UPTHINKING FINANCE

Emerson Fersch
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A Podcast that offers a unique and discerning view of economics and financial planning Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC. The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

  1. 12/12/2025

    Life Transitions: A Testimonial of Choice

    Upthinking Finance™ is now trademarked  On the show this week, we’re exploring the real-life transitions and perspectives around retirement and life after work. In this episode, we’re joined by a diverse panel, Vicki Goodman, Darci Fersch, Cookie Talmage, Howard Lenoble, Joy Lunt, and Con Haffmans, who open up about their own journeys, challenges, and share their words of wisdom surrounding retirement. You’ll hear a spectrum of views: some embrace the idea of retirement, while others challenge its very concept, redefining it as a time for pursuing passions, creativity, or simply maintaining purpose. Whether it’s rediscovering music, running small businesses, volunteering, or savoring newfound freedom from alarm clocks, our guests share what brings meaning to their lives beyond careers. The conversation reflects on the emotional and practical sides of transition, highlighting the importance of financial planning, a supportive advisor, and, most importantly, a personal sense of fulfillment.  You will want to hear this episode if you are interested in...[00:00] Embracing retirement your way.[03:59] Favorite things about retirement.[07:17] What our guests loved the most about their working life.[09:15] The motive to continue to work as you get older.[11:56] Struggles in downshifting routine and redefining achievement.[13:56] Advice for planning and thriving in retirement. When Endings Become New BeginningsAs Mr Rogers said, “Often when you think you’re at the end of something, you’re at the beginning of something else.” For many, retirement is seen as an “ending,” but for the guests on this episode, it’s just another beginning—one filled with self-discovery, purpose, and, most importantly, possibilities far beyond simply not working. Challenging the Traditional Narrative of RetirementThe discussion opens with candid admissions: Vicki Goodman always expected retirement, but didn’t plan to do it so early; Darci Fersch isn’t a fan of the concept or even the word “retirement”; and Cookie Talmage asks, “Why do I need to retire?” These initial reactions highlight a universal truth: the transition away from a traditional career is deeply personal and often full of mixed emotions. Instead of following a prescribed blueprint, the guests reveal the diverse ways in which they approach this transition. Howard Lenoble anticipated retirement as a goal, but also questioned whether it was truly attainable or even desirable. Con Haffmans, still not fully retired, laughs about working harder now than ever before, caring for horses, but finds his joy in this hard work rather than escaping from it. Purpose Over PassivitySeveral guests stress that retirement isn’t about abandoning productivity. Vicki Goodman delights in the absence of an alarm clock and the freedom of mornings spent with coffee and Wordle, while Howard Lenoble revisits old passions like playing in bands, enriching his life, and even generating new income streams. Both emphasize a shift from obligation-driven schedules to self-defined, passion-fueled days. Darci Fersch reflects that control over your own time—the ability to choose where and how to spend it—is the most cherished part of post-career life. Even though she left her job at the top of her game, her move was driven by a desire to be more present with her family and more engaged in her personal interests. The Rewards of Staying EngagedRetirement, the guests agree, is more fulfilling when you pursue what you love. For Con Haffmans, that means life around horses, not financial investments. Even though his cowboy chapter was the worst financial choice, it was the happiest period of his life. Joy Lunt and Cookie Talmage see their ongoing work as a source of purpose, joy, and meaningful relationships; they aren’t ready to put away the satisfaction they get...

    24 min

  2. 28/11/2025

    An update on Energy Infrastructure

    Upthinking Finance™ is now trademarked Is the energy transition really leaving oil and gas behind, or is the story more complicated? In this episode, Emerson sits down with Simon Lack, CFA, Managing Partner at SL Advisors and veteran of more than four decades in investment management, to unpack what is actually happening inside the midstream energy space. Simon draws on his experience as an investor, author, and board member of the CFA Society in Naples, Florida to walk through the history of MLPs, the painful reset after 2014, and why he believes natural gas and energy infrastructure are positioned to be long term winners in a world hungry for power, data, and reliability.  You will want to hear this episode if you are interested in... Why energy infrastructure still matters for retirement income (00:00)The shale revolution, overbuilding, stranded assets, and the downturn into 2015 (05:00)Three major headwinds, energy transition fears, overbuild, and the pandemic washout (11:30)Why Simon prefers natural gas over oil and why coal to gas was the real emissions win (15:00)LNG exports, global gas price gaps, and America’s edge in cheap energy (19:00)AI, data centers, and why 24/7 power demand points straight back to natural gas (23:00)Pipelines as toll roads, inflation linkage through regulated tariffs, and protecting purchasing power (34:00)The limits of solar and wind, the case for nuclear, and the reality of global energy demand (39:00)EVs, range anxiety, and why the United States is a tough market for full electrification (43:00)Simon’s philosophy for owning midstream as a long term income and value play (46:00)How an FX and hedge fund background led Simon into the midstream energy niche (47:30) From Rollercoaster To Reset: What Really Happened In MidstreamSimon walks through the origin story of MLPs in the late 1980s, explaining how tax advantaged structures attracted high net worth investors who were comfortable with K-1s in exchange for deferred income. That calm income story changed with the shale revolution. Rapid investment, overbuilding, and the emergence of stranded or underutilized assets pushed the sector into an extended downturn starting around 2014. Kinder Morgan’s decision to cut distributions and then restructure its GP and MLP entities became a turning point. Many long time income investors faced both reduced cash flow and unexpected tax bills, leaving them frustrated and reluctant to come back. Over time, many MLPs converted to corporations, widened their investor base, and rethought how growth should be funded. Simon also highlights one underappreciated culprit in the 2020 crash, heavily leveraged closed end MLP funds that were forced to liquidate in March 2020, pushing prices far below what underlying cash flows justified. The upside, in his view, is that the weakest hands and structures have already been washed out of the system. Why Natural Gas, LNG, And AI Make Midstream So InterestingLooking forward, Simon makes a clear distinction between oil and natural gas. Oil, he notes, is mainly a transportation fuel and subject to policy swings. Gas is different. It is difficult and expensive to move, which means infrastructure assets that move it are often backed by long term, take-or-pay style contracts and relatively visible cash flows. He points out that the biggest real “energy transition” in the United States has already happened quietly. Shifting from coal to natural gas has reduced emissions meaningfully while keeping power reliable and affordable. At the same time, America’s gas is far cheaper than in Europe or Asia, which sets the stage for robust LNG exports for years to come. Layered on top of LNG is the AI and data center build out. Data centers need power nearly 100 percent of the time, not 20 to 35 percent...

    49 min

  3. 09/10/2025

    State of the World

    Upthinking Finance™ is now trademarked In this episode of Upthinking Finance, we’re joined by returning guest Alex Krainer, a former hedge fund manager, market analyst, and outspoken commentator on global affairs, who shares candid perspectives on looming global tensions and his personal mission to help others understand the forces shaping our economic and political landscape. We discuss the fragility of current international alliances, the unraveling of the European Union, the global “darkness before the dawn”, from the U.S.-Russia relationship to the mechanics of debt-driven economies, and the importance of grassroots businesses in restoring prosperity. This episode isn’t just about finance; it’s about the real human impact of policy, war, and change. Tune in for a candid, global view that connects the dots between the news, the markets, and everyday life. You will want to hear this episode if you are interested in...Embracing humility in trend following (03:38)Is the EU on life support? (08:19)Socio-political unrest in Europe with real-world examples (16:22)Europe vs. United States political dynamics (20:11)Trump's global vs. domestic stance (27:07)Central Bank's impact on stocks (35:50)How to revive American industry (42:32) Europe’s Unraveling: The End of an Era?One of the most provocative ideas explored is the potential collapse of the European Union. Alex characterizes the EU’s current condition as “the dying phase,” likening its centralized, unaccountable bureaucracy to a modern-day Soviet Union. The EU’s decision-making, he argues, has become increasingly detached from the will of European citizens; key policies are often dictated by unelected officials, who frequently prioritize the interests of corporate lobbyists over those of the public. He points to rising grassroots movements across the continent, sovereignist parties, mass marches, and political crises as evidence that Europeans are waking up to policies they view as anti-human and destructive to communities. From controversial migration policies in Croatia to aggressive agricultural reforms that harm local farmers, the sense of crisis is palpable. Craner is blunt: if institutional avenues for change are blocked, social upheaval and even violence become a real risk, drawing a direct historical parallel to the French Revolution. Despite this bleak outlook, he believes that this time, there is an alternative: stronger ties with Russia and China and potential participation in new economic and security alliances (like BRICS and the Belt and Road Initiative). This eastward shift could, in theory, offer Europe a lifeline beyond its current structures. U.S. - Russia RapprochementThere is a bright spot in Alex’s analysis. He sees the recent normalization of relations between the United States and Russia, under a renewed Trump administration, in his view, as one of the most hopeful developments in recent years. Given the nuclear capabilities of both countries, dialogue is essential, and Alex credits Trump with taking a decisive step back from the brink of large-scale conflict. While European prospects are fraught, Alex sees the United States’ federal structure, armed citizenry, and local systems of accountability as reasons to believe America might weather the coming turbulence with more resilience, possibly achieving a “soft landing” as opposed to the “depression” he fears for Europe. Debt, Markets, and Monetary ReformAlex argues that central banks, especially the U.S. Federal Reserve, are the primary force moving markets. As long as they continue quantitative easing and inject liquidity, assets will inflate. However, this “solution” risks runaway price inflation, eating away at real wealth even as markets hit record highs. The sheer scale of public and private debt makes eventual systemic

    50 min

  4. 19/09/2025

    The Psychology of Retirement

    Upthinking Finance™ is now trademarked Most retirement planning tends to focus on the financial side, but on this episode of Upthinking Finance™, we welcome Dr. Sara Yogev, clinical psychologist and author of “A Couple’s Guide to Happy Retirement and Aging.” We’re digging into the often-overlooked emotional and psychological aspects of transitioning into retirement. Drawing on over 30 years of experience, Dr. Yogev unpacks why psychological preparation is just as important as financial security, and sometimes even more challenging. We explore why retirement represents one of life’s biggest transitions, the stages most people experience, and the surprises that can catch even the most financially savvy off guard. Dr. Yogev offers practical advice on how to mentally prepare for retirement, maintain purpose and connection, establish a routine that brings true satisfaction, and navigate changes within relationships. You will want to hear this episode if you are interested in...Feeling inadequate without a career identity [06:40]Focus on increasing "joy span" for successful aging and retirement [11:48]Diversify your social portfolio [16:01]How to balance time alone, together as a couple, and with family [18:16]Be adaptable and open to change in family connections and expectations [21:59]Harmonizing post-retirement relationships [27:52]Gradually incorporate big changes, like relocating for a smoother transition [35:10]Retirement requires more mental as well as financial preparation [39:09] Preparing for the Psychological Transition to RetirementMost financial conversations about retirement revolve around money—accumulating enough savings, securing income, and ensuring a comfortable lifestyle. Yet, as Dr. Sara Yogev, clinical psychologist and author of “A Couple’s Guide to Happy Retirement and Aging”, points out, there’s a world beyond spreadsheets and investment portfolios. The emotional, mental, and relational challenges that come with stepping out of the workforce are just as critical to address as the financial ones. People really neglect psychological planning and preparation for retirement. They think, “Oh, if I have enough money, it’s fine.” But considering that retirement can last anywhere from one-third to one-fourth of your life, ignoring the psychological aspects can lead to dissatisfaction and discord—even for those who are financially secure. Navigating the Emotional LandscapeRetirement, like any major life transition, comes in stages. The initial honeymoon phase can last from six months to two years before giving way to a stage of disenchantment. Here, retirees might grapple with the loss of work-based identity and purpose. For many, professional life was more than a source of income—it was a wellspring of meaning, structure, and community. And when these roles fall away, so too can one’s sense of self. Work often defines who we are. It’s our identity, a way to feel useful and productive, and effective. And when that is gone, how do you replace it? Preparing emotionally for retirement, therefore, is about more than intellectual awareness that change is coming; it's about proactive exploration of what brings satisfaction, joy, and connection outside of one’s career. Creating Your New Routine and IdentityOne of Dr. Yogev’s central recommendations is for pre-retirees to spend time thinking about their future lives in greater detail: “What’s my day, what’s my week, what’s my month, what’s my year going to look like?” Constructing a satisfying routine is crucial for well-being. This might mean reengaging with hobbies or volunteering for causes close to your heart. She introduces the concept of “joyspan”—the idea of focusing not just on longevity, but on maximizing the time spent in contentment and fulfillment. Engage in activities...

    42 min

  5. 15/08/2025

    The Latest on CBDCs and Digital ID

    Upthinking Finance™ is now trademarked Melissa Ciummei, an independent investor and researcher in Northern Ireland, joins us on Upthinking Finance™ to take a global look at the rapidly evolving world of digital currencies, digital IDs, and the shifting economic landscape. We discuss the push for Central Bank Digital Currencies (CBDCs) in the EU, UK, and US, explaining how digital identity is becoming an essential precursor for programmable money and increased financial oversight. The discussion digs into the societal impacts of these technologies, exploring everything from privacy concerns and geopolitical pressures to generational shifts in values and the consequences of ever-growing inequality. Whether you’re curious about the politicized rollouts of stablecoins, the quiet move toward digital surveillance, or you want to understand how new technologies are reshaping money, this episode gives you a nuanced perspective on the future of finance and the growing importance of community involvement in shaping that future. Join us for an eye-opening conversation that connects the dots between economic policy, digital innovation, and the real-life consequences for individuals and society at large. You will want to hear this episode if you are interested in...Digital ID: Foundation before CBDCs [00:00]EU tensions and trade challenges [06:14]Why Melissa sees geopolitical and economic tensions rising [07:30]Why Digital ID adoption in the US is limited and the focus is on currency [13:23]Travel fast pass solutions and the impact of using biometrics to skip the line [16:35]Gold's quiet role in finance [27:16]Homeownership challenges for younger generations [29:47]Hackers pose risks, and laws are outdated [36:01]An example of how community dynamics are changing local politics [44:50] The Rise of Programmable Money and Digital IdentificationAs the world moves deeper into the digital age, few topics spark more concern or confusion than the twin emergence of programmable money and digital ID systems. But these technological frameworks threaten the autonomy and privacy traditionally associated with money and identity. At the heart of the discussion was the evolution from fiat currency, where some level of anonymity is preserved, to digital currencies tethered to the state and tech platforms. Melissa highlights that programmable money would be the most dominant thing that people need to think about when considering CBDC. Once financial and identity data converge, possibilities for control, whether for taxation, surveillance, or social engineering, multiply rapidly. A Fragmented Push Toward the Digital FutureThe EU is leading the charge to implement digital ID and currency. However, this technocratic race collides with real-time social resistance, especially spiraling around immigration and cultural integration. Melissa describes a backlash in places like Poland, Ireland, and the UK, where citizens increasingly question the motives behind digital migration controls and see digital ID as a tool of exclusion rather than inclusion.  Turning to the U.S., the conversation covered whether states’ rights and American federal diversity provide meaningful protection against the encroachment of digital money and ID versus the EU’s top-down approach. Initiatives like Real ID and mobile driver’s licenses represent “function creep”: stepwise moves that make opting out of digital surveillance increasingly inconvenient. Melissa gives a real-world example from airports, where facial recognition and biometric fast-tracking nudge even skeptical travelers into compliance. Seamless travel or instant payments are the carrot, but gradual loss of privacy and agency is the stick. The Looming Economic ShiftA key issue threaded through the...

    49 min

  6. 18/07/2025

    Mid-Year Update: Perception vs Reality

    Upthinking Finance™ is now trademarked  Today's guest is Kristian Kerr, who is the head of macro Strategy at LPL Finance. Before joining LPL, he was the Western region head of foreign exchange and macro at City Private Bank. Before that, he spent a number of years in New York as a global hedge fund manager and is also head of various strategy and trading roles at other global financial institutions.  Kristian believes investment strategy should be both data-driven and guided by human expertise. He says that this balance creates a more dynamic, flexible, and effective investment process that aims to deliver better long-term results. He shares his views on how investors should handle the changing market. You will want to hear this episode if you are interested in...Welcome to Upthinking Finance (00:00)Kristian shares his process as an advisor (01:20)The challenge of managing more risk, post 2020 (05:30)Market correlations changing, impact on portfolio development (09:15)How geopolitics impact market trends (21:20)How investing has changed in the past decade (26:10)What's the value of trend following strategies? (28:00)How to respond to someone who thinks the financial market will end (35:35) Kristian Shares His Investment ProcessAs Head of Macro Strategy at LPL, Kristian is responsible for leading the firm’s global investment team, which includes 11 senior research members. They meet weekly to define LPL’s overall investment strategy and provide top-down guidance for managing approximately $85 billion across separately managed accounts (SMAs) and model portfolios. He shares that they use a hybrid investment framework that combines: Quantitative (systematic) analysis to efficiently process data, reduce bias, and ensure consistency, and Qualitative (discretionary) insight from experienced professionals to account for factors that can’t be captured by models alone. Managing More Market Risks Kristian shares how different clients have different levels of awareness about risk, and how portfolio managers often need to manage risk that clients might not even realize exists. This is especially true in today’s uncertain environment, which is much more complex than it was 10 years ago. A few of the modern risks include that the standard 60/40 investment strategies are less reliable, the U.S. dollar is at a pivotal point based on its value, and there is financial repression from government strategies at play in the current market.  To manage both visible and hidden risks for clients, Kristian explains that adapting happens by incorporating less correlated, alternative assets to build “all-weather” portfolios that can hold up in a wide range of market conditions. A Diverse PortfolioKristian values trend-following strategies as a critical part of a diversified portfolio, especially when paired with traditional assets like stocks and bonds. These strategies shine during extended market downturns (like in 2022), offering protection when equities are struggling. While they may underperform during short-term market bounces, that's expected as their role is to protect during prolonged stress, not quick dips. Kristian emphasizes using a “barbell” approach, combining growth-oriented assets with defensive strategies, and highlights the importance of building a toolkit of diversifiers (like long-volatility) to navigate different market regimes and support long-term compounding. Connect With Kristian KerrKristian Kerr Connect with Emerson Ferscha href="http://www.ciadvisers.com/"...

    43 min

  7. 20/06/2025

    The Infinite Power of Choice

    Upthinking Finance™ is now trademarked Today, we have the opportunity to learn more about Emerson Fersch as he shares his personal story, interviewed by Amy LeNoble. Discover more about how Emerson got started in finance, his convictions in business and life, and the experiences that shaped them.  You will want to hear this episode if you are interested in...Welcome to Upthinking Finance (00:00)Emerson Fersch shares how he got started in the financial industry (03:00)Emerson shares a defining moment in his life (05:20)How Emerson’s AA experience shaped his life today (11:45)How Emerson’s childhood influenced who he is now (18:55)How Emerson’s relationship with God influences his business (23:50)Emerson shares what he is grateful for in his business (31:50) Childhood Experiences Developed Intentional AdulthoodEmerson’s childhood was shaped by a joy for baseball. As he grew older, he came to terms with the fact that he didn’t have the skill to pursue the sport professionally. His father, a blunt and hard-working man who battled alcoholism, pointed out Emerson’s early interest in money. This observation proved insightful, as Emerson later found his path working at a bank, eventually landing an unexpected opportunity as a financial advisor. His upbringing left a strong impression, not just in what it taught him, but in what he wanted to avoid.  Witnessing the instability caused by his father’s drinking, Emerson recognized similar struggles in himself as a young adult and made the difficult decision to get sober through the AA program. This commitment to change allowed him to create a stable, drama-free home for his own life and family, where emotional security, a spiritual morality, and self-awareness were priorities. Through conscious effort and reflection, Emerson built a life defined not by the hardships of his past but by the intention to rise above them. Emerson’s Turning PointAt 24, Emerson reached a turning point in his life when he came across the Johns Hopkins 20 questions, which made him confront the reality of his alcohol abuse. Realizing the depth of his struggle, he began attending Alcoholics Anonymous meetings, where he felt a true sense of belonging. The stories and warnings shared by others in the group resonated deeply with him.  As he worked through the AA program, his search for a Higher Power led him to develop a personal relationship with God, which became the foundation for his commitment to virtues like honesty and integrity. This spiritual connection gave him a deeper sense of accountability, not only to himself but to something greater.  A Business with a Foundation of GodToday, Emerson strives to live by the principles he learned from his relationship with God. Staying honest, actively seeking solutions, and trusting God created security in his business. The discipline and character built through his experiences allow Emerson to be grateful for the relationships and success he has from his business.  Emerson Fersch and Amy LeNoble are Registered Representatives with, and securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC. The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Connect with Emerson FerschCapital Investment AdvisersOn a href="https://www.linkedin.com/in/emerson-fersch-a6389a352/" rel="noopener noreferrer"...

    36 min

  8. 16/05/2025

    Dismantling the Economic Divide

    Upthinking Finance™ is now trademarked Today’s guest is Charles Hugh Smith, a returning voice of insight and critique. As the founder of the long-running blog OfTwoMinds and a published author, Charles has explored the intersections of society, economics, and technology since 2005. His thought-provoking work is featured across platforms, including Patreon and Substack. Today's interview explores how growing economic inequality and loss of opportunity in America have fueled cultural fragmentation, political polarization, and a crisis of identity, creating a need for value-driven social change. You will want to hear this episode if you are interested in...Welcome to Upthinking Finance (00:00)Charles Smith’s concern about polarized ideologies (02:00)The class and generational division of assets (10:00)Are people losing their value? (19:20) How to have a spiritual renewal from a social revolution (22:00)The need for common values (32:00)How to create reform “cold turkey” (37:00)Anti-progress and how to overcome it (42:50) Polarization and Denial Are Undermining Meaningful DialogueCharles explains that public discourse has become dangerously polarized, with people retreating into ideological camps and rejecting compromise. He highlights how America has become increasingly divided economically, geographically, and generationally.  This "us vs. them" mentality replaces honest discussion with coercion and moral superiority, which stifles real engagement. He connects this to hypernormalization, a societal state where everyone knows the system is broken but continues pretending otherwise, avoiding the hard truths that real change requires. Structural Inequality Is Driving Cultural DivisionAmerica’s divide isn’t just political, its division is rooted in real economic and generational inequalities. Charles explains how older generations and urban elites benefited from globalization and cheap assets, while younger and rural Americans were left behind. As opportunity shrinks, people seek identity and purpose in cultural or political tribalism. This fuels resentment, virtue signaling, and a sense of powerlessness that further fragments society. Social Change comes from Common ValuesReal change starts with people, not the government. Looking at U.S. history, especially in the 1960s and '70s, it was regular people who changed their values first, like caring about the environment, and only then did the government respond. So the process of change goes: values shift, then priorities shift, then systems and incentives follow. Institutions are slow and often driven by old interests, so if we want real progress, it has to come from individuals rethinking what matters. Charles encourages people to keep speaking on it, offering better ideas in hopes of slowly changing minds and, eventually, the system. Charles Hugh Smith is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers. Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC. The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.  Resources & People MentionedCharles Hugh Smith | Self-reliance, invest in yourself, Degrowth,...

    51 min
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A Podcast that offers a unique and discerning view of economics and financial planning Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC. The financial professionals associated with LPL Financial may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Information

  • Creator
    Emerson Fersch
  • Years Active
    2022 - 2025
  • Episodes
    78
  • Rating
    Clean
  • Copyright
    © Copyright 2025 Emerson Fersch
  • Show Website
    UPTHINKING FINANCE