Enterprising Investor

• Greg Fisher, CFA: Complexity Science, Uncertainty & the Future of Asset Management

  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 investment practitioners. The conversation explores how narratives, structural change, and evolving patterns shape asset prices, and how asset managers can incorporate complexity-informed insights into their research and decision-making. Listen and follow the podcast, and explore our report Reframing Financial Markets as Complex Systems for additional insights: https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

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• Victor Haghani: From The Missing Billionaires to Smarter Risk and Better Decisions

  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

  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 navigating today's interconnected financial landscape, and read Genevieve's recent report, Reframing Financial Markets as Complex Systems, available at https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

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• Christine Mahoney: What the Mercer CFA Institute Global Pension Index Says About the Health of Retirement Systems

  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 innovation globally.    Read the full report: https://rpc.cfainstitute.org/research/reports/2025/mercer-cfa-institute-global-pension-index-2025

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• Winston Ma, CFA: Sovereign Wealth, AI Strategy, and the Future of Global Capital

  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 challenges to co-investment opportunities, he explains why asset managers, advisors, and retail investors alike must view every company through the interconnected lenses of law, finance, technology, and geopolitics. Tune in to hear Winston's insights, and don't miss his blog post, Intel, TikTok, and a US Sovereign Wealth Fund: What It Means for Investors, on Enterprising Investor.

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