Christine Mahoney: What the Mercer CFA Institute Global Pension Index Says About the Health of Retirement Systems

Mercer Senior Partner Christine Mahoney joins host Mike Wallberg, CFA, to unpack key findings from the Mercer CFA Institute Global Pension Index 2025. She explains how 52 retirement income systems are evaluated on adequacy, sustainability, and integrity—and what those measures reveal about the resilience of retirement systems worldwide. The discussion explores government influence on pension investments, the principle of “retirement first,” and the role of policy incentives in balancing national priorities with member outcomes. Listen now to hear what’s driving pension reform and innovation globally.    Read the full report: https://rpc.cfainstitute.org/research/reports/2025/mercer-cfa-institute-global-pension-index-2025

In this episode of Enterprising Investor, Winston Ma, CFA, investor, attorney, author, and partner at Dragon Capital, joins guest host and editor of the Enterprising Investor blog, Cathy Scott, to explore how sovereign wealth is reshaping markets in the age of AI and geopolitical rivalry. Drawing on his experience as former head of the North America office for China Investment Corporation, Winston unpacks the unconventional rise of a US sovereign wealth fund, its investments in Intel and critical AI supply chains, and the far-reaching implications for global investors. From governance challenges to co-investment opportunities, he explains why asset managers, advisors, and retail investors alike must view every company through the interconnected lenses of law, finance, technology, and geopolitics. Tune in to hear Winston’s insights, and don’t miss his blog post, Intel, TikTok, and a US Sovereign Wealth Fund: What It Means for Investors, on Enterprising Investor.

Rob Arnott, founder and chairman of Research Affiliates, joins The Enterprising Investor to challenge long-held assumptions about the equity risk premium and asset allocation. Drawing on Fear, Not Risk, Explains Asset Pricing, the provocative paper he co-authored with Edward McQuarrie, Arnott explores why markets may reward investors less for traditional risk-taking than previously believed, and how fear—both of loss and of missing out—better explains investor behavior. From historical return data to the role of AI in gauging market sentiment, Arnott offers a bold framework that could reshape modern finance.   Tune in to rethink the foundations of modern asset pricing. Learn more about Rob Arnott: https://rpc.cfainstitute.org/voices-of-influence/rob-arnott Mike mentioned "Stocks for the Long Run" article by Ed McQuarrie and others, you can find that here: https://www.tandfonline.com/doi/full/10.1080/0015198X.2023.2268556 This show is made possible through partnerships with sponsors like Tenzing MEMO.  Tenzing MEMO gets professionals up to speed quickly on ~6,000 public companies with real-time research, topical briefings, and intelligent Q&A derived from the latest market data, filings, news, and transcripts. Use MEMO to go from 0 to 60 fast on your watchlist, competitors, clients, and your own company, too. Register for a free trial to see what Tenzing MEMO can do for you today. Visit their website and give it a try. https://www.tenzingmemo.com/

Guest host Chris Wiese, CFA, Managing Director of Education at CFA Institute, speaks with Baxter Hines, CFA, Chief Investment Officer at Honeycomb Digital Investments and author of Digital Finance: Security Tokens and Unlocking the Real Potential of Blockchain. Hines shares how blockchain is reshaping finance—from stablecoins and tokenized bonds to compliance automation and cross-border payments. He explains why tokenization can lower costs, increase efficiency, and improve transparency across markets, and how regulatory clarity in Washington is accelerating adoption.   The discussion also explores: Real-world use cases for tokenized securities The role of blockchain in reducing settlement times and costs How tokenization parallels ADRs in global investing The regulatory landscape for stablecoins and digital assets The investment case for Bitcoin and select cryptocurrencies For the CFA Institute perspective on tokenization, visit rpc.cfainstitute.org and search “tokenization.”   This show is made possible through partnerships with sponsors like Tenzing MEMO.  Tenzing MEMO gets professionals up to speed quickly on ~6,000 public companies with real-time research, topical briefings, and intelligent Q&A derived from the latest market data, filings, news, and transcripts. Use MEMO to go from 0 to 60 fast on your watchlist, competitors, clients, and your own company, too. Register for a free trial to see what Tenzing MEMO can do for you today. Visit their website and give it a try.  https://www.tenzingmemo.com/  

CFA Institute Research and Policy Center senior investment data scientist Brian Pisaneschi, CFA, breaks down the future of AI in investing—covering retrieval-augmented generation (RAG), agentic workflows, and why human creativity remains your strongest edge. Discover how to pair large language models with accurate data to cut through noise, reduce hallucinations, and make smarter decisions.
Listen now to sharpen your AI investing skills—and explore Brian’s in-depth articles on the CFA Institute Research and Policy Center website, rpc.cfainstitute.org.

At CFA Institute LIVE 2025, guest host Chris Wiese, CFA, managing director of \education at CFA Institute, sat down with Mark Anson, CFA, CEO of Commonfund, for a wide-ranging conversation on how institutional investors can adapt to today’s shifting global landscape. Drawing on leadership experience at CalPERS, British Telecom Pension Scheme, and Nuveen, Anson reflects on regulatory complexity, the evolution of global equity markets, and why a 30/30/40 allocation model remains relevant. The episode explores emerging market opportunities, accessing the illiquidity premium in private capital, and how rising uncertainty—from geopolitical shifts to potential changes in endowment taxation—is shaping portfolio strategy. Anson also shares thoughtful advice for early-career professionals on developing global perspective and getting the most out of the CFA® charter. Tune in for a timely conversation on building resilient portfolios in an increasingly interconnected—and unpredictable—world.

What’s driving the curious performance of US equities in 2025—and what risks are flying under the radar? Christopher Shipley, Senior Vice President and Co-Chief Investment Officer at Fort Washington Investment Advisors, joins host Mike Wallberg, CFA, to unpack the geopolitical and economic currents shaping investor sentiment. From the muted market reaction to Middle East tensions and the structural tilt of US markets toward growth, to the evolving implications of tariffs and AI’s layered impact across industries, Shipley offers a clear-eyed view on where investors might find both challenges and opportunities. Listen in for his take on why value stocks are resurfacing, how housing affordability pressures could shape the macro landscape, and why small caps might be ripe for a comeback. Don’t miss this deep-dive conversation on market resilience, risk signals, and forward-looking strategies for navigating volatility.

Barbara Stewart, CFA, returns to The Enterprising Investor to share findings from her latest Rich Thinking study, based on candid conversations with 54 people across the globe. This year’s central question—“What’s the smartest thing you ever did?”—unlocks an inspiring range of stories about personal and professional transformation. From a Singaporean ballet dancer who defied expectations, to an Argentine executive who discovered the Japanese concept of ikigai, to an Australian entrepreneur who rebuilt his life after addiction, Barbara explores how risk-taking, mindset shifts, career pivots, and geographic leaps often lead to unimagined success. With trademark warmth and insight, she illustrates how the boldest moves can become the smartest decisions. Listen to the full episode for powerful, real-life stories—and explore the Rich Thinking summary on the Enterprising Investor blog for even more global insights.

Andrew Ang—former BlackRock executive, Columbia professor, and advisor to Sarawak’s sovereign wealth fund— explores the intersection of personal journey and professional insight in modern investing. From the severe value investing drawdown between 2018 and 2020 to the strategic comeback post-COVID vaccine announcements, Andrew unpacks lessons from one of the most turbulent financial periods in history. He also discusses how investors can build resilience into their portfolios, the nuanced role of crypto assets, and the growing importance of tax-efficient strategies in long-term wealth building. Listen in for a thoughtful discussion that blends research, practical guidance, and a global perspective on today’s investment landscape. This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/

Eric Hanno, CFA, is co-head of Apollo Global Management's Apollo Aligned Alternatives (AAA) strategy. He and host Mike Wallberg, CFA, discuss the current market dynamics for semi-liquid investments amid high levels of uncertainty and volatility in public markets. Eric shares insights on consumer and business confidence trends, the impact of tariffs, and the overall energy in Apollo's offices. With a focus on how investors can effectively allocate semi-liquid assets into their portfolios, this episode provides valuable perspectives for navigating today's investment landscape. Tune in for expert insights from a leader in private equity. This podcast is sponsored by Fintool. Fintool is a comprehensive suite of AI-powered tools designed for modern fundamental research. Check them out at https://fintool.com/