Financial Thought Exchange Podcast

CFA Institute Research Foundation
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The Financial Thought Exchange Podcast offers listeners invaluable insights from top financial thought leaders across various sectors. Whether you're a financial analyst, investor, or simply interested in the "inside baseball" of the financial world, this podcast provides access to some of the most influential people shaping the industry. Brought to you by the CFA Institute Research Foundation, the Financial Thought Exchange is your go-to resource for staying informed and gaining a deeper understanding of the finance industry's most pressing topics. Tune in for interviews with industry pioneers, expert analyses, and actionable insights you can apply in your own financial journey. Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. Check out our peer-reviewed research here: https://rpc.cfainstitute.org/en/research

  1. 5d ago

    Evaluating ETFs with Joanne M. Hill, PhD, Elisabeth Kashner, CFA, and Dave Nadig

    Joanne M. Hill, PhD, Elisabeth Kashner, CFA, and Dave Nadig join host Will Goodhart of CFA Institute Research Foundation to discuss Evaluating ETFs, the second module in the ETFs Evolving series. Building on the foundations established in the first module, the conversation explores how investors can assess and select ETFs in an increasingly complex marketplace.   The guests discuss their due diligence framework of Efficiency, Tradability, and Fit and explain why fit is often the most important consideration for investors. They examine common due diligence mistakes, the evolution of the ETF landscape, investor personas, performance chasing, and the challenges of evaluating increasingly specialized ETF products. The conversation also explores liquidity, pricing, tracking differences, concentration risk, fixed-income ETF valuation, and the importance of matching ETF choices to specific investment objectives and time horizons. Throughout the discussion, the authors emphasize the value of curiosity, careful analysis, and ongoing education in a rapidly evolving ETF market.   Related Links: Evaluating ETFs (Module 2)Module 2: Evaluating ETFs   A Guide to Exchange-Traded Funds (Module 1)Module 1: ETF Features and Evolving Landscape

    Evaluating ETFs with Joanne M. Hill, PhD, Elisabeth Kashner, CFA, and Dave Nadig

  2. Sep 10

    Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel (Part 2)

    Roger G. Ibbotson, PhD, and Laurence B. Siegel join Lotta Moberg, PhD, CFA, to continue their discussion of Exponential Wealth: Centuries of Stock and Bond Returns, a forthcoming CFA Institute Research Foundation book. This conversation focuses on the construction of long-run stock and bond market indices and the challenges of measuring returns across centuries of financial history. Ibbotson and Siegel examine index methodologies, including market capitalization weighting, equal weighting, and free-float adjustments, and discuss what investors can learn from historical data about concentration, volatility, survivorship bias, and the small-cap premium. The conversation also explores the book's international perspective, drawing on centuries of market data from around the world to provide context for capital market forecasts and long-term investment decisions.   Exponential Wealth is a 21-chapter compendium of data, insights, and essays by 24 distinguished authors on stock and bond markets. . The book is organized into four sections covering stock and bond return history, the past 100 years in US markets, centuries of US and global returns, and forecasts for the future. Topics include index construction, equity risk premiums, bubbles and crashes, commodities, global market history, and forecasting.   Contributing authors include David Chambers, Peng Chen, Thomas Coleman, Fernando de la Luz Reyes, Elroy Dimson, William N. Goetzmann, James Harrington, Thomas Idzorek, Antti Ilmanen, Rajkumar Janardanan, Paul Kaplan, Tadaaki Komatsubara, Otto Manninen, Paul Marsh, Edward McQuarrie, Carla Nunes, Xiao Qiao, Paul Rintamäki, Geert Rouwenhorst, Mike Staunton, Bryan Taylor, and James Tyler.   Related content and publications:   Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel (Part 1) https://youtu.be/wyVlpZQ6qc4   The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy https://rpc.cfainstitute.org/research/financial-analysts-journal/2017/the-long-run-drivers-of-stock…   Financial Thought Exchange with Rob Arnott, Part 1 https://www.youtube.com/watch?v=ox7-y7PZ_ek   Financial Thought Exchange with Rob Arnott, Part 2 https://www.youtube.com/watch?v=ShaI1N1BrEM   Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary Edition https://rpc.cfainstitute.org/research/foundation/2020/sbbi-2020-summary-edition   Stocks, Bonds, Bills, and Inflation: Historical Returns (1926–1987) https://rpc.cfainstitute.org/research/foundation/1989/rf-v1989-n3-sbbi-historical-returns   Stocks, Bonds, Bills, and Inflation: The Past and the Future, 1982 Edition

    Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel (Part 2)

  3. Sep 1

    Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel (Part 1)

    Roger G. Ibbotson, PhD, and Laurence B. Siegel join Lotta Moberg, PhD, CFA, to discuss Exponential Wealth: Centuries of Stock and Bond Returns, a forthcoming CFA Institute Research Foundation book. Marking the 50th anniversary of Ibbotson’s landmark research on stocks, bonds, bills, and inflation, the conversation examines what more than 100 years of market data reveal about long-term wealth creation. Ibbotson and Siegel explore the power of compounding, the importance of total returns and dividend reinvestment, the relationship between market returns and economic growth, and how investors should interpret a century of evidence on stocks, bonds, and inflation. Exponential Wealth is a 21-chapter compendium of data, essays, and insights on stock and bond markets. The book is organized into four sections covering stock and bond return history, the past 100 years in US markets, centuries of US and global returns, and forecasts for the future. Topics include index construction, equity risk premiums, bubbles and crashes, commodities, global market history, and forecasting. Contributing authors include David Chambers, Peng Chen, Thomas Coleman, Fernando de la Luz Reyes, Elroy Dimson, William N. Goetzmann, James Harrington, Thomas Idzorek, Antti Ilmanen, Rajkumar Janardanan, Paul Kaplan, Tadaaki Komatsubara, Otto Manninen, Paul Marsh, Edward McQuarrie, Carla Nunes, Xiao Qiao, Paul Rintamäki, Geert Rouwenhorst, Mike Staunton, Bryan Taylor, and James Tyler. Related content and publications: The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economyhttps://rpc.cfainstitute.org/research/financial-analysts-journal/2017/the-long-run-drivers-of-stock… Financial Thought Exchange with Rob Arnott, Part 1https://www.youtube.com/watch?v=ox7-y7PZ_ek Financial Thought Exchange with Rob Arnott, Part 2https://www.youtube.com/watch?v=ShaI1N1BrEM Stocks, Bonds, Bills, and Inflation® (SBBI®): 2020 Summary EditionSBBI 2020 Summary Edition |Stocks, Bonds, Bills, and Inflation Stocks, Bonds, Bills, and Inflation: Historical Returns (1926–1987)https://rpc.cfainstitute.org/sites/default/files/-/media/documents/book/rf-publication/1989/rf-v198… Stocks, Bonds, Bills, and Inflation: The Past and the Future, 1982 EditionStocks, Bonds, Bills,& Inflation: 1982 Edition | RPC

    Exponential Wealth: Centuries of Stock and Bond Returns with Ibbotson and Siegel (Part 1)

  4. Jul 16

    Index Construction and Fundamental Indexing with Rob Arnott

    Rob Arnott joins Lotta Moberg, PhD, CFA, to continue their conversation on indexing, focusing on how index construction decisions shape outcomes for investors. Arnott examines the hidden effects of index membership, including how inclusion can influence valuations and create structural buying pressure, and why traditional market‑cap approaches may embed unintended biases. He introduces alternative approaches such as fundamental indexing, explaining how weighting by economic size rather than price can change portfolio behavior and return profiles. The discussion also explores turnover, momentum, IPO dynamics, and practical ways to think differently about benchmarks and passive investing. Arnott offers a perspective that challenges conventional definitions of "passive," encouraging a more critical view of how indices are built and used.

    Index Construction and Fundamental Indexing with Rob Arnott

  5. Jul 9

    The Active Side of Indexing with Rob Arnott

    Rob Arnott joins Lotta Moberg, PhD, CFA, to discuss the ideas behind The Active Side of Indexing and challenge common assumptions about passive investing. Arnott explains why traditional market‑cap indices are not as passive as they appear, highlighting how index construction and rebalancing can lead to systematically buying high and selling low. The conversation examines the impact of index inclusion and deletion, turnover dynamics, and overlooked trading costs, as well as the implications for long‑term performance. Arnott also explores momentum, mean reversion, and the growing influence of index funds on market structure, offering a fresh perspective on how investors should think about benchmarks, efficiency, and the relationship between active and passive strategies.

    The Active Side of Indexing with Rob Arnott

  6. Jun 25

    Quantitative Investing with Petter Kolm, PhD, and Gordon Ritter, PhD

    Petter Kolm, PhD, and Gordon Ritter, PhD, join Lotta Moberg, PhD, CFA, to continue their discussion on quantitative investing, focusing on model design, implementation, and real‑world application. The conversation explores how quantitative strategies are refined in practice, the challenges of working with financial data, and the balance between theoretical rigor and practical constraints. Kolm and Ritter also discuss evolving market conditions, sources of edge, and how practitioners can think critically about models, performance, and risk. The discussion highlights the importance of adaptability and disciplined decision‑making when applying quantitative approaches in dynamic markets.

    Quantitative Investing with Petter Kolm, PhD, and Gordon Ritter, PhD

  7. Jun 11

    Risk, Models, and Financial Decision‑Making with Petter Kolm, PhD and Gordon Ritter, PhD

    Petter Kolm, PhD and Gordon Ritter, PhD, join Lotta Moberg, PhD, for a conversation on quantitative models, risk, and financial decision‑making. The discussion examines how models are constructed and evaluated, the assumptions that underpin them, and the trade‑offs involved when applying theory to real‑world financial problems. Kolm and Ritter share perspectives on model risk, uncertainty, and the role of judgment alongside data, offering insights relevant to both researchers and practitioners working at the intersection of finance and analytics.

    Risk, Models, and Financial Decision‑Making with Petter Kolm, PhD and Gordon Ritter, PhD

  8. May 21

    Infrastructure Debt with Clements, Ricciardelli, Beckman and Le Bret

    Philip Clements, CFA, Alfonso Ricciardelli, CFA, Matthieu LeBret and Simon Beckman join Will Goodhart (CFA Institute Research Foundation Board of Trustees), to discuss their recent brief on infrastructure debt and its growing role in institutional portfolios. The conversation explores how infrastructure debt has evolved from a niche allocation into a core component of alternative credit, shaped by the energy transition, government funding needs, and limits on bank balance sheets. The guests examine risk characteristics across the asset class, including construction risk, technology change, political uncertainty, and interest‑rate regimes, as well as how infrastructure debt fits alongside equity, private credit, and real assets. The discussion also covers renewable energy, data centers, and why infrastructure is increasingly central to long‑term investment strategy.

    Infrastructure Debt with Clements, Ricciardelli, Beckman and Le Bret
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About

The Financial Thought Exchange Podcast offers listeners invaluable insights from top financial thought leaders across various sectors. Whether you're a financial analyst, investor, or simply interested in the "inside baseball" of the financial world, this podcast provides access to some of the most influential people shaping the industry. Brought to you by the CFA Institute Research Foundation, the Financial Thought Exchange is your go-to resource for staying informed and gaining a deeper understanding of the finance industry's most pressing topics. Tune in for interviews with industry pioneers, expert analyses, and actionable insights you can apply in your own financial journey. Financial Thought Exchange is the official podcast and video channel of the CFA Institute Research Foundation. Check out our peer-reviewed research here: https://rpc.cfainstitute.org/en/research

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