Enterprising Investor

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

Market volatility and relentless news cycles can cause even confident investors to second-guess their risk tolerance. Raluca Filip, CFA, joins guest host Cathy Scott to explore why clients hesitate, reverse decisions, or suddenly reassess their appetite for risk — and how advisors can respond in those pivotal moments. Drawing on her work with financial professionals, Filip explains the psychology behind shifting risk perceptions, particularly among investors shaped by prolonged bull markets. She highlights the gap between imagining a downturn and actually living through one, and why traditional risk questionnaires often fall short when emotions take hold. The conversation offers practical strategies to help advisors guide clients through hesitation and emotional reversals, support better decision-making under pressure, and strengthen long-term trust in the advisory relationship.

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

Is it time to move beyond the 4% rule? Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, "The Only Other Spending Rule Article You Will Ever Need," and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement. He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DIY investors looking to design more resilient decumulation strategies. Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky's article in the Financial Analysts Journal to explore the research in depth.

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

What does a total portfolio approach look like inside an investment organization? Roger Urwin, Global Head of Investment Content at Willis Towers Watson, describes how TPA functions in practice, from new roles like the Chief Total Portfolio Officer to the governance structures, data, and decision frameworks that shape portfolio-wide thinking. Speaking with Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he discusses the guardrails that support disciplined decision-making, the skills and mindsets required to operate across silos, and why resilience, foresight, and systems thinking are becoming core investment competencies. Listen to the episode to understand how asset owners are applying a total portfolio lens in real-world investment organizations. 00:00 – The Evolution of Total Portfolio Approach (TPA) in 2025 01:56 – Crossing the Chasm: TPA Moves Into Mainstream Institutional Investing 07:06 – What Is Top-Down Total Portfolio Approach (Level 3 TPA)? 10:50 – CIO vs. Chief Total Portfolio Officer: Rethinking Portfolio Leadership 19:05 – Dynamic Asset Allocation: How TPA Changes Investment Decisions 26:42 – Governance, Risk Guardrails & Real-Time Portfolio Data 34:28 – Investment Skills for TPA: Systems Thinking & Strategic Foresight 41:20 – From Asset Allocation Model to Investment Operating System

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

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, reflects on how leading asset owners are rethinking strategic asset allocation amid faster regime change, rising systemic risk, and growing complexity. In a conversation hosted by Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he draws on decades of experience advising global funds to explain why a total portfolio mindset is gaining traction—and how it reframes goals, governance, and investment decision-making. The discussion explores what it means to invest through a truly holistic lens, why mindset and organizational design matter as much as models, and how the investment profession may need to evolve for a more uncertain world. Listen to the episode to hear Roger Urwin's perspective on the shift from strategic asset allocation to a total portfolio approach. Chapter Markers 00:00 Introduction and Welcome 01:12 Roger Irwin's Career and Industry Background 04:02 Why Total Portfolio Approach Matters Now 04:58 Origins of Strategic Asset Allocation (SAA) 09:32 Benchmarks, Universality, and Communication Challenges 12:01 How TPA Addresses Complexity 14:47 Accessibility vs Flexibility: SAA vs TPA 16:13 Governance Trade-offs and Organizational Design 17:53 Systems Thinking and Market Disruption 19:16 Ecosystem Thinking, Reflexivity, and Risk Models 21:21 Recalibrating Investment Frameworks 22:56 Is TPA More Resilient Than SAA? 24:27 People, Incentives, and Cultural Barriers 28:49 AI, Human Intelligence, and the Future Analyst 30:46 Human + Artificial Intelligence in Investing 34:48 Managing Systemic Risk and Long-Term Horizons 40:57 Value Creation in a World of Real-Time Information 43:55 Stewardship, System-Level Investing, and Externalities 45:00 Can SAA and TPA Coexist? 47:29 Industry Momentum and What Comes Next 49:36 Closing Thoughts and Series Preview