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 #037, Cary Krosinsky discusses companies that embody sustainability and speaks about the future of sustainability and investing.

In episode #037, Cary Krosinsky discusses companies that embody sustainability and speaks about the future of sustainability and investing.

Sustainability and Investing

In episode #036, Stuart Lucas, CFA, discusses inter-generational dynasty planning and entrepreneurial stewardship.

In episode #036, Stuart Lucas, CFA, discusses inter-generational dynasty planning and entrepreneurial stewardship.

Entrepreneurial Stewardship and Selling the Family Business

In episode #035, Paul Travers discusses leveraged loans and the bank loan asset class.

In episode #035, Paul Travers discusses leveraged loans and the bank loan asset class.

Bank Loans: Risk, Return, and the Future of the Asset Class

In episode #034, Theodore R. Aronson, CFA, discusses issues with regulation, trade management in different asset classes, and how trading has become more sophisticated.

In episode #034, Theodore R. Aronson, CFA, discusses issues with regulation, trade management in different asset classes, and how trading has become more sophisticated.

Trade Management

In episode #033, Gordon B. Fowler, Jr. discusses how a wealth manager should approach asset allocation and the role of index funds and alternative assets in a private client portfolio.

In episode #033, Gordon B. Fowler, Jr. discusses how a wealth manager should approach asset allocation and the role of index funds and alternative assets in a private client portfolio.

Asset Allocation for Taxable Private Clients

In episode #032, Jamie Perrett explains what a tax-adjusted index is and how the Australian experience influenced and motivated the design of after-tax indices.

In episode #032, Jamie Perrett explains what a tax-adjusted index is and how the Australian experience influenced and motivated the design of after-tax indices.

After-Tax Performance Benchmarks: The Australian Experience

In episode #031, Jie Gan evaluates China's role in the global economy.

In episode #031, Jie Gan evaluates China's role in the global economy.

Stimulus, Liquidity, and Bubbles: Is China Leading the Global Economic Recovery?

In episode #030, Philip Gocke discusses growth in US and non-US derivatives markets, the impact of the crisis on derivatives use, regulation changes, and the future of derivatives use.

In episode #030, Philip Gocke discusses growth in US and non-US derivatives markets, the impact of the crisis on derivatives use, regulation changes, and the future of derivatives use.

Derivatives: Past, Present, and Future

In episode #029, Jason Zweig discusses how investor goals should be pursued instead of focusing on risk tolerance and practical applications of behavioral finance.

In episode #029, Jason Zweig discusses how investor goals should be pursued instead of focusing on risk tolerance and practical applications of behavioral finance.

Behavioral Finance: What Can Investors Learn from Their Mistakes?

In episode #028, Robert Gordon discusses the changes to U.S. estate tax law, challenges with formula based wills, and the intricacies of deductibility of interest.

In episode #028, Robert Gordon discusses the changes to U.S. estate tax law, challenges with formula based wills, and the intricacies of deductibility of interest.

Unintended Consequences of U.S. Tax Changes

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.

Share Enterprising Investor

Sign up to save your podcasts

Enterprising Investor

Enterprising Investor episodes

About Enterprising Investor

More shows like Enterprising Investor

Masters in Business

Odd Lots

The Meb Faber Show - Better Investing

Capital Allocators – Inside the Institutional Investment Industry

Trillions

UBS On-Air: Market Moves

The Acquirers Podcast

Making Sense

Value Investing with Legends

The Long View

At Any Rate

Barron's Streetwise

The Memo by Howard Marks

Financial Analysts Journal

Business Breakdowns

The Sustainability Story

The Markets

My CFA® Charter Story