Barbara Stewart, CFA: The Smartest Things People Ever Did—Global Stories of Risk, Change, and Reward
Release Date: 06/15/2025
Mustafa Dah: Why Don't Markets Consistently Price Heat as a Tangible Risk?
Enterprising Investor
If heat is a real-world cost for companies, why is it still not accurately and consistently priced into the market? Guest host, Kevin Max, editor of Enterprising Investor, speaks with Mustafa Dah, an associate professor of finance and chair of the Department of Finance and Accounting at the Lebanese American University, about While climate-related disclosures have expanded, markets often struggle to translate recurring heat exposure into company valuations, credit assessments, and costs of capital. This episode explores why investors, analysts, and portfolio managers need to move beyond...
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Kwame Christian: Finding Confidence in Conflict Through Better Negotiation
Enterprising Investor
Why do so many professionals avoid difficult conversations—and what does it cost them? Mike Wallberg, CFA, speaks with Kwame Christian, founder and CEO of the American Negotiation Institute and author of Finding Confidence in Conflict, about the psychology of negotiation, building confidence, and handling disagreement with empathy. They discuss compassionate curiosity, self-advocacy, salary negotiations, emotional intelligence, and practical techniques for navigating conflict while strengthening relationships. Whether you're leading a team, managing clients, or challenging investment ideas,...
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Neeraj Khemlani and Matt Ankrum, CFA: The Hunt for 100-Bagger Stocks
Enterprising Investor
What do the market's biggest long-term winners have in common? Neeraj Khemlani, former president of CBS News and author of The Coffee Can Investor, and Matt Ankrum, CFA, managing partner of Ankrum Capital, join host Mike Wallberg, CFA, to explore the research behind "100-bagger" stocks and the investing principles that can help build generational wealth. From recurring revenue and competitive advantages to the power of compounding and investor patience, they share lessons from decades of market history and explain why some of the best opportunities may be hiding in plain sight. Tune in for...
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Ben Carlson, CFA: Risk, Reward, and the Real Price of Long-Term Investing
Enterprising Investor
In this episode of Enterprising Investor, Ben Carlson, CFA, director of institutional asset management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth, joins Mike Wallberg, CFA, to discuss why volatility is the unavoidable price of higher returns. Drawing on market history, behavioral finance, and real-world investing examples, Carlson explores the challenges of market timing, inflation, and portfolio construction, while highlighting the habits that help investors stay disciplined...
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Joachim Klement: Geopolitics, Inflation, and Portfolio Strategy
Enterprising Investor
Joachim Klement joins Mike Wallberg, CFA, to break down the investment implications of today’s geopolitical environment. From energy market disruptions to shifting trade dynamics, Klement explains how global events feed through to inflation, interest rates, and asset valuations. The conversation also explores how investors can separate noise from signal, rethink international diversification, and incorporate assets such as commodities to better manage geopolitical risk. With markets increasingly shaped by policy and global tensions, Klement offers a practical lens for portfolio construction....
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Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds
Enterprising Investor
What is really happening beneath the surface of private markets? In this episode of the Enterprising Investor, host Mike Wallberg, CFA, speaks with returning guest, Mark Higgins, CFA, author of Investing in US Financial History, and Leyla Kunimoto, founder of Accredited Investor Insights, about emerging stress in private credit and private equity. They explore investor outflows from semi-liquid funds, the mechanics and risks of NAV-based valuation, and the growing disconnect between market narratives and underlying realities. Drawing on both current market developments and historical cycles,...
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Raluca Filip, CFA: Helping Investors Navigate Risk, Volatility, and Second Thoughts
Enterprising Investor
Market volatility and relentless news cycles can cause even confident investors to second-guess their risk tolerance. Raluca Filip, CFA, joins guest host Cathy Scott to explore why clients hesitate, reverse decisions, or suddenly reassess their appetite for risk — and how advisors can respond in those pivotal moments. Drawing on her work with financial professionals, Filip explains the psychology behind shifting risk perceptions, particularly among investors shaped by prolonged bull markets. She highlights the gap between imagining a downturn and actually living through one, and why...
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Stefan Sharkansky: The Only Other Spending Rule Article You Will Ever Need
Enterprising Investor
Is it time to move beyond the 4% rule? Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, “The Only Other Spending Rule Article You Will Ever Need,” and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement. He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth....
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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...
info_outlineBarbara Stewart, CFA, returns to The Enterprising Investor to share findings from her latest Rich Thinking study, based on candid conversations with 54 people across the globe. This year’s central question—“What’s the smartest thing you ever did?”—unlocks an inspiring range of stories about personal and professional transformation.
From a Singaporean ballet dancer who defied expectations, to an Argentine executive who discovered the Japanese concept of ikigai, to an Australian entrepreneur who rebuilt his life after addiction, Barbara explores how risk-taking, mindset shifts, career pivots, and geographic leaps often lead to unimagined success. With trademark warmth and insight, she illustrates how the boldest moves can become the smartest decisions.
Listen to the full episode for powerful, real-life stories—and explore the Rich Thinking summary on the Enterprising Investor blog for even more global insights.