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Guiding Assets

Author: CFA Institute

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Formerly Take 15, Guiding Assets is the flagship podcast of CFA Institute and the definitive program for the investment management industry. As stewards of the investment industry, Guiding Assets will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals. The show will also share crucial insights and best practices to help guide investors to make smart, ethical decisions. Guiding Assets will continue to help build a better world for investors.
486 Episodes
In this thought-provoking episode, we dive deep into the challenges facing the European banking sector with expert guest Joachim Klement, CFA, an investment strategist at Liberum. We tackle the recent confidence breakdown in the industry, the potential risks of bank bailouts, and the impact on bond markets, while also reflecting on Joe's experience in the financial industry and his valuable advice to "do your own thinking. " Don't miss this insightful and timely discussion as we navigate the complex world of European banking and uncover the critical differences between now and the 2008 financial crisis.   Chapters:   (0:00:04) - European Banking Confidence (0:13:19) - The Risk of Bank Bailouts (0:18:32) - Do Your Own Thinking   Chapter Summaries:   (0:00:04) - European Banking Confidence (13 Minutes) In this episode, we explore the current challenges in the European banking sector with Joachim Klement, CFA, an investment strategist at Liberum. We discuss the recent confidence breakdown in the banking industry, starting with Silicon Valley Bank's bankruptcy, and how it affected other banks like First Republic Bank and Credit Suisse. Joachim also shares his insights on the UBS and Credit Suisse deal and the potential impacts of the current turmoil on various sectors. He emphasizes the importance of investing in companies with positive free cash flows and highlights the differences between the current situation and the 2008 financial crisis.   (0:13:19) - The Risk of Bank Bailouts (5 Minutes) In this portion of the episode, we examine the risk of a liquidity crisis due to a potential bank run in Europe and the impact on bond markets. We also discuss the divergence in expectations between the US and European central banks, highlighting the potential consequences of cutting interest rates too soon. Furthermore, we touch on the unintended consequences of bank bailouts and the possibility of future regulation akin to the Dodd–Frank Act.   (0:18:32) - Do Your Own Thinking (1 Minutes) As we wrap up our conversation with Joachim Klement, CFA, we reflect on his first job in the financial industry as an investment consultant for UBS. Joe shares his top piece of advice for his younger self: do your own thinking. He emphasizes the importance of forming one's own opinions rather than simply adopting the views of others, as this can lead to defending positions one may not genuinely believe in.   Listen for free and browse our back catalog of Guiding Assets episodes:
During the pandemic, many people creatively changed their approach to work—building new paths to wealth that leveraged their personal skills and life priorities. Mike Wallberg, CFA, and Barbara Stewart, CFA, researcher, keynote speaker, and author of Rich Thinking, discuss these changes, including what it means to have a personal business model and invest in yourself and what we can learn about our clients and ourselves as a result. Find the full line-up of CFA Institute podcasts, visit
Global FX markets with $2.1 trillion daily spot turnover far overshadow fixed income and equities markets in size, yet more can be done to assure their integrity and effective functioning.  Mike Wallberg, CFA, speaks with Dagmara Fijalkowski, CFA, head of global fixed income and currencies at RBC Global Asset Management, about the FX Global Code, a set of principles that goes beyond a code of ethics to embody industry best practices. Fijalkowski explains how the FX Global Code has helped to improve the governance, internal processes, best execution and risk management practices surrounding FX transactions for her firm and their clients. Find the Enterprising Investor article here:
One approach that can help investment advisors go beyond the familiar “Know Your Client (KYC)” information gathering is to use a genogram to map a client's family history. The genogram looks like a family tree, but also provides detailed information about current and past family relationships and helps identify financial patterns and family values over generations. Mike Wallberg, CFA, speaks with Kim Curtis, CFA, CEO of Wealth Legacy Institute, Inc. and best-selling author, about the genogram technique to help advisors better understand a client’s family dynamics that can lead to more productive wealth management planning and deeper client relationships. Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit
The tried and true rules of the formal debate model can be useful to learn the skills needed to disagree productively, find common ground, and influence decisions, whether you’re presenting an analysis to colleagues in your firm’s security selection process or fielding portfolio performance questions from clients. Mike Wallberg, CFA, speaks with Julia Dhar, Managing Director and Partner, Boston Consulting Group, about debate model techniques and other behavioral insights to help investors sharpen investment ideas and improve client relationships. Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit
In the wake of the FTX debacle, investors in cryptoassets have seen the need to critically reassess and strengthen their due diligence and risk management processes, and for regulators globally to provide greater clarity and consistency in regulating the space. In this episode, Mike Wallberg, CFA, and Martin Leinweber, CFA, Digital Asset Product Strategist at MarketVector Indexes, discuss the  lapses in investors’ due diligence with regard to FTX, the role and valuation of cryptoassets in balanced portfolios and diverse ways in which investors can invest in the space, beyond cryptocurrencies. Read the Report: Cryptoassets: Beyond the Hype Online Course: DeFi: Introduction to Blockchain and Cryptocurrency Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit
Geopolitics, demographic trends, and geography are re-shaping the world order and driving changes in global economic power and the free trade system we have known in the recent past. Our host, Mike Wallberg, CFA, sits down with geopolitical strategist, Peter Zeihan, to discuss his new book, The End of the World is Just the Beginning.  In this wide-ranging conversation, Zeihan maps out what the next world order will look like, explores how global shifts will shape investment opportunities and risks over the short and medium term, and discusses why inflation is rooted in the labor situation and is likely to persist longer than many expect. Thank you for listening, if you enjoyed this episode please tell a friend and be sure to leave a review. To find the full line-up of CFA Institute podcasts, visit
A Three-Component Approach to Stock and Bond Picking. As central banks swung from QE to QT this year, the withdrawal of liquidity has been a major component in exacerbating stock market declines and bursting of bond market bubbles. Mike Wallberg, CFA, speaks with George Cipolloni, CFA, Portfolio Manager and co-leader of the balanced income strategy at Penn Mutual Asset Management, about the role liquidity has played in recent years to raise stock and bond market valuations. George also discusses his firm’s three-lever methodology to identify fundamentally strong investments that will thrive as the liquidity tide goes out.
“Risk” in investment management has many definitions and dimensions. For investors, it’s not only important to quantify total portfolio risk, but also to go beyond to determine the portfolio’s risk and return drivers and different sources of risk. Mike Wallberg, CFA, and Reshma Rajagopalan, CFA, Quant & Analytics Specialist at FactSet, discuss how risk budgeting, risk modeling, and risk assessment tools add value in the portfolio management process and can help investors stick to their investment plan and allocations, especially through turbulent periods, to achieve better performance outcomes.
ETFs have been popular among investors for many years given the tax advantages, efficiency, and transparency afforded by the ETF structure, but it was regulatory changes implemented in 2019 that leveled the playing field for the issuance of active ETFs. Since then, more active managers, including traditional mutual fund firms, have been bringing actively-managed ETFs to market. Our host, Mike Wallberg, CFA, speaks with Steve Cook, Managing Director and Head of ETFs at Harbor Capital Advisors, about the evolution of active ETFs in the marketplace and discusses the firm’s process of creating ETFs that solve investors’ problems, using the firm’s inflation-hedging ETF as an example. 
An emerging and critical application of data science in the asset management industry is the use of artificial intelligence and machine learning to support both the art and science of fundamental investing. Arezu Moghadam, Managing Director and Global Head of Data Science at JP Morgan Asset Management, speaks with host, Mike Wallberg, CFA, about how her team applies AI and ML to help the firm’s portfolio managers make faster and smarter decisions by separating signal from noise in the massive volumes of structured and unstructured data they analyze. She discusses how AI and ML can create efficiencies, reduce bias, and uncover new investment opportunities and offers advice to early career investment professionals aspiring to master ML and AI applications in the field of investment management.
The Journey to Leading a Global Investment Firm Leading an investment firm, regardless of size, requires a combination of soft skills — empathy and understanding of what motivates people — and a breadth of management experiences built over time. In this episode, Mike talks with a respected leader of a global investment organization, Richard Brandweiner, CFA, CEO of Pendal Australia, about his unique career path and the important leadership characteristics he honed along the way, including service to others, showing humility, building trust and relationships across an organization, bringing diverse teams together for better decision making, and always trying to see the world through the lens of the client. Richard also discusses the recent proposal from Australian fund manager, Perpetual, to acquire Pendal and his priorities as CEO in managing the firm through this combination.
How Asset Owners are Using DEI Metrics in Manager Selection and Investment Decision Making Diverse investment teams outperform on many levels.  Having a dedicated DEI strategy and culture at your investment firm can not only enhance investment performance, but also can contribute to significant improvements in risk management, talent acquisition, and employee retention. Jason Lamin, Founder & CEO, Lenox Park speaks with host Mike Wallberg, CFA, about what asset owners are asking for in terms of DEI metrics and benchmarks and the up-and-coming analytical tools available for peer comparisons by asset classes, regions, and more.
Aligning Client Objectives with Portfolios Demand for impact investments has never been higher among high net worth clients, but capital allocation to impact strategies is still a small fraction of demand.  How can advisors help their clients align objectives, build portfolios and invest in solutions to societal and environmental challenges and provide attractive returns?  Adam Rein, Co-founder, President and CIO of CapShift discusses the tools, platforms and frameworks for advisors to help navigate the impact investment landscape.
Matthew Hougan and David Lawant from Bitwise, the world's leader in crypto index funds, join Mike to talk about the current state of crypto currencies in 2022. They talk about market fundamentals, valuing crypto assets in the current volatile market, what has changed, and how to approach these assets going forward. -show notes- Link to Matt's paper for the CFA Institute Research Foundation "Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals"   Bitwise Investments:
Financial advisors quickly embraced and implemented new technology and tools to bridge performance reporting and communications with clients during the pandemic. But as our guests, Ian Robertson, CFA and Sameer Somal, CFA tell us, continuing to build on relationships, fostering trust, providing superior communication, and more comprehensive advisory services are now premium differentiators for advisors. Join us to discuss the future of work in financial advisory services and learn how you can skill up to better serve your advisory clients. Bios: Sameer Somal, CFA, CFP, CAIA Sameer serves as Chief Executive Officer for Blue Ocean Global Technology and is co-founder of Girl Power Talk. He is an active member of the Future Business Leaders of America, the Society of International Business Fellows, and is a board member for the Future Business Leaders of America-Phi Beta Lambda, and formerly a member of the CFA Institute Seminar for Global Investors Board of Regents. He is a key contributor to numerous volunteer agencies across a wide range of initiatives, and he has dedicated countless hours to developing leaders across the globe. Adding to his long list of competencies, he is a compelling author and keynote speaker. Ian Robertson, CFA, MBA, MA Ian is a Vice President, Director, Portfolio Manager and member of Odlum Brown Limited’s Executive Committee. He is a regular speaker and writer on investment issues. Ian holds the CFA designation, which focuses on global investment knowledge, professional standards and ethics, as well as the Responsible Investment Advisor Certification (RIAC), which focuses on the integration of environmental, social and governance (ESG) factors in the selection and management of investments. Combining his strong interest in the impact of ESG on corporate strategy and valuation, and his commitment to providing clients with leading-edge investment insight, Ian is pursuing his DPhil (PhD) in responsible investment on a part-time basis at the University of Oxford. Prior to joining Odlum Brown in 1997, Ian spent five years with the federal government, where he held several positions with a financial or economic focus – including postings in Ottawa with the Department of Finance and the Department of Foreign Affairs Related links: Explore a wide range of courses specifically designed for investment professionals such as Data Science and DeFi. Explore online, self-paced learning that fits around your day. Courses are open to the public and member discount is available. Girl Power Talk--We believe that achieving true gender equality requires a radical shift in the way young women are mentored in the workplace. At Girl Power Talk, we are passionately dedicated to empowering women–as well as men and nonbinary individuals–with opportunities to learn confidently, feel valued, and build a career full of purpose. Vision: Girl Power Talk is passionate about elevating young women to become global leaders who are recognized for their myriad of talents and contributions. We believe that through education, opportunity, and the support of empathetic male allies, girls and women will advance beyond gender roles, aspire to new levels of achievement and reshape our society. Through our innovative ecosystem, we are changing the world of work for the better and providing all voices equal weight in a new narrative defining the future.
Ever considered investing in art as an alternative asset class? Allen Sukholitsky, CFA, joins us to discuss his role at Masterworks — an asset management firm that specializes in art as an investment vehicle. From how the concept of fractional shares of art really works to why it can be a great inflation hedge, this episode is a fascinating look into an often mysterious asset class.
What Bonds Can Tell Us About Equity Valuations While rising interest rates have had serious consequences for investors, there are some stocks that are performing better in the current financial climate. John Tobin, CFA, returns to the show to discuss the state of dividends and “equity duration,” and what that means for dividend payers versus non-dividend payers in a rising rate environment.
Energy price volatility has taken investors on quite a roller coaster ride over the past few years. From historic lows at the onset of the global pandemic to the surging highs seen in recent weeks, it begs the question if what we’re witnessing in the energy sector will continue, and for how long? Kathryn Downey Miller, CFA, VP of Energy Strategy at FactSet, helps shed a light on power, oil, and natural gas sectors while discussing the intricate nuances that have critical impacts on energy markets and what it means for investors.
Private equity, once an esoteric corner of Wall Street, has reached Main Street. Private equity companies are woven into the fabric of our economy. In fact, the wealth controlled by the major private equity firms is more than $12 trillion, surpassing the GDP of some nations. That’s why it’s never been more important to understand this global economic engine. Sachin Khajuria, founder and chief investment officer at Achilles Management and author of the book Two and Twenty, offers a glimpse into the winning traits and principles behind private equity and explains how best players in the industry manage to stay so successful.
Comments (6)

Andere Rate


Jan 8th

ahmad Teymouri


Dec 18th

Михаил Емец


Mar 26th

Raphael Fajersztajn

MMT it's the most stupid thing I ever heard of

Mar 4th

flavia garcia

how many "right"s from the host?!?!

Jun 20th

Anand G

it's really helpful. hope i will practice it for at least 21 days.

Apr 18th
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