ABOUT THIS PODCAST
In this environment of uncertainty, it's more important than ever for investors to think outside the box. Welcome to The Outthinking Investor, an award-winning podcast from PGIM that examines past events, present-day opportunities, and future possibilities across global capital markets.
In Season 5, hosted by Toby Ricketts, experts from PGIM and the investment world bring unique perspectives as we explore a fast-changing landscape of investment opportunities and risks. Join us as we take a deep dive into the portfolio implications of a changing world.
Season 5
Episode 4
Trading Up: How Active ETFs Revolutionized Investing
Guests Matt Collins, CFA, Head of ETFs at PGIM Investments; Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence and author of The Institutional ETF Toolbox; and Dave Nadig, independent financial futurist and former CEO of ETF.com, discuss the ongoing evolution of the ETF landscape, driven by the rapid growth of active ETFs and a widening array of investment options.
Episode 3
Raising the Stakes: Investing and the Art of Risk Taking
Guests Annie Duke, a decision scientist, former world-class professional poker player, and author of “Quit”; Tina Lindstrom, Head of Oil Derivatives Trading for North America at Marex; and Adam Papallo, Head of Implementation Research at PGIM Quantitative Solutions, deliver insights on the benefits of probabilistic thinking and the best methods for analyzing portfolio decisions.
Episode 2
The New Arms Race: Supply Chains, Data, and National Security
Guests Chris Miller, author of the book Chip War; William Reinsch, Scholl Chair in International Business at the Center for Strategic and International Studies; and Morgan Laughlin, Global Head of Data Center Investments at PGIM Real Estate, discuss the opportunities, challenges, and security considerations amid rapid AI innovation and a global battle for technological supremacy.
Episode 1
Against the Grain: Challenging Conventional Wisdom for Better Outcomes
Amid economic volatility, investors can strengthen their portfolios by questioning conventional thinking and focusing on long-term strategies. Philipp Carlsson-Szlezak, Global Chief Economist at Boston Consulting Group, and Robert Tipp, Chief Investment Strategist at PGIM Fixed Income, offer expert insights to guide these critical decisions.
Season 4
Episode 11
Balancing Act: Economic Policy and National Security in a Fragmenting World
Mark Esper, former US Secretary of Defense; Michael Spence, Nobel Prize-winning economist; and Magdalena Polan, PGIM Fixed Income’s Head of EM Macroeconomic Research, discuss the global economy, how national defense is influencing economic policy, the geopolitical factors impacting trade flows and emerging markets, and whether the peace dividend is evaporating.
Episode 10
Future-Proofing Portfolios: Taxes, Tariffs, & Government Spending
Glenn Hubbard and Jason Furman, who served as Chairs of the Council of Economic Advisers for Presidents George W. Bush and Barack Obama, respectively, join PGIM Fixed Income’s Lead Geopolitical Analyst Mehill Marku for this episode examining how fiscal policies will shape an evolving investment outlook.
Episode 9
Global Elections In Focus: The Impact On Investors And The World Economy
Jeanne Sheehan Zaino, professor of political science and international studies at Iona University and author of “American Democracy in Crisis”; Morris Fiorina, Wendt Family Professor at Stanford University and senior fellow at the Hoover Institution; and Taggart Davis, Vice President of Government Affairs at PGIM, takes a closer look at elections around the world and the potential short- and long-term implications for investors.
Episode 8
Investing In Cities: Private Capital’s Growing Role In Urban Development
Edward Glaeser, economics professor at Harvard University and co-author of “Survival of the City: Living and Thriving in an Age of Isolation”; Jeff Speck, partner at the urban planning and design firm Speck Dempsey; and Cathy Marcus, Co-CEO and Global COO of PGIM Real Estate, discuss the evolution of cities, the challenges they must overcome, and emerging opportunities for investors.
Episode 7
Retirement at Risk: New Ideas for an Uncertain Future
Dennis Simmons, Executive Director of the Committee on Investment of Employee Benefits Assets (CIEBA); Andrew Biggs, a senior fellow at the American Enterprise Institute and former Deputy Commissioner of the Social Security Administration; and Mike Miller, Head of PGIM DC Solutions, explore how governments and employers alike help workers save for retirement, and policy prescriptions for the challenges that lie ahead.
Episode 6
The Paradox of Diversification: The 60-40 Portfolio’s Future
Antti Ilmanen, Global Co-Head of the Portfolio Solutions Group at AQR Capital Management, Scott Cederburg, associate professor of finance at the University of Arizona, and Lorne Johnson, Head of Multi-Asset Portfolio Design at PGIM Quantitative Solutions, dive into the topic of asset allocation and the role of stocks, bonds and alternatives in a diversified portfolio.
Episode 5
A Pension Comeback? The Future of Retirement in A Higher-For-Longer regime
Guests Barb Marder, CEO of the Employee Benefit Research Institute (EBRI); Brooke Masters, US financial editor of the Financial Times; and Josh Cohen, Head of Client Solutions for PGIM DC Solutions, offer fresh perspectives on the future of DC and DB plans in a higher-rate environment.
Episode 4
Minding Your Blind Spots: Investment Strategies for a New Regime
Examine risk through the lens of alternatives with Victor Haghani, founder and CIO of the wealth advisory firm Elm Wealth and co-founder of Long-Term Capital Management; and Ryan Kelly, Head of Special Situations for PGIM Fixed Income.
Episode 3
Healthy Returns: Identifying Future Winners Amid Rapid Medical Innovation
Dig deeper into the future of medical innovations and how consumer behavior could change with the rise of weight-loss drugs. Guests include: Daniel Matviyenko, Managing Director and Portfolio Manager for Jennison’s healthcare strategies; Scott Swanson, Principal and Credit Analyst at PGIM Fixed Income; and Tim Dall, a health economist and Executive Director at GlobalData.
Episode 2
Forever in Your Debt: Investment Risks in an Era of Big Spending
Join Randal Quarles, former Vice Chair for Supervision at the Federal Reserve; Maya MacGuineas, President of the Committee for a Responsible Federal Budget; and Tom Porcelli, Chief US Economist for PGIM Fixed Income, to hear a unique perspective on the intersection of debt, fiscal policy and financial markets.
Episode 1
Industrial Policy’s Rebirth Is Reshaping The Economy
Industrial policy is making a comeback in the West. How will it impact financial markets and the broader economy? Guests Paul Romer, former Chief Economist at the World Bank; Simon Johnson, co-author of Power and Progress; and Katharine Neiss, Deputy Head of Global Economics at PGIM Fixed Income, share their insights.
Season 3
Episode 9
Help Wanted: Four Forces Transforming Labor Markets
Hear guests Greg Wright, senior fellow at the Brookings Institution; Zeynep Ton, professor at MIT Sloan and author of the book The Case for Good Jobs; and Jakob Wilhelmus, Director of Thematic Research at PGIM discuss the transformation of labor markets and its economic impact.
Episode 8
Risky Business: Taking a Long-Term View on Market Shocks
Hear fresh perspectives on potential risks to financial markets and strategies agile investors can employ to protect their portfolios against the known and unknown. Guests include Scott Patterson, Wall Street Journal reporter; and Ethan Wu, Financial Times reporter
Episode 7
The AI Boom: Investing in a New Age of Tech
David Ferrucci, the former project lead for Watson; Gillian Tett, US editor-at-large for the Financial Times; and Erika Klauer, portfolio manager of the technology fund at Jennison Associates, bring their unique perspectives to the topic of AI and how investors can prepare for what is to come.
Episode 6
The New Oil: The Geopolitical Battle for Chip Dominance
Chris Miller, author of Chip War: The Fight for the World’s Most Critical Technology, and Dennis Lockhart, former president and CEO of the Federal Reserve Bank of Atlanta, examine the global competition to fortify supplies of semiconductors and macroeconomic implications for investors to consider.
Episode 5
Future of Food: Vast Implications for Investors
The global food system is rapidly evolving. Savvy investors need a playbook to navigate this change, whether seeking opportunities or mitigating risks. Guests featured: agricultural and development economist Chris Barrett from Cornell University, Council on Foreign Relations fellow Zoe Zongyuan Liu, and PGIM Head of Thematic Research Shehriyar Antia.
Episode 4
David Rubenstein: Investing with a Purpose
David Rubenstein, co-founder of The Carlyle Group, joins PGIM CEO David Hunt for a wide-ranging conversation about investing, macroeconomic trends, and philanthropy.
Watch the video version.
Episode 3 - Part 2
Lessons from the Banking Crisis: What Risks Remain?
Robert Armstrong, US financial commentator and writer of Unhedged for the Financial Times, and John Cochrane, senior fellow at the Hoover Institution and author of The Fiscal Theory of the Price Level, discuss the implications of banking fragilities, keeping a long-term investment horizon amid market volatility, and how swelling government debts could set the stage for new market risks.
Episode 3 - Part 1
Lessons from the Banking Crisis: What Risks Remain?
Rob Kaplan, former President of the Dallas Fed, and George Patterson, Chief Investment Officer of PGIM Quantitative Solutions, discuss lessons learned from banking turmoil, the difficult path ahead for central banks, and where investors can find longer-term opportunities amid an uncertain environment.
Episode 2
Upside Risk: Uncovering Investment Opportunities in an Uncertain Market
Can investors remain optimistic while also surveilling markets for downside risks? Economist Brad DeLong, author of Slouching Towards Utopia, and the CFA Institute Research Foundation’s Laurence Siegel, author of Fewer, Richer, Greener, join PGIM Fixed Income’s Robert Tipp, Chief Investment Strategist and Head of Global Bonds, to discuss reasons for investors to be optimistic about the future, particularly as opportunities emerge in the bond market.
Episode 1
Greying and Growing: The Investment Impact of Demographic Changes
Will demographic changes reshape the investment landscape? Join PGIM Fixed Income’s Chief European Economist Katharine Neiss and Charles Goodhart, Emeritus Professor at the London School of Economics, as we explore the inflationary effects of demographic changes, the implications for monetary and fiscal policy, and how aging populations could impact the economy and the global investment landscape.
Season 2
Episode 8
Tail Risks and Protecting Against the Unknown
In this episode, UC Berkeley lecturer Kevin Coldiron, and Columbia Business School professor Laura Veldkamp discusses recent liquidity crises, portfolio strategies for managing tail risks, and why tighter monetary policies could expose cracks in the financial system.
Episode 7
The New Dynamics of Private Markets with Josh Lerner
PGIM COO Taimur Hyat and economist Josh Lerner from Harvard Business School offer unique perspectives into the factors driving growth in private markets, current investment opportunities, and the outlook for private markets as interest rates rise.
Episode 6
The Future of the Energy Transition with Tom Steyer
Environmental activist and investor Tom Steyer, the Oxford Institute for Energy Studies’ James Henderson, and PGIM Private Capital’s Brian Thomas discuss the portfolio implications and challenges associated with the energy transition.
Episode 5
The Price and Peril of a Low-Rate Regime with Edward Chancellor
With a sea change in interest rates underway, where can investors turn to bolster their portfolios? In this episode, PGIM Quantitative Solutions’ Ed Campbell and financial historian and author Edward Chancellor discuss the pitfalls of low rates and the investment outlook for a new era.
Episode 4
Deglobalization in a Post-Pandemic, War-Torn World
Rob Kaplan, former President of the Federal Reserve Bank of Dallas, and Adam Tooze, Director of the European Institute, join PGIM Fixed Income’s lead G10 economist Ellen Gaske to analyze how the global economy is changing and consider what the future might hold for investors.
Episode 3
Larry Summers on Rate Hikes, Recession Fears and Stagflation
What can we learn from the post-WWII period? Are we headed for economic stagnation, or even 1970s-style stagflation? Former Treasury secretary Larry Summers discusses the economic outlook and implications for central bank policy.
Episode 2
The Evolution and Future of Private-markets Investing
Hear from the author of The Power Law: Venture Capital and the Making of the New Future, Sebastian Mallaby, discuss the advantages, challenges, and future opportunities for investors in private markets — from venture capital to real estate to private equity and beyond.
Episode 1
The Days of Disco May Preview Future Inflation
In the Season 2 premiere, we talk to PGIM Quantitative Solutions’ Chief Investment Strategist Ed Keon and PGIM Fixed Income’s Chief European Economist Katharine Neiss to better understand today’s inflationary shock and how it will play out for investors.
Season 1
Episode 4
Can Black Gold Be a Social Good?
As AUM in sovereign wealth funds continue to surge, how will they exert greater influence—and possibly even promote sustainability—over global markets? Author Angela Cummine joins Stephen Oxley and Philip Hsin, Managing Directors in PGIM’s Institutional Relationship Group, to explore the emergence of SWFs and the formidable opportunities that await them.
Episode 3
From Overzealous Clergymen to Underfunded Benefit
Retirement assets are the largest pool of money in the world—by far—and have pronounced structural differences depending on which country a pensioner calls home. How did this happen? And how can pension plans stay solvent as the global population ages? Journalist Roger Lowenstein and Antonio Sánchez, lead economist at the European Systemic Risk Board, join Howard Nowell of PGIM’s Institutional Relationship Group in this episode.
Episode 2
From the Gutters of London to the Toast of Wall Street
ESG is the trendy star of today’s financial headlines, but it’s also a movement that stretches back centuries. PGIM COO Taimur Hyat, PGIM Real Estate Head of Americas Asset Management Christy Hill and PRI CEO Fiona Reynolds look at the rich history of values-based investing, charting the course ahead for ESG by learning how market solutions can help answer social problems.
Episode 1
From High-Stakes Battles to Record-Low Yields
Join PGIM Private Capital Head of Direct Lending Matt Harvey, PGIM Fixed Income co-CIO Greg Peters, and University of Washington sociology professor Sarah Quinn as they examine the evolution of debt, where we’ll learn how private credit fueled a financial revolution that has changed the course of history—from 1600s England, to the go-go Wall Street of the 1980s, to today.