Clare Flynn Levy: Measuring Decision-Making Skill in Investing
Release Date: 11/01/2024
Roger Urwin: What a Total Portfolio Approach Looks Like in Practice
Enterprising Investor
What does a total portfolio approach look like inside an investment organization? Roger Urwin, Global Head of Investment Content at Willis Towers Watson, describes how TPA functions in practice, from new roles like the Chief Total Portfolio Officer to the governance structures, data, and decision frameworks that shape portfolio-wide thinking. Speaking with Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he discusses the guardrails that support disciplined decision-making, the skills and mindsets required to operate across silos, and why resilience,...
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Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description
Enterprising Investor
Roger Urwin, Global Head of Investment Content at Willis Towers Watson, reflects on how leading asset owners are rethinking strategic asset allocation amid faster regime change, rising systemic risk, and growing complexity. In a conversation hosted by Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he draws on decades of experience advising global funds to explain why a total portfolio mindset is gaining traction—and how it reframes goals, governance, and investment decision-making. The discussion explores what it means to invest through a truly holistic...
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Ashley Herd: Why Better Managers Drive Better Business Results
Enterprising Investor
Great management isn’t a “soft skill” — it’s a measurable performance lever. Ashley Herd, founder and CEO of Manager Method and author of The Manager Method: Practical Strategies to Lead with Purpose and Confidence, joins host Mike Wallberg, CFA, to unpack why communication sits at the heart of effective leadership and how small managerial choices ripple through engagement, retention, and profitability. Drawing on her experience as a lawyer, in-house leader, and advisor who has trained more than 250,000 managers, Herd explains why promoting top performers into management roles so...
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Anna Martirosyan: Ethical AI, Model Governance, and the Future of Responsible Finance
Enterprising Investor
Anna Martirosyan, strategy and transactions manager at EY Parthenon, speaks with guest host Lotta Moberg, CFA, about the ethical foundations of AI in finance, including fairness, transparency, model governance, and the risks that arise as firms automate more decisions. Drawing on her chapter in AI in Asset Management: Tools, Applications, and Frontiers, Anna explains how practitioners can use AI responsibly while navigating evolving global regulations. Tune in to hear their full conversation. Read the complete book online: Follow the Financial Thought Exchange podcast for more expert...
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Greg Fisher, CFA: Complexity Science, Uncertainty & the Future of Asset Management
Enterprising Investor
In this extended deep dive, guest host Raymond Pang, Senior Researcher at CFA Institute, speaks with Greg Fisher, CFA, about how complexity science can offer a richer lens for understanding uncertainty, market behavior, and the limitations of traditional financial models. Building on themes explored in our recent episode with Richard Bookstaber and Genevieve Hayman — including feedback loops, emergent dynamics, and the need for more adaptive approaches to risk — Fisher expands the discussion to the historical roots of the mechanistic mindset and why a systems-based perspective may benefit...
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Victor Haghani: From The Missing Billionaires to Smarter Risk and Better Decisions
Enterprising Investor
Victor Haghani — co-founder of Long-Term Capital Management and founder of Elm Wealth — joins host Mike Wallberg, CFA, to discuss the ideas behind his book The Missing Billionaires: A Guide to Better Financial Decisions. Using the “missing billionaires” puzzle as a starting point, Haghani explores why so many investors struggle with risk sizing, how our instincts often sabotage long-term results, and why dynamic asset allocation makes more sense than sticking to static rules. Listen now to learn how understanding “how much” to invest can be the key to lasting financial success.
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Richard Bookstaber: Understanding Markets Through Complexity and Human Behavior
Enterprising Investor
Risk expert and author Richard Bookstaber joins guest host Genevieve Hayman, senior researcher at CFA Institute, to explore why traditional financial models often fail to capture the real dynamics of markets. Drawing from decades of experience — from hedge funds to the US Treasury — Bookstaber unpacks how human behavior, feedback loops, and network effects shape systemic risk and market crises. The conversation delves into how complexity science, agent-based modeling, and new AI tools can help investors build resilience and rethink how risk is managed. Listen to the episode for insights on...
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Christine Mahoney: What the Mercer CFA Institute Global Pension Index Says About the Health of Retirement Systems
Enterprising Investor
Mercer Senior Partner Christine Mahoney joins host Mike Wallberg, CFA, to unpack key findings from the Mercer CFA Institute Global Pension Index 2025. She explains how 52 retirement income systems are evaluated on adequacy, sustainability, and integrity—and what those measures reveal about the resilience of retirement systems worldwide. The discussion explores government influence on pension investments, the principle of “retirement first,” and the role of policy incentives in balancing national priorities with member outcomes. Listen now to hear what’s driving pension reform and...
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Winston Ma, CFA: Sovereign Wealth, AI Strategy, and the Future of Global Capital
Enterprising Investor
In this episode of Enterprising Investor, Winston Ma, CFA, investor, attorney, author, and partner at Dragon Capital, joins guest host and editor of the Enterprising Investor blog, Cathy Scott, to explore how sovereign wealth is reshaping markets in the age of AI and geopolitical rivalry. Drawing on his experience as former head of the North America office for China Investment Corporation, Winston unpacks the unconventional rise of a US sovereign wealth fund, its investments in Intel and critical AI supply chains, and the far-reaching implications for global investors. From governance...
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Rob Arnott: Rethinking Risk, Fear, and the Future of Asset Pricing
Enterprising Investor
Rob Arnott, founder and chairman of Research Affiliates, joins The Enterprising Investor to challenge long-held assumptions about the equity risk premium and asset allocation. Drawing on Fear, Not Risk, Explains Asset Pricing, the provocative paper he co-authored with Edward McQuarrie, Arnott explores why markets may reward investors less for traditional risk-taking than previously believed, and how fear—both of loss and of missing out—better explains investor behavior. From historical return data to the role of AI in gauging market sentiment, Arnott offers a bold framework that could...
info_outlineFounder and CEO of Essentia Analytics, Clare Flynn Levy, joins Mike Wallberg, CFA, to discuss the concept of the behavioral alpha score, a metric designed to assess an investor's decision-making skill. Drawing from her experience as an active equity fund manager, Clare explains the origins of the behavioral alpha score and its significance in the pursuit of sustainable investment alpha in an increasingly competitive landscape. She emphasizes that traditional methods of generating alpha, such as superior information, are no longer effective, highlighting the importance of understanding and improving one's own decision-making processes. Tune in to explore how behavioral analytics can enhance investment strategies and decision making.