Shows
Free Money with Sloane and AshbyWhat the Bedroom Can Teach the Boardroom feat. Bahar Baharloo, Intimacy CoordinatorWhat an exciting show for our LAST episode of the year! We were joined by Bahar Baharloo, who was Sloane's roommate during her time in the McKibbin lofts of Brooklyn.Their experience as an intimacy coordinator gives us some amazing insight into consent and how it applies to the governance and approval we encounter in investment decision making. Ashby's head explodes multiple times, and we're quite confident yours will too. Happy New Year from the Free Money Fam! 2023-12-281h 14Free Money with Sloane and AshbyWhat the Bedroom Can Teach the Boardroom feat. Bahar Baharloo, Intimacy CoordinatorWhat an exciting show for our LAST episode of the year! We were joined by Bahar Baharloo, who was Sloane's roommate during her time in the McKibbin lofts of Brooklyn.Their experience as an intimacy coordinator gives us some amazing insight into consent and how it applies to the governance and approval we encounter in investment decision making. Ashby's head explodes multiple times, and we're quite confident yours will too. Happy New Year from the Free Money Fam! 2023-12-281h 14
Free Money with Sloane and AshbyInnovation is the Combination of Ideas feat. Tom Brakke of the Investment EcosystemHop in folks, this train is headed to Brakkestan! We were fortunate enough to meet up with Tom Brakke, one of the keepers of the flame in active independent investment management. We talk about what innovation really is, due diligence in the manager selection process, and more. Ashby's whereabouts on January 6th are also discussed, and if you'd like the answer to that burning question, you'll just have to tune in! Thanks for joining us - we genuinely appreciate each and every one of you. 2023-12-131h 31Free Money with Sloane and AshbyInnovation is the Combination of Ideas feat. Tom Brakke of the Investment EcosystemHop in folks, this train is headed to Brakkestan! We were fortunate enough to meet up with Tom Brakke, one of the keepers of the flame in active independent investment management. We talk about what innovation really is, due diligence in the manager selection process, and more. Ashby's whereabouts on January 6th are also discussed, and if you'd like the answer to that burning question, you'll just have to tune in! Thanks for joining us - we genuinely appreciate each and every one of you. 2023-12-131h 31
Free Money with Sloane and AshbyRaising Capital Inclusively with Megan Kashner and Bill Burckart of Colorful CapitalToday we're joined by Bill Burckart and Megan Kashner of Colorful Capital, both of whom are professors of impact investing (Columbia and Northwestern) as well as co-founders of the venture firm focused on the LGBT community.We hear from them on why the firm is necessary, how they've gone about trying to access the people they're trying to reach, and then discuss the role they see for Colorful Capital going forward. For a deeper exploration of the topics we discussed and links to various resources mentioned, check out our blog post on this episode.Don't...2023-09-251h 14Free Money with Sloane and AshbyRaising Capital Inclusively with Megan Kashner and Bill Burckart of Colorful CapitalToday we're joined by Bill Burckart and Megan Kashner of Colorful Capital, both of whom are professors of impact investing (Columbia and Northwestern) as well as co-founders of the venture firm focused on the LGBT community.We hear from them on why the firm is necessary, how they've gone about trying to access the people they're trying to reach, and then discuss the role they see for Colorful Capital going forward. For a deeper exploration of the topics we discussed and links to various resources mentioned, check out our blog post on this episode.Don't...2023-09-251h 14
Free Money with Sloane and AshbyInnovation Backed by Violence featuring Caitlin RosenthalThis one's nearly a year old - but still filled with the usual gold.It honestly didn't come as a shock to us that modern American accounting practices are deeply rooted in slavery (nothing shocks us anymore). But in order to further wrap our heads around this insane concept, we spent some time chatting with Caitlin Rosenthal, historian of business and slavery. 2023-08-211h 18Free Money with Sloane and AshbyInnovation Backed by Violence featuring Caitlin RosenthalThis one's nearly a year old - but still filled with the usual gold.It honestly didn't come as a shock to us that modern American accounting practices are deeply rooted in slavery (nothing shocks us anymore). But in order to further wrap our heads around this insane concept, we spent some time chatting with Caitlin Rosenthal, historian of business and slavery. 2023-08-211h 18
Free Money with Sloane and AshbyTransitioning to Greatness featuring Maeve DuVallyPerhaps this episode could be a great business case for not hating yourself. It's amazing when you look at what you bring to the table at work as a truly happy person, which in Maeve's case was a result of coming out.Join the crew as we discuss what it was like for her coming out at Goldman Sachs, real experiences of what it's like to be trans in finance, and Maeve's expert advice for communicating around innovation in the industry.2023-08-151h 23Free Money with Sloane and AshbyTransitioning to Greatness featuring Maeve DuVallyPerhaps this episode could be a great business case for not hating yourself. It's amazing when you look at what you bring to the table at work as a truly happy person, which in Maeve's case was a result of coming out.Join the crew as we discuss what it was like for her coming out at Goldman Sachs, real experiences of what it's like to be trans in finance, and Maeve's expert advice for communicating around innovation in the industry.2023-08-151h 23
Free Money with Sloane and AshbyAugmenting the Efficiency of Indian Agriculture with Ruchit Garg of the Harvesting Farmer NetworkAI, research, and farming? Oh my! On today's episode, we're joined by Ruchit Garg, who is working to build a much more efficient market for agricultural goods in India.We also discuss ancient spreadsheets, whether or not AI will ever have a material impact on institutional investment decisions, and the general vibes this lunar cycle.2023-07-271h 12Free Money with Sloane and AshbyAugmenting the Efficiency of Indian Agriculture with Ruchit Garg of the Harvesting Farmer NetworkAI, research, and farming? Oh my! On today's episode, we're joined by Ruchit Garg, who is working to build a much more efficient market for agricultural goods in India.We also discuss ancient spreadsheets, whether or not AI will ever have a material impact on institutional investment decisions, and the general vibes this lunar cycle.2023-07-271h 12
Free Money with Sloane and AshbyEasing Into ItSee - we told you we weren't dead! Our guest in this episode is...nonexistent (thanks to a typical tech error). That said, we're thrilled to get back in the swing of things and to be able to offer our listeners the usual flow of banter, news, jokes, and as always, a gardening tip. Our conversation in this episode touches upon an exciting change in Sloane's life, the explosion of crypto, growing pains, and more.2023-06-2836 minFree Money with Sloane and AshbyEasing Into ItSee - we told you we weren't dead! Our guest in this episode is...nonexistent (thanks to a typical tech error). That said, we're thrilled to get back in the swing of things and to be able to offer our listeners the usual flow of banter, news, jokes, and as always, a gardening tip. Our conversation in this episode touches upon an exciting change in Sloane's life, the explosion of crypto, growing pains, and more.2023-06-2836 min
Free Money with Sloane and AshbyOperational Alpha in Practice with NYC BERS' Sandy RichSome things are more important than beating the market. That's particularly true when it comes to managing a pension fund. In this episode, we chat with NYC BERS' Sandy Rich about what he's done over the past seven years to streamline decisionmaking, clarify the term structure of his fund's liabilities, and build a talented internal team.Note: This conversation was recorded on September 1st, 2021.2023-01-101h 16Free Money with Sloane and AshbyOperational Alpha in Practice with NYC BERS' Sandy RichSome things are more important than beating the market. That's particularly true when it comes to managing a pension fund. In this episode, we chat with NYC BERS' Sandy Rich about what he's done over the past seven years to streamline decisionmaking, clarify the term structure of his fund's liabilities, and build a talented internal team.Note: This conversation was recorded on September 1st, 2021.2023-01-101h 16
Free Money with Sloane and AshbyLife Lessons from the Bond King featuring NPR's Mary ChildsOur guest in this episode is Mary Childs, The author of The Bond King, a look at the life and legacy of PIMCO founder, Bill Gross, the unusual organization that he built, and the fixed income market that he came to dominate. Our conversation starts by talking about why stocks are dumb, the elements of operational alpha that made PIMCO what it is, and what Bill Gross's success means for the neurodiverse community. It starts about 13 minutes into this podcast.2022-09-131h 13Free Money with Sloane and AshbyLife Lessons from the Bond King featuring NPR's Mary ChildsOur guest in this episode is Mary Childs, The author of The Bond King, a look at the life and legacy of PIMCO founder, Bill Gross, the unusual organization that he built, and the fixed income market that he came to dominate. Our conversation starts by talking about why stocks are dumb, the elements of operational alpha that made PIMCO what it is, and what Bill Gross's success means for the neurodiverse community. It starts about 13 minutes into this podcast.2022-09-131h 13
Free Money with Sloane and AshbyFinding the Funding to Fix Climate Change with Enduring Planet's Dimitry Gershenson and Erin DavisHow much money is needed to keep climate change under 1.5 degrees celsius, how much is currently available, and how much more money needs to be found after the passage of the inflation protection act? We talk with Dimitry Gershenson and Erin Davis, co-founders of the climate-centric lending platform Enduring Planet, to get the skinny. The conversation starts about eighteen minutes into the episode.2022-09-021h 14Free Money with Sloane and AshbyFinding the Funding to Fix Climate Change with Enduring Planet's Dimitry Gershenson and Erin DavisHow much money is needed to keep climate change under 1.5 degrees celsius, how much is currently available, and how much more money needs to be found after the passage of the inflation protection act? We talk with Dimitry Gershenson and Erin Davis, co-founders of the climate-centric lending platform Enduring Planet, to get the skinny. The conversation starts about eighteen minutes into the episode.2022-09-021h 14
Free Money with Sloane and AshbyA Clarion Call for Carbon Pricing with Franklin Templeton’s Ben MengFranklin Templeton's Ben Meng joins us to talk about why capital markets need carbon pricing to function properly, how litigation risks prevent companies from making certain disclosures, and why investment professionals need to use their imagination to get ahead of the climate crisis. That conversation starts about seventeen minutes into the episode.2022-07-051h 18Free Money with Sloane and AshbyA Clarion Call for Carbon Pricing with Franklin Templeton’s Ben MengFranklin Templeton's Ben Meng joins us to talk about why capital markets need carbon pricing to function properly, how litigation risks prevent companies from making certain disclosures, and why investment professionals need to use their imagination to get ahead of the climate crisis. That conversation starts about seventeen minutes into the episode.2022-07-051h 18Free Money with Sloane and AshbyFixing Fish Farm Finance with Scoot Science's Grant CavanaughIf you’re like most people, you may not have realized that fish farm finance is somewhat unfixed at the moment. We talk with Scoot Science CIO Grant Cavanaugh about why that is.2022-06-111h 18Free Money with Sloane and AshbyFixing Fish Farm Finance with Scoot Science's Grant CavanaughIf you’re like most people, you may not have realized that fish farm finance is somewhat unfixed at the moment. We talk with Scoot Science CIO Grant Cavanaugh about why that is.2022-06-111h 18
Free Money with Sloane and AshbyMunicipal Finance From First Principles with Tammie Arnold of AlphaLedgerWhat could a new mechanism for municipal funding unlock, and why is it neccessary? We speak with Tammie Arnold, a fixed-income veteran and the founder of AlphaLedger, to find out.2022-05-141h 30Free Money with Sloane and AshbyMunicipal Finance From First Principles with Tammie Arnold of AlphaLedgerWhat could a new mechanism for municipal funding unlock, and why is it neccessary? We speak with Tammie Arnold, a fixed-income veteran and the founder of AlphaLedger, to find out.2022-05-141h 30
Free Money with Sloane and AshbyHow Not To Exacerbate Income Inequality (With Delilah Rothenberg of the Predistribution Initiative)On this episode, we’re joined by Delilah Rothenberg of the Predistribution initiative. Her work focuses on reimagining investment structures to promote sustainability through stronger long-term alignment between asset managers and their clients. That conversation starts about thirteen minutes into the episode.2022-05-031h 17Free Money with Sloane and AshbyHow Not To Exacerbate Income Inequality (With Delilah Rothenberg of the Predistribution Initiative)On this episode, we’re joined by Delilah Rothenberg of the Predistribution initiative. Her work focuses on reimagining investment structures to promote sustainability through stronger long-term alignment between asset managers and their clients. That conversation starts about thirteen minutes into the episode.2022-05-031h 17
Free Money with Sloane and AshbyThe Practical Implications of a Net Zero Pledge Featuring Kristy Jenkinson of CalSTRSPlenty of institutional investors are making net zero commitments, but what do they actually mean? In this episode, we chat to Kristy Jenkinson, CalSTRS' Head of Sustainable Investment and Stewardship Strategies, about what these commitments mean to an organization that has been a recognized leader in the ESG movement since 2004. That conversation starts about 18 minutes into the episode.2022-04-031h 26Free Money with Sloane and AshbyThe Practical Implications of a Net Zero Pledge Featuring Kristy Jenkinson of CalSTRSPlenty of institutional investors are making net zero commitments, but what do they actually mean? In this episode, we chat to Kristy Jenkinson, CalSTRS' Head of Sustainable Investment and Stewardship Strategies, about what these commitments mean to an organization that has been a recognized leader in the ESG movement since 2004. That conversation starts about 18 minutes into the episode.2022-04-031h 26
Free Money with Sloane and AshbyWhat Do Investors Really Want with Stacey Kline of Otto IntelligenceHow can financial advisers figure out what clients really want? We're zooming in on that question in this episode with Stacey Kline of Otto Intelligence. She’s built a behavioral questionnaire that helps advisers discover their clients’ detailed preferences and build portfolios that suit them. That conversation starts about 17 minutes into this episode.2022-03-221h 17Free Money with Sloane and AshbyWhat Do Investors Really Want with Stacey Kline of Otto IntelligenceHow can financial advisers figure out what clients really want? We're zooming in on that question in this episode with Stacey Kline of Otto Intelligence. She’s built a behavioral questionnaire that helps advisers discover their clients’ detailed preferences and build portfolios that suit them. That conversation starts about 17 minutes into this episode.2022-03-221h 17
Free Money with Sloane and AshbyCarbon Offsets for the Long Run featuring Lars Kroijer of AlliedOffsetsAre carbon offsets a viable tool to help us build a more sustainable world? Lars Kroijer says so. He's a recovering hedge fund manager who got mixed up in the carbon offset market a few years ago. The conversation starts after the news (about 22 minutes into the episode.)2022-03-041h 05Free Money with Sloane and AshbyCarbon Offsets for the Long Run featuring Lars Kroijer of AlliedOffsetsAre carbon offsets a viable tool to help us build a more sustainable world? Lars Kroijer says so. He's a recovering hedge fund manager who got mixed up in the carbon offset market a few years ago. The conversation starts after the news (about 22 minutes into the episode.)2022-03-041h 05Free Money with Sloane and AshbyThe Year in P/Review!12:50 - THE NEWS! CalPERS is getting closer to hiring a new CIO and other big developments that will come in the new year.24:59 - Trend #1 - 2022 should be the year when fiduciary investors' commitments to go net-zero and fossil fuel free actually get some teeth.29:36 - Trend #2 - Robinhood's acquisition of Say Technologies might herald a new era of retail-driven shareholder engagement.33:01 - Trend #3 - Tools and techniques for facilitating long-termism go mainstream thanks to the Long-Term Stock Exchange, Sequoia Fund, and growing adoption of ESG among long-term investors36:44 - Trend #4...2021-12-271h 16Free Money with Sloane and AshbyThe Year in P/Review!12:50 - THE NEWS! CalPERS is getting closer to hiring a new CIO and other big developments that will come in the new year.24:59 - Trend #1 - 2022 should be the year when fiduciary investors' commitments to go net-zero and fossil fuel free actually get some teeth.29:36 - Trend #2 - Robinhood's acquisition of Say Technologies might herald a new era of retail-driven shareholder engagement.33:01 - Trend #3 - Tools and techniques for facilitating long-termism go mainstream thanks to the Long-Term Stock Exchange, Sequoia Fund, and growing adoption of ESG among long-term investors36:44 - Trend #4...2021-12-271h 16
Free Money with Sloane and AshbyMaking Everything Tradeable Everywhere On The Blockchain With Martin Froehler of MorpherOn this episode, we’re talking with cryptocurrency entrepreneur Martin Froehler about what’s possible in the realm of decentralized finance. His company, Morpher, operates a 24/7 trading market that allows users to trade hundreds of stocks and cryptocurrencies with zero fees, infinite liquidity, and up to 10x leverage. 2021-12-221h 06Free Money with Sloane and AshbyMaking Everything Tradeable Everywhere On The Blockchain With Martin Froehler of MorpherOn this episode, we’re talking with cryptocurrency entrepreneur Martin Froehler about what’s possible in the realm of decentralized finance. His company, Morpher, operates a 24/7 trading market that allows users to trade hundreds of stocks and cryptocurrencies with zero fees, infinite liquidity, and up to 10x leverage. 2021-12-221h 06
Free Money with Sloane and AshbyWhat Does Long Term Investing Actually Mean? With Anne Marie Fleurbaaij of the Cambridge University EndowmentTrue long-term investing is profoundly different from the sorts of rationalizations that people make when investments don’t play out. But how, exactly? We dig into how adopting an identity as a “long term investor” affects the way one relates to the rest of the investment community, determines what you focus on, and colors the way you evaluate performance. We also talk about the great work Anne Marie is doing to bring more women into the investment industry at Girls Are Investors.2021-12-151h 11Free Money with Sloane and AshbyWhat Does Long Term Investing Actually Mean? With Anne Marie Fleurbaaij of the Cambridge University EndowmentTrue long-term investing is profoundly different from the sorts of rationalizations that people make when investments don’t play out. But how, exactly? We dig into how adopting an identity as a “long term investor” affects the way one relates to the rest of the investment community, determines what you focus on, and colors the way you evaluate performance. We also talk about the great work Anne Marie is doing to bring more women into the investment industry at Girls Are Investors.2021-12-151h 11
Free Money with Sloane and AshbyThinking Like an Allocator with John Bowman of the CAIA AssociationWe hear from John Bowman about why it's time to move past the ESG label, what the investment portfolio of the future looks like, and how allocators are looking past traditional asset class delineations and embracing more functional approaches to asset allocation.2021-11-301h 08Free Money with Sloane and AshbyThinking Like an Allocator with John Bowman of the CAIA AssociationWe hear from John Bowman about why it's time to move past the ESG label, what the investment portfolio of the future looks like, and how allocators are looking past traditional asset class delineations and embracing more functional approaches to asset allocation.2021-11-301h 08
Free Money with Sloane and AshbyKnow What You Own with Andy Behar of As You SowWe chat with Andrew Behar of As You Sow, a titan of shareholder activism, about how investors can use their proxy voting power to push their portfolio companies to make positive changes.2021-11-221h 11Free Money with Sloane and AshbyKnow What You Own with Andy Behar of As You SowWe chat with Andrew Behar of As You Sow, a titan of shareholder activism, about how investors can use their proxy voting power to push their portfolio companies to make positive changes.2021-11-221h 11
Free Money with Sloane and AshbyFermenting Innovation with Anna Marie Wagner and Gingko BioworksWe chat with Anna Marie Wagner, the SVP of corporate development at Gingko Bioworks, a synthetic biology company that recently came public and is part of Invest Vegan's flagship strategy. We chat about how Gingko evolved its funding sources over time, the firm's decision to pursue a horizontal/service provider business model, and how she'll judge the success of her company and the broader synthetic biology industry going forward.2021-11-101h 10Free Money with Sloane and AshbyFermenting Innovation with Anna Marie Wagner and Gingko BioworksWe chat with Anna Marie Wagner, the SVP of corporate development at Gingko Bioworks, a synthetic biology company that recently came public and is part of Invest Vegan's flagship strategy. We chat about how Gingko evolved its funding sources over time, the firm's decision to pursue a horizontal/service provider business model, and how she'll judge the success of her company and the broader synthetic biology industry going forward.2021-11-101h 10
Free Money with Sloane and AshbySustainable Finance Around the World (Ft. Paul Smith, CFA)We're joined in this episode by Paul Smith, CFA, a co-founder of SustainFinance and the former CEO Of CFA Institute. We chat about:His favorite experience leading CFA Institute, which is global beyond simple comprehension.How prepared the industry is to navigate the climate transitionWhether ESG Investing is just a new form of colonialismWe also discussed his outlook for Hong Kong as a financial center and, as always, took questions from listeners.2021-11-021h 15Free Money with Sloane and AshbySustainable Finance Around the World (Ft. Paul Smith, CFA)We're joined in this episode by Paul Smith, CFA, a co-founder of SustainFinance and the former CEO Of CFA Institute. We chat about:His favorite experience leading CFA Institute, which is global beyond simple comprehension.How prepared the industry is to navigate the climate transitionWhether ESG Investing is just a new form of colonialismWe also discussed his outlook for Hong Kong as a financial center and, as always, took questions from listeners.2021-11-021h 15
Free Money with Sloane and AshbyDeception and Truth Analysis Featuring Jason Voss, A.K.A. "The Voss of Reason"This is a very special episode of Free Money. Our guest, Jason Voss, is a close collaborator of both of ours and the Founder/CEO of Deception and Truth Analysis, or DATA. And honestly, if you like this show at all, you're gonna love this one. We talk about identifiable blind spots in active management processes, the difference between deceit and lying, and all sorts of other good stuff.2021-10-111h 20Free Money with Sloane and AshbyDeception and Truth Analysis Featuring Jason Voss, A.K.A. "The Voss of Reason"This is a very special episode of Free Money. Our guest, Jason Voss, is a close collaborator of both of ours and the Founder/CEO of Deception and Truth Analysis, or DATA. And honestly, if you like this show at all, you're gonna love this one. We talk about identifiable blind spots in active management processes, the difference between deceit and lying, and all sorts of other good stuff.2021-10-111h 20
Free Money with Sloane and AshbyThe Outlook for ESG Outcome DataSustainable investment strategies are traditionally long on glossy marketing materials, but a little light on clear outcomes. Like, what happens as a result of making the investment? Our guest in this episode is Sam Duncan, CEO of NetPurpose, an impact measurement platform based in London that helps investors source, share, and stay abreast of the latest data associated with their strategies. We talk about the regulatory crackdown into greenwashing, the opportunities to converge ESG reporting frameworks, and more.2021-10-041h 10Free Money with Sloane and AshbyThe Outlook for ESG Outcome DataSustainable investment strategies are traditionally long on glossy marketing materials, but a little light on clear outcomes. Like, what happens as a result of making the investment? Our guest in this episode is Sam Duncan, CEO of NetPurpose, an impact measurement platform based in London that helps investors source, share, and stay abreast of the latest data associated with their strategies. We talk about the regulatory crackdown into greenwashing, the opportunities to converge ESG reporting frameworks, and more.2021-10-041h 10
Free Money with Sloane and AshbyHow Letting Go Unleashes Impact With Meg Massey and Ben WrobelWhat if it turned out that the best way to actually “do” philanthropy and impact investing was by letting go of the outcome? Our guests on this episode explored exactly that question in a recent book: Letting Go. How philanthropists and impact investors can do more good by giving up control. They are Meg Massey, a journalist covering social impact and social justice in finance, and Ben Wrobel, the director of communications at Village Capital.2021-09-141h 06Free Money with Sloane and AshbyOnlyfans Throws Itself OverboardIn this episode, Sloane and Ashby talk about sex work. In particular, they talk about why the finance industry is so skeeved out about it and what that means for platforms like Onlyfans, which now seems likely to pivot away from a dominant position in adult entertainment due to various operational impediments we’ll examine. 2021-08-2459 minFree Money with Sloane and AshbyOnlyfans Throws Itself OverboardIn this episode, Sloane and Ashby talk about sex work. In particular, they talk about why the finance industry is so skeeved out about it and what that means for platforms like Onlyfans, which now seems likely to pivot away from a dominant position in adult entertainment due to various operational impediments we’ll examine. 2021-08-2459 min
Free Money with Sloane and AshbyInside The Master Narrative About Asset Owners With Institutional Investor’s Alicia McElhaneyIs it worth building a master narrative about institutional investors as a whole? How much progress has been made on racial equity and inclusion since the murder of George Floyd? And does financial advice reinforce destructive social norms? We speak with Institutional Investor's Alicia McElhaney about this and more. We also answer listener questions and talk about Sloane's new investment advisory firm.Also, here are links to She Spends and the Essential Allocator.2021-08-161h 05Free Money with Sloane and AshbyInside The Master Narrative About Asset Owners With Institutional Investor’s Alicia McElhaneyIs it worth building a master narrative about institutional investors as a whole? How much progress has been made on racial equity and inclusion since the murder of George Floyd? And does financial advice reinforce destructive social norms? We speak with Institutional Investor's Alicia McElhaney about this and more. We also answer listener questions and talk about Sloane's new investment advisory firm.Also, here are links to She Spends and the Essential Allocator.2021-08-161h 05
Free Money with Sloane and AshbyEffective Shareholder ActivismYou may have heard that a teeny investment fund managed to force Exxon to take climate change seriously. In this episode, you'll hear from one of the people behind that successful campaign: Jennifer Grancio, the CEO of Engine #1 Asset Management. We talk about how a myopic fossil fuel focus left Exxon with underperforming investments, and about the ETF they recently launched (VOTE).2021-07-1246 min
Free Money with Sloane and AshbySocial Justice InvestingThis week we talk with Rachel Freeman, Adasina's director of investor services, about what it means to build a bridge between social justice organizations and the capital markets.We also touch on issues like:Ending forced arbitration for sexual harassment, which have historically been left out of the ESG equation.Starting a new investment fund as a minority and queer-led firm.Why Adasina decided to start an ETF instead of a data company.After discussing the peculiar difficulties Adasina encountered when starting a new investment firm, Rachel mentioned some allocator-oriented suggestions to make their...2021-07-0653 min
Free Money with Sloane and AshbyFixed Income in the Anthropocene (Feat. Ulf Erlandsson)A portfolio manager turned activist, Ulf takes us inside some recent fixed income transactions that imply some banks (and some pensions) are taking their commitments to ESG less than seriously. He then disaggregates the "yield pickup" that buyers of fossil fuel debt have been feasting on, explains how his activist ESG strategy benefits from fixed income trading's nature as a primary market, and talks about how pensions can profit from sustainable fixed income strategies. 2021-06-2848 min
Free Money with Sloane and AshbyThe Yale Model Episode (Featuring Ted Seides)Yale's CIO David Swensen passed away last month. He left behind an unprecedented track record, a whole new way of doing things, and a much better-funded university. How did he do it, and what can we learn from him? We explore with Capital Allocators podcast host and Yale Investment Office alum Ted Seides.2021-06-081h 05
Free Money with Sloane and AshbyThe Infrastructure EpisodeWhat does it mean to invest in infrastructure? How do you do it? And what happens when you do? We reached out to Ross Israel of Australia's QIC to learn more.2021-04-1952 min
Free Money with Sloane and AshbyBirthing a Blockchain Business inside a Giant Dutch PensionWe chat with Marcel Prins, the COO of ultra-innovative Dutch pension APG, about the blockchain business his team built to maturity and spun out into a standalone company.2021-03-1757 min
Free Money with Sloane and AshbyGamification is Good, ActuallyGamification is the financial villain du jour after the whole "WallStreetBets" thing. But it's not all bad! In this episode, we talk to a startup founder who has found success using games to encourage saving. 2021-03-0346 min
Free Money with Sloane and AshbyThe Wall Street Bets EpisodeYou’ve probably been hearing a lot about a place on the internet called WallStreetBets. Liz Zhang joins us for an insider view. She has been active on the forum for three years or so, and has been trading options for fun for about that long.2021-02-0249 min
Free Money with Sloane and AshbyThe Canadian Model/Pension Accounting EpisodePension accounting is a cursed subject. So we called Hugh O’Reilly, who was happy to wade into the discussion with characteristic Canadian politesse. He has loads of experience putting his knowledge into practice as the former CEO of OPTrust (One of Canada’s largest pension funds) as well as a pensions attorney.2021-01-2955 min
Free Money with Sloane and AshbyThe Forward-Looking Statements EpisodeIt’s the time of year when Wall Street analysts attempt to divine the future. There are a million reasons not to do this, ranging from “it’s a performative waste of time” to “it’s devil worship". We did it anyway.2021-01-0749 min
Free Money with Sloane and AshbyThe ESG Christmas SpecialIt’s a great one, featuring a discussion between Sloane, Ashby, Shawn Wooden (Treasurer of CT), Daryn Dodson (Illumen Capital), and Jean Rogers (SASB/LTSE). You’re gonna love it.2020-12-251h 00Free Money with Sloane and AshbyThe ESG Christmas SpecialIt’s a great one, featuring a discussion between Sloane, Ashby, Shawn Wooden (Treasurer of CT), Daryn Dodson (Illumen Capital), and Jean Rogers (SASB/LTSE). You’re gonna love it.2020-12-251h 00
Free Money with Sloane and AshbyThe Impact EpisodeHello and welcome to Free Money, a podcast/newsletter from Sloane Ortel and Ashby Monk about how long-term investors can free themselves from the shackles of short-term thinking.If you’re new here, thanks for signing up!If someone sent this your way or you found this post through Twitter or some other channel, be sure to sign up below. We publish most Tuesdays.And now, a look at the world of impact investing.Your money does something after you invest it.What is that, exactly?At some l...2020-10-2143 minFree Money with Sloane and AshbyThe Impact EpisodeHello and welcome to Free Money, a podcast/newsletter from Sloane Ortel and Ashby Monk about how long-term investors can free themselves from the shackles of short-term thinking.If you’re new here, thanks for signing up!If someone sent this your way or you found this post through Twitter or some other channel, be sure to sign up below. We publish most Tuesdays.And now, a look at the world of impact investing.Your money does something after you invest it.What is that, exactly?At some l...2020-10-2143 min
Free Money with Sloane and AshbyThe Markets EpisodeIf you build a better market, will the world beat a path to your door? Michelle Greene, President of the Long-Term Stock Exchange, which opened for business earlier this month joins us to discuss.2020-09-3044 min
Free Money with Sloane and AshbyHow To Get Hired at a PensionLooking for work is no fun at all.This is Sloane, and I know because I’m doing it. My consulting business has slowed down dramatically since COVID hit, which means I’ve gone from outright thriving to just surviving.Please do reach out if you’d like to chat about a project. But it’s not just my story. Everyone seems to have lost something during the pandemic. And the notion that tech companies are thriving under these conditions doesn’t make much in the way of sense.For instance, the startups Ashby is i...2020-09-161h 02Free Money with Sloane and AshbyHow To Get Hired at a PensionLooking for work is no fun at all.This is Sloane, and I know because I’m doing it. My consulting business has slowed down dramatically since COVID hit, which means I’ve gone from outright thriving to just surviving.Please do reach out if you’d like to chat about a project. But it’s not just my story. Everyone seems to have lost something during the pandemic. And the notion that tech companies are thriving under these conditions doesn’t make much in the way of sense.For instance, the startups Ashby is i...2020-09-161h 02
Free Money with Sloane and AshbyThe State of State FinancesImagine governing a state right now.The best positioned public schools, parks departments, and police forces are merely contending with unprecedented times.For most, they are unpredictable as well.And neither condition is helped by a near-universal problem: there is not enough money.America’s national government can deficit spend thanks to the Federal Reserve’s money printer, which famously goes “brrrrr.” But forty-six states and the District of Columbia have balanced budget requirements. So in the face of falling tax receipts, each must contend with an unpleasant question: how much spending...2020-09-021h 01
Free Money with Sloane and AshbyCan The Government Really Spark Innovation?Where do innovative products and services come from?You might imagine that we have the “invisible hand” of the free market to thank. But in lots of cases, the answer is government-supported research.Consider your smartphone. It uses technologies like GPS, advanced transistors, active-matrix liquid-crystal displays, voice recognition, and graphical web browsers. All of these began their lives as government projects.But not all government agencies are natural innovators. Public pensions, which we talk about a lot in these pages, are notoriously stuck in their ways. In fact, Ashby shared at the beginning of t...2020-08-2653 minFree Money with Sloane and AshbyCan The Government Really Spark Innovation?Where do innovative products and services come from?You might imagine that we have the “invisible hand” of the free market to thank. But in lots of cases, the answer is government-supported research.Consider your smartphone. It uses technologies like GPS, advanced transistors, active-matrix liquid-crystal displays, voice recognition, and graphical web browsers. All of these began their lives as government projects.But not all government agencies are natural innovators. Public pensions, which we talk about a lot in these pages, are notoriously stuck in their ways. In fact, Ashby shared at the beginning of t...2020-08-2653 min
Free Money with Sloane and AshbyDivesting From The Prison-Industrial ComplexStanding by while others suffer is bad.Profiting from their exploitation is worse. And unfortunately, it’s relatively easy to do by accident. Take real estate investment as an example: investors who hold a diversified portfolio of Real Estate Investment Trusts (REITs) are likely to hold shares in GEO Group (NYSE: GEO) and CoreCivic (NYSE: CXW).GEO describes itself as a “global leader in evidence-based rehabilitation.” CoreCivic says it’s a “diversified, government-solutions company with the scale and experience needed to solve tough government challenges in cost-effective ways.” But they both do the same thing: operate pris...2020-07-2948 minFree Money with Sloane and AshbyDivesting From The Prison-Industrial ComplexStanding by while others suffer is bad.Profiting from their exploitation is worse. And unfortunately, it’s relatively easy to do by accident. Take real estate investment as an example: investors who hold a diversified portfolio of Real Estate Investment Trusts (REITs) are likely to hold shares in GEO Group (NYSE: GEO) and CoreCivic (NYSE: CXW).GEO describes itself as a “global leader in evidence-based rehabilitation.” CoreCivic says it’s a “diversified, government-solutions company with the scale and experience needed to solve tough government challenges in cost-effective ways.” But they both do the same thing: operate pris...2020-07-2948 min
Free Money with Sloane and AshbyThe Good, The Bad, and The Data“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity….”Charles Dickens, A Tale of Two CitiesTrue classics never seem to age.Think of Pride and Prejudice, The Iliad, and the observation that the general state of things is both bad and good. We also have Macbeth, Jane Eyre, and the assertion that markets hate “uncertainty.” But they have plenty of it now.Our hope in this...2020-07-1456 min
Free Money with Sloane and AshbyFeeding the World and Fighting FamineThere are durable returns to be found in deep research.So if you're taking the time to integrate a full understanding of environmental, social, and governance issues in your investments, you will tend to end up with innovative and enduring solutions just by doing the work. So in this episode, we decided to spend some time with a significant, oft-neglected issue: food systems.We were fortunate to have Ambassador Ertharin Cousin on hand to direct our exploration. Named one of Time Magazine’s 100 most influential people, she was previously Executive Director of the UN World Fo...2020-07-0155 min
Free Money with Sloane and AshbyCapturing Opportunities at CalPERSHow have pension funds handled the last few months?We’re told markets are in turmoil. But they’re also just an inch away at all-time highs. Retail investors are racking up triple-digit returns, and seem to be making an attempt at necromancy with the bankrupt husk of Hertz, the rental car market’s onetime global leader.So we called Marcie Frost. She oversees a team of 2,800 professionals as CEO of CalPERS, the agency charged with managing roughly $400 Billion on behalf of California’s public employees, retirees, and their families.We’ve highlighted a few of h...2020-06-1755 min
Free Money with Sloane and AshbyBlack Investors Make a Difference to Your Bottom LineBlack lives matter.And not just in the abstract. When given the proper space and support, Black investors can materially improve portfolio returns. But that almost never happens. In aggregate, only about 1% of the $70 Trillion managed by professional investors is overseen by minority-owned firms.On this episode of Free Money, we were fortunate to speak with Daryn Dodson, a Managing Director at Illumen Capital who knows perhaps more than anyone else what needs to be changed in order to create a more equitable future. We spoke on Friday, June 5th. And because the perspective he...2020-06-1246 minFree Money with Sloane and AshbyBlack Investors Make a Difference to Your Bottom LineBlack lives matter.And not just in the abstract. When given the proper space and support, Black investors can materially improve portfolio returns. But that almost never happens. In aggregate, only about 1% of the $70 Trillion managed by professional investors is overseen by minority-owned firms.On this episode of Free Money, we were fortunate to speak with Daryn Dodson, a Managing Director at Illumen Capital who knows perhaps more than anyone else what needs to be changed in order to create a more equitable future. We spoke on Friday, June 5th. And because the perspective he...2020-06-1246 min
Free Money with Sloane and AshbyHow Resilience Drives Investment ReturnsGood things are happening even as we endure a global crisis.A Mumbai-based startup has successfully reversed the aging process in rats, a previously unthinkable breakthrough.A new era in American spaceflight begins tomorrow, when two astronauts travel to the International Space Station onboard a SpaceX Falcon 9 Rocket. It will be the first crewed launch from the US since the shuttle program ended in 2011 and the first time a new type of spacefaring vehicle has carried humans from Cape Canaveral to the heavens since 1981.And Blackrock — the world’s most humongous asset manager — report...2020-05-2754 min
Free Money with Sloane and AshbyA Surprising Silver Lining Featuring Tom Baruch of Baruch Future VenturesUnless we recognize “Something has died, and something new is coming after it,” it could take until 2040 before humanity emerges from the aftermath of this pandemic.That comes from Tom Baruch, a prolific “clean tech” venture capitalist who has led investments resulting in 18 IPOs and 8 M&A transactions and now operates from his family office, Baruch Future Ventures.He was our token optimist on this episode of Free Money, which was recorded on May 15th. But his outlook didn’t take the shape that one might expect. As an introduction, he offered “I believe this is going to...2020-05-1947 minFree Money with Sloane and AshbyA Surprising Silver Lining Featuring Tom Baruch of Baruch Future VenturesUnless we recognize “Something has died, and something new is coming after it,” it could take until 2040 before humanity emerges from the aftermath of this pandemic.That comes from Tom Baruch, a prolific “clean tech” venture capitalist who has led investments resulting in 18 IPOs and 8 M&A transactions and now operates from his family office, Baruch Future Ventures.He was our token optimist on this episode of Free Money, which was recorded on May 15th. But his outlook didn’t take the shape that one might expect. As an introduction, he offered “I believe this is going to...2020-05-1947 min
Free Money with Sloane and AshbyThe Next Wave Could Be a DoozyThere is “a time bomb waiting to go off” in some American states.That’s according to Ben Oppenheim, PhD, a computational epidemiologist at Metabiota and our guest on this episode of Free Money. We spoke on the first of May, one day after the United States endured its highest death toll so far in this pandemic. And the outlook isn’t great. The places with growing case counts “have older populations, a lot of preexisting conditions, worse health systems, and more structural barriers to people getting the kind of care they need.”He stressed that “my wor...2020-05-0548 minFree Money with Sloane and AshbyThe Next Wave Could Be a DoozyThere is “a time bomb waiting to go off” in some American states.That’s according to Ben Oppenheim, PhD, a computational epidemiologist at Metabiota and our guest on this episode of Free Money. We spoke on the first of May, one day after the United States endured its highest death toll so far in this pandemic. And the outlook isn’t great. The places with growing case counts “have older populations, a lot of preexisting conditions, worse health systems, and more structural barriers to people getting the kind of care they need.”He stressed that “my wor...2020-05-0548 min
Free Money with Sloane and AshbyFive Forces Fighting Free MoneyIt’s the end of the year. What have we spent all of this time talking about?Mostly what it means that pension funds, sovereign funds, endowments, and other asset owner institutions collectively manage roughly a third of all the money on earth.They tend to be globally diversified and invest with long time horizons, which aligns them with the public interest because they cannot succeed unless human enterprise flourishes around the world. They also provide most of the world’s risk capital, which makes them the base of modern capitalism.Our mission at F...2019-12-3149 min
Free Money with Sloane and AshbySubmerging Manager ProgramsMany institutional allocators are troubled by the self-evident lack of diversity in investment management. It’s easy to suggest that one fix that: cultivate more diverse talent! Build a more welcoming environment for new funds! But how exactly would one accomplish that? Many pensions made worthy attempts with emerging manager programs, which were meant to support asset managers that did things a little differently. Unfortunately, those different managers were very much the same as others when it comes to delivering lackluster performance. So now they’re canceled. Not everywhere, but at enough pensions that it...2019-12-1944 minFree Money with Sloane and AshbySubmerging Manager ProgramsMany institutional allocators are troubled by the self-evident lack of diversity in investment management. It’s easy to suggest that one fix that: cultivate more diverse talent! Build a more welcoming environment for new funds! But how exactly would one accomplish that? Many pensions made worthy attempts with emerging manager programs, which were meant to support asset managers that did things a little differently. Unfortunately, those different managers were very much the same as others when it comes to delivering lackluster performance. So now they’re canceled. Not everywhere, but at enough pensions that it...2019-12-1944 min
Free Money with Sloane and AshbyMisogyny and Maple SyrupDoes misogyny cost money? Yes, but not enough.Ken Fisher - who runs the eponymous Fisher Investments - has a long history of inappropriate invective. One particular instance earlier this month at an investment conference triggered an outcry and then outflows of about $3 Billion.That response took remarkably quick action from the asset owner community. On this podcast, Ashby wondered aloud why these large institutions were quick to respond when a man says bad things, but drag their feet when it comes to deeper issues of racism, climate change, and technological disruption.2019-11-0140 minFree Money with Sloane and AshbyMisogyny and Maple SyrupDoes misogyny cost money? Yes, but not enough.Ken Fisher - who runs the eponymous Fisher Investments - has a long history of inappropriate invective. One particular instance earlier this month at an investment conference triggered an outcry and then outflows of about $3 Billion.That response took remarkably quick action from the asset owner community. On this podcast, Ashby wondered aloud why these large institutions were quick to respond when a man says bad things, but drag their feet when it comes to deeper issues of racism, climate change, and technological disruption.2019-11-0140 min