Behavior & Risk

John Burkhardt and Rich Lauria
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Exploring the intersection of decisions, the brain, uncertainty, and the business world. Hosted by John Burkhardt & Rich Lauria. John is a neuroscientist and behavioral economist, founder of Capita Solutions, a behavior change & financial strategy agency, and adjunct professor at Harvard University, where he lectures on neuroscience of investing. Rich Lauria is a thought leader at the intersection of risk and behavior, and currently serves as Associate Director in Columbia University's ERM program. Questions: behaviorandrisk@gmail.com

  1. -3 ДН.

    When Risk Takes Flight: The Unfolding Case of Blue Owl Capital

    We break from past episodes to analyze the ongoing Blue Owl Capital saga and make predictions about a current case's outcome, using it as a live case study in risk management and investor psychology. We discuss private credit markets, why borrowers use it versus public markets, and how Blue Owl’s OBDC II fund became stressed amid heavy concentration in tech/SaaS-focused loans. After proposing a merger with publicly traded OBDC that would have effectively locked in about a 20% loss, investors resisted; soon after, Blue Owl closed OBDC II’s redemption window, shifted to discretionary distributions, and later paid a one-time 30% NAV redemption funded partly by selling $1.4B of loans at par, triggering a steep share decline and six class-action lawsuits. We compare Blue Owl’s approach with Blackstone’s increased redemptions and $400M injection and BlackRock’s contract-based stance, discuss anchoring, loss aversion, learned helplessness, and predict tighter underwriting and new valuation models, while debating whether Blue Owl can survive.

    56 мин.

  2. 27 АПР.

    Corporate Titans Clash: The Warner Brothers Saga

    We compare memories of the failed AOL–Time Warner merger with the turbulent 2025–2026 battle for Warner Bros. Discovery, arguing the new case is fundamentally different despite superficial parallels. We trace the timeline from WBD’s plan to split streaming/studios from legacy cable debt, through Paramount’s escalating bids, Netflix’s later entry and perceived “white knight” alignment with WBD’s breakup strategy, and eventual government intervention that derailed Netflix and enabled Paramount’s February agreement. We discuss behavioral forces shaping decisions—representativeness, availability, deal lust, sunk costs, loss aversion, groupthink, authority bias, and intertemporal choice—alongside financial and regulatory risks, including heavy leverage, planned cost synergies, antitrust scrutiny, labor union concerns, and Fitch’s junk downgrade that reversed an initial market rally.

    41 мин.

  3. 23 ФЕВР.

    Negligence and Normalization: Singapore's $2.2 Billion Scandal Explained

    In this episode of Behavior and Risk, we discuss Singapore’s Monetary Authority imposing collective fines totaling $21.5M on nine financial institutions—including UBS, Citibank, and Julius Baer—tied to a 2023 money laundering case involving more than $2.2B in illicit assets, the second-largest collective penalty in Singapore’s history. We recap how authorities detected suspicious networks in 2021, investigated through 2022, and executed island-wide raids on August 15, 2023 with over 400 officers, arresting nine men and one woman and seizing nearly 100 properties, 50 luxury vehicles, cash, bank accounts, and luxury goods, with total seizures later exceeding $2B. The conversation focuses on why penalties and jail terms (13–17 months for the foreign nationals) seemed low, and how the absence of charges against senior bank leadership shifts the interpretation from corruption to negligence and poor risk management. We examine MAS findings that breaches stemmed from inconsistent implementation of existing controls, including failures to conduct general money laundering risk assessments for new clients, validate sources of wealth for high-risk customers, and properly escalate concerns. We connect the breakdown to behavioral and organizational factors such as overconfidence fueled by Singapore’s reputation, automation bias, check-the-box compliance culture, loss aversion, normalization from competitors onboarding the same clients, and challenges of enforcing enterprise-wide standards across global organizations, emphasizing the gap between documented protocols and real execution—“failing to put the E in ERM,” including execution itself.

    39 мин.

  4. 26 ЯНВ.

    Unpacking Loss Aversion: The Hidden Force in Risk Management

    In this thought-provoking episode, Rich & John delve deep into the concept of loss aversion and its pervasive influence on human behavior and decision-making. Unlike previous episodes that focus on specific cases, this discussion explores the foundational aspects of loss aversion, describing its implications for risk management and beyond. Listeners will gain insights into the formal definition of loss aversion, its distinction from risk aversion, and how these concepts manifest in various domains, including finance, social status, and identity. The conversation further explores the evolution and neuronal basis of loss aversion, emphasizing its inherent, unavoidable nature. Rich & John also discuss the interplay between loss aversion and strategic planning, particularly in the context of enterprise risk management (ERM), and highlight the importance of balancing loss aversion with opportunity-seeking behaviors to avoid stagnation in both organizations and personal careers.

    55 мин.

  5. 5 ЯНВ.

    Unpacking Stablecoins: Risks and Rewards

    In this episode of 'Behavior and Risk,' we explore the world of stable coins, a unique type of cryptocurrency designed to minimize price volatility by pegging its value to a stable asset like the US dollar or gold. We discuss the skyrocketing growth of the stable coin market, the various benefits they provide, particularly in countries with unstable domestic currencies, and the critical risks involved. From regulatory frameworks like the Genius Act to systemic failures like the collapse of Terra Luna, we dive deep into the factors that determine the stability and reliability of these digital assets. Finally, we touch upon the behavioral biases and cognitive principles that influence how individuals perceive and interact with stable coins. Whether you're an investor, a digital finance enthusiast, or just curious about the future of money, this episode offers valuable insights and thoughtful discussions on the evolving landscape of stable coins.

    57 мин.

  6. 01.12.2025

    The Future of Money: Exploring Central Bank Digital Currencies

    In this episode, we delve into the world of Central Bank Digital Currencies (CBDCs), with a focus on the three countries that have fully adopted them: The Bahamas, Jamaica, and Nigeria. We'll explore how CBDCs operate, their potential benefits, and the significant risks associated with them. The discussion includes the global interest in CBDC pilots, the differences between retail and wholesale CBDCs, and the challenges of public adoption, particularly in the context of traditional banking and digital payments. We also touch on the implications for financial inclusion, the potential for misuse by governments, and the perspectives of world-leading economies like the USA and EU. Join us as we navigate the complexities and future of digital currencies.

    45 мин.

  7. 17.11.2025

    Flaming Out: Hydrogen Hype, Fraud, and Fallout at the Nikola Corporation

    In this episode, we explore the rise and fall of Nikola Corporation, the hydrogen truck company founded in 2015 by Trevor Milton. Initially billed as the Tesla of hydrogen trucks, Nikola quickly surged to a $30 billion valuation despite having no mass-produced vehicles, revenue, or even prototypes. The hype unraveled in 2020 when Hindenburg Research revealed staged demos and misleading claims, leading to Milton's resignation and a federal jury convicting him on multiple fraud charges. Despite the scandal, Nikola lingered on until its ultimate bankruptcy filing in March 2025. We dissect how investors and analysts got it so wrong, whether Milton was intentionally deceitful or overly optimistic, and what broader lessons can be drawn from this remarkable corporate meltdown. Tune in to understand the nuances of this story and its parallels to other infamous corporate disasters like Theranos and WeWork.

    40 мин.

  8. 03.11.2025

    Privacy, Savings, and Uncertainty: The Telematics Insurance Dilemma

    In this episode, we dive deep into the world of telematics or usage-based insurance (UBI) for automobiles. We explore how UBI aims to reduce car insurance premiums based on actual driving behavior recorded via smartphones or car devices. Despite its potential to reward safe drivers and provide personalized coverage, widespread adoption faces resistance due to concerns over data privacy, the perceived fairness of premium reductions, and overall transparency. We also discuss the potential impacts on traditional insurance policies, regulatory considerations, and the role of agents in the industry. This comprehensive analysis raises important questions about the future of auto insurance and whether telematics could become the industry standard.

    50 мин.
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Exploring the intersection of decisions, the brain, uncertainty, and the business world. Hosted by John Burkhardt & Rich Lauria. John is a neuroscientist and behavioral economist, founder of Capita Solutions, a behavior change & financial strategy agency, and adjunct professor at Harvard University, where he lectures on neuroscience of investing. Rich Lauria is a thought leader at the intersection of risk and behavior, and currently serves as Associate Director in Columbia University's ERM program. Questions: behaviorandrisk@gmail.com

Информация

  • Автор
    John Burkhardt and Rich Lauria
  • Годы выхода
    2 тыс.
  • Выпуски
    23
  • Ограничения
    Без ненормативной лексики
  • Авторские права
    © John Burkhardt and Rich Lauria
  • Сайт подкаста
    Behavior & Risk