A top CIO predicts a U.S. central bank digital currency within 18 months. Here's what triggers the domino effect.

In this follow-up episode of Against Consensus, host Angelo Calvello, PhD, founder of C79 LLC, reunites with Gerald Alain P. Chen-Young, CIO of the National Public Pension Funds Association, to revisit the 401(k) democratization debate eight months later. They dissect the DOL's proposed safe harbor, the structural conflict of PE firms acquiring advisory businesses, and the moral hazard of exposing retirees to illiquid private investments. Chen-Young maps seven legislative and regulatory developments, introduces the paradox of democratization, and delivers three forecasts on DeFi, CBDCs, and cashless retail.

Gerald Alain P. Chen-Young is CIO of the National Public Pension Funds Association and founder of GCY Associates, a global institutional advisory firm serving clients from Ivy League universities to a multi-billion-euro Geneva-based research organization. Previously VP and CIO of UNCF, he managed roughly $1 billion across three portfolios over 14 years. He holds postgraduate degrees in economics from LSE and York and in law from the University of Miami. An adjunct professor at Georgetown and past Institutional Investor award winner, he is based in Washington, DC.

In This Episode:

(00:00) Gerald Chen-Young previews the Clarity Act and crypto jurisdiction

(02:29) Welcome back: nine months of regulatory change since episode one

(05:54) Disclosure, accredited investors, and who bears the risk

(12:35) Written attestation as the gold standard for disclosure

(16:31) PE firms buying advisory businesses: a Glass-Steagall moment

(19:53) Moral hazard, government backstop, and the democratization paradox

(28:26) Retail investors unprepared for J curves, gates, and lockups

(32:21) Seven legislative and regulatory items shaping the debate

(43:00) Three forecasts: DeFi permanence, CBDCs, and cashless retail

(46:07) Closing remarks and what to watch for next
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Gerald Chen-Young LinkedIn: https://www.linkedin.com/in/geraldchenyoung/

Gerald Chen-Young LinkedIn post on CBDC: https://www.linkedin.com/posts/geraldchenyoung_florida-sen-rick-scott-aims-to-block-china-share-7463618504290795520-9JUv/9sw-kIfyc

Previous episode with Gerald https://youtu...

A $4.5 billion pension fund is betting on AI for productivity but drawing a hard line at portfolio decisions — are they right, or are they leaving alpha on the table?

In the debut episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Anurag Chandra, Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System. Chandra reveals the three-ring fiduciary framework his board built to govern AI adoption, treating AI as "a brilliant analyst who's never allowed to vote." The conversation covers delegated authority, collaborative team culture, AI-driven alpha opportunities in private credit and real assets, and the quantum computing frontier.

Anurag Chandra brings over 25 years of experience spanning roles as an allocator, investor, and operator. He currently serves as Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System and as CIO of a single family office with an attached venture studio. He also sits on the investment committees of a multi-family office in Dubai and the San Mateo Community College Foundation. Chandra has helped lead four venture capital funds managing over $2 billion in aggregate AUM and served as a senior executive in three enterprise technology startups.

In This Episode:

(00:00) Introduction to Against Consensus and guest Anurag Chandra

(03:30) Rapid-fire warmup: mountain or beach, contrarian or consensus

(04:30) San Jose Federated's fiduciary AI governance framework

(11:02) The Waymo analogy and the black box investing debate

(18:24) Governance overhaul, team culture, and delegated authority

(27:23) AI ninja versus experienced PM and the future of talent

(31:34) AI as a portfolio theme: opportunities and emerging threats

(37:04) Quantum computing as a frontier investment opportunity

(41:13) Worst investment pitches and closing reflections
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Link to quantum paper: https://www.linkedin.com/pulse/quantum-computing-coming-asset-owners-asking-wrong-angelo-calvello-fdd9c/

Anurag Chandra’s LinkedIn: https://www.linkedin.com/in/anchandra/.

FIN News webpage: https://www.fin-news.com/category/podcasts/against-consensus/

Against Consen...

The Institutional Edge just became something bigger — ready for unfiltered conversations across the entire investing ecosystem?

In this special announcement episode, Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics and former host of The Institutional Edge, reveals the podcast's evolution into Against Consensus. After 33 episodes built on unfiltered conversations with asset owners, the show is expanding to challenge thinking across the entire institutional investing ecosystem. Calvello announces a new partnership with FinNews, led by Matt McCue, bringing harder questions about AI, tokenization, quantum computing, and emerging managers. Against Consensus launches July 9th, inviting referrals, sponsorships, and custom episodes for differentiated emerging managers.

In This Episode:

(00:00) Angelo reflects on a year hosting The Institutional Edge podcast

(00:24) Expanding scope beyond asset owners to the whole industry

(00:47) Announcing the show's bigger ambition and new media partnership

(01:14) Crediting FinNews and explaining the personal stake in emerging managers

(01:44) Launch date announced and where to find Against Consensus

(02:05) Closing asks: referrals, sponsorships, and custom episode opportunities
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Against Consensus (the new show)

• • Website: https://againstconsensus.com
  • YouTube channel: https://www.youtube.com/channel/UCWrHQGAitnt_amaiQFiqU9A
• LinkedIn: https://www.linkedin.com/company/against-consensus/

FinNews (partner publication)

• Website: https://www.fin-news.com
• Matt McCue on LinkedIn: https://www.linkedin.com/in/matthew-mccue-fin/

Angelo Calvello's firms

• Rosetta Analytics: https://www.rosetta-analytics.com
• Blue Diamond Asset Management AG: no public-facing website found — their LinkedIn page is the best available reference: https://www.linkedin.com/company/blue-diamond-asset-management

The Institutional Edge (predecessor show)