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 #069, Roger Clarke discusses his research into the returns of low volatility vs. high volatility portfolios.

In episode #069, Roger Clarke discusses his research into the returns of low volatility vs. high volatility portfolios.

Low Volatility Equity Portfolios

In episode #060, Scott Welch discusses whether diversification failed, the best way to manage risk, and the future of the Yale endowment model.

In episode #060, Scott Welch discusses whether diversification failed, the best way to manage risk, and the future of the Yale endowment model.

Rethinking Risk and Diversification

In episode #059, Shonda Warner discusses the prospects for the agriculture industry, how to invest in farmland, and risks in the farmland sector.

In episode #059, Shonda Warner discusses the prospects for the agriculture industry, how to invest in farmland, and risks in the farmland sector.

Investing in Farmland

Doug S. Rogers, CFA, discusses the history of after-tax mutual fund reporting, and the basics of pre- and post-liquidation reporting, and how to use after-tax reporting in making investment decisions.

After-Tax Mutual Fund Reporting

In episode #068, Robert N. Gordon discusses retirement withdrawal strategies and tax considerations, as well as other questions that remain unanswered.

In episode #068, Robert N. Gordon discusses retirement withdrawal strategies and tax considerations, as well as other questions that remain unanswered.

Sensible Decumulation Strategies

In episode #067, Cliff Quisenberry, CFA, discusses the risk and return characteristics of frontier equity markets and their role in a diversified portfolio.

In episode #067, Cliff Quisenberry, CFA, discusses the risk and return characteristics of frontier equity markets and their role in a diversified portfolio.

The Role of Frontier Equity Markets in Portfolio Management

In episode #044, Paul Bouchey, CFA, discusses the effect of volatility on long-term capital accumulation and the implications for active tax-management and tax-aware passive portfolio management.

In episode #044, Paul Bouchey, CFA, discusses the effect of volatility on long-term capital accumulation and the implications for active tax-management and tax-aware passive portfolio management.

Volatility and Tax-Aware Investment Management

In episode #066, Richard L. Peterson provides a medical and emotional description of irate clients and discusses techniques for dealing with them and how advisors should frame solutions.

In episode #066, Richard L. Peterson provides a medical and emotional description of irate clients and discusses techniques for dealing with them and how advisors should frame solutions.

How to Deal with Irate Clients

In episode #065, Philip Marcovici discusses the implications of increased cross-border information exchanges, the forces driving bank secrecy, and how to regularize a client's tax situation.

In episode #065, Philip Marcovici discusses the implications of increased cross-border information exchanges, the forces driving bank secrecy, and how to regularize a client's tax situation.

Information Exchange in Global Private Banking

In episode #064, Laird Pendleton discusses recent trends and changes in multi- and single-family offices and regional differences between the two models.

In episode #064, Laird Pendleton discusses recent trends and changes in multi- and single-family offices and regional differences between the two models.

Family Offices: Trends and Success Factors

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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