Enterprising Investor

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 [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 [https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fblogs.cfainstitute.org%2Finvestor%2F2025%2F08%2F21%2Fintel-tiktok-and-a-us-sovereign-wealth-fund-what-it-means-for-investors%2F&data=05%7C02%7Cjeanie.cox%40cfainstitute.org%7Cb2c9496e37554363b8d208de0049de0f%7C53a818f111e046388863b78b176399bd%7C0%7C0%7C638948514439377073%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=aJC94lH7eQia797eNaiBL8JYw33NgALZFFwapGFedF0%3D&reserved=0], 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 [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 [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.