Actively Speaking Podcast

In this episode, guest host, U.S. Equity Portfolio Manager Justin Howell is joined by Co-Portfolio Manager and Technology Analyst Victor Anthony to discuss the evolution, impact, and investment trends surrounding artificial intelligence (AI). The conversation covers the rapid adoption of generative AI technologies like ChatGPT, the competitive responses and capital expenditures of major technology companies, the cost and complexity of building data centers, and the shifting bottlenecks from compute hardware to power infrastructure. Justin and Victor analyze the roles of key industry players such as Nvidia, AMD, and the "Magnificent Seven," explore how AI is reshaping stock market returns and business models, and debate the sustainability and potential risks of the ongoing AI investment cycle. The episode concludes with insights on what signals might indicate an AI bubble and the long-term implications for returns on invested capital in the sector.

Over the last two years, the health care sector has underperformed both the technology sector and the MSCI World Index as a whole. The sector has typically been known as one with high profitability, high return on capital companies, so what has been driving the underperformance? Research Analyst Tim Wengerd joins the podcast to discuss that question and the outlook for the sector.

U.S. Fundamental Equity Portfolio Manager and Research Analyst Steve Salzone joins the podcast to discuss the energy transition. We discuss the current energy mix along with what the common expectations are for the future energy mix and whether or not they are reasonable. this episode also explores the implications for energy companies and the transportation sector.

The expectations coming out of the COVID pandemic was that China's economy would experience a rebound, but that has not materialized. In this episode we look at some of the potential reasons for that including a slowing housing market, the tapering of the migration from rural to urban regions and the buildup of debt.

We look at the importance of understanding how company management is compensated. At a very basic level, we believe that incentives matter. Presumably, executives want to maximize their compensation, so any time you are thinking of investing in a company, you should want to know what incentives those executives are responding to, because that will tell you what kinds of actions they are likely to take. (February 21, 2023)

The impact of the Russian war in Ukraine has made many countries, especially Europe, reconsider their stance on nuclear power. Senior Research Analyst Michael Jin joins the podcast to discuss the history of nuclear power, the ESG implications, whether the need for nuclear power will be enough to overcome people's perhaps irrational fear of nuclear, and how the technology has changed since the first wave of plants were built decades ago. (September 14, 2022)

2022 has been a vicious year for crypto assets, but why now? In this episode, Global Investment Strategist Kevin Hebner explores the different types of stablecoins including those at the center of the latest downturn. We also discuss the potential for contagion into other asset classes, the diversification value of crypto and the outlook for the regulatory environment. (May 25, 2022)

With inflation's macro impacts already being well covered, we look instead at its micro impacts. Senior Research Analyst Nikolay Petrakov joins the podcast to discuss the implications for financial services companies, particularly banks and insurers. Also joining is Portfolio Manager and Senior Research Analyst Glen Petraglia who discusses the effects consumer goods companies, which is where inflation is typically most visible. (March 1, 2022)

Investors often wonder how portfolio managers react to major macro events, like the COVID-19 pandemic. Often times, making only small changes or no changes at all can be more beneficial than a significant overhaul. Quality Capital Reinvestment Portfolio Manager David Siino joins to discuss how he reacted the market events caused by the pandemic. He explores the changes made and not made, new company types that made it through the strategy's screen and lessons learned from the pandemic.

Inflation risks are at a four-decade high due to today’s combination of a generous Treasury, an overly tolerant Fed, and a reopening economy. Epoch's Kevin Hebner returns to discuss his base-case scenario which assumes only a brief period of above-target inflation, investors should brace themselves for more inflation scares, which will likely remain a key driver of equity markets well into 2022 (June 16, 2021)

We are pleased to welcome Gregory Milano, Managing Partner, Founder & CEO of Fortuna Advisors. A thought leader on capital deployment and financial strategies, Greg discusses with Actively Speaking the pitfalls companies can find themselves in when making capital allocation decisions. From evaluating executive compensation incentives to timing share buybacks, tune in to learn why so many companies struggle to find an effective capital allocation mix. (March 15, 2021)

President-elect Biden has been steadily building out his cabinet in recent weeks. Listen in as Steve Bleiberg and Kevin Hebner discuss key economic roles including Janet Yellen's appointment to Treasury Secretary and Katherine Tai as U.S. Trade Representative. We also explore anti-trust regulation and what impact a Biden administration might have on the Tech industry. Lastly, as the year comes to a close, Steve and Kevin share some books they recommend for some quality holiday season reading. (December 18, 2020)