Valley Investors Podcast with Nathan Erickson CFA SOCIETY PHOENIX

In this episode of Valley Investors, host Nathan Erickson welcomes Mark Steed, Chief Investment Officer at the Arizona Public Safety Personnel Retirement System (PSPRS). Mark shares his journey from Michigan to Arizona, delving into his background in Latin American studies and his experience in microfinance. The discussion highlights the unique aspects of pension management, the challenges of asset allocation, and the integration of AI in investment decision-making. Listeners will gain insights into the evolving role of pension funds, the importance of community engagement, and the future of finance.
 
Key Discussions in This Episode:
[00:01:08] Mark's background and journey to PSPRS
[00:02:14] Microfinance and poverty economics
[00:04:11] The role of PSPRS as a pension system
[00:07:26] Differences between pension plans and other institutional investors
[00:08:25] The importance of assumed returns in pension systems
[00:10:14] Innovations at PSPRS and the Allocators Choice Award
[00:11:59] PSPRS's decision-making process and internal culture
[00:18:51] Asset allocation and portfolio construction at PSPRS
[00:24:43] The impact of liquidity on investment strategies
[00:31:12] Institutional approaches to alternative investments
[00:37:01] Democratization of alternative investments
[00:47:38] The role of AI in pension management and investment decisions
[00:50:15] The importance of community engagement for PSPRS
[00:52:07] Mark's commitment to Arizona and its community
Links:

PSPRS
Mark Steed on LinkedIn
Nathan Erickson on LinkedIn

In this episode, Nathan Erickson welcomes Dr. Sunil Wahal, the Jack D. Furst Professor of Finance and the Director of the Center for Responsible Investing at Arizona State University, also serving as a consultant for Avantis Investors. Dr. Wahal shares his global journey in finance, from his early years in India, London, and Hong Kong to his academic and professional endeavors in the United States. With his extensive experience, Dr. Wahal discusses the intricacies of institutional investing, market efficiency, and the evolving landscape of private and public markets. Listeners will gain insights into his research and methodologies that influence modern investment strategies and the crucial role of integrity and honesty in financial services.
 
Key Discussions in This Episode:
[00:01:08] Dr. Wahal’s diverse cultural and professional background
[00:03:07] Transition from skepticism to interest in finance
[00:05:12] Decision against a conventional career post-MBA
[00:08:06] Journey to Arizona State University
[00:09:57] Research focus on investment strategies and market behavior
[00:14:16] Discussion on private markets and investment challenges
[00:18:52] The illusion of illiquidity as a feature in private investments
[00:23:48] Dr. Wahal’s work with Dimensional Fund Advisors and Avantis
[00:28:46] Impact of artificial intelligence on market trading
[00:31:29] The role of ethics and responsibility in investment advising
[00:36:43] Evolution of the Student Investment Management Fund at ASU
[00:44:20] Initiatives and future plans of the Center for Responsible Investing
[00:50:56] Prospective research on growth and profitability in public equity
[00:53:32] Importance of honesty and integrity in the finance industry
[00:55:47] Dr. Wahal’s personal affinity for Arizona’s wilderness
 
 
Links:
 
Arizona State University
Avantis Investors
Dr. Sunil Wahal on LinkedIn
Nathan Erickson on LinkedIn

In this episode, host Nathan Erickson sits down with Paul Matson, the Executive Director of the Arizona State Retirement System, to explore the intricate world of pension fund management. Paul shares his journey from Canada to Arizona, shedding light on the nuances between Canadian and U.S. investment strategies and the pivotal role of governance in achieving organizational success. Listeners will gain an understanding of the Arizona State Retirement System's approach to internal versus external asset management, strategic asset allocation, and the impact of international relations on investment decisions. Paul also discusses the importance of continuous learning and the value of the CFA designation in his career, offering profound insights into managing risk and optimizing investment returns in today's dynamic financial landscape.
 
Key Discussions in This Episode:
[00:01:44] Paul Matson's early career and influences from working at Alberta Treasury Department
[00:07:43] Transition to ASRS and the shift towards internal asset management
[00:14:53] Comparisons between Canadian and U.S. investment models
[00:32:01] ASRS's governance model and its impact on decision-making
[00:37:33] Advantages of ASRS's diversified investment approach
[00:42:48] Unique aspects of ASRS's investment operations and liquidity management
[00:44:18] Risk mitigation and portfolio construction strategies
[00:51:20] Conceptualizing investment risk and mitigating contribution rate volatility
[00:59:15] Expected rate of return and the use of a building block methodology post-2008
[01:01:32] Discussion on leverage within the portfolio and its tactical use
[01:04:17] ASRS's stance on market efficiency and tactical leveraging opportunities
Links:

Arizona State Retirement System
Paul Matson on LinkedIn
Nathan Erickson on LinkedIn

In this episode, Nathan Erickson welcomes Gargi Chaudhuri, the Head of iShares Investment Strategy at BlackRock. Gargi brings her extensive experience of over two decades in the financial markets, offering a wealth of knowledge in fixed income and equity strategy. Listeners will gain invaluable insights into the evolving landscape of global finance, from the intricacies of Bitcoin ETFs to the potential of AI in transforming various sectors.
 
Key Discussions in This Episode:
 
[00:01:25] Gargi's journey from India to Wall Street, marking the beginning of her illustrious career in finance
[00:02:46] The transition to BlackRock and her current role in iShares, emphasizing the importance of diverse viewpoints and collaborative decision-making in the investment process
[00:08:17] Gargi's analysis of the economic outlook for 2024, contemplating the prospects of growth, inflation, and the potential actions of the Federal Reserve
[00:23:31] A deep dive into the impact of AI on the financial markets and its future implications beyond the tech sector
[00:27:50] Asset allocation strategies for 2024, considering the shifting dynamics in equity markets and the potential of emerging economies
[00:32:11] BlackRock's foray into Bitcoin ETFs, discussing the nuances of incorporating digital currencies into investment portfolios
[00:40:27] The evolution of investing over the past two decades, highlighting the rise of ETFs, the speed of information, and the global reach of business operations
[00:44:05] The challenges investors might face in the next 5-10 years, including adapting to a world of higher interest rates and managing the implications of growing deficits
 
Links:

BlackRock
Gargi Chaudhuri on LinkedIn
Nathan Erickson on LinkedIn

In this episode of Valley Investors, host Nathan Erickson introduces Cameron Black, the VP, CIO, and Treasurer at Blue Cross Blue Shield of Arizona. With a diverse background from television production to finance, Cameron discusses managing substantial assets, the strategic importance of advanced degrees and certifications, and the unique challenges of overseeing investments for an insurance company.
 
Beyond finance, Cameron emphasizes the importance of community involvement and the personal satisfaction derived from contributing to the betterment of society. He shares insights into how investment strategies are influenced by broader economic trends like medical costs and inflation and the necessity of staying informed about emerging technologies.
 
Key Points From This Episode:
[00:01:09] An overview of Cameron’s professional background
[00:03:02] His time working in reality TV and how it equipped him with unique people skills
[00:03:48] How involvement in a legal case sparked Cameron's interest in the financial aspects of pension plans
[00:05:26] The decision to move to Arizona for education
[00:06:25] Journey to Blue Cross Blue Shield of Arizona
[00:07:36] The Importance of the CFA Designation
[00:10:23] Combining CFA with CFP and CAIA Designations
[00:13:06] How Blue Cross Blue Shield of Arizona became an early adopter of private markets
[00:15:08] Managing a multi-billion-dollar portfolio
[00:19:45] How regulatory frameworks influence investment decisions in insurance companies
[00:21:31] Challenges in the current interest rate environment
[00:26:27] Impact of healthcare costs on investments
[00:30:11] Seeking investments with tailwinds
[00:34:08] Future challenges and opportunities
[00:37:18] Cameron's commitment to giving back through his involvement in various boards and investment committees
[00:38:36] What drew Cameron to Arizona, and what keeps him and his family rooted in the state
 
Links:

Blue Cross Blue Shield Arizona
Cameron Black on LinkedIn
Nathan Erickson on LinkedIn

Welcome back to Valley Investors, where we untangle the complexities of the investment realm. In today's episode, Nathan Erickson sits down with Jeff Mindlin, the Chief Investment Officer at ASU Enterprise Partners. Jeff's extensive experience spans hedge funds, private wealth, and strategic roles in the nonprofit sector. Jeff will offer an insider's perspective on effective investment strategies, the evolving role of educational institutions in finance, and the significance of community engagement.
 
Jeff isn't just about numbers; his approach combines patience, educational excellence, and a hands-on perspective. Tune in to discover how his Arizona roots have influenced his professional journey, his pivotal role in ASU's innovative investment initiatives, and his dedication to making a long-term impact on education and community, only on this episode of Valley Investors
 
 
Key Points From This Episode:
 
[00:00:56] An overview of Jeff’s professional background
 
[00:07:44] Pursuing CFA for career advancement

[00:10:22] CFA compared to MBA, managing nonprofit versus private wealth
 
[00:17:01] Asset allocation in institutional portfolios
 
[00:22:31] ASU's unique venture investments leveraging campus innovation and tech insights
 
[00:25:09] Sustaining futures and funding visions through endowments
 
[00:30:17] ASU's Endowment prioritizes active, measurable impact over exclusionary ESG investing
 
[00:37:55] The most rewarding part of Jeff’s job
 
[00:39:16] Jeff’s advice for students
 
[00:45:53] What Jeff loves about Arizona
 
 
Links:

ASU Enterprise Partners
Jeff Mindlin on LinkedIn
Nathan Erickson on LinkedIn