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For this month's CHATS segment, financial historian Edward Chancellor leads us on a captivating exploration into the evolution of interest rates, showcasing their pivotal role from ancient civilizations to the capitalist era. Chancellor uncovers how the disdain for usury transformed into a tool for economic development. Hear how iconic figures like John Maynard Keynes have shaped modern economic policies with their advocacy for low interest rates and why Chancellor believes the balance of interest rates is crucial for guiding economic behavior.

We also journey through history to understand the impact of low interest rates on financial stability, drawing parallels from John Law's 18th-century France to today's financial crises. Chancellor dissects how artificially low rates have historically spurred speculative bubbles and risky financial behavior, leading to economic turmoil. By reflecting on events like the global financial crisis and the Latin American debt bubble, we unravel how low interest rates incentivize yield chasing and can misalign with growth, becoming a catalyst for instability.

As we navigate the implications of prolonged low interest rates today, we scrutinize the resilience of financial markets despite central banks' interest rate hikes. Chancellor sheds light on the unexpected optimism in the investment landscape, fueled by AI innovations and government interventions. We delve into the intricacies of central banks' policies, questioning the effectiveness of inflation targets and considering how technological advancements could naturally lead to deflation. This episode is an enlightening journey through the complexities of interest rates and their profound impact on economic landscapes throughout history.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.

Send a message to the Financial Perspectives podcast and receive a shout out!

This month on Financial Perspectives, we had the pleasure of speaking with Andrew Graham, CFA - Founder and Managing Partner at Jackson Square Capital - to delve into equity growth strategies and active management.

In this episode, Andrew offers a comprehensive look at active investment strategies by focusing on tax efficiency, flexibility, and the ability to adapt to market changes. Additionally, he underscores the untapped potential within the semiconductor and software sectors, painting a vivid picture of the diverse opportunities available. He shares real-world insights, such as leveraging winners like NVIDIA, to illustrate the tangible benefits active management can bring to your financial portfolio.

Discussing his unique approach to equity growth portfolios -from the significance of maintaining the correct mindset to the art of balancing portfolio positions - Andrew explains how avoiding over-diversification and applying unconventional strategies can lead to long-term wealth. This episode promises to provide valuable insights for those seeking to optimize their investment portfolios and achieve long-term market success.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.

Send a message to the Financial Perspectives podcast and receive a shout out!

On this episode of "Financial Perspectives: Chats," Stephen Biggs, CFA, CAIA, CFP - Managing Director & Head of Alternative Investments for The Mather Group - sits down with Ben Inker - co-head of GMO's Asset Allocation Team - to dissect the realities of today's concentrated market. They delve into the intricacies of market concentration and investment strategies, offering a comprehensive analysis of today's market heavyweights, the "Magnificent Seven" (MAG7) stocks.

Additionally, the episode touches on the broader implications, including potential regulatory and geopolitical challenges, for these tech giants and how these factors might shape their future performance. Inker sheds light on the enduring principles of value investing amidst a market dominated by mega-cap growth stocks, emphasizing that the fundamental principles of value investing remain robust and that there will come a time when active management will once again look attractive against a cap-weighted benchmark.

Don't miss this engaging discussion that promises to enrich your understanding of market concentration and investment strategies.

If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org.


This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.

The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.