Enterprising Investor: Daily Summaries Delivered

Ben Carlson, CFA: Risk, Reward, and the Real Price of Long-Term Investing

In this episode of Enterprising Investor, Ben Carlson, CFA, director of institutional asset management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth, joins Mike Wallberg, CFA, to discuss why volatility is the unavoidable price of higher returns. Drawing on market history, behavioral finance, and real-world investing examples, Carlson explores the challenges of market timing, inflation, and portfolio construction, while highlighting the habits that help investors stay disciplined through uncertainty. For investment practitioners, the conversation offers valuable insights into managing client expectations, communicating complex concepts in accessible ways, and designing portfolios that clients can stick with over the long term. Carlson also shares lessons from Warren Buffett, the financial crisis, and his own experience working with institutional investors and wealth management clients. Listen to the episode to learn how a long-term perspective can help investors navigate market turbulence and build lasting wealth.

Joachim Klement: Geopolitics, Inflation, and Portfolio Strategy

Joachim Klement joins Mike Wallberg, CFA, to break down the investment implications of today's geopolitical environment. From energy market disruptions to shifting trade dynamics, Klement explains how global events feed through to inflation, interest rates, and asset valuations. The conversation also explores how investors can separate noise from signal, rethink international diversification, and incorporate assets such as commodities to better manage geopolitical risk. With markets increasingly shaped by policy and global tensions, Klement offers a practical lens for portfolio construction. Listen today to learn how to position portfolios in a more complex and interconnected world, and find Joachim's Research Foundation brief, The Geoeconomic Decade, on the CFA Institute Research and Policy Center website: https://rpc.cfainstitute.org/research/foundation/2025/geoeconomic-decade.

Mark Higgins, CFA, and Leyla Kunimoto: Cracks in Private Markets and the Risks of Semi-Liquid Funds

What is really happening beneath the surface of private markets? In this episode of the Enterprising Investor, host Mike Wallberg, CFA, speaks with returning guest, Mark Higgins, CFA, author of Investing in US Financial History, and Leyla Kunimoto, founder of Accredited Investor Insights, about emerging stress in private credit and private equity. They explore investor outflows from semi-liquid funds, the mechanics and risks of NAV-based valuation, and the growing disconnect between market narratives and underlying realities. Drawing on both current market developments and historical cycles, Kunimoto and Higgins unpack what these trends could mean for liquidity, pricing, and investor outcomes. Whether you are an institutional allocator or an individual investor, this conversation offers a clear-eyed look at the risks and complexities shaping today's private markets. Listen now to gain timely insights and practical perspectives.

Raluca Filip, CFA: Helping Investors Navigate Risk, Volatility, and Second Thoughts

Stefan Sharkansky: The Only Other Spending Rule Article You Will Ever Need

Roger Urwin: What a Total Portfolio Approach Looks Like in Practice

Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description

Ashley Herd: Why Better Managers Drive Better Business Results