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 #063, Howard Schilit reviews a few cases of accounting fraud and discusses techniques on how to identify accounting irregularities.

In episode #063, Howard Schilit reviews a few cases of accounting fraud and discusses techniques on how to identify accounting irregularities.

Identifying Accounting Shenanigans

In episode #057, Dan diBartelomeo discusses how to estimate market sentiment and how to incorporate it into portfolio management and use it to estimate volatility.

In episode #057, Dan diBartelomeo discusses how to estimate market sentiment and how to incorporate it into portfolio management and use it to estimate volatility.

Estimating Market Volatility with Sentiment Data

In episode #056, Ian Bremmer discusses the geopolitics of the BRIC nations, the Greek debt crisis, and the dramatic global political change over the last 18 months.

In episode #056, Ian Bremmer discusses the geopolitics of the BRIC nations, the Greek debt crisis, and the dramatic global political change over the last 18 months.

Geopolitics and Investing

In episode #058, Ted Seides, CFA, discusses hedge funds, due diligence, and quantitative/qualitative issues with hedge fund selection.

In episode #058, Ted Seides, CFA, discusses hedge funds, due diligence, and quantitative/qualitative issues with hedge fund selection.

Analyzing Hedge Funds

In episode #055, Zvi Bodie discusses a new starting point for evaluating client needs and approaching wealth management as an exercise in risk management.

In episode #055, Zvi Bodie discusses a new starting point for evaluating client needs and approaching wealth management as an exercise in risk management.

Applying Financial Engineering to Wealth Management

In episode #054, Rodney Sullivan, CFA, discusses with Jason Zweig a new collection of articles written by Ben Graham.

In episode #054, Rodney Sullivan, CFA, discusses with Jason Zweig a new collection of articles written by Ben Graham.

Benjamin Graham: Building a Profession

In episode #053, Vahan Janjigian, CFA, discusses why efforts to curb earnings guidance are misguided and how best to provide guidance.

In episode #053, Vahan Janjigian, CFA, discusses why efforts to curb earnings guidance are misguided and how best to provide guidance.

Give Us (Earnings) Guidance

In episode #052, Scott Stewart, CFA, discusses main elements of portfolio shortfall and transaction costs and the impact of rising tax rates.

In episode #052, Scott Stewart, CFA, discusses main elements of portfolio shortfall and transaction costs and the impact of rising tax rates.

Portfolio Management through Time: Transaction Costs, Rebalancing, and Taxes

In episode #051, Richard Bookstaber discusses risk management issues such as liquidity risk, fat tails, and challenges with correlation.

In episode #051, Richard Bookstaber discusses risk management issues such as liquidity risk, fat tails, and challenges with correlation.

Issues in Risk Management

In episode #046, Tarun Ramadorai discusses the difference between current credit crisis and Asian financial crisis as regarding emerging economies.

In episode #046, Tarun Ramadorai discusses the difference between current credit crisis and Asian financial crisis as regarding emerging economies.

Emerging Markets and International Capital Flows

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.

Business

Investing

Non-Profit

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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