Actively Speaking Podcast

In 2023 we saw the explosion in popularity of drugs to treat obesity, known as GLP-1s and attractive returns for their manufacturers. With the popularity showing no signs of diminishing in 2024, Quality Capital Reinvestment Analyst Tim Wengerd, who covers health care companies, joins to discuss the implications for investors. Looking beyond health care, Tim and Steve also explore what other types of companies may be impacted by the wide use of GLP-1s.

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.

With share buybacks on the rise, Shareholder Yield Portfolio Manager John Tobin, PhD joins to discuss how shareholders benefit when a company buys back its stock. He also explores why management teams should not try to time their buybacks. Finally, John and Steve explore the impact of the U.S. tax on buybacks that went into effect at the beginning of 2023.

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)

For three decades, "globalization" was the dominant economic paradigm. But in the wake of pandemic, war, and a new geopolitical reality, the tide of globalization is reversing. In this episode, Global Investment Strategist Kevin Hebner explains what that will mean in the near term for some key industries like energy and technology, and what other impacts we might see in the longer term. We also discuss the challenges for Chinese equities and U.S.-based multinational corporations, which have been the two biggest beneficiaries of globalization. (December 1, 2022)

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)

President Biden has appointed high profile antitrust activists to top positions at the Federal Trade Commission, Department of Justice and the White House. How do their views of market fairness fit into the U.S. history of antitrust? And will they be able to successfully reduce the power of today's tech behemoths? (June 20, 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)

While the Environmental and Governance components of ESG are often quantifiable, the Social component may not be. Ravi Varghese, Head of Sustainable Investing joins the podcast to explain how we look at the "S" including how it is analyzed against the backdrop of the war in Ukraine and pressure on Big Tech and energy companies. (April 26, 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)

China, and more specifically, its Common Prosperity initiative have clearly been in the headlines of late but, what is not clear is how the initiative will impact investors. Will it lead to real policy moves and implications for Chinese companies, or is it just a catchy political slogan? Global Investment Strategist Kevin Hebner joins the podcast to discuss the macro backdrop of Common Prosperity and Emerging Markets Portfolio Manager Tim Sledge explores the potential implications for Chinese companies. (December 13, 2021)

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.

After struggling in the early part of the pandemic, U.S. small cap stocks have outperformed their large cap brethren since November 2020. Client Portfolio Manager Rick Vandale joins the podcast to discuss what has driven the small cap rally and why we feel it is still in its early innings. We also explore how Epoch looks at value, the prevalence of loss making companies in the small cap index and the importance of active management in the space. (August 17, 2021)

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)

Central Bank Digital Currencies have progressed from a bold speculative concept to a seeming inevitability and will soon be a core feature of our financial ecosystem. The rollout of CBDCs will further accelerate the digitization of the economy, which is the key defining feature of markets over the past decade. Epoch's Kevin Hebner joins the show to discuss the history of money, the ways digital currencies can work, and the various implications of central bank digital currencies could have on wholesale banking and individual consumers as well as monetary and fiscal policy. (May 27, 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)

Semiconductors are the eyes, ears and brains of digital world. They are being relied upon to solve greater and more complex problems all while being smaller, faster, less expensive and more energy efficient. Listen in as Epoch Senior Research Analyst Matthew Chan discusses how the explosion of exciting breakthroughs in AI, autonomous driving, 5G, and cloud computing could likely drive double-digit growth in the industry. (February 2, 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)

From Big Pharma development to the boots on the ground efforts to eradicate polio, Epoch Research Analyst Jérôme Van Der Ghinst returns to Actively Speaking to provide insight into the economics behind vaccines. (October 23, 2020)

The last six months have been profoundly transformational, with the COVID shock acting as an accelerant for the digitization of the economy. This radical transition is especially advantageous for asset-light business models. Tune in, as Epoch's Kevin Hebner returns to Actively Speaking to discuss his latest paper, The Pandemic Accelerant (September 11, 2020)