Leaders with Joseph Cass

BlackRock's Global Chief Investment Strategist Wei Li joins Joe Cass to talk about whether the AI boom is a bubble, why she thinks we're still in the early build-out phase, and how a wider-than-ever range of outcomes is reshaping portfolios. 00:00 Is there an AI bubble? 05:08 Day in the life of Wei Li 06:14 How to stand out in an AI world 08:08 Blackrock's internal AI platforms 10:02 Wei's most important datapoint 11:18 Wei's contrarian investment belief 12:31 What is it really like working at Blackrock? 13:37 Inside Blackrock's Investment Committee 14:45 Biggest misconceptions about Blackrock 18:29 Public to Private Markets power shift 21:14 How Wei communicates 23:28 The importance of an S&P rating 24:40 How to be disciplined in a whipsaw market? 26:38 The rise (and fall?) or US market dominance 28:55 Wei's advice to young professionals Follow Joe on Linkedin: https://www.linkedin.com/in/josephcass/

In this episode, Joseph speaks with Mark Haefele, Chief Investment Officer at UBS, about what truly separates lasting wealth from wealth that gets eroded, across investing, family dynamics, and generational planning. They explore why inheritance planning can be the hardest financial puzzle wealthy families face, how billionaires think about keeping families aligned, and what happens when emotions, identity, and "behavioral noise" run the portfolio instead of a clear plan.
Chapters:
0:00 The biggest mistake wealthy investors make
1:37 What are the world's wealthiest people most worried about right now?
2:44 Personal habits of billionaire families
4:24 What asset class are wealthy families increasing exposure to?
5:03 The 'Godfather' approach to inheritance
7:21 Succession TV show in real life
9:08 Why do some families retain wealth, and others lose it all?
10:28 The billionaire asset allocation template
12:06 What long term risk are markets underpricing?
13:11 An unstable decade for investors
14:08 UHNWI's view of private markets
16:40 Investing sophistication of UHNWI's
18:10 UHNWI appetite for private credit
19:15 Preferred asset classes of the wealthiest people in the world
20:12 The importance of credit ratings
21:09 Has working with billionaires changed Mark?
22:15 Mark's #1 tip for young people to build wealth today

This episode features Blair Jacobson, Co-President of Ares Management Corporation, discussing private credit investment strategies, risk management, and firm growth. He shares insights on how Ares maintains a conservative approach to avoid losses, the importance of relationships and reputation in deal origination, and the firm's expanding areas like asset-backed credit and wealth management. Blair also touches on the evolving role of credit ratings in private markets, the firm's involvement in sports investments, and offers advice for young professionals entering finance amidst technological disruption.
Chapters:
00:00 What could go wrong in private credit
1:34 How prepared is Ares for a downturn
6:55 Football & sports investment – Chelsea & Athletico Madrid
10:17 Finding sports investment opportunities  
10:58 How does Ares find new business
14:57 Finding lucrative deals
16:07 Private credit ratings
18:56 Big insurers moving into private credit
20:13 Building a career in the AI era
22:13 "Relationship training"
24:00 Why is Ares Co-Founder Michael Arougheti so successful
Recording date: 18 February 2026.

Joe Cass sits down with Kunal Shah, Co-CEO of Goldman Sachs International & Global Co-Head of FICC, to unpack the surprising story behind becoming one of the firm's youngest-ever Managing Directors at 27—and what that experience taught him about performance, mentorship, and taking the right risks at the right time.
Timestamps:
00:00 – 5:08 Becoming the youngest ever MD at Goldman Sachs
5:08 – 7:06 Day in the life of a Co-CEO
7:06 – 9:48 Goldman Sachs client concerns on AI
9:48 – 10:25 Goldman Sachs internal AI platform
10:25 – 12:51 How to build successful relationships
12:51 – 16:00 How does Goldman Sachs use credit ratings?
16:00 – 17:45 Day in the life on an EM trading desk at Goldman Sachs
17:45 = 19:37 Phycological impact of financial trading
19:37 – 21:33 Teaching new traders at Goldman Sachs
21:33 – 22:23 Hedge funds looking at Drama graduates
22:23 – 24:07 What do people assume about working at Goldman Sachs that isn't true?
24:07 – 26:13 What is EMPower?
26:13 – 27:19 Kunal's view of Industry TV series and Wall Street movies
27:19 Kunal's alternative career path

Join Joe Cass as he interviews Andrew Balls, PIMCO's CIO for Global Fixed Income, to explore the intricacies of decision-making in finance, particularly under psychological pressure. In this insightful discussion, Andrew shares his strategies for managing stress while making high-stakes decisions that can impact billions of dollars.
Whether you're a finance professional or simply interested in the dynamics of investment management, this conversation offers valuable insights into the future of finance and the evolving landscape of investment strategies.
Chapters:
00:43 – 3:13 The Psychology of Managing Billions of Dollars
3:13 – 5:11 Public Bond Issuance Predictions
5:11 – 11:49 AI/Datacentre Predictions  
11:49 – 16:43 The Meta Datacentre Transaction
16:43 – 19:58 How Are PIMCO Using AI To Invest?
19:58 – 23:26 PIMCO's Clients & Their Priorities
23:26 – 25:33 Why Didn't Andrew Choose Politics?
25:33 – 27:30 Andrew's Move From The FT to PIMCO
27:30 – 29:46 Transitioning To Portfolio Management
29:46 – 33:25 Andrew on Mohamed El-Erian & Bill Gross
33:25 – Close Watching Football & Playing The Drums