CFA Institute Take 15 Series: 10-15 minute interviews with leading practitioners on timely topics in market and credit risk as well as ethics. CFA Institute is a global membership organization that awards the Chartered Financial Analyst® (CFA®) designation. CFA Institute leads the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent capital markets.

In this episode, Shazia Syed, chief executive and chairperson of Unilever Pakistan Limited, describes her journey from management trainee to CEO, including the skills she needed to cultivate and lessons learned along the way. As an active advocate for greater gender diversity, Syed also discusses the importance of mentors in building one's career.

Direct download: Building_Your_Path_to_the_C-Suite.mp3
Category:General -- posted at: 12:23pm EST

Professor Raphael Douady and Ron Rimkus, CFA, discuss the evolution of risk management practices and where we are today. Douady believes even with the “quantitative-ization” of risk management and increased sophistication in data analysis, investors need to strive to uncover the invisible or hidden risks of their investment portfolios. Risk management strategies that only focus on the visible risks could exacerbate the invisible risks inadvertently. Douady also explains that the evaluation of risk is not just about fat tails, it is also about where the risks are coming from. Douady’s “Dominant Factor Analysis” is one method that helps investors determine dominant factors and the possible sources of risks in the portfolio as a window to portfolio sensitivities under different market conditions. Finally, Douady warns that investors cannot seriously avoid economic cycles and notes it is better for investors to be prepared for a “Minsky Moment” rather than trying to predict it.

Direct download: Take15_-_Raphael_Douady_-_v2.mp3
Category:General -- posted at: 8:39am EST

Sonny Kalsi discusses his outlook, including the megatrends affecting real estate investment opportunities today. Kalsi examines the effects of disrupters—from the growth of online retail to the sharing economy and changing generational preferences. Kalsi explores single-family and multi-family housing in the United States 10 years after the Great Recession and changes he expects going forward during a rising interest rate environment. He shares his mistakes and lessons learned in his nearly 30 years as a real estate investor and discusses how his philosophy, process, and people have adapted to better position his firm for the future. The Take 15 Series is a series of short interviews with lead leading practitioners on timely topics focused on the investment profession.
Direct download: The_Outlook_for_Real_Estate.mp3
Category:General -- posted at: 1:05pm EST

Professor Luigi Zingales discusses Capitalism and the economic system—what works, what doesn’t work, and what can be done to fix the parts that are broken. Zingales focuses on the problems with capitalism, such as the concentration of market power and where distortions occur that benefit the few—not the many. In addition, Zingales proposes a unique alternative to the public company model of maximizing shareholder wealth and recommends companies instead  "maximize shareholder welfare” to focus on what investors care about—not just profits and market value—but also the environment, governance, and society. 

Direct download: Fixing_the_Broken_Side_of_Capitalism.mp3
Category:General -- posted at: 8:40am EST

Pension Fund Association of Japan manages over US$ 110 billion in assets for pension clients.

Direct download: Hamaguichi-v2.mp3
Category:General -- posted at: 10:19am EST

Martin S. Fridson, CFA, chief investment officer at Lehmann Livian Fridson Advisors LLC, is regarded as one of Wall Street's most thoughtful and perceptive analysts and has been dubbed "the dean of the high yield bond market". In a wide-ranging interview, he discusses a number of issues, including the investment grade and the high yield credit markets, how to correctly forecast the default rate, and how the leveraged buyout market has evolved since the 1980s.

Direct download: An_Industry_Veteran_Identifies_Risks_in_the_Credit_Market_-_v1.mp3
Category:General -- posted at: 9:55am EST

Pension funds tend to have regular outflows and are often underfunded, as a result the tools the industry has developed tend to be based on these assumptions.

Direct download: Desfosses_T15_4audio_1.mp3
Category:General -- posted at: 3:47pm EST

Richard Howitt, CEO of the International Integrated Reporting Council, discusses the power of Integrated Reports for investors. For example, their additional detail on multiple sources of capital and return; their prospective, not retroactive nature; and their insistence on executive management narrative to help make sense of data.


Roger Urwin, lead author of the CFA Institute report Investment Firm of the Future, and Willis Towers Watson's global head of content, along with Richard Howitt, CEO of the International Integrated Reporting Council, discuss the report, as well as pertinent details with which all investment pros should familiarize themselves.

Direct download: The_Investment_Firm_of_the_Future-v2.mp3
Category:General -- posted at: 7:16am EST

Matt Gertken, geopolitical strategist at BCA Research, shares his thoughts on some of the current largest geopolitical topics that we should all be thinking about. From China to Russia, via the United States, there is a lot to consider in terms of the big picture. Mr. Gertken talks about the likely shift in power from west to east—both politically (global influence) and economically (trade wars). With China facing domestic demands as well as global ones, the topic of the country’s growth outlook makes for fascinating listening.

Direct download: A_Ten-Minute_Tour-_The_Hottest_Geopolitical_Issues.mp3
Category:General -- posted at: 8:41am EST

Many people would claim to know right from wrong and yet don’t act on it. What is it that so often stops us from acting on our values at work when we know what is right? What can organizations do to help individuals “find their voice” when it comes to promoting ethics and integrity within their organization? In this interview conducted at the 71st CFA Institute Annual Conference in Hong Kong, Mary C. Gentile, creator and director of Giving Voice to Values (GVV) at the University of Virginia Darden School of Business, explains the values-driven leadership that is at the center of GVV, an innovative approach to values-driven leadership development in business education and the workplace.

Direct download: Find_Your_Voice_and_Avoid_Ethical_Pitfalls.mp3
Category:General -- posted at: 10:51am EST

Jane Hyun, founder and president of Hyun & Associates and former recruiting executive at multiple investment banks, discusses the nuances and importance of understanding cross culturalism for advancing your career.

Direct download: Cross_Culture_and_Its_Importance_for_Your_Career.mp3
Category:General -- posted at: 8:32am EST

Anil Gaba, professor of decision sciences and the Orpar Chaired Professor of Risk Management at INSEAD, explains how risk and uncertainty are not the same and how control can be gained by paradoxically giving up control. Professor Gaba offers a fascinating insight into luck, chance, control, the illusion of control, and decision making. For example, behaviorally we have cognitive biases—such as overconfidence—and emotional biases, which make it hard to learn from experience. This gives an illusion of control that, if we could learn to overcome, could lead to better investment decisions. Can we make our own luck, or do we just have to deal with the cruel vicissitudes of life? At the end of the day, Professor Gaba says that we have to make the best decisions that we can in the moment but that we are all exposed to the uncertainty of life.

Direct download: The_Illusion_of_Control_in_an_Uncertain_World.mp3
Category:General -- posted at: 8:24am EST

Measuring and interpreting performance is central to all economic activity. Attributing performance results to underlying drivers is not easy. The capacity to identify investment skill while discarding luck's role is an important pre-requisite for investment success. In this Take 15, Bruce Tomlinson, CFA, draws upon his extensive experience as an alternative assets manager to provide an overview of qualitative and quantitative techniques asset owners can use to screen for superior performance.

Direct download: Identifying_Skill_and_Performance_Measurement-.mp3
Category:General -- posted at: 8:26am EST

In this brief interview, investment strategist Joachim Klement, CFA, explains how seasoned investors might better capitalize on their experience, shares his views on a range of behavioral biases that affect the decision-making of both asset managers and asset owners, and weighs in on the efficacy of certain valuation conventions and market anomalies.

Direct download: Capitalizing_on_Experience.mp3
Category:General -- posted at: 9:58am EST

Corporate misgovernance has been an unnecessary value destructor-not just for shareholders but also for those who are directly responsible for governing companies. In this Take 15, Chris Ailman provides his insights as a CIO on dealing with governance issues in the marketplace. The interview provides a comprehensive overview of a range of topics from governance issues and the mistakes companies make to the latest trends in the ESG world.

Direct download: CIOs_Insights_on_Corporate_Governance-.mp3
Category:General -- posted at: 10:06am EST

Natural language processing, or NLP, is a branch of artificial intelligence research. Increasingly, it has been applied to the investment field—particularly in earnings sentiment analysis. David Pope, CFA, of S&P Global Market Intelligence, explains both the general development and specific projects they have conducted to explore developing tools for investment professionals. These tools leverage some of the most recent developments in NLP technology that are used to perform investment analysis.

Direct download: Some_Applications_of_Natural_Language_Processing_in_Earnings.mp3
Category:General -- posted at: 4:37pm EST

New York Times bestselling author and Ted Talk regular, Pico Iyer, discusses the importance of silence for all of us in the modern world.

Direct download: The_Art_of_Stillness_-v1.mp3
Category:General -- posted at: 2:06pm EST

Nigeria is the largest economy in Africa and the 24th largest in the world: The country is buzzing with creative energy but continues to wrestle with infrastructure and security challenges. What does this all mean for investors? In this episode, recorded live at the 71st CFA Institute Annual Conference in Hong Kong, Oscar N. Onyema, chief executive officer of the Nigerian Stock Exchange and member of the National Council, makes the case for why now is an opportune time to invest in Nigeria, despite ongoing challenges.

Direct download: Investing_in_Nigeria-_Is_Now_the_Time-.mp3
Category:General -- posted at: 10:57am EST

Do robots have rights? How should we approach this topic from a regulatory perspective? Who are we really protecting when we discuss appropriate human behavior toward robots?  Robot ethics is an “emerging” topic—so much so that there is no standard definition as to what it entails. Kate Darling explains her thinking on these subject in this brief video interview taped at the 71st CFA Institute Annual Conference in Hong Kong.

Direct download: Who_Are_We_Protecting_with_Robot_Ethics-.mp3
Category:General -- posted at: 10:30am EST

In many ways, Nobel Laureate Daniel Kahneman’s work has created a brand new world of behavioral inquiry for applying human knowledge. Some of his simple yet powerful principles on intelligent thinking—such as the System 1 and System 2 thinking processes—provide a practical framework for understanding the mental structures that drive our choices. Investment professionals are constantly required to make decisions in the face of uncertainty. Kahneman’s contributions are of special significance to the financial marketplace. In this interview, Kahneman reviews his work and also provides insights on ways behavioral thinking could evolve.

Direct download: Kahnemans_Insights-_Beyond_Thinking_Fast_and_Slow_.mp3
Category:General -- posted at: 12:13pm EST

Steven Eisman, managing director at Neuberger Berman and portfolio manager for the Eisman Group, is known for predicting the global financial crash of 2008 and for being portrayed in the book and the film, The Big Short. In this interview, he addresses several questions, including: Are markets more ethical today than they were in the past? Are there systemic risks in today’s market that could see a repeat of 2008? Have regulators done a good job? And the burning question that everyone seems to want the answer to: Does Steve believe there is another “big short” opportunity approaching? Tune in for the answers to these questions and more.

Direct download: Take15_-_Steve_Eisman_-_v2.mp3
Category:General -- posted at: 9:05am EST

Financial planning remains a key component of many wealth management offerings and can be a point of differentiation for advisers in otherwise crowded markets. In recent years, increasingly agile technology has transformed financial plans from the multi-paged volumes that tended to gather dust to more cost effective, dynamic, real-time roadmaps and guides for clients' financial lives. In this conversation, Alex Murguia, co-founder of inStream and managing principal of McLean Asset Management, discusses the impact of technology on financial planning and wealth management.

Direct download: Technology_and_Innovation_in_Personal_Financial_Planning__v2_1.mp3
Category:General -- posted at: 12:01pm EST

In this video interview, Amy Florian, CEO of Corgenius, a consulting firm that teaches financial services professionals how to support clients in times of grief, loss, and transition, explains that grief is triggered when there is a break in an attachment. And while we tend to think of this break as the loss of a loved one, positive transitions—such as retirement—can also trigger grief. Florian discusses why it’s important for financial advisers to communicate with clients when they are grieving and experiencing difficult times and offers practical tips for compassionate conversations.

Direct download: 2018_-_Wealth_-_Take_15_-_Amy_Florian_-_v3.mp3
Category:General -- posted at: 10:28am EST

In this brief interview, Michael J. Mauboussin, author of The Success Equation, considers the continuum between luck and skill as it pertains to investing. He also shares his thoughts on the price/earnings multiple as a valuation tool, the hallmarks of an effective investment process, and how professional investors might mitigate some of the most common behavioral biases.

Direct download: Luck_Skill_and_Behavioral_Biases__-_v2.mp3
Category:General -- posted at: 10:51am EST

In this brief interview, Elizabeth M. Lilly, CFA, founder of a long-only investment firm focused on small-cap and micro-cap equities, explains how her investing style was shaped, in part, by Warren Buffett. She also discusses how she finds investment opportunities, the importance of a strong governance structure in firms, and how she avoids value traps and other pitfalls facing small cap value-oriented fund managers.   

Direct download: Lessons_from_a_Small-Cap_Value_Manager__-_v2.mp3
Category:General -- posted at: 9:26am EST

What does neuroscience teach us about peak performance? How can you unlock your full potential? How can mindfulness lead to higher performance? What is neuromanagement? In this fascinating interview, Dr. Karolien Notebaert provides answers to these questions and many more. Dr. Notebaert is founder and CEO of One Step Ahead—Notebaert Consulting, which specializes in helping companies and people put neuroscience into practice.

Direct download: Neuroscience_and_Performance-_Unlocking_Your_Potential__v2.mp3
Category:General -- posted at: 12:40pm EST

Omar Selim, founder and CEO of Arabesque, an ESG quant asset management firm, sits at the nexus of ESG, machine learning, and big data. In this interview, Selim tells viewers why he believes Arabesque is “the Tesla of finance,” what he thinks finance will look like in the next decade, and what it means to build a values-based asset management firm.

Direct download: The_Intersection_of_ESG_and_a_Values-Based_Asset_Management_Firm_v2.mp3
Category:General -- posted at: 9:09am EST

In this interview, Roberto Rigobon describes the Billion Prices Project, an alternative measure of inflation he developed with a colleague at MIT. He discusses the inspiration behind the Billion Prices Index, its composition and correlation to the US Consumer Price Index (CPI), and the practical implications of this work for policymakers and asset managers.

Direct download: T15_-_Roberto_Rigabon_-v2.mp3
Category:General -- posted at: 9:08am EST

In this interview, John Wilson explains how to integrate key tenets of environmental, social, and governance (ESG) investing into the equity research process. He also offers insights into the outlook for ESG investing, including the opportunities and challenges it offers, as well as the prospects for improved ESG-related disclosure by firms.

Direct download: T15_-_John_Wilson_-_v2.mp3
Category:General -- posted at: 9:39am EST

In this interview, Christine L. Todd, CFA, shares her outlook for infrastructure spending in the United States and explains both the benefits and risks associated with investing in infrastructure through US municipal bonds.

Direct download: Christine_Todd_-_v2.mp3
Category:General -- posted at: 9:07am EST

Can we shift the investment management industry from a passion-driven to a purpose-driven industry? Heather Brilliant, CFA, believes not only that we can, but also that it is imperative we do so. In this interview, Brilliant, Managing Director, Americas, at First State Investments, explains what it will take to make that shift and what needs to change for the industry to routinely act in the best interests of the client. She also discusses why we need to rebuild trust in the industry and the importance of assembling diverse investment and leadership teams.

Direct download: Take_15_-_Heather_Brilliant_-_v2_1.mp3
Category:General -- posted at: 9:09am EST

Elizabeth Corley, non-executive vice chair of Allianz Global Investors, a global asset manager owned by Allianz, has worked in the financial industry for 40 years and helped steer her company through the global financial crisis. In this interview, she discusses why it’s critical that investment firms create a culture of accountability and inclusivity. She also explains why it’s imperative that leaders help employees and clients focus their outlooks on the longer term and discusses the need for more diverse investment and leadership teams. Corley also offers her answers to the questions of what major trends investment firms must adapt to in order to be successful, trends that are most worrisome, and what will be the biggest change to the profession in the next decade.

Direct download: Take_15_-_Elizabeth_Corley_-_v4.mp3
Category:General -- posted at: 9:13am EST

What is the most pressing geopolitical risk facing Europe today? What will the “new American century” look like? Is a war with North Korea looming? What are the top geopolitical risks investors should keep an eye on in 2018? These questions are among the topics covered in a wide-ranging interview with Dr. George Friedman, founder and chairman of Geopolitical Futures, a firm that specializes in geopolitical forecasting. Dr. Friedman also discusses immigration in Europe, the ramifications of secession movements, and much more, including his view of China five years down the road and why he draws inspiration from Hegel, the German philosopher.

Direct download: Geopolitical_Risk-_What_Investors_Should_Be_Watching_in_2018.mp3
Category:General -- posted at: 9:06am EST

Andrea Turner Moffitt, a co-founder of Plum Alley Investments, a private investment platform that supports promising women entrepreneurs and gender-diverse teams, provides an overview of early-stage investing — how much was invested in 2016, what is getting funded, and who is making the decisions — and discusses why certain ideas and founders stand out, some of the challenges of being an early stage investor, and why women entrepreneurs need funding. She also shares with viewers the three key takeaways of her book, Harness the Power of Purse: Winning Women Investor, and explains why it is crucial that financial advisers today be “gender smart.”


Wesley Gray delivers a thorough discussion and analysis of factor investing. Gray explores the limits to arbitrage, making a compelling case for investing using opportunities that others hypothesize should not exist.

Direct download: Innovations_in_Factor_Investing_v2.mp3
Category:General -- posted at: 2:55pm EST

Russell Napier, ASIP, discusses global financial risks. He explores central banking, emerging markets, and global asset allocation. In particular, Napier hones in on the fragility of today’s global debt situation and suggests that the present monetary system may not make it.

Direct download: Landscape_of_Risk_in_2017_v3.mp3
Category:General -- posted at: 9:19am EST

Teresa C. Barger discusses her firm’s approach to successful emerging market investing. Her approach might be best characterized as influential activism, in contrast with adversarial activism. She tries to work with her target companies to persuade them to adopt practices that she believes will unlock hidden value.

Direct download: Emerging_Market_Activism_v2.mp3
Category:General -- posted at: 9:08am EST

Fostering growth and development are top agenda items for emerging market policy makers. In addition, developed market policies can significantly impact emerging market economies. In this Take 15, Randall S. Kroszner, Professor of Economics at the University of Chicago’s Booth School of Business, discusses his views on fragilities faced by emerging market economies and recommendations to counter them.   

Direct download: randy-audio.mp3
Category:General -- posted at: 12:00pm EST

A recent Ernst & Young Global Limited (EY) report named China the “centre of global FinTech innovation and adoption.” What technological innovations are taking place in China? How are financial services changing, and in what areas? In this Take 15 interview, Ming Shu, CFA, partner at Lingfeng Capital and former chief strategist of Ant Financial, shares his thoughts on the subject with us. Ming Shu’s unique experience of having worked with many aspects of the FinTech ecosystem makes his views particularly interesting. He will discuss how artificial intelligence, blockchain, cloud computing, and big data are finding applications in the areas of consumer finance, wealth management, and insurance in China. 

Direct download: shuming-audio.mp3
Category:General -- posted at: 12:00pm EST

Goals-based wealth management is a client-facing, robust framework for managing client needs. The framework is set up in a language that can be easily understood by clients. In this Take 15, Jean Brunel, CFA, gives advice and insights for setting up a goals-based wealth management practice.

Direct download: brunel-audio.mp3
Category:General -- posted at: 12:00pm EST

Michele Wucker, author of The Gray Rhino: How to Recognize and Respond to the Obvious Dangers We Ignore, discusses the duress being suffered by the twin paramount institutions of the 20th century, capitalism, and democracy. Wucker provides reasons for why these institutions’ wounds are both self-inflicted, and a matter of misfortune. Will the institutions survive until the end of the 21st century? If so, she proposes some important changes that must occur.

Direct download: 20th_Century_Institutions_Under_Duress_v4.mp3
Category:General -- posted at: 9:21am EST

There are many theoretical frameworks for performing asset allocation, both strategic and tactical. How do practitioners do it? Larry Cao, CFA, spoke with Robert P. Browne, CFA, EVP and CIO of Northern Trust, about his team’s investment process. From quantitative approaches and factor analysis to more fundamental approaches, such as macroeconomic and valuation analysis, Browne shares his perspectives on the pertinent topics and, more importantly, on how to tie them together. Browne also spoke on their market outlook and where they see opportunities in the market. Are equities expensive after the sharp run-ups? Are bonds at risk given the rising interest rate environment in the US? Tune in, and find out for yourself.

Direct download: Strategic_and_Tactical_Asset_Allocation_Processes-_A_Case_Study_v3_1.mp3
Category:General -- posted at: 10:40am EST

In this Take 15 interview, Frank Lu, Director of the Blockchain Department at Ping An OneConnect, a former IBMer, and co-author of the HyperLedger white paper, lays out his view of where the true value of blockchain lies. He will discuss hurdles of blockchain adoption, as well as how the business models may evolve for blockchain.  The interview was conducted by Larry Cao, CFA, at the LendIt China 2017 conference in Shanghai.  

Direct download: frank_lu-audio.mp3
Category:General -- posted at: 12:00pm EST

Willis Sparks, director of global macro at Eurasia Group, argues that geopolitics is an important subject deserving of the attention of all investment professionals. Sparks believes an understanding of geopolitics is both a source of both alpha and an important consideration in risk management. Additionally, Sparks takes viewers around the globe to discuss the geopolitical hot spots deserving of investors’ attention right now.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: 11771_-_T15_-Willis_Sparks.mp3
Category:General -- posted at: 11:58am EST

Whether the result of equity-based compensation from employment at public companies, or the rewards of a liquidity event borne of entrepreneurial success, concentrated single-stock positions are a relatively common circumstance for wealthy individuals. Clients may prefer to maintain ownership for a variety of reasons, leaving a significant risk management challenge for the advisor. Elizabeth Ostrander, CFA, discusses some of the common approaches to managing such concentrated positions, including a recent "stock protection fund" innovation that involves investors pooling a cash buffer to diminish or negate losses over time.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_309.mp3
Category:General -- posted at: 10:05am EST

Are there skills and traits that make for successful private equity investors? Are there client communication challenges associated with private equity investing? Daniel S. Meader, CFA, founder and a managing partner of Trinity Private Equity Group, discusses his firm’s investment philosophy and provides answers to these questions and many more.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_308.mp3
Category:General -- posted at: 3:36pm EST

Joel Bruckenstein, an expert on applied technology for financial professionals and publisher of Technology Tools for Today (T3), discusses cyber-security, improving the client experience, the rise robo-advisers, what’s in store for financial technology in the near future, and more.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_307.mp3
Category:General -- posted at: 8:18am EST

Women control more wealth than ever in the United States, tend to outlive men by about 15 years, and make or contribute to 90% of US philanthropic decisions. And yet there is a major disconnect: Many women are not satisfied with what the wealth management industry is offering them. Adrienne Penta, executive director of the Brown Brothers Harriman Center for Women & Wealth, discusses this problem—explaining what women clients want from their financial advisers and how advisers can better serve this important segment of their clientele.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_306.mp3
Category:General -- posted at: 10:05am EST

Robo advice is all the rage in wealth management, particularly in developed markets such as the United States. What is the potential for robo advice in Japan and the rest of Asia? Will robo-advisers replace all human advisers, or will they peacefully coexist? And how do such megabanks as Mizuho balance their traditional channels with the robo advice channel? Keisuke Ito, CFA, head of investment technology at Mizuho–DL Financial Technology, shares his perspectives.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_305.mp3
Category:General -- posted at: 10:08am EST

The need and demand for attention toward the end client has never been higher. Investment advice is one of the high impact areas within financial services where this need has been growing. Is the “advice for a fee model” where the end customer decides the fee, the right model? What roles do technology and robo-advisory have to play? In this Take 15 interview, Anthony Serhan, managing director of the Asia Pacific Research Strategy at Morning Star, will provide his insights into these important questions that will shape the “future of investment advice.”

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_304.mp3
Category:General -- posted at: 1:42pm EST

Mebane Faber, co-founder and chief investment officer at Cambria Investment Management, takes a quantitative approach to investing. In this brief interview, he shares his views on common behavioral pitfalls, active management, shareholder yield, and the exaggerated impact of asset allocation on returns.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_303.mp3
Category:General -- posted at: 9:35am EST

Frank Murtha, cofounder of MarketPsych, a behavioral finance consulting firm, has researched investor psychology extensively to better understand why investors often make irrational decisions. In this interview, Murtha explains how personality affects investing, how important self-awareness is, and how investors can mitigate their behavioral blind spots. He also identifies some of the common traits of successful financial advisers.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_302.mp3
Category:General -- posted at: 7:41am EST

In this interview, Freya Beamish, a senior economist at Lombard Street Research with extensive knowledge of China and Japan, answers whether Chinese zombie debt provides a threat to the wider economy, if Abenomics is a success or failure, and offers her insights into the RMB/USD exchange rate.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_301.mp3
Category:General -- posted at: 6:35pm EST

Digital banking is the wave of the future, but according to David Brear, co-founder and CEO of 11:FS, a fintech consultancy, it is “only 1% finished.” In this interview, he explains why he believes this is the case, what he’s most excited about in fintech, and what the future looks like.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_300.mp3
Category:General -- posted at: 7:51am EST

BlackRock managing director and CIO of model-based fixed income strategies, Thomas B. Parker, CFA, describes the three major super-cycles coming to a close and the investment opportunities that exist therein. Also, listen as he provides a very contrarian view about the role of central banks in the current interest rate environment.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_299.mp3
Category:General -- posted at: 7:55am EST

In this interview, Kristin J. Ceva, CFA, managing principal at Payden & Rygel, briefly discusses how to invest in emerging market fixed income. She specifically addresses the three things you must get right, common fictions, and the biggest obstacles.

Direct download: CFA_Institute_T15_298.mp3
Category:General -- posted at: 7:42am EST

Lucy Kellaway, author and long-time columnist for the Financial Times, talks about her storied career poking fun at management fads, jargon, and the vagaries of office life.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_297.mp3
Category:General -- posted at: 8:10am EST

The Chinese economy has been the focal point for many investors around the world given its slowing growth. Has the investment-driven growth phase come to an end? Have real estate developers finally come to accept that the “if you build it, they will come” era is finally over? Will supply-side reforms save the day? Larry Cao, CFA, recently sat down with Hao Hong, CFA, chief strategist of Bank of Communications International, and discussed these questions.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_295.mp3
Category:General -- posted at: 10:06pm EST

The US is facing a retirement savings crisis. But if you dig through the numbers, it is, in large part, a women's crisis, says Sallie Krawcheck, founder and CEO of Ellevest, a digital investment platform for women, and the owner and chair of Ellevate Network. In this episode, Krawcheck discusses why it is critical that women invest, why the investment management is lagging when it comes to gender diversity, and what needs to be done to improve diversity across the industry.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_296.mp3
Category:General -- posted at: 8:12am EST

This summer, investors anxiously waiting for MSCI’s decision on whether to add China A shares to the MSCI index were met with another disappointment. For the third year in a row, MSCI decided against including China A shares in its popular emerging market index. What are the general criteria a market needs to satisfy for it to be included? What’s missing from the China A shares market and what will it take for China A shares to be added? Larry Cao, CFA, recently sat down with Chris Ryan, managing director and head of the Asia Pacific region for MSCI in Hong Kong, and discussed these questions.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_295B.mp3
Category:General -- posted at: 8:10am EST

Greg Valliere discusses possible implications of the US presidential election. In particular, he highlights winning businesses and sectors resulting from the election of either Hillary Clinton or Donald Trump.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_294.mp3
Category:General -- posted at: 7:20am EST

Leah Joy Zell, CFA, shares the triumphs and tribulations of international small cap investing. Though she has produced an excellent long-term track record, Zell says she doesn’t get sucked into predicting market movements. Rather, she focuses on bottom-up analysis supplemented by her deep knowledge of history in local markets. By having the flexibility to roam around the world in search of opportunities, she also feels that the combination of discipline and flexibility gives her firm a distinct advantage.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_293.mp3
Category:General -- posted at: 7:23am EST

Multi-asset strategy is an investment discipline that has taken on great significance in recent years. At the recent Japan Investment Conference in Tokyo, we sat down with Yuichi Chiguchi, Head of Multi-Asset Strategies, BlackRock Japan, to discuss the best practices in managing these strategies. He also shared his views on whether long-term investing works in Japan given the slump in its stock market in recent decades and how he and his team are navigating the negative interest rate environment and finding opportunities in the Japanese bond market.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_292.mp3
Category:General -- posted at: 4:29am EST

Investors around the world often wonder why Japanese investors and business managers seem to behave differently from their Western counterparts at times. For example, Japanese investors tend to shy away from stocks and are often in search of social ideals in their daily operations. Kazuhisa Okamoto, CFA, from I-O Wealth Advisors in Tokyo, formerly President of CFA Society Japan and CEO of Barclays Global Investors Japan, offered an explanation from the angle of Japan’s deep cultural heritage and, in particular, the “merchants’ way” (as opposed to the “samurai’s way” that is well known in popular culture), the origin of which traces back to the Endo era.  

Direct download: CFA_Institute_T15_290.mp3
Category:General -- posted at: 12:00pm EST

Technology has been a force in investment management since the telegraph machine, but recent developments are intensifying the pace of change. As executive and research director of the global projects center at Stanford University, Ashby Monk is a frontline observer of what these changes mean for the world’s major investors. In this interview conducted by Will Ortel of CFA Institute, Ashby Monk discusses how leading investors are making use of these emergent technologies.

Direct download: CFA_Institute_T15_291.mp3
Category:General -- posted at: 8:32am EST

Energy expert Amy Myers Jaffe walks through the breadth of innovation in the energy markets both in traditional energy sources (e.g., oil) and so-called alternative energy technologies (e.g., solar). Energy breakthroughs have lowered the costs of alternatives dramatically and provide a viable channel for both capital investment and government policy to flow. In particular, Jaffe expects a wave of climate change related policies to push economies more forcefully into alternatives going forward.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_288.mp3
Category:General -- posted at: 9:17am EST

The most successful fund managers over time are typically contrarians—those who are inclined to zig when the market zags. Rupal J. Bhansali is one such value investor whose patience and emphasis on risk management has helped set her apart from her peers. In this brief interview, Bhansali draws the important distinction between risk and volatility, addresses the perils of “value traps,” and shares other valuable lessons that she has learned over the course of her investing career.

Direct download: CFA_Institute_T15_289.mp3
Category:General -- posted at: 7:51am EST

Dr. Daniel Goleman, best-selling author of Emotional Intelligence and A Force For Good, the Dalai Lama’s Vision for Our World, discusses the role of empathy in emotional intelligence and ways emotional intelligence can help finance professionals succeed and be a force for good.

Direct download: CFA_Institute_T15_287.mp3
Category:General -- posted at: 1:34am EST

Investment manager and author Jacques Lussier, CFA, discusses what, other than superior analytical abilities, leads to investment manager outperformance, as well as the proper way of assessing investment manager performance. Hint: a factor-based approach is his preference. Additionally, Lussier discusses the important role that risk management has in driving outperformance, as well as what kinds of clients make for the best kind of client for investment managers.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_286.mp3
Category:General -- posted at: 1:39pm EST

Sir Bob Geldof, a businessman, political activist, songwriter, musician, author, and former lead singer of the Boomtown Rats, sat down with John Authers of The Financial Times following the 69th CFA Institute Annual Conference to talk about Geldof’s journey from rock star to private equity investor. Amid the topics discussed: What’s the case for investing in Africa? Why aren’t more investors harnessing the continent’s prospects? What about concerns about corruption? And, where in Ethiopia is 8 Miles LLP, the London-based private-equity firm he chairs, finding investment opportunities?

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_285.mp3
Category:General -- posted at: 5:00am EST

Global emerging markets have faced significant headwinds over the last few years, primarily as the result of the slowdown in China and the slump in commodity prices. Is there too much pessimism around emerging markets? Martyn Davies, managing director of emerging markets and Africa at Deloitte Frontier Advisory, answers this question and discusses the coming demand shock for some emerging markets, the relationship between China and Africa, and what needs to happen for emerging markets to divorce themselves from moves in commodities and simple currency fluctuations.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_284.mp3
Category:General -- posted at: 11:34am EST

Chester Santos, one of the world’s foremost experts on memory training and the 2008 USA Memory Champion, discusses why it’s important for financial professionals to exercise their memories. Santos reviews the three main principles of memorization—visualization, invoking additional senses, and applying creativity; and offers practical tips on how to become better at remembering people’s names.

Direct download: CFA_Institute_T15_283.mp3
Category:General -- posted at: 12:47am EST

Carolyn McClanahan, a physician and founder of Life Planning Partners, tells CFA Institute why it is essential that financial advisers talk to their clients about their health and then walks us through the components of a health care discussion.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_282.mp3
Category:General -- posted at: 8:32am EST

CFA Institute sat down with Joshua M. Brown, CEO of Ritholtz Wealth Management and the persona behind the highly successful financial blog, The Reformed Broker, to talk about his views on the Obama administration’s push for a fiduciary standard for brokers; the story behind his “reformation”; the outlook for fintech; how social media has helped business; and who he considers “must-reads.”

Direct download: CFA_Institute_T15_281.mp3
Category:General -- posted at: 7:34am EST

What design principles can financial service providers use for building products that can help investors achieve their goals? In the context of increased financialization, John Kay, through this Take 15 interview, provides his insights to building superior financial products. 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Join us at the 69th CFA Institute Annual Conference in Montréal

Direct download: CFA_Institute_T15_280.mp3
Category:General -- posted at: 11:22am EST

Borderless markets have made it easier for fund managers to seamlessly invest in equities. Yet, country allocation and local risk factors are among dominant considerations for global fund managers. In this interview, Aswath Damodaran discusses approaches and limitations in equity country selection.

Direct download: CFA_Institute_T15_279.mp3
Category:General -- posted at: 7:28am EST

David Schawel, CFA, discusses the appropriate role for fixed income as investors contemplate the end of a thirty year bull market in rates. Schawel also discusses how professional investors use Twitter and his outlook for Marketplace lending. 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_278.mp3
Category:General -- posted at: 8:08am EST

What is the business case for gender balance and feminine values? How is a more balanced set of values key to sustainable financial services? Halla Tomasdottir, Founder and CEO of Sisters Capital, outlines the arguments for a more balanced approach and evaluates the connections to a more sustainable financial services industry.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Join us at the 69th CFA Institute Annual Conference in Montréal

Direct download: CFA_Institute_T15_277.mp3
Category:General -- posted at: 12:18pm EST

International small cap investing should come with a warning label, “Don’t try this at home.” That is, this is one area of investing fraught with risk and best left to professionals like Jon Moog at US-based Lizard Investors. While opportunities abound for the savvy investor, poor corporate governance, illiquidity, and lax accounting standards are just some of the risks Moog and his colleagues wrestle with as part of their due diligence process. Learn about the importance of “time arbitrage” as well as risks and rewards of international small cap investing in this brief interview with a well-travelled industry veteran.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Join us at the 69th CFA Institute Annual Conference in Montréal

Direct download: CFA_Institute_T15_276.mp3
Category:General -- posted at: 3:28am EST

There is a rational or right way as well as an irrational or wrong of thinking about money. As human beings we are prone to thinking about money in the wrong way, but fortunately, there are some things we can do about our irrationality. Join this interview with Dan Ariely, as he provides a more rational approach to money and opportunity costs.

Direct download: CFA_Institute_T15_275.mp3
Category:General -- posted at: 12:11pm EST

Elizabeth Collins, CFA, of Morningstar explains how investors can generate alpha through the disciplined application of their Moats methodology and fundamental equity valuation principles.

Direct download: CFA_Institute_T15_274.mp3
Category:General -- posted at: 8:43am EST

Ronald G. Layard-Liesching, chairman and founder, Mountain Pacific Group, a firm dedicated to risk management, quantitative finance, and currency investing discusses the current interrelationship of currencies with financial markets, and a particularly troubling scenario for which most investors are unprepared. Here is an overview of the points covered: 

•  How currency markets dwarf all other markets

•  How the size of currency markets is driving the performance of all other financial markets

•  How central bankers of non-reserve countries can deal with the current "currency wars"

•  How to rehabilitate currency markets beyond just ending QE

•  What China must do for the renminbi to attain reserve currency status

•  The effort to de-dollarize the oil markets

•  Concerns about blockchain currency technology

•  The one potentially deadly scenario investors are not discounting

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Join us at the 69th CFA Institute Annual Conference in Montréal

Direct download: CFA_Institute_T15_273.mp3
Category:General -- posted at: 9:30am EST

Karin Kimbrough, managing director and head of macro and economic policy at Bank of America Merrill Lynch, discusses:

• How central banks' quantitative easing has affected both global economic and productivity growth

• Why the global economy of 2015 seems in a funk

• Her scenarios for base interest rates over the next 5–7 years, including the scenario that investors seem least prepared for

• Evolutions in macroeconomic theory she believes are worthy of investor attention

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Join us at the 69th CFA Institute Annual Conference in Montréal

Direct download: CFA_Institute_T15_272.mp3
Category:General -- posted at: 11:20am EST

Practical guidance on thoughtful, effective philanthropy can be hard to come by, but in this interview, Will Ortel sits down with an investor, Ron Bruder, who has made the transition in the hopes that others can learn from his journey. Ron Bruder established Education for Employment at the beginning of the century to target the problem of Arab youth unemployment. Since that time, his foundation has spread throughout the Middle East and North Africa and won acclaim from the World Economic Forum, The Guardian, and former US President Bill Clinton. In this interview, Bruder discusses how he chose to dedicate himself to philanthropy, the tools he has found useful, and how philanthropy can influence the future.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_271.mp3
Category:General -- posted at: 6:19am EST

Many changes have taken place in Japan’s corporate governance in recent years. Last year the Stewardship Code was approved with much fanfare and now the corporate governance code. What’s really happening on the ground? What can foreign investors expect and what to watch for in the future? Dr. Yoshiko Takayama, former board governor of International Corporate Governance Network and a current member of Japan Corporate Governance Forum, shared her perspectives on the subject with us.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_270.mp3
Category:General -- posted at: 12:00pm EST

 

Erika James, dean of Goizueta Business School at Emory University, is well-known for her research in the areas of crisis leadership and workplace diversity. She has written that crises are inevitable and every organization will experience a crisis of some magnitude. In this interview, Dean James discusses how leaders can prepare for a crisis and then take the experience and use it to take the organization to the next level once the crisis ends. She also talks about the business case for diversity and the importance of corporate culture.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_269.mp3
Category:General -- posted at: 11:02am EST

The African continent holds twenty percent of the world’s land area and just a bit more than three percent of its GDP. Will Ortel and Melissa Cook, CFA, discuss why it’s critical for companies and investors to pay attention to the continent, where they can fruitfully devote their attention, and how it is emerging as a battleground for a new category of company. 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_268.mp3
Category:General -- posted at: 2:17am EST

Clare Flynn Levy is founder and CEO at Essentia Analytics, a software firm that allows fund managers to capture data about their own behavior so they can improve their investment processes. In this interview, she discusses a fundamental problem that investment professionals share: they sell skill, but get paid for performance, and yet the two are not the same. Ms. Levy explains how and why it’s important for fund managers to keep track of their investment processes so they can learn to avoid, or minimize, behavioral biases in the future.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_267.mp3
Category:General -- posted at: 8:53am EST

In this interview, Carla Harris, a managing director and vice chairman of global wealth management at Morgan Stanley and author of Expect to Win, explains the business case for diversity in the business world. She also shares career advice, or what she calls “pearls of wisdom,” acquired over a nearly three-decade career on Wall Street, and talks about how she hires and how her leadership style has evolved over time.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_266.mp3
Category:General -- posted at: 4:15am EST

John Coates, research fellow in neuroscience and finance at the University of Cambridge, researches the biology of risk taking and stress. Previously, he traded derivatives for Goldman Sachs and ran a trading desk for Deutsche Bank. Dr. Coates’s book, The Hour between Dog and Wolf, was short-listed for both the Financial Times/Goldman Sachs Book of the Year Award and the UK Wellcome Trust Science Writing Prize. His research on risk taking has attracted interest from business, medicine, the military, and elite sports teams. Foreign Policy named Dr. Coates one of the most influential thinkers of the year. He holds an MPhil and a PhD from the University of Cambridge.

This information is accurate as of the date of recording.

 

Direct download: CFA_Institute_T15_265.mp3
Category:General -- posted at: 8:48am EST

Andreas J. Sauer, CFA, shares key characteristics of his approach to macro investing, which infers market expectations for both real growth and monetary policy. Sauer also discusses how he developed trading strategies based on this approach.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_264.mp3
Category:General -- posted at: 4:55am EST

 

James Clunie, CFA, ASIP, a fund management director at Jupiter Asset Management, manages an absolute return fund with a global long/short investment mandate. In this brief interview, he discusses the role of shorting in the price discovery process, what makes a stock an attractive candidate for shorting, and the risks associated with the practice.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_263.mp3
Category:General -- posted at: 12:04pm EST

Martin Wolf joins Robert Stammers, CFA, to discuss his newest book and his presentation at the 68th CFA Institute Annual Conference in Frankfurt, Germany. Wolf discusses the causes of the financial crisis and what options are available to investment professionals and policy makers to strengthen the financial system and to potentially avoid additional financial calamities. Martin Wolf also explains the need to change the role and focus of central banks in relation to their part in the crisis, and what they can do to reduce the risk of continued financial insecurity.  Wolf concludes the interview with practical insights for investment professionals.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_262.mp3
Category:General -- posted at: 9:53pm EST

Philippa Malmgren makes the case for an emerging world order that is quite different from what we’ve known since the end of World War II.  In particular, she highlights developments in Asia, such as the Asian Infrastructure Bank and BRICS bank as being significant symbols of a desired shift away from US hegemony. 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_261.mp3
Category:General -- posted at: 9:49am EST

Patrick O’Shaughnessy, CFA, principal and portfolio manager at O’Shaughnessy Asset Management and author of Millennial Money, discusses how millennial investors are different from prior generations, including the events that shaped their outlook and risk tolerance, and offers some advice for traditional wealth managers who want to work with millennials. 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_260.mp3
Category:General -- posted at: 2:20am EST

Thomas D. Giachetti, chair of the securities practice at Stark & Stark, is a frequent speaker on the topic of cyber risk in financial services. Here he talks about potential exposures and consequences of a cybersecurity breach; duty to clients; and steps that financial advisers and firms should take to protect their practices.

 

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_259.mp3
Category:General -- posted at: 8:39am EST

Michael Finke, professor and director of retirement planning at Texas Tech University, discusses a number of new trends in longevity and why this is such an important part of retirement planning. He also reviews what the research tells us about what makes retirees happy and talks about the implications of cognitive decline on wealth and well-being.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_258.mp3
Category:General -- posted at: 11:29am EST

Jim Walker, a leading economist and Founder of Asianomics Group Limited, evaluates the global economy from the perspective of investors with a focus on Asia and emerging markets.

 

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.    

Direct download: CFA_Institute_T15_257.mp3
Category:General -- posted at: 2:47am EST

Abdulaziz B. Al Loughani explains the role of the state in development of small and medium size enterprises in the Gulf Cooperation Council (GCC) countries.

The Take 15 Series is a series of short interviews with leading practitioners on timely topics focused on the investment profession.

Direct download: CFA_Institute_T15_256.mp3
Category:General -- posted at: 6:22am EST



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