Investment Wars

Obsidian CIO
  • 5.0 (24)
  • INVESTING

We all love stories - telling them and hearing them. We tend to construct narratives incorporating data points and information that reinforce our point - only capturing a part, and perhaps the wrong part, of the full story within the dynamic and complex investing world. How do we know if the narrative is right? How do we know how the story will end? Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

  1. 11/10/2025

    35. Liquidity, Valuation, and the Return of the Yield Curve

    Debate: Liquidity, Valuation, and the Return of the Yield Curve Featuring: David Sherman, Founder of CrossingBridge Advisors David Sherman joins Investment Wars for a wide-ranging discussion on navigating today’s complex fixed income and equity markets—from the aftermath of a decade of zero interest rates to the reemergence of inflation, tighter liquidity, and shifting policy dynamics. In this conversation, we explore how investor behavior evolved in an era of “easy money,” what lessons were learned when rates abruptly reversed, and how to think about liquidity, valuation, and ballast in a world of persistent uncertainty. In today’s episode, we explore: How the decade of zero and negative rates conditioned investor behavior and risk-takingWhy today’s “complicated” market reflects both tightening liquidity and elevated valuationsThe interplay between real rates, inflation, and policy expectations heading into 2026Practical frameworks for defining “ballast” in modern portfolios and matching assets to time horizonsThe importance of liquidity risk—and why many investors still aren’t pricing it correctlyOpportunities and risks in global high yield, including the growing appeal of Nordic credit marketsWhy private credit and direct lending may be less liquid (and less transparent) than investors assumeHow to rethink risk-free rates, personal cost of capital, and portfolio structure in a high-deficit worldSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at OCIO@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    46 min

  2. 10/03/2025

    34. Direct Lending and the Evolution of Private Credit

    Debate: Direct Lending and the Evolution of Private Credit Featuring: Alona Gornick, Managing Director & Senior Investment Strategist at Churchill Asset Management (an affiliate of Nuveen, the $1 trillion asset management arm of TIAA)  Alona Gornick joins Investment Wars to break down one of the fastest-growing corners of alternative investing: direct lending to private U.S. companies. In a wide-ranging conversation, she explores the history of private credit, how regulation and bank consolidation created opportunity for asset managers, and why institutions and now individual investors are turning to the space for income, diversification, and resilience. From the role of private equity sponsors to the rise of retail-friendly structures, this episode demystifies a complex but increasingly essential part of the investment landscape.  In today’s episode, we explore: The growth of private credit from niche strategy to a $2 trillion marketHow bank consolidation and post-GFC regulation opened the door for asset managersWhy institutions embraced private credit for yield, diversification, and inflation protectionThe five key features of direct lending: income, floating-rate inflation hedge, diversification, low volatility, and resilienceConcerns around “too much capital chasing deals”—and why demand still outstrips supplyThe rise of retail access via non-traded BDCs, interval funds, and innovative structuresWhy manager selection, track record in avoiding losses, and sourcing advantage are critical for investorsSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    50 min

  3. 07/16/2025

    33. Interest Rates and Economic Distortions

    Debate: Interest Rates and Economic Distortions  Featuring: Paul Musson, Former Senior Portfolio Manager at Mackenzie Investments & Author of Capital Offence Paul Musson joins Investment Wars to unpack one of the most misunderstood forces shaping modern markets: interest rates. In a thought-provoking conversation that touches on inflation, money supply, and the consequences of government intervention, Musson makes the case for economic education and a return to first principles. From the natural rate of interest to the dangers of debt-fueled consumption, this episode offers a sharp critique of how policy distorts the economy—and what investors need to understand to navigate it. In today’s episode, we explore:  The difference between the natural and neutral rates of interest—and why it mattersWhy a stable money supply may be better than endless expansionHow inflation arises when money growth outpaces productivityWhat good deflation looks like—and why it’s not necessarily badThe inflationary consequences of government stimulus during crisesHow education and transparency can empower better financial decision-makingWhy the current system rewards a few at the expense of many—and what needs to changeIs it time to rethink everything we’ve been taught about inflation, interest, and economic intervention? Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    47 min

  4. 06/09/2025

    32. Trade Imbalance – Is Reindustrialization the Key to U.S. Economic Resilience?

    Debate: Trade Imbalance – Is Reindustrialization the Key to U.S. Economic Resilience? Featuring: Eli Horton, Senior Portfolio Manager & Investment Committee Member at TCW. Eli Horton joins Investment Wars to debate one of the most pressing economic challenges of our time: the U.S. trade imbalance and the industrial response it demands. In a conversation spanning global supply chains, national security, and the race to rebuild domestic manufacturing, Horton explores how public and private capital expenditures (CapEx) and reshoring strategies are reshaping the investment landscape. In today’s episode, we explore: The economic and strategic implications of America’s persistent trade deficitsThe case for a manufacturing renaissance amid growing geopolitical tensionsLabor shortages and their inflationary impact as production returns homeThe role of Mexico and other nearshoring hubs in a multipolar supply chainHow the energy transition is fueling infrastructure demand and CapEx growthIdentifying the sectors and regions poised to benefit from strategic reshoringIs this the dawn of a new industrial era—or are we underestimating the challenges ahead?  Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    36 min

  5. 05/16/2025

    31. Energy Infrastructure – Will It Double in the Next Decade?

    Debate: Energy Infrastructure – Will It Double in the Next Decade? Featuring: Robert Thummel, Senior Portfolio Manager & Investment Committee Member at Tortoise Capital. As the U.S. power grid strains under the weight of rising demand, AI-fueled data centers, and shifting global energy dynamics, one sector stands at the center of it all: energy infrastructure. In this episode, we break down the critical—and often misunderstood—backbone of the modern energy system. With insights from industry veteran Rob Thummel, we explore:   In today’s episode, we explore: What qualifies as “energy infrastructure”Why energy demand, flat for nearly two decades, is now set to surgeCan our grid and pipeline systems keep up—or are we already hitting bottlenecksWhy U.S. energy needs may diverge from the global pictureWhere investors should look for the best risk-adjusted opportunitiesSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    42 min

  6. 04/28/2025

    30. How to Measure and Navigate Market Uncertainty

    Debate: How to Measure and Navigate Market Uncertainty Featuring: Professor Nick Bloom is the William Eberle Professor of Economics at Stanford University, Senior Fellow at SIEPR, and Co-Director of the Productivity, Innovation, and Entrepreneurship Program at the National Bureau of Economic Research. Uncertainty is one of the most critical—and elusive—forces shaping markets today. How is it measured? How does it affect economic and financial market behavior? And what strategies can help investors navigate periods of high uncertainty?   On Wednesday, April 2nd — “Liberation Day” — President Trump announced sweeping tariffs targeting countries with which the U.S. has trade imbalances. The tariffs, which disproportionately affected key allies, sent markets into a tailspin. In just 48 hours, U.S. equity markets suffered the greatest two-day destruction of market wealth on record. But even more troubling were the developments in the bond market, which ultimately triggered a 90-day policy pause.   While the direct math of tariffs implies rising inflation and falling consumption—raising risks of a recession or worse—the more complex and destabilizing element is uncertainty.   In today’s episode, we explore: How uncertainty is measuredIts real-world impact on the economy and financial marketsStrategies for navigating uncertain market environmentsDon’t miss our discussion of the Economic Policy Uncertainty Indexes, co-developed by Professor Bloom and referenced throughout the episode.   Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    44 min

  7. 04/01/2025

    29. How Do I Select the “Right” ETF?

    Debate: How Do I Select the “Right” ETF? Featuring: Adam Patti is the Co-founder and CEO of Vistashares, an ETF issuer designed to provide pure exposure to disruptive technology-driven supercycles. He is an industry pioneer and insider with vast ETF development and construction knowledge. There are at least 24 artificial intelligence-themed ETFs in the market. How can we differentiate one from the other and make an appropriate decision about which to buy? What factors should we be considering? In today’s episode, we explore: A brief history of the ETF marketHow ETFs revolutionized the capability to achieve tailored exposure among other benefitsAreas of focus when analyzing whether to buy an ETFSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    46 min

  8. 02/24/2025

    28. LA Fires - The Complexities of Insurance

    Debate: LA Fires - The Complexities of Insurance Featuring: Jerry Theodorou is the Director of the Finance, Insurance, and Trade Policy Program at the R Street Institute, a public policy research organization. In this role, he develops and promotes free-market public policy solutions to complex issues involving federal and state government interventions. In January, the LA area was ravaged by a series of devastating wildfires, notably the Palisades and Eaton Fires. Collectively there were over 16,000 structures destroyed, tens of thousands of evacuees, and 29 fatalities. Wildfires seem to be an annual event in California, destroying property and risking lives.  In today’s episode, we explore: How the insurance industry has coped historically with catastrophes.The current state of insuring property in places with high risks of events like fire, hurricanes, and flooding.The future of the insurance industry.  Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

    44 min
See All (35)

5
out of 5
24 Ratings

About

We all love stories - telling them and hearing them. We tend to construct narratives incorporating data points and information that reinforce our point - only capturing a part, and perhaps the wrong part, of the full story within the dynamic and complex investing world. How do we know if the narrative is right? How do we know how the story will end? Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode.  For guest opportunities or to share feedback, contact us at ocio@obsidiancio.com. — IMPORTANT DISCLOSURE: Obsidian CIO sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.

Information

  • Creator
    Obsidian CIO
  • Years Active
    2023 - 2025
  • Episodes
    35
  • Rating
    Clean
  • Copyright
    © Obsidian CIO, 2025
  • Show Website
    Investment Wars