Chris Wallis, CEO and CIO at Vaughan Nelson, discusses thinking through the Iran conflict from an investor’s perspective, AI’s software impact, and trouble for private credit.

In this episode, we explore artificial intelligence through a capital allocation lens. While much of the public debate centers on automation and labor displacement, history suggests the more durable wealth creation occurs in the second phase of technological change — when companies reorganize their systems around a newly relaxed constraint. Drawing parallels to railroads, electrification, and the internet, we examine how first-order infrastructure investment differs from second-order innovation — and what capital allocation signals may define the next era of market leadership.

Adam Rich, deputy CIO and PM at Vaughan Nelson, breaks down why Emerging Markets are defined by capital constraints and concentrated outcomes. The episode covers the hidden risks of passive exposure, the pitfalls of diluted active management, and why owning the right names with conviction matters more than broad diversification.

Chris Wallis, CEO and CIO at Vaughan Nelson, kicks off the 2026 podcast season with thoughts on soon to be Fed Chair Kevin Warsh and a look at the broadening markets and a shift away from US large cap.

Jim Eisenman, Portfolio Manager at Vaughan Nelson, recaps the Global SMid Strategy’s 4th Quarter of 2025.

Kevin Ross, Portfolio Manager at Vaughan Nelson, recaps the Emerging Markets Strategy’s 4th Quarter of 2025.

Scott Weber, Senior Portfolio Manager at Vaughan Nelson, recaps the Select Strategy’s 4th Quarter of 2025.

Dennis Alff, Senior Portfolio Manager at Vaughan Nelson, recaps the Value Opportunity strategy’s 4th Quarter of 2025.

Adam Rich, Deputy CIO at Vaughan Nelson, recaps the International Strategy’s 4th Quarter of 2025.

Chris Wallis, CEO and CIO at Vaughan Nelson, recaps the Small Cap Value strategy’s 4th Quarter of 2025.