The Outthinking Investor

PGIM
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The Outthinking Investor

In this environment of uncertainty, it's more important than ever for investors to think outside the box. Welcome to The Outthinking Investor, an award-winning podcast from PGIM that examines past events, present-day opportunities, and future possibilities across global capital markets. In Season 4, hosted by Toby Ricketts, experts from PGIM and the investment world bring unique perspectives as we explore a fast-changing landscape of investment opportunities and risks. Join us as we take a deep dive into the portfolio implications of a changing world.

  1. 12 NOV

    Balancing Act: Economic Policy and National Security in a Fragmenting World

    Italy surprised much of the world when it became the first—and only—member of the G7 to join China’s Belt and Road program in 2019. Just four years later, Italy withdrew from the initiative. The about-face served as a microcosm of the geopolitical landscape’s evolution. Policymakers have long viewed the economy through a geopolitical lens. But the overlap between the economy and national security has grown, increasingly becoming the focus of today’s geopolitical fractures amid global competition over trade, technology and defense. This episode of The Outthinking Investor explores the ways in which nations are balancing economic and security priorities, and how investors can leverage geopolitical analysis to make informed portfolio decisions in a changing world. Our guests are Mark Esper, former US Secretary of Defense and author of “A Sacred Oath: Memoirs of a Secretary of Defense During Extraordinary Times”; Nobel Prize-winning economist Michael Spence, senior fellow at the Hoover Institution, former Dean of the Stanford School of Business and co-author of “Permacrisis: A Plan to Fix a Fractured World”; and Magdalena Polan, PGIM Fixed Income’s Head of Emerging Markets Macroeconomic Research. Topics include the three main forces affecting the global economy, how national defense is influencing economic policy, the geopolitical factors impacting trade flows and emerging markets, and whether the peace dividend is evaporating. To learn more about the macroeconomic and investment implications of geopolitical risks, explore PGIM’s 2024 Global Risk Report, Resilient Investing Amid Geopolitical Uncertainty, at PGIM.com. Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com.

    26 min

  2. 8 OCT

    Future-Proofing Portfolios: Taxes, Tariffs, & Government Spending

    The use of economic statecraft is on the rise. With rivalries among major economies intensifying, countries are increasingly employing tariffs, sanctions and subsidies, contributing to a global realignment in trade flows. Meanwhile, elections in the US and Europe portend new debates over taxes, government spending, and the right fiscal formula to support growth and productivity. In the US, the 2017 Tax Cuts and Jobs Act’s tax reductions for individuals are due to expire in 2025, setting the stage for another round of changes to the tax code. Europe faces difficult budget choices amid calls for the bloc to double down on industrial policy and implement capital markets reforms to boost growth—the subject of a highly anticipated report from Mario Draghi. In the face of rapid economic changes and a shifting political landscape, investors need to consider how fiscal policies will influence the evolving investment outlook. Glenn Hubbard and Jason Furman, former Chairs of the Council of Economic Advisers under Presidents George W. Bush and Barack Obama, join PGIM Fixed Income’s Lead Geopolitical Analyst Mehill Marku in this episode of The Outthinking Investor. The discussion covers major economic challenges facing policymakers, the effects of tariffs on inflation, trade flows, and the broader economy, and the future of U.S. tax policies. Additionally, they explore efforts to boost Europe’s economic competitiveness, the importance of remaining vigilant against potential market shocks, and investment strategies to mitigate risks from fiscal and geopolitical uncertainties.

    26 min

  3. 9 SEPT

    Global Elections in Focus: The Impact on Investors and the World Economy

    The “year of democracy” holds the potential to bring profound change to global politics, economic policy, and the investment environment. By the end of 2024, more than five dozen countries, accounting for nearly half of the world’s population, will elect new leaders. Elections in Europe, including the UK, France, Germany and European Union, have already yielded both expected and surprising results. The US presidential election in November, as well as key congressional races, also could create significant policy changes—both expected and unexpected—during the next administration, no matter who wins the White House. For investors, the challenge lies in identifying the impact of elections on financial markets. How are 2024’s elections going to change the investment outlook? This episode of The Outthinking Investor takes a closer look at elections around the world, the issues most important to voters, the challenges that political leaders face, and election season’s potential short- and long-term implications for investors. Our guests are Jeanne Sheehan Zaino, professor of political science and international studies at Iona University and author of “American Democracy in Crisis”; Morris Fiorina, Wendt Family Professor at Stanford University and senior fellow at the Hoover Institution; and Taggart Davis, Vice President of Government Affairs at PGIM.

    25 min

  4. 13 AGO

    Investing In Cities: Private Capital’s Growing Role In Urban Development

    Cities have faced a host of challenges over the course of history, such as affordable housing, transportation, public safety and economic opportunities. In today’s rapidly changing global economy, these challenges are becoming increasingly complex, with cities needing to adapt to technological advancements, climate risks, and fluctuating fiscal policies. The most successful cities are dynamic and adapt to changing circumstances. Consider Pittsburgh, Pennsylvania, as a prime example. Once known for its manufacturing might, Pittsburgh had to reinvent itself after the collapse of the steel industry in the 1980s. The Steel City successfully mounted a turnaround by becoming an innovation hub, thanks to a strong academic presence and low cost of living that attracted technology and healthcare employers. What lessons can cities draw from urban transformations of the past?  This episode of The Outthinking Investor explores the role investors will play in solving many of the challenges that cities face. With opportunities emerging across real estate, infrastructure, technology and more, institutional investors are already providing much of the capital needed to fund urban development. Edward Glaeser, economics professor at Harvard University and co-author of “Survival of the City: Living and Thriving in an Age of Isolation”; Jeff Speck, partner at the urban planning and design firm Speck Dempsey; and Cathy Marcus, Co-CEO and Global COO of PGIM Real Estate, discuss the evolution of cities, the challenges they must overcome, and emerging opportunities for investors.  To hear more from PGIM, tune into our new podcast, Speaking of Alternatives, hosted by Eric Adler, President and CEO of PGIM Private Alternatives. Speaking of Alternatives is available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

    26 min

  5. 9 JUL

    Retirement at Risk: New Ideas for an Uncertain Future

    In the middle of the Great Depression, President Franklin Roosevelt spearheaded the creation of Social Security, forever changing the US retirement system and how Americans think about long-term savings. Only a few pensions existed at the time, and Social Security was the first government-backed program to provide for the basic welfare of all seniors. The retirement landscape in the US—and around the world—has no doubt undergone massive change since the days of FDR. DC plans have significantly improved the retirement outlook, and an estimated 54.3% of American families now participate in some form of retirement plan such as a 401(k) or IRA, according to a 2022 survey by the Federal Reserve. Meanwhile, seniors still rely on Social Security payments, yet the Congressional Budget Office has forecast that Social Security’s Old-Age and Survivors’ Insurance Trust Fund will be depleted in 2033. Building retirement security for generations to come will require not only a solution to the Social Security funding crisis, but continued support for the broader retirement savings system. How can policymakers address Social Security’s challenges without weakening private retirement savings? In this episode, The Outthinking Investor speaks to three experts about retirement readiness, how governments and employers alike help workers save for retirement, and policy prescriptions for the challenges that lie ahead. Our guests are Dennis Simmons, Executive Director of the Committee on Investment of Employee Benefits Assets (CIEBA); Andrew Biggs, a senior fellow at the American Enterprise Institute and former Deputy Commissioner of the Social Security Administration; and Mike Miller, Head of PGIM DC Solutions. To cultivate rich conversations around complex investment topics, The Outthinking Investor features speakers with diverse points of view. Participating on the podcast does not imply endorsement of other speaker's opinions, nor does PGIM necessarily endorse the opinions of its external guests. To hear more from PGIM, tune into our new podcast, Speaking of Alternatives, hosted by Eric Adler, President and CEO of PGIM Private Alternatives. Speaking of Alternatives is available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

    30 min

  6. 11 JUN

    The Paradox of Diversification: The 60-40 Portfolio’s Future

    Harry Markowitz, the legendary economist and father of modern portfolio theory, has been credited with saying that diversification is the only free lunch in investing. However, his work on the efficient frontier shows that investors give up expected returns to lower expected risk. This may make diversification even more compelling. With uncertainty becoming a prevailing theme in financial markets and the global economy, focusing on the benefits on diversification could prove valuable for investors. The 60-40 portfolio may have lost its luster in the broad market selloff of 2022, but allocating across a diverse mix of assets is crucial in the long run. This episode of The Outthinking Investor dives into the topic of asset allocation and the role of stocks, bonds and alternatives in a diversified portfolio. Our guests are Antti Ilmanen, Global Co-Head of the Portfolio Solutions Group at AQR Capital Management and author of “Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least”; Scott Cederburg, associate professor of finance at the University of Arizona and co-author of a research paper titled “Status Quo: A Critical Assessment of Lifecycle Investment Advice”; and Lorne Johnson, Head of Multi-Asset Portfolio Design at PGIM Quantitative Solutions. To hear more from PGIM, tune into our new podcast, Speaking of Alternatives, hosted by Eric Adler, President and CEO of PGIM Private Alternatives. Speaking of Alternatives is available on Spotify, Apple, Amazon Music, and other podcast platforms.

    26 min

  7. 7 MAY

    A Pension Comeback? The Future of Retirement in a Higher-For-Longer Regime

    Millions of college students across the US graduate each spring and enter the workforce. When today’s retirees entered the workforce in the early 1980s, pension plans and Social Security benefits were two of the main sources of retirement income. Just a couple decades later, defined benefit (DB) plans were overtaken by defined contribution (DC) plans such as 401(k)s, and an aging population was slowly depleting the Social Security Trust Fund. This was a massive shift in a relatively short period of time, and it forever changed one of the most important and challenging aspects of personal finance. Workers are facing another pivotal moment in retirement saving, especially as higher interest rates change the investment landscape. What’s increasingly clear is that employer-based plans will play a crucial role in helping people financially prepare for retirement. This episode of The Outthinking Investor brings together fresh perspectives on the future of DC and DB plans in a higher-rate environment, expanding investment options in retirement plans, retirement challenges arising from an aging workforce and growing debt, and more. Our guests are Barb Marder, CEO of the Employee Benefit Research Institute (EBRI); Brooke Masters, US financial editor of the Financial Times; and Josh Cohen, Head of Client Solutions for PGIM DC Solutions. For more retirement insights, listen to The Accidental Plan Sponsor, a podcast series from PGIM DC Solutions.

    26 min

  8. 9 ABR

    Minding Your Blind Spots: Investment Strategies for a New Regime

    The stock market crash of 1929 was a pivotal event that rippled across the globe. The Great Crash rocked financial markets, not to mention the world economy, and proved to be a precursor to the Great Depression. The sudden selloff wiped out the fortunes of investors who were ill prepared to ride out a bear market. Today, investors must heed the lessons from volatile markets of the past and take stock of hidden risks that may reveal themselves as current market conditions evolve. What strategies can investors employ to mitigate downside risks in their portfolios? This episode of The Outthinking Investor examines risk through the lens of alternatives. Experts discuss the challenges investors face in making the right decisions for their portfolios, taking a holistic view of diversification, and the role that alts can play in both managing risk and capturing opportunities that emerge from volatility. Hear from Victor Haghani, founder and CIO of the wealth advisory firm Elm Wealth and co-founder of Long-Term Capital Management; and Ryan Kelly, Head of Special Situations for PGIM Fixed Income.

    25 min
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In this environment of uncertainty, it's more important than ever for investors to think outside the box. Welcome to The Outthinking Investor, an award-winning podcast from PGIM that examines past events, present-day opportunities, and future possibilities across global capital markets. In Season 4, hosted by Toby Ricketts, experts from PGIM and the investment world bring unique perspectives as we explore a fast-changing landscape of investment opportunities and risks. Join us as we take a deep dive into the portfolio implications of a changing world.

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