Greg Fisher, CFA: Complexity Science, Uncertainty & the Future of Asset Management
From Enterprising Investor by CFA Institute
December 1, 2025 · 1h 54m · Episode 555
About this episode
Greg Fisher discusses how complexity science can enhance understanding of uncertainty and market behavior in asset management.
In this extended deep dive, guest host Raymond Pang, Senior Researcher at CFA Institute, speaks with Greg Fisher, CFA, about how complexity science can offer a richer lens for understanding uncertainty, market behavior, and the limitations of traditional financial models. Building on themes explored in our recent episode with Richard Bookstaber and Genevieve Hayman — including feedback loops, emergent dynamics, and the need for more adaptive approaches to risk — Fisher expands the discussion to the historical roots of the mechanistic mindset and why a systems-based perspective may benefit investment practitioners. The conversation explores how narratives, structural change, and evolving patterns shape asset prices, and how asset managers can incorporate complexity-informed insights into their research and decision-making. Listen and follow the podcast, and explore our report Reframing Financial Markets as Complex Systems for additional insights: https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.
People in this episode
Host: Raymond Pang
Guest: Greg Fisher
Topics covered
- complexity science
- uncertainty
- asset management
- market behavior
- risk management
- investment strategies
Keywords
- complexity science
- uncertainty
- market behavior
- risk
- investment
- financial models
- adaptive approaches
Mentioned in this episode
Organizations: CFA Institute
Books & works: Reframing Financial Markets as Complex Systems
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