors, drawing from diverse topics such as professional sports, fraud cases, and even wildlife encounters. The conversation kicks off with a fascinating tale involving Warren Buffett's early investment in the 1960s, featuring the notorious figure Tino DeAngelis and an anonymous tipster known as The Voice. Dr. Foerster emphasizes the importance of learning from history beyond just financial metrics, encouraging investors to consider the broader context of their decisions. Tune in for a rich discussion about the lessons that can be gleaned from both triumphs and missteps in the investment world.

    15 October 2024, 7:00 am
  • 29 minutes 54 seconds
    Stephanie Baker: Punishing Putin

    Mike Wallberg welcomes senior Bloomberg writer Stephanie Baker to discuss her new book, "Punishing Putin: Inside the Global Economic War to Bring Down Russia." The book offers an in-depth analysis of the West's response to Russia's full-scale invasion in February 2022. Stephanie shares insights from her extensive reporting and how her experiences in Moscow during the 1990s shape her perspective on the drastic economic shifts resulting from the invasion. The conversation delves into the profound implications of this geopolitical crisis and the end of Russia's 30 years of economic integration with the West. Tune in to gain a deeper understanding of the efforts to confront Russia in the wake of the invasion.

    1 October 2024, 7:00 am
  • 25 minutes 10 seconds
    Drew Estes, CFA: Investing through an Evolutionary Lens

    Drew Estes, CFA, a portfolio manager at Banyan Capital Management, and host Mike Wallberg, CFA, discuss Drew’s thought-provoking article, "Commercial Evolution," which explores the intersection of evolutionary biology and investment strategies. He shares his disillusionment with traditional economic theories, particularly equilibrium theory, and advocates for a broader understanding of economics by incorporating biological concepts. Drew explains how both economists and biologists study the same phenomenon—evolution—and highlights the importance of replication, heritable traits, and variability in commerce. Listen now to discover how evolutionary theory can lead to smarter investment decisions.

    16 September 2024, 1:00 am
  • 28 minutes 23 seconds
    Jordan Doyle and Genevieve Hayman: The Rise of Index-Based Strategies

    Join as Jordan Doyle and Genevieve Hayman discuss their recent report, "Smart Beta, Direct Indexing, and Index-Based Investment Strategies." The conversation explores the historical context and substantial growth of index investing, highlighting the expansion of index ETFs, mutual funds, and smart beta ETFs. Genevieve and Jordan provide insights into how these strategies should be understood and integrated within client portfolios. Tune in to gain a deeper understanding of the dynamic world of index-based investment strategies.

    1 September 2024, 7:00 am
  • 39 minutes 19 seconds
    Cam Harvey: Forecasting Recessions

    Campbell Harvey, a professor of finance at Duke University, director of research at Research Affiliates, and author of "DeFi and the Future of Finance," is best known for identifying the link between an inverted yield curve and impending recessions—a theory that has guided financial practitioners for nearly four decades. This episode delves into his famous recession indicator and its historical performance, as well as perspective on the current volatile market and the Federal Reserve's potential actions. Tune in for an enlightening conversation filled with expert analysis and valuable investment insights.

    15 August 2024, 7:00 am
  • 25 minutes 18 seconds
    Ken Laudan: Investing in the Age of AI

    Join Mike Wallberg, CFA, and Ken Laudan, portfolio manager of Buffalo Fund's Blue Chip Growth Fund, for a thought-provoking discussion on the future of AI in investing. Ken shares his contrary view on AI's transformational potential, drawing on his extensive experience as a sell-side analyst and buy-side portfolio manager. The conversation also touches on the current market landscape and the emergence of a shifting narrative toward other stocks. Tune in to gain a fresh perspective on the evolving role of AI in investments and the complexities of today's market dynamics.

    1 August 2024, 7:00 am
  • 25 minutes 36 seconds
    Feifei Li: AI in Investment Research

    Fei-Fei Li, former Chief Investment Officer at Research Affiliates and current CIO at Kavout Algo Financial, shares insights from her extensive background in finance. She discusses her tenure at Research Affiliates, where she led research and strategy design for the firm's systematic active strategies and smart beta indices. The conversation then pivots to her current role at Kavout Algo Financial, where she is spearheading the development of an AI tool aimed at revolutionizing the investment research process. Feifei provides a fascinating look at the intersection of AI and fintech, and what it means for the future of investment research. Feifei also shared insights from her recent Financial Analyst Journal article with Robert Arnott and Juhani Linnainmaa, “Smart Rebalancing,” which explores strategies to reduce trading costs while maintaining portfolio efficacy.

    15 July 2024, 5:15 pm
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