Why do financial bubbles keep happening when investors know the warning signs? Mark Higgins argues that speculation may be driven less by irrational investors than by rational participants whose incentives increasingly align around keeping capital flowing. We explore how these speculative supply chains form, why risk becomes harder to see as they mature, and how the pattern that helped fuel the Global Financial Crisis may now be emerging in private equity and private credit.Guest host Kevin Max, editor of Enterprising Investor, speaks with Mark J. Higgins, CFA, CFP®, financial historian, investment adviser, and author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future.

Why do financial bubbles keep happening when investors know the warning signs? Mark Higgins argues that speculation may be driven less by irrational investors than by rational participants whose incentives increasingly align around keeping capital flowing. We explore how these speculative supply chains form, why risk becomes harder to see as they mature, and how the pattern that helped fuel the Global Financial Crisis may now be emerging in private equity and private credit. Guest host Kevin Max, editor of Enterprising Investor, speaks with Mark J. Higgins, CFA, CFP®, financial historian, investment adviser, and author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future.

Mark J. Higgins: Are Speculative Supply Chains Fueling Private Credit?

Eddie Perkin, CFA, former chief investment officer at Eaton Vance and Goldman Sachs Asset Management, joins host Mike Wallberg, CFA, to explore how investors can counter the biases that undermine sound decisions. Drawing on his book, Running Against the Herd, Perkin explains how zero-based portfolio reviews can loosen investors’ attachment to holdings, why a sound process matters more than any single outcome, and how blind votes and junior-first feedback can prevent groupthink. He also shares lessons on productive conflict, long-term compounding, and building teams that challenge assumptions. Listen to discover practical ways to make better investment decisions — individually and collectively.

Eddie Perkin, CFA, former chief investment officer at Eaton Vance and Goldman Sachs Asset Management, joins host Mike Wallberg, CFA, to explore how investors can counter the biases that undermine sound decisions. Drawing on his book, Running Against the Herd, Perkin explains how zero-based portfolio reviews can loosen investors’ attachment to holdings, why a sound process matters more than any single outcome, and how blind votes and junior-first feedback can prevent groupthink. He also shares lessons on productive conflict, long-term compounding, and building teams that challenge assumptions. Listen to discover practical ways to make better investment decisions — individually and collectively.

Eddie Perkin, CFA: How to Outthink Investment Biases

As agentic AI pushes investment management toward greater autonomy, research points to credible risks that lie ahead. So, what happens when AI moves from assisting portfolio managers to actually making and governing investment decisions? Kevin Max, editor of Enterprising Investor, sits down with Irina Bevza, PhD, CFA, Head of Quantitative Solutions at Fineco Asset Management, Dublin, to explore the promise and faults of the self-driving portfolio. This episode explores what self-driving portfolios could mean for institutional asset management—and asks the bigger question for investment professionals: If AI can increasingly perform the work of the portfolio manager, where does human judgment remain essential?

As agentic AI pushes investment management toward greater autonomy, research points to credible risks that lie ahead. So, what happens when AI moves from assisting portfolio managers to actually making and governing investment decisions? Kevin Max, editor of Enterprising Investor, sits down with Irina Bevza, PhD, CFA, Head of Quantitative Solutions at Fineco Asset Management, Dublin, to explore the promise and faults of the self-driving portfolio. This episode explores what self-driving portfolios could mean for institutional asset management—and asks the bigger question for investment professionals: If AI can increasingly perform the work of the portfolio manager, where does human judgment remain essential?

Irina Bevza, CFA: The AI Self-Driving Portfolio—Are We There Yet?

In episode #107, As the globalization of the investment profession continues and international uncertainty abounds, geopolitical risks are growing in importance. Pippa Malmgren examines these risks and highlights ways to identify and deal with their challenges.

In episode #107, As the globalization of the investment profession continues and international uncertainty abounds, geopolitical risks are growing in importance. Pippa Malmgren examines these risks and highlights ways to identify and deal with their challenges.

Geopolitical Joust

In episode #106, Felix Zulauf shares his investment philosophy and his views on the Euro and investing in gold.

In episode #106, Felix Zulauf shares his investment philosophy and his views on the Euro and investing in gold.

The Investment Philosophy of a Seasoned Investor

In episode #105, Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries.

In episode #105, Dr. Amlan Roy discusses the implications of demographic trends for geographic regions, countries, and industries.

Demographic Trends and Their Investment Implications

In episode #104, Roger Urwin discusses the concept of sustainability as it applies to pension fund investing.

In episode #104, Roger Urwin discusses the concept of sustainability as it applies to pension fund investing.

Sustainability and Pension Fund Investing

In episode #103, Roger Lowenstein discusses the continued importance of Wall Street, but takes issue with abusive practices that led to asset bubbles and costly bailouts.

In episode #103, Roger Lowenstein discusses the continued importance of Wall Street, but takes issue with abusive practices that led to asset bubbles and costly bailouts.

Failures and Successes of Wall Street

In episode #102, Clifford S. Asness addresses issues regarding hedge funds, including the different risk and reward profiles of various strategies, the never-ending quest for alpha, and the growing interest in hedge fund replication.

In episode #102, Clifford S. Asness addresses issues regarding hedge funds, including the different risk and reward profiles of various strategies, the never-ending quest for alpha, and the growing interest in hedge fund replication.

Hedge Fund Alpha: Where to Find It and How to Capture It

In episode #096, Curtis Ravenel discusses the use of environmental, social, and governance factors in the investment management process and the data currently available in these areas.

In episode #096, Curtis Ravenel discusses the use of environmental, social, and governance factors in the investment management process and the data currently available in these areas.

ESG Data and the Investment Process

In episode #101, Howard Marks, CFA, discusses his widely read client memos, his core investment philosophy, and strategies for making sure culture and philosophy at his firm are properly aligned across regions.

In episode #101, Howard Marks, CFA, discusses his widely read client memos, his core investment philosophy, and strategies for making sure culture and philosophy at his firm are properly aligned across regions.

Managing an Investment Management Firm

In episode #100, William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time.

In episode #100, William Poole discusses the history of the Federal Reserve in the United States and the evolution of its mandates over time.

The Proper Role of the Fed

In episode #098, Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks.

In episode #098, Kevin Kajiwara discusses the global investment implications of current geopolitical trends and risks.

Geopolitical Risks and Trends

Enterprising Investor is the flagship podcast of CFA Institute and the definitive program for the investment management industry.  As stewards of the investment industry, Enterprising Investor will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals.

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Enterprising Investor is the flagship podcast of CFA Institute and the definitive program for the investment management industry. As stewards of the investment industry, Enterprising Investor will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals.

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