Explorez tous les épisodes du podcast The Modern Investor

The AI trade had a rough week. And this time, the warning signs weren’t limited to stocks.

In this week’s Market Open, Reda Farran and Russell Burns look at stress in the credit market, the pressure on CoreWeave, and whether the huge sums being spent on AI can ultimately be justified. 

They also unpack why Treasuries are starting to look interesting again, and what the broader market is telling us beneath the headline index numbers.

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Rational investors are supposed to price assets correctly. But investors are people, and people are irrational – which is exactly why bubbles form, herds stampede, and markets overreact to information that doesn’t deserve it.

Alex Edmans is Professor of Finance at London Business School. He started on the trading floor at Morgan Stanley before completing a PhD at MIT as a Fulbright Scholar, and has since become one of finance’s most prominent public communicators through bestselling books, free public lectures, and his mission to prove that finance doesn’t have to be dumbed down to be understood. He’s the author of Grow the Pie and May Contain Lies, and his new book, The Madness of Markets, is out this September.

He joins Carl to unpack:
Why AI valuations don’t look as extreme as the dot-com bubble on paper, and the hidden risk sitting in tech earnings anyway
The overreaction and herd behaviour that push otherwise rational investors into the same mistakes, from meme stocks to football fandom
Why some published investing strategies keep working even after everyone can read about them
The case against ESG as a single label, and why he thinks it has become “too much like a religion”
The unconventional investor Edmans rates above Warren Buffett, and the one lasting edge retail investors have over the professionals

CHAPTERS

0:00 Introduction
0:28 From the Morgan Stanley trading floor to a PhD at MIT
3:39 Why research needs to escape the ivory tower
7:15 Overreaction: the most powerful bias in investing
10:29 Herd behaviour, Reddit, and the Solomon Asch experiment
15:10 Is AI the next dot-com bubble?
18:32 Why your investment objectives change everything
20:17 Can you still profit from a strategy everyone knows about?
23:33 Prediction markets: information or noise?
27:35 Why ESG has become too much like a religion
35:19 Two tips for building a lasting investing edge
38:50 Lightning round: first, best and worst investments
43:13 The investor Alex rates above Warren Buffett
44:34 What finance can learn from writing for a general audience
51:20 Alex’s favourite market overreaction
52:50 Where to find Alex and The Madness of Markets

SpaceX is reportedly looking to raise $40 billion to help fund its AI buildout. That’s a lot of money, even by the standards of this boom.

In this week’s Market Open, Reda and Russ Burns ask how much longer markets can keep financing AI at this scale, what higher borrowing costs change, and whether Big Tech’s earnings are telling the full story. 

They also look at nuclear power, bank earnings, and what the latest inflation data could mean for the wider economy.

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Options have a reputation for being complicated and risky. But they can also be useful tools for investors looking to manage risk, generate income, or make the most of a volatile market.

In this episode, Reda Farran speaks to JJ Kinahan from CBOE Global Markets and James Kostulias from Charles Schwab about how investors are actually using options — from covered calls and puts to more complex strategies with defined risk.

They also discuss volatility, zero-day options, and where someone new to options should start.

This sessions was originally broadcast live as a webinar. Stay up to date with upcoming podcast episodes and livestreams on our website, or follow us on Instagram 

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Bill Ackman is worried about where AI could lead. He’s also still finding reasons to own some of the companies spending the most on it.

On today’s episode, Finimize CEO Carl Hazeley talks to the Pershing Square founder about AI risk, why he still sees value in Big Tech, and what he looks for in businesses he’s willing to own for years.

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Higher bond yields have been painful for existing investors. But for anyone buying today, they also mean something that’s been missing from bonds for years: a genuinely attractive starting return.

In this week’s pod, Reda and Russ look at why bonds are starting to deserve another look, how the latest round of rate hikes is changing the picture, and where Reda sees the most interesting opportunities across the market.

They also discuss the US-China summit, the risk that slowing AI spending could hit a much wider group of stocks, and why China’s long-term industrial strategy continues to matter for investors.

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Anthropic is preparing for what could become the biggest IPO in history, with a rumoured valuation of around $2 trillion. The question for investors is whether the business can actually grow into a price tag that large. 

In today's episode, we’re sharing another preview of Research Drops – investment research normally available exclusively to Finimize Pro members.

Finimize analyst Russell Burns looks at the bull case for Anthropic: its extraordinary growth, the scale of its infrastructure commitments, and why falling AI costs could end up driving more usage rather than less.  

Head to the Finimize app to hear Russell's research in full.

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Bond yields are climbing to levels not seen in decades. 

That matters well beyond the bond market – particularly when so much of the US economy is riding on an AI investment boom.

This week on Market Open, Finimize CEO Carl Hazeley joins Reda to unpack what’s driving the sell-off in government bonds, why inflation and mounting debt are making investors nervous, and how higher borrowing costs could put pressure on the AI trade.

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Nvidia just delivered another huge quarter, with revenue growth expected to accelerate next year. Yet after everything that’s happened to the stock, its valuation is starting to look surprisingly modest.

This week on Market Open, Reda and Russ digest Nvidia’s latest numbers, and discuss whether some of its biggest beneficiaries might actually be cheap.

They also turn to America’s growing debt problem. With US national debt now above $40 trillion and borrowing costs rising, why is fixing it so politically difficult?

Plus, the increasingly awkward choice facing the Fed as inflation remains stubbornly high while the labour market shows signs of weakening.

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China is spending roughly one dollar on AI for every eight spent by America. But for investors, having less money to spend doesn’t necessarily mean fewer opportunities.

In the second week of our summer hiatus, we’re giving you another preview of Research Drops – investment research normally available exclusively to Finimize Pro members.

Finimize analyst Theodora Lee Joseph looks beyond China’s biggest tech names to follow where the country’s AI spending is actually going…and where the winners are. 

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The best investors aren’t always the ones making the smartest calls. Sometimes, they’re simply the ones making fewer costly mistakes.

Today we’re doing something a little different: giving you a taste of Research Drops - investment research normally available exclusively to Finimize Pro members.

Inspired by Barry Ritholtz’s How Not To Invest, our Head of Content Reda Farran looks at the bad ideas, bad numbers, and bad behaviors that can quietly derail a portfolio - and why accepting that you’ll sometimes be wrong might actually make you a better investor.

Head to the Finimize app for the full interview.

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For years, the American consumer has been the reliable engine of the US economy. Right now, though, some of the most important spending is happening somewhere else entirely.

In this week's episode of Market Open, Reda and Russ chew through the vast sums flowing into data centers and compute, why Wall Street is finding new ways to finance it, and how long today's extraordinary demand can continue.

Plus, why Europe is starting to look like an interesting diversification play if the tech trade turns.

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Markets rebounded quickly last week. But beneath the recovery are some bigger questions about leverage, valuations, and where the AI trade goes next.

This week on Market Open, Reda and Russ unpack what's really driven the recent sell-off - from a highly leveraged hedge fund to renewed questions around AI spending and market valuations.

Plus, they run through the latest Big Tech earnings, why bond markets are questioning the Fed, and what Japan's currency intervention could mean for investors.

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Some of the world's most valuable companies are staying private for longer than ever. 

So by the time they reach the stock market, have everyday investors already missed the biggest opportunity?

In today's episode, Reda's joined by Ben Black, Co-founder of Akkadian Ventures and CIO of Powerlaw Corp, to get to brass tacks about how private markets are changing, and what that means for the average investor.

Ben also breaks down the different ways investors can gain exposure to private companies, the risks and rewards of private market investing, and why the next generation of AI winners may still be private.

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Is the AI trade entering a new phase?

In this week's episode of Market Open, Reda and Russell unpack another eventful week for markets. They discuss SK Hynix's record-breaking US listing, why some investors are starting to question whether AI stocks have run too far, and what the latest moves in memory chips could mean for the companies building the next generation of AI.

In this episode:

• Why AI investors may need to rethink the winners
• SK Hynix's blockbuster US listing
• The growing pressure on hyperscalers ahead of earnings
• What higher oil prices could mean for inflation
• The key market risks to watch this week

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Inflation may have slipped from the headlines, but is it really behind us?

This week on Market Open, Reda and Russell explore why inflation could prove more persistent than investors expect - even before this year's Middle East conflict. 

They also turn to one of the biggest shifts happening inside the AI boom: why memory chip makers are gaining pricing power, what it means for the hyperscalers pouring billions into AI infrastructure.

Plus: South Korea's volatile week, the latest on AI spending, and the key events investors should be watching in the days ahead.

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Introducing Market Open: a new weekly show from The Modern Investor. 

Each week, Finimize analysts Reda Farran and Russell Burns chew over the biggest stories in markets, what they mean for investors, and what they're watching in the week ahead.

In todays episode....

• Why AI is increasingly driving every corner of financial markets
• SpaceX's latest AI deals and what they mean for the company
• South Korea's push for MSCI developed-market status
• The outlook for inflation, rates, and the global economy

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Is Bitcoin digital gold, a risk asset, or something entirely different?

In the first episode of The Modern Investor Podcast, Finimize CEO Carl Hazeley sits down with Chris Bendiksen, Head of Bitcoin Research at CoinShares, to unpack one of the most debated assets in modern investing.

They discuss Bitcoin's fundamentals, whether it can act as a safe haven during periods of market turbulence, as well as Chris's outlook on Bitcoin's long-term future.

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After some too much turkey and an unfamiliar chocolate dessert, the Finimize analysts huddled in the studio for a chance to talk markets. They went around the room, sharing their big takeaways, the events that surprised them, and the things they see just ahead for this quarter-century year. They also dished about the trends and risks that they see mostly flying under the radar. 

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Brought to you by our sister podcast, Generation (Spotify) (Apple Podcasts).

Time and time again, marketers get stuck in the same dilemma. How do I really show ROI for my marketing spend? 

Today, Max is joined by Natwest CMO Margaret Jobling, who shares her powerful blueprint for maximizing ROI through a balance of brand building, performance, and experimentation. 

With a career spanning iconic brands like Cadbury’s, British Gas, and Bird’s Eye, Margaret reveals how to break free from “rearview” marketing, and drive real business impact.

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Imagine being handed a million pounds to develop a groundbreaking idea—but you can’t get your client to see its value. Is it their fault? Or does the responsibility fall on how you tell the story? Today, Max sits down with Nils Leonard, co-founder of one of the hottest creative agencies on the planet, Uncommon.

Nils has led viral campaigns for brands like British Airways, Nike, Monzo, and EA Sports, earning multiple Grand Prix Awards at Cannes Lions along the way. 

Max and Nils break down what separates the meaningful from the mediocre and why finance needs creativity now more than ever.

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It’d be easy to think about Microsoft and Nvidia in the same way. But the two AI stock darlings have more that separates them than unites them. In today’s Podcast, Stephen Yiu – the CIO of Blue Whale Growth Fund – chats with Carl about what sets the two tech giants apart.

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Brought to you by our sister podcast, Generation (Spotify) (Apple Podcasts).

Adam Nash is one of the most influential leaders in fintech. As the former President and CEO of Wealthfront, he scaled assets under management from $100 million to over $4 billion. He's also held pivotal roles at top Silicon Valley companies like Apple, eBay, LinkedIn, and Dropbox. Right now, Adam's leading his latest venture, Daffy, a start-up democratising charitable giving.

Today, Adam and Max talk about the true meaning of trust in the world of finance, Adam’s biggest lesson from working with Steve Jobs, and why product leadership is so critical to delighting your customers. 

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Brought to you by our sister podcast, Generation (Spotify) (Apple Podcasts).

Unlock the secrets of exceptional marketing with Johan Jervøe, former CMO of UBS and Intel. Max and Johan discuss the power of customer insight, how to leverage celebrity endorsements, the art of crafting campaigns that really resonate, and much more.

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Check out our daily financial news show, The Finimize Daily Brief (Spotify), The Finimize Daily Brief (Apple Podcasts).

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On today's episode, Carl and the gang dive into the fundamentals of personal finance. They explore essential topics like how much cash you should really hold, and how to use it, pensions, fixing mortgage rates, and balancing risk and return in your retirement planning. Hear from Stéphane Renevier, Reda Farran, Theodora Lee Joseph, and Russell Burns.

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No one knows Warren Buffett like David Kass: the finance professor's been tracking the Oracle’s every move since the 1980s. He sat down with our show's producer, Guy Gardener, to explain what he thinks about Buffett's latest stock moves – and what he might do next.

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Brought to you by our sister podcast, Generation (Spotify) (Apple Podcasts).

Discover what it takes to be a top-tier CMO with Citi's Alex Craddock. From transforming the iShares brand to leading game-changing campaigns, Craddock shares his secrets on mastering data, technology, and business growth. 

Get insider tips on leadership, mentorship, and crafting bold, visionary marketing strategies. Perfect for aspiring CMOs and seasoned pros alike—this episode is your blueprint for marketing success.

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The show gives you everything you need to know about the day's biggest financial stories and trends, in five minutes or less - plus a regular Q+A with our world-class analysts. 

If you were hoping for some stable predictability in the markets, well, 2024 might not be your year. Sree Kochugovindan, senior research economist at abrdn, has been watching the recent blast higher in volatility. 

She sat down with Carl recently and discussed how interest rate decisions from the world’s big central banks (especially in the US and Japan) have driven a lot of the market’s swings. But, she noted that other things are playing a role, too, and with the US presidential election just a few months away, things are likely to remain tumultuous for a while yet. 

Luckily, she’s got some insights for investors and economists, as they brace for the potential outcomes.

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The Finimize analyst team get together for a mid-year hurrah. They checked in on how their 2024 predictions have played out so far, and what they’re expecting for the rest of the year. Hear from Stéphane Renevier, Reda Farran, Theodora Lee Joseph, and Russell Burns – hosted by Carl Hazeley. They’ll make some fresh predictions, share what they’ve learned, and exchange some witty banter (maybe. You be the judge.).

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US jobs data suggested that the country is starting to strain under high interest rates, while Nvidia challenger Cerebras filed for an IPO.

Today’s stories:

• The US Created Fewer Jobs Than Expected, And Unemployment Ticked Up Too
• Chip Designer And Nvidia Rival Cerebras Filed For An IPO

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Apple and Amazon both showed investors how they fared last quarter, but their adequate performances failed to earn them credit. After four years of interest rates moving only one way, the Bank of England finally dropped rates.

Today’s stories:

• Adequate Results From Apple And Amazon Weren’t Enough To Get Investors Excited
• After Four Years, The Bank Of England Finally Trimmed Interest Rates

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The Bank of Japan raised its benchmark interest rate to the highest point since 2008, and Meta reported stronger-than-expected sales for last quarter.

Today’s stories:

• Surf’s Up For Meta: The Firm Reported Stronger Sales Than Expected
• The Bank Of Japan Raised Interest Rates For Just The Second Time Since 2007

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You’ve probably heard of the Net Promoter Score, or NPS. But on this episode of the Generation Podcast, Hannah Grove - ex-State-Street CMO and now board member at abrdn - is going to show you how to harness it. 

She sat down with Max to discuss how Hannah transformed State Street as a marketeer, why NPS should be a CMO’s number 1 metric, and why it’s so hard to create great content in-house. 

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Geopolitics and macroeconomics have never been so intertwined, so Paul Diggle, chief economist at abrdn shared his analysis covering different scenarios for the US presidential election and the potential market impact of each outcome. 

Paul also discussed why he likes the look of corporate bonds right now, why he’s warming up to real estate after avoiding it for a while, and what he makes of the US dollar.

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Finfluencer Bill Ackman slashed the target size for his brand-new  fund, while the latest look at inflation hinted that the US could achieve a soft landing.

Today’s stories:

• Bill Ackman Slashed The Target Size For His New Fund By A Mile
• The Fed’s Trusted Inflation Measure Pointed To Cooler Blue Levels

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US economic growth cruised at a faster-than-expected pace, while an AI selloff stoked wider worries about the Big Tech-driven stock market.

Today’s stories:

• The US Economy Grew At A Surprisingly Snappy Pace Last Quarter
• AI Jitters Sent Markets The World Over Into A Tailspin

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European firms are facing a dismal quarter as demand from China slows, while business activity in Britain showed it’s making a comeback.

Today’s stories:

• European Firms Are Looking Glum As Demand From China Slows
• The Clouds Might Finally Be Parting For The UK Economy

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Alphabet delivered an expectation-beating – yet slightly ho-hum – quarterly update, while ether spot ETFs started trading in the US.

Today’s stories:

• Alphabet Spelled Out Better-Than-Expected Results
• In A Big Step For Crypto, The First Spot Ether ETFs Just Launched

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Warren Buffett cashed in some Bank of America stock, while activist fund Elliott Management ordered up a serving of Starbucks.

Today’s stories:

• Warren Buffett’s Berkshire Hathaway Gave Its Bank of America Stake A Trim
• Activist Fund Elliott Management Picked Up A Venti Stake In Starbucks

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A swing and the biggest of misses for CrowdStrike led to global IT chaos, while OpenAI cozied up to Broadcom for a fresh supply chain connection.

Today’s stories:

• Cybersecurity Firm CrowdStrike Struck Out, Sparking A Huge Global Tech Outage
• OpenAI’s Chatting Up Broadcom For A Fresh Supply Chain Connection

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Global shipping troubles and threats of fresh tariffs revived old worries about inflation, while chipmaker TSMC unveiled its AI-powered results.

Today’s stories:

• Global Shipping Troubles And Tariff Threats Could Cause Waves For Inflation
• The Chips Are Up For TSMC, And The Future Is Looking Bright Too

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ASML reported strong results, but geopolitical tensions threatened to cloud its outlook, while the Russell 2000 index notched its best five-day streak since 2020.

Today’s stories: 

• ASML’s Strong Results Were Overshadowed By Potential Trade Restrictions
• Smaller Stocks Have Been Rallying: The Russell 2000 Just Notched A Five-Day Streak

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Morgan Stanley and Bank of America posted better-than-expected updates – and while Saudi Arabia has big plans, they’re proving tricky to pull off.

Today’s stories: 

• Both Bank Of America And Morgan Stanley Released Expectation-Beating Results
• Saudi Arabia’s Multi-Trillion-Dollar Makeover Isn’t Going According To Plan

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DIY traders have grown up a lot since that first wild GameStop ride. Steph Guild, Senior Director of Investment Strategy at Robinhood tells the tale, plus the surprising things those investors want and need from their trading tools now.

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Google is reportedly in talks to buy cybersecurity firm Wiz for $23 billion, while China’s slow economic growth is causing waves in the luxury market.

Today’s stories: 

• Google’s Parent Alphabet Could Buy Cybersecurity Firm Wiz For $23 Billion
• China’s Economy Is Growing More Slowly, And That’s Hurting The Luxury Industry

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JPMorgan Chase and Citigroup announced blowout second-quarter earnings, while analysts are more optimistic than usual about US companies this earnings season.

Today’s stories: 

• JPMorgan Chase Came Out Swinging With Results That Crushed Expectations
• Analysts Are Cautiously Optimistic About This Earnings Season

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Fresh data showed retail investors are the most optimistic they’ve ever been, while professional investors are concerned about round-the-clock retail trading.

Today’s stories: 

• According To The Modern Investor Pulse, Retail Investors Are Very Optimistic Right Now
• Professional Investors Are Concerned About Round-The-Clock Retail Trading

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Microsoft and Apple put space between themselves and OpenAI, while China inched closer to deflation – a worrying sign for the world's second-biggest economy.

Today’s stories: 

• Microsoft Ditched Its Board Seat At OpenAI, And Apple’s Stepping Away Too
• China’s Getting Closer To Deflation – And That’s Not Good

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There weren’t many new users to count over at X (formerly Twitter) last quarter, while most active funds have fallen short of beating the S&P 500 this year.

Today’s stories: 

• New Users Were Few And Far Between At X (Formerly Twitter) Last Quarter
• Slow And Steady Is Paying Off, With Passive Funds Pulling Ahead This Year

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