In this podcast episode, Mark Mills, a physicist, energy expert, and “tech guru,” argues that the hype around AI is justified but misunderstood, emphasizing its roots in statistical inference (which is not what humans do when they think). He explains that AI’s strength lies in handling fuzzy, human-like tasks, unlike traditional computing’s whiz-bang ability to calculate. This making AI transformative for automation.

Mills addresses concerns about AI displacing jobs, noting that automation historically eliminates some roles but creates others, with 60% of 1960s job categories gone by 2020, yet employment and wages rose. He predicts AI, combined with advancements in materials and machines, will drive a massive productivity boom over the very long run, akin to previous industrial revolutions like the 1920s. He notes that the universe is made up of only three things—matter, energy, and information—and that all three are undergoing simultaneous revolutions, a historically rare event.

In this episode of Financial Thought Exchange, host Larry Siegel interviews Mark Mills, a physicist turned energy and tech expert. Mills argues that there has never been a true energy transition, except for abandoning whale oil. Even as we pursue an energy transition, humanitycontinues to rely on traditional energy sources such as hydrocarbons, wood, even animal power. Mills criticizes the slow adoption of nuclear energy, attributing it to public fears and stringent regulation. He sees promise in new small reactor designs, such as molten salt reactors, while traditional reactor designs suffer from regulatory and technical constraints.

Mills uses the snail darter (which, it turns out, doesn’t exist) as an example of environmental policy gone amuck, hindering growth. He asks that policies weigh environmental considerations against the need for economic development. Mills emphasizes the need for affordable energy to support technologies like air conditioning in developing nations, noting that only increased wealth and advanced technology can achieve the resilience against climate challenges that we need.

In this episode of the Financial Thought Exchange podcast, Jason Pereira, host of the Fintech Impact Podcast and an advisor to technology and AI startups, delves into the evolving landscape of robo-advisors and the revolutionary impact of Artificial Intelligence (AI) in wealth management.

A lively debate on the state of the private credit market, recorded live from the CFA Institute Annual Conference! Financial historian Mark Higgins and alternative investment strategist Alfonso Ricciardelli face off on a critical question of whether the massive influx of capital into private credit is a dangerous bubble or a new, permanent structural shift.

Hosted by Lotta Moberg, this panel explores the risks of "herd behavior," the importance of setting realistic investor expectations, and the vast alpha opportunities in underserved markets. Mark shares historical context, while Alfonso provides a structural counterpoint. This discussion is essential for anyone seeking to understand the future of alternative investments and the crucial role of manager selection.

Elroy Dimson and Larry Siegel discuss the origins of long-term investing by medieval universities, then move to rates of return, both past and future, on stocks versus bonds – there are some surprises in the older data suggesting the equity risk premium may not be as high as it appears. Dimson recounts his involvement with long-term investors such as the Norwegian sovereign wealth fund, and presents lessons for the future. He concludes with “curiosity assets” such as wine, art, and postage stamps. (You should not invest in postage stamps.)

Elroy Dimson, who co-authored the first very long-term study of worldwide asset returns, explains to Larry Siegel how he was inspired by Roger Ibbotson to research the topic. Then, he and Larry discuss the relative merits of investing in the United States, other developed markets, and emerging markets as their economies have evolved. While U.S. stocks now form the dominant market in the world, that has not always been the case and may not be in the future. Dimson concludes by recalling how World War II reshaped the world’s capital markets and set the stage for the economic boom that followed.

This episode of the Financial Thought Exchange Podcast features a discussion between host Lotta Moberg and James Grant, founder and editor of Grant's Interest Rate Observer. They explore the U.S. fiscal situation, potential default scenarios, and the implications for interest rates and bonds, highlighting the complexities of fiscal dominance and historical precedents in U.S. monetary policy. This episode is the second of a two-part series. Check out the previous one, which focused on the fundamentals of interest rates.

In the Financial Thought Exchange podcast, host Lotta Moberg interviews James Grant, founder and editor of Grant's Interest Rate Observer, about interest rates and their fundamental nature. They dig into the fundamental nature of interest rates and how they reflect scarcity, opportunity cost, and the human tendency to prioritize immediate gratification over future benefits. The discussion also touches on the complexities of credit risk and the historical context of interest rates. This episode is the first of a two-part series, with the next focusing on U.S. debt and potential defaults.