The WellSaid Podcast

Commodities are shaping up to be a critical asset class for investors to consider in 2026. Veteran commodities portfolio manager David Chang joins host Thomas Mucha for a wide-ranging discussion on gold's ongoing bull run, the role of central banks, the evolving energy landscape, AI, and the prospect of a new global commodities super cycle.1:55 – What’s driving gold’s bull run6:50 – Gold vs. other commodities8:20 – Entering an energy super cycle?12:10 – Geopolitics and the future of oil16:30 – AI, commodities, and national security20:50 – China’s role in commodities markets23:35 – Broader macro factors Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Portfolio Manager Anna Lunden and Macro Strategist Nick Wylenzek talk about how to navigate macroeconomic shifts and trends like AI in global large-cap investing.2:05 – Small-caps and the big picture7:10 – How policy impacts philosophy and portfolios 10:30 – AI and the large-cap index skew13:25 – Ripple effects (and opportunities) of AI17:35 – Structure, risk-management, and the pursuit of alpha Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The latest episode of our WellSaid podcast dives deep into the world of climate investing and the transformative role of AI in driving sustainable solutions.2:00 Global climate policy environment5:45 Climate investments as problem solvers9:07 Assessing climate tech company fundamentals11:25 How AI is driving climate innovation13:50 Global competition for climate tech dominance16:25 Geopolitical dynamics21:35 Climate solutions as national security priorities25:05 Growing climate demand in emerging markets Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Strategists Bo Meunier and Thomas Mucha analyze the impacts of AI, shifting supply changes, and evolving consumer behavior on emerging markets.1:00 – Top trend: AI3:10 - Semiconductor supply chain8:00 – The auto industry and US tariffs10:30 – Domestic markets and differentiation13:30 – Real estate and construction15:35 – Focus on China20:50 – Deep dive on Mexico24:00 – Strong fundamentals in central Europe25:30 – A weaker USD and the end of US exceptionalism? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Evan Reiser, CEO of Abnormal AI, and Rob Mazzoni, technology sector lead for late-stage growth private investments, join host Thomas Mucha to discuss how innovations in cybersecurity and AI are poised to disrupt everything from the software industry to geopolitics.In this episode:3:00 – AI reshaping software5:30 – Investing amid AI innovation8:30 – Disruptor versus disrupted11:30 – Intersection of AI and cybersecurity16:45 – What’s top of mind for CIOs?18:40 – Impact on geopolitics23:00 – Parting words for founders24:05 – Investment implications Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Macro Strategists Juhi Dhawan and Thomas Mucha break down the busy first half of 2025, discussing DOGE, tariffs, taxes, immigration, deregulation, and more.2:30 – Tariffs are a tax8:30 – Highs and lows of the new tax bill16:25 – Economic boosts in AI and deregulation?20:30 – Immigration policy and productivity23:05 – A wait-and-see Fed25:20 – Investment implications of a disruptive geopolitical landscape Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Portfolio managers John Smallcomb and Ed Baldini explain what extension strategies are, how they might benefit investors, and why interest in these strategies has been ticking up.3:15 – What are extension strategies?6:15 – Rising interest and room for growth9:50 – Relative risk13:35 – Role in asset allocation15:30 – Extension strategies and the current market Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Strategists Thomas Mucha and Johnny Yu discuss US-China strategic decoupling, trade tensions, and the implications for global markets and supply chains.2:25 – Pause of US “reciprocal” tariffs on China6:00 – National security concerns and market takeaways10:10 – Impact on global supply chains15:20 – Effects on other strategic allies and international relationships23:10 – US self-isolation and long-term investment themes Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Strategists Thomas Mucha and Nick Wylenzek discuss the regime shift in European markets, focusing on deglobalization, tighter monetary policy, and increased government intervention. They explore the impacts on sectors like defense, energy, and the evolving relationship with China.Key topics:1:45 - Unpacking the European economic regime shift7:00 - Alpha potential of European markets9:15 - National security concerns among EU governments12:50 - A potential NATO split?15:20 - Sector outlooks for European equities16:45 - Europe and China relations Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nick Samouilhan, co-head of Wellington’s multi-asset platform, joins host Thomas Mucha to discuss the importance of adapting portfolios to rising macro volatility, geopolitical changes, and structural shifts.Key topics2:00 – Drivers of macro volatility4:05 – Inflation, diversification, and stress testing8:15 – Company and currency dispersion10:25 – Regime diversification12:15 – Role of hedge funds14:45 – Private market opportunities17:00 – Navigating geopolitical risk20:25 – New rules for investing Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On the latest episode of WellSaid, fixed income strategist Amar Reganti joins host Thomas Mucha to explore the potential effects of tariffs, ongoing geopolitical conflicts, China's economic recovery, the growth of private credit, and much more on 2025's fixed income markets. In this episode:1:55 – History and impact of tariffs6:15 – Geopolitical conflict and inflation12:15 – China’s economic recovery16:00 – US/China great-power conflict18:45 – Currency risk: Japanese yen20:00 – US equities: Is it all just one trade?22:05 – Housing market24:25 – The growth of private credit Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Health care services experts David Khtikian and Josh Sommerfeld join host Thomas Mucha to explore the industry's transformation, diving into consolidation, tech innovation, value-based care, and the benefit of their public/private collaboration.1:30 – Evolution of health care services3:30 – Next generation of digital health companies6:45 – Public market: Leveraging private market insights8:35 – Private market: Collaborating with public investors11:20 – Top down macro and regulatory environments16:20 – Health care in Trump 2.019:45 – Value-based care in private markets23:15 – Impact of income inequality Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the wake of the US election, macro strategists Juhi Dhawan and Michael Medeiros join host Thomas Mucha to discuss the market, policy, and geopolitical implications of Trump 2.0.In this episode:1:15 – Equity market: Potential winners and losers3:35 – Outlook for fixed income and bond yields5:00 – Fiscal policy implications6:30 – Deficits and the bond market7:30 – Immigration’s impact on growth and inflation10:15 – Tariffs and trade policy13:10 – Geopolitical risk15:30 – Fed policy in Trump 2.0 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Macro strategist Mike Medeiros joins host Thomas Mucha to discuss the potential market impacts of the upcoming US election. Listen to the full episode to understand how different outcomes in the House, Senate, and White House races could shape the economy.2:25 - Market implications of major policy differences7:15 - When will bond markets care about deficits?9:35 - The impact of polling errors13:15 - Key issues and the race to 27015:25 - Potential black swans17:15 - The most polarized time in history20:00 - Different approaches to income inequality21:25 - The Senate, the House, and how divided government affects markets25:30 - The Fed, inflation, and other macro variables27:25 - Disinformation, deepfakes, and gen AI28:35 - Who do markets think will win? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Small-cap stocks have experienced a historic rotation in response to recent macro jolts. In the latest episode of WellSaid, equity strategist Andy Heiskell joins host Thomas Mucha to discuss his outlook for small companies in this environment.2:00 – The role of a global equity strategist3:40 – Small-cap stocks’ recent rotation5:25 – Regime change is a process7:05 – Potential drivers of small caps' relative outperformance9:00 – Small caps and the economic cycle10:50 – Characteristics of higher-quality small caps12: 20 – Identifying today’s small-cap opportunities14:25 – The growth of private equity18:00 – The impact of geopolitics and national security21:00 – Lessons learned Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Portfolio manager Dirk Enderlein joins host Thomas Mucha to discuss how European markets are evolving and how long/short investors can potentially make the most of the changes.2:15 – Long/short investing amid Europe’s structural shifts5:00 – Bubble or durable regime change?7:30 – Energy transition10:00 – Defense sector deep dive15:45 – Bottom-up stock picking18:30 – Evaluating emerging technologies20:30 – Investing with an engineering mindset Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Head of Multi-Asset Strategy for EMEA, Supriya Menon, explores her team's latest research on how climate change affects capital market assumptions.Key topics:2:05 – Supriya’s investment background3:25 – Climate research from an allocator’s perspective6:10 – New research framework: Three pillars8:20 – Collaborating with internal climate experts9:50 – Key research findings12:30 – Implementing a climate framework14:45 – Climate risk, geopolitics, and transition scenarios18:20 – Integrating climate across asset classes22:05 – Insurers approach to climate23:30 – Next steps for climate researchThe views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Head of liquid alternatives and hedge funds, Mark Sullivan, and investment director of diversifying strategies, Chris Perret, share their views on why the multidimensionality of macro investment approaches may help provide investors a smoother path forward amid an increasingly uncertain macro and geopolitical backdrop.1:50 Career paths5:10 Major shifts in the macro environment8:20 Influence of government policy on markets10:50 Effect of US election cycle12:10 Japan’s new reality14:40 Key to success for macro strategies?16:40 Geopolitical risks19:30 Dimensionality in the investment process21:00 Importance of talent development25:20 Why lean into macro now? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Thanks to powerful corporate, political, social, and demographic tailwinds, India’s market has been firing on all cylinders. Ahead of the 2024 national elections, equity portfolio manager Niraj Bhagwat gives an inside look at these drivers and the impressive changes he is seeing across the country. 2:00 Observations from recent trip to India4:35 Strong corporate execution in India6:35 Reasons for broad-based market rally10:10 Navigating India’s high valuations12:00 Macro drivers, domestic politics, and national elections15:50 Geopolitical risks and opportunities for India21:45 Assessing the market impacts of climate change23:35 Niraj’s expectations for the next five years Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Given the outsized effects of climate change on women and families, climate technology may be an avenue to better outcomes. Sector lead Molly Breiner joins host Thomas Mucha to break down the growing market and investment case for private climate tech.2:00 Professional background5:00 Climate, women, and agriculture7:25 Founders and the gravity of climate change10:00 Promising agriculture technologies14:00 Benefits to women and families18;50 Rise of female leaders in venture20:20 ESG integration and women21:50 Personal role models and mentors Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.