Financial Thought Exchange Podcast
The Financial Thought Exchange Podcast is where you get wiser by hearing from financial thought leaders from all walks of life. This is the perfect companion podcast for financial analysts, investors, or anyone interested in the ”inside baseball” of the financial world. Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. Check out our peer-reviewed research here: https://rpc.cfainstitute.org/en/research If you would like to support the show and our work, please use the donation link below: https://rpc.cfainstitute.org/en/research-foundation/donate
Episodes
5 days ago
5 days ago
In this episode, host Lotta Moberg is joined by Joseph Simonian to discuss the importance of understanding the field of model validation and how it applies to the financial industry.
Joseph Simonian is a globally renowned investor and researcher who hasconducted extensive research in quantitative finance, machine learning, factorinvesting, and portfolio construction. Over the course of a 20-year career in theinvestment industry, he has held senior portfolio management and researchpositions in several prominent asset management firms. He is also the founderand CIO of Autonomous Investment Technologies.
Simonian is a noted contributor to leading finance journals and a prominentspeaker at investment events worldwide. He is co-editor of the Journal ofFinancial Data Science, is on the editorial board of the Journal of PortfolioManagement, chairman of the board of directors of the Financial DataProfessional Institute, and a member of the CFA Institute Research and PolicyCenter Technical Commitee. Simonian has authored over 40 publications inleading investment journals. He is co-author of the book Quantitative GlobalBond Portfolio Management and author of Computational Global Macro, slatedfor release in 2024.
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate
Saturday Jun 15, 2024
Saturday Jun 15, 2024
Bill and Marty Join host Larry Siegel to discuss equity risk premium, spending rates, and investment strategies for retirement.
William F. Sharpe, born in 1933, is the STANCO 25 Professor of Finance, Emeritus at Stanford University’s Graduate School of Business. He was one of the originators of the Capital Asset Pricing Model and is the best-known exponent of it. He developed the "Sharpe Ratio" for investment performance analysis, and is one of the most widely published and celebrated authors of journal articles in the history of finance. He wrote the best-selling textbook, Investments, and many other books. In 1990, he received the Nobel Prize in Economic Sciences.
Martin L. Leibowitz is President of Advanced Portfolio Studies LLC (APS), a consulting firm focused on issues of asset valuation and portfolio allocation. Dr. Leibowitz currently serves on the investment committees of Singapore’s GIC, the Institute for Advanced Study, the Carnegie Corporation, the IMF pension system, and the American Academy of Arts and Sciences.
In 2021, Leibowitz received the Singapore National Day Award for his work with the GIC fund. In 2015, he was named “Financial Engineer of the Year” by the IAQF. He has written over 300 articles and has been the most frequently-published author in both the Financial Analysts Journal (FAJ) and the Journal of Portfolio Management (JPM). Ten of his FAJ articles have received Graham and Dodd Awards. He is one of very few recipients who have received all three of the CFA Institute’s highest awards.
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate
Saturday Jun 01, 2024
Mark Kritzman on Relevance-Based Prediction, An Alternative to Machine Learning
Saturday Jun 01, 2024
Saturday Jun 01, 2024
Mark joins host Lotta Moberg to discuss relevance-based prediction, a transparent and adaptive alternative to machine learning.
Mark Kritzman, CFA is a Founding Partner and CEO of Windham Capital Management, LLC. He is also a Founding Partner of State Street Associates, and he teaches a graduate finance course at the Massachusetts Institute of Technology.
Mark served as a Founding Director of the International Securities Exchange and as a Commissioner on the Group Insurance Commission of the Commonwealth of Massachusetts. He also served on the Advisory Board of the Government Investment Corporation of Singapore (GIC) and the boards of the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates.
He is currently a member of the Advisory Board of the MIT Sloan Finance Group, the Board of Trustees of St. John’s University, the Emerging Markets Review, the Journal of Alternative Investments, the Journal of Derivatives, the Journal of Investment Management, where he is Book Review Editor, and The Journal of Portfolio Management.
Relevance-based prediction is a new approach to data driven forecasting which serves as a favorable alternative to both linear regression analysis and machine learning. In this episode, Mark Kritzman, one of the leading researchers in this field, joins us to discuss the seminal scientific innovations underlying this approach to predictions, namely the Prasanta Mahalanobis’ distance measure and Claude Shannon’s information theory.
We also discuss the three key tenets of relevance-based prediction, that of relevance, which measures the importance of an observation to a prediction, fit, which measures the reliability of each individual prediction task, and codependence, which holds that the choice of observations and predictive variables should be determined jointly for each individual prediction task. Get ready for a highly educational, stimulating, and demanding episode!
To review Mark's work for yourself, use the links below:
JOIM paper (Relevance)
https://globalmarkets.statestreet.com/research/portal/insights/article/5985847c-60d8-418a-9334-5838b009058f
JFDS paper (Relevance-Based Prediction)
https://globalmarkets.statestreet.com/research/portal/insights/article/7c6fcbd8-8ed3-4c84-b722-d2d24d99c082
To purchase a copy of his book, use the links below:
https://www.predictionrevisited.com/
https://www.wiley.com/en-us/Prediction+Revisited%3A+The+Importance+of+Observation-p-9781119895596
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate
Friday May 10, 2024
Tom Idzorek & Paul Kaplan on Lifetime Financial Advice: Part Four
Friday May 10, 2024
Friday May 10, 2024
Thomas M. Idzorek, CFA, is chief investment officer, retirement, for Morningstar Investment Management LLC. He also serves as a member of Morningstar’s 401(k) committee, Public Policy Council, Global Investment Committee, U.S. Investment Policy Committee, the editorial board of Morningstar magazine, and the Journal of Investment Management conference series Advisory Board.
Paul D. Kaplan, CFA, was director of research for Morningstar Canada and a senior member of Morningstar’s global research team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Kaplan conducted research on asset allocation, retirement income planning, portfolio construction, index methodologies, and other investment topics.
In this episode, Tom & Paul join host Lotta Moberg for the fourth time to finish their conversation covering how life-cycle finance provides a practical, integrated three-stage model for financial planning that not only embraces life-cycle finance but also integrates it with single-period optimization models.
To review their research in its entirety, click here: https://rpc.cfainstitute.org/en/research/foundation/2024/lifetime-financial-advice-a-personalized-optimal-multilevel-approach
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate
Wednesday May 01, 2024
Tom Idzorek & Paul Kaplan on Lifetime Financial Advice: Part Three
Wednesday May 01, 2024
Wednesday May 01, 2024
Thomas M. Idzorek, CFA, is chief investment officer, retirement, for Morningstar Investment Management LLC. He also serves as a member of Morningstar’s 401(k) committee, Public Policy Council, Global Investment Committee, U.S. Investment Policy Committee, the editorial board of Morningstar magazine, and the Journal of Investment Management conference series Advisory Board.
Paul D. Kaplan, CFA, was director of research for Morningstar Canada and a senior member of Morningstar’s global research team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Kaplan conducted research on asset allocation, retirement income planning, portfolio construction, index methodologies, and other investment topics.
In this episode, Tom & Paul join host Lotta Moberg for the third time to continue their conversation covering how life-cycle finance provides a practical, integrated three-stage model for financial planning that not only embraces life-cycle finance but also integrates it with single-period optimization models.
To review their research in its entirety, click here.
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to know more about who we are and what we do, please click here.
If you would like to support the show and our work, please donate using this link: https://rpc.cfainstitute.org/en/research-foundation/donate
Friday Apr 26, 2024
Tom Idzorek & Paul Kaplan on Lifetime Financial Advice: Part Two
Friday Apr 26, 2024
Friday Apr 26, 2024
Thomas M. Idzorek, CFA, is chief investment officer, retirement, for Morningstar Investment Management LLC. He also serves as a member of Morningstar’s 401(k) committee, Public Policy Council, Global Investment Committee, U.S. Investment Policy Committee, the editorial board of Morningstar magazine, and the Journal of Investment Management conference series Advisory Board.
Paul D. Kaplan, CFA, was director of research for Morningstar Canada and a senior member of Morningstar’s global research team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Kaplan conducted research on asset allocation, retirement income planning, portfolio construction, index methodologies, and other investment topics.
Tom & Paul join host Lotta Moberg for the second time to continue discussing how life-cycle finance provides a practical, integrated three-stage model for financial planning that not only embraces life-cycle finance but also integrates it with single-period optimization models. Here is a link to their research: https://rpc.cfainstitute.org/en/research/foundation/2024/lifetime-financial-advice-a-personalized-optimal-multilevel-approach
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please donate here: https://rpc.cfainstitute.org/en/research-foundation/donate
Friday Apr 19, 2024
Mike Dowdall on the Future of Alternative Credit
Friday Apr 19, 2024
Friday Apr 19, 2024
Mike Dowdall is Chief Investment Officer of Alternative Fund Advisors and the portfolio manager of the AFA Private Credit Fund. He is responsible for the investment sourcing, due diligence, and positioning of the AFA Private Credit Fund.
Prior to joining Alternative Fund Advisors, Mike was a director and the portfolio manager at BMO Global Asset Management, where he managed the US multi-asset and multi-alternative portfolios.
Mike is a member of the CFA Society of Chicago and is a CFA Charterholder. He received an MBA from the University of Chicago Booth School of Business and a BBA from the University of Notre Dame.
In this episode, Mike joins host Lotta Moberg to discuss the future of alternative credit and the myriad of associated factors and risks.
His published work on the topic can be found here (pages 84-93): https://rpc.cfainstitute.org/-/media/documents/article/rf-brief/introduction-to-alt-credit.pdf
Financial Thought Exchange is brought to you by the CFA Institute Research Foundation. If you would like to support the show and our research, please use the following link: https://rpc.cfainstitute.org/en/research-foundation/donate
Friday Apr 12, 2024
Nick Cleary on Infrastructure Debt
Friday Apr 12, 2024
Friday Apr 12, 2024
Nick joined Vantage Infrastructure in 2012 to build out the global infrastructure debt platform and has more than 25 years of relevant experience. Nick leads the North American business, including investments origination, execution and portfolio management. He is a member of the Investment Committee and the firm’s global Executive Committee.
Prior to joining Vantage Infrastructure, Nick spent over six years in the banking industry across energy, resources, project and infrastructure financing.
Nick holds a Bachelor of Surveying degree from the University of Tasmania, and a Master of Business Administration from the Macquarie Graduate School of Management, Australia.
Nick joins host Lotta Moberg to discuss the intersection of the infrastructure and financial industries and how infrastructure debt finances the interconnected world we live in today.
His published work on the topic can be found here (pages 67-73): https://rpc.cfainstitute.org/-/media/documents/article/rf-brief/introduction-to-alt-credit.pdf
Financial Thought Exchange is brought to you by the CFA Institute Research Foundation. If you would like to support the show and our research, please click here.
#alternativecredit #infrastructure #altcredit #financepodcast #businesspodcast
Friday Mar 29, 2024
Zack Ellison on Venture Debt
Friday Mar 29, 2024
Friday Mar 29, 2024
Zack Ellison, CFA, CAIA is the founder and managing general partner of Applied Real Intelligence (A.R.I.) and the chief investment officer of the A.R.I. Senior Secured Growth Credit Fund, which provides debt financing solutions to premier startups in North America.
He previously worked as a loan structurer and underwriter, investment banker, corporate bond trader, and fixed income portfolio manager at three firms with over $1 trillion in assets – Scotia Bank, Deutsche Bank, and Sun Life.
Mr. Ellison holds an MBA from the University of Chicago, an MS in Risk Management from NYU, and is completing his Doctorate in Business Administration at the University of Florida.
His views on investing in innovation and venture debt are showcased in monthly columns he writes for Venture Capital Journal and Built In, as well as engaging discussions with leading investors each week on The 7 in 7 Show with Zack Ellison (Podcast). Additionally, he authored the Venture Debt chapter in the recently released book from the CFA Institute Research Foundation: An Introduction to Alternative Credit. For a deeper dive into A.R.I.'s pioneering growth credit and venture debt solutions and to discover how they're shaping the future of startup financing, visit www.arivc.com.
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please use the donation link below: https://rpc.cfainstitute.org/en/research-foundation/donate
Friday Mar 22, 2024
Thomas Idzorek & Paul Kaplan on Lifetime Financial Advice
Friday Mar 22, 2024
Friday Mar 22, 2024
Thomas M. Idzorek, CFA, is chief investment officer, retirement, for Morningstar Investment Management LLC. He also serves as a member of Morningstar’s 401(k) committee, Public Policy Council, Global Investment Committee, U.S. Investment Policy Committee, the editorial board of Morningstar magazine, and the Journal of Investment Management conference series Advisory Board.
Paul D. Kaplan, CFA, was director of research for Morningstar Canada and a senior member of Morningstar’s global research team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Kaplan conducted research on asset allocation, retirement income planning, portfolio construction, index methodologies, and other investment topics.
Tom & Paul join host Lotta Moberg to discuss how lifecycle finance's wide, encompassing approach provides an over-arching framework for individuals to better invest their money over the course of their life. Here is a link to their published research: https://rpc.cfainstitute.org/research/foundation/2024/lifetime-financial-advice-a-personalized-optimal-multilevel-approach
Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. If you would like to support the show and our work, please use the donation link below: https://rpc.cfainstitute.org/en/research-foundation/donate