Shows
Money Life with Chuck JaffeJonathan Treussard: 'Would you be okay if the S&P were down 30% next year?'Jonathan Treussard, founder of Treussard Capital Management, says that many investors have staked their financial lives on the stock market continuing the kind of gains it has posted since the Great Financial Crisis nearly 20 years ago. He worries that that investors haven't saved for retirement or college tuition in a world where the market doesn't deliver something close to expectations; with that in mind — and in a world where valuations are stretched and concerns are abundant — he says investors need to prepare for uncertainty, and to decide how they would feel if the market tanks and what they could do t...
2026-02-1257 min
Treussard Talks.Tail Risk, Market Structure, and Building Resilience with Vineer Bhansali | Treussard Talks (E19)In this conversation, Vineer Bhansali—Ph.D. in theoretical physics from Harvard, former PIMCO portfolio manager, and founder of LongTail Alpha—and I explore why the tails of the distribution are where both some of the most misunderstood risks and opportunities reside. We connect the mechanics of options pricing, market structure changes, and risk management to the decisions that actually restore clarity and control for sophisticated investors.
You'll hear us cover:
Why diversification alone may not protect you when correlations converge (2022, Liberation Day 2025)
The hidden dynamics driving call option mispricings in today's markets (passive flows, buybacks, gamm...
2026-02-0439 minTreussard Talks.Passive Investing's Endgame and America's Hidden Precarity Crisis with Mike Green | Treussard Talks (E18)In this episode, I sit down with Mike Green—Chief Strategist at Simplify Asset Management and one of the most rigorous thinkers on market structure today.
We start with Mike's journey from Wharton to small-cap value, through Canyon Partners during 2008, to correctly predicting the XIV collapse in 2018, and eventually co-founding Simplify where the firm now manages $12 billion across 30 strategies.
From there, we dig into two slow-burning crises that most people are getting wrong: how passive investing is reshaping market mechanics in ways that can't be sustained, and how we've systematically mismeasured economic precarity over the la...
2026-01-211h 04Treussard Talks.Incentives, Investor Behavior, and AI with Devin Shanthikumar | Treussard Talks (E17)In this episode, I sit down with Devin Shanthikumar—faculty at the UC Irvine Merage School of Business and Associate Dean for Undergraduate Studies—to talk about how real-world market outcomes are shaped.
We start with Devin’s path from UC Berkeley (engineering and computer science) to a PhD in finance at Stanford, and how the early-2000s dot-com boom and bust shaped the questions that became the foundation of their research.
From there, we dig into what happens when smart people make painful investing mistakes—not because they lack intelligence, but because they don’t understa...
2026-01-0735 minTreussard Talks.Fifty Years Explaining Economics to America with Paul Solman | Treussard Talks (E16)Fifty years explaining economics to America with Paul Solman | Treussard Talks (E16)
Paul Solman (PBS NewsHour, eight Emmys, five Peabodys) has spent half a century translating markets and economics for millions. But this conversation isn't about predictions or portfolios. It's about how to think when you can't know what's coming.
The Three-Body Problem of Everything
Paul frames it plainly: the U.S. economy is 330 million moving parts changing their minds constantly. Financial markets multiply that complexity exponentially. Trying to predict any of it with certainty? Impossible. But that's not surrender — it's realism.
...
2025-12-1040 minTreussard Talks.Tax Planning and Estate Governance with Frazer Rice | Treussard Talks (E15)Tax Planning and Estate Governance with Frazer Rice | Treussard Talks (E15)
In this conversation, Frazer Rice—author of Wealth Actually—and I cover two distinct, if related, topics. First, what H.R. 1 really changes for high earners, business owners, and wealthy households. Second, what a holistic framework for estate planning and family governance looks like for ultra-high-net-worth families.
You’ll hear us cover:
Part I — H.R.1: what’s changed and how to plan
What “permanent” really means in tax law and why policy drift still matters
PTET: the workaround made durable and why it favors owners over W‑...
2025-11-1233 minTreussard Talks.Tax Alpha, Mechanics over Magic with Brent Sullivan | Treussard Talks (E14)Tax strategies sold as "alpha" often obscure their actual mechanics — and the investment risks you're taking to get the tax benefit.
Brent Sullivan — "Tax Alpha Insider," formerly on PIMCO's trading floor and Parametric's quantitative team — decodes what's really happening beneath the marketing slides. For founders with embedded gains, executives navigating concentrated positions, and investors tired of advisors who dazzle with complexity rather than deliver clarity, this conversation cuts through the noise.
The Framework That Matters
Brent establishes the hierarchy up front: tax belongs after risk, return, diversification, and cost — not before them. In other words: "Don't le...
2025-10-3051 minTreussard Talks.Active ETFs and the Multi‑Manager Model with Kristof Gleich | Treussard Talks (E13)In this conversation, Harbor Capital Advisors President and CIO Kristof Gleich and I dig into how to find true skill in managers, why the ETF wrapper changed the game, and how to build more resilient portfolios in an inflation‑prone world. We connect the mechanics and psychology of investing to the decisions that restore clarity and control for sophisticated investors.
You’ll hear us cover:
How to separate signal from story in manager due diligence, including cultural “tells” and hard no’s
The multi‑manager model: partnering with specialist boutiques vs. building in‑house
Active ETFs 101: what changed i...
2025-10-1537 minTreussard Talks.Fear, Not Risk: Rethinking the Equity Premium with Rob Arnott and Ed McQuarrie | Treussard Talks (E12)Fear, Not Risk: Rethinking the Equity Premium with Rob Arnott and Ed McQuarrie | Treussard Talks (E12)
In this conversation, Rob Arnott (Founder and Chairman, Research Affiliates) and Ed McQuarrie (Professor Emeritus, Santa Clara University) examine why fear—of loss and of missing out—better explains asset pricing than traditional “risk” frameworks. We connect the mechanics and psychology of investing to help sophisticated investors restore clarity and control over portfolio decisions.
You’ll hear us cover:
Why 20th‑century returns were a potential outlier and what 19th‑century data says about the equity premium
Fear vs. risk: separating dow...
2025-10-0147 minTreussard Talks.Alternatives, Diversification, and Investor Agency with Jane Buchan | Treussard Talks (E11)Alternatives, Diversification, and Investor Agency with Jane Buchan | Treussard Talks (E11)
In this conversation, Jane Buchan — CEO of Martlet Asset Management, co‑founder of PAAMCO (which grew to $32B AUM), former Dartmouth finance professor, and longtime CAIA leader — and I dig into what “alternatives” really are, how the space has evolved, and how disciplined due diligence restores clarity and control for sophisticated investors.
We link market mechanics with investor behavior to focus on practical choices that drive outcomes.
You’ll hear us cover:
A working definition of alternatives and how they mature from frontier...
2025-09-1733 minTreussard Talks.Defining FinTech with Michael Imerman, Ph.D. | Treussard Talks (E10) Defining FinTech with Michael Imerman, Ph.D. | Treussard Talks (E10)
Join Jonathan Treussard, Ph.D. for a thoughtful conversation with Michael Imerman, Ph.D. — Professor of Finance at UC Irvine and author of The Economics of FinTech (2025). They define what truly counts as FinTech, map the ecosystem across verticals and horizontals, trace the post‑GFC innovation cycle, and separate durable signal from hype across AI, cloud, and blockchain. They also explore inclusion, alternative data, and fairness in credit decisions, and close with teaching, purpose, and the skills that create day‑one value in finance.
Ke...
2025-09-0338 minTreussard Talks.When History Meets Markets: Geopolitics, Civility, and Capital with David Kotok | Treussard Talks (E09)When History Meets Markets: Geopolitics, Civility, and Capital with David Kotok | Treussard Talks (E09)
Join Jonathan Treussard for a thoughtful conversation with David Kotok. David’s decades of experience as CEO, CIO, and investor, along with his deep interest in history and geopolitics, provide powerful lessons for investors navigating uncertain times.
Key Highlights
The Grocery Store MBA
David shares how ten years working in his family’s grocery store instilled practical lessons in humility, service, and human connection—arguably as valuable for leadership and decision-making as any advanced degree.
Why Studying History Still Matter...
2025-08-2041 minTreussard Talks.Economics That Matters: From Academic Theory to Real-World Solutions with Larry Kotlikoff | Treussard Talks (E08)Economics That Matters: From Academic Theory to Real-World Solutions with Larry Kotlikoff | Treussard Talks (E08)
Join Jonathan Treussard for a lively conversation with Larry Kotlikoff, Professor of Economics at Boston University, influential policy thinker, and longtime mentor. In this episode, Jonathan and Larry look back on the defining moments that shaped Larry’s career—from the early days at Penn and Harvard to the turbulence of academic politics and his groundbreaking work in fiscal and intergenerational accounting.
Learn more about Larry's Maxifi Planner here: https://maxifiplanner.com/
Key Highlights
Choosing the Road Less Trav...
2025-08-0651 minTreussard Talks.Purpose, Access, and the Modern Investor’s Journey with Anna Paglia | Treussard Talks (E07)Purpose, Access, and the Modern Investor’s Journey with Anna Paglia | Treussard Talks (E07)
Join Jonathan Treussard for a powerful conversation with Anna Paglia, Chief Business Officer at State Street Global Advisors, as they delve into the future of investing, leadership with purpose, and breaking down barriers to wealth creation. Anna’s inspiring story traces her journey from waiting tables in Rome while attending law school to her current executive leadership at a firm managing $4.7 trillion in assets.
Key Highlights
Breaking Down Barriers
Anna discusses her working-class upbringing and how it fueled her commitment to demo...
2025-07-2344 min
Raising Financially Fit Families with Joline GodfreyBeyond Piggy Banks: Raising Kids Who Understand True Wealth with Jonathan Treussard, Ph.D. (Ep. 8)Money is just one piece of the puzzle when it comes to building a fulfilling family life.
How do you teach kids to think beyond dollars and cents? How do you prepare them for a future where wealth includes community, knowledge, and resilience?
In this episode, Joline Godfrey welcomes Jonathan Treussard, Ph.D., founder of Treussard Capital Management, to explore how families can foster financial fluency and a broader understanding of wealth. They talk about engaging kids with money early, embracing complexity, and the value of non-material assets like social and intellectual capital. Jonathan also s...
2025-07-1531 minTreussard Talks.Reclaiming Control, Legacy, and Family Dynamics: Estate Planning with Anne Rhodes & Dave Haughton | Treussard Talks (E06)On this episode, I sit down with Anne Rhodes, Chief Legal Officer at Wealth.com, and estate attorney Dave Haughton for an important conversation about reclaiming control, navigating family dynamics, and how proactive estate planning shapes our wealth, legacies, and relationships across generations.
Anne and Dave share their journeys from major law firms to legal tech and public education. We dig into why estate planning is about much more than technical documents or tax savings—it’s about empowering families, resolving conflict before it starts, and connecting actions to the things that matter most.
You’ll hea...
2025-07-0939 minTreussard Talks.Intergenerational Wisdom, Risk, and the Functions of Finance with Zvi Bodie | Treussard Talks (E05)Intergenerational Wisdom, Risk, and the Functions of Finance with Zvi Bodie | Treussard Talks (E05)
On this episode, I sit down with Zvi Bodie—economist, author, advocate for the American investor, and my father-in-law—to explore how the core functions of finance shape not just markets and policy, but also the way we live, save, and prepare for uncertainty across our lives.
Our conversation takes us from Zvi’s journey growing up in Brooklyn and pursuing philosophy before discovering economics, to his pioneering research in risk, inflation-protected bonds, and the very real-world consequences of retirement planning and so...
2025-06-2552 minTreussard Talks.Capitalism, Agency, and Investing with Dave Nadig | Treussard Talks (E04)Capitalism, Agency, and Investing with Dave Nadig | Treussard Talks (E04)
On this episode, I sit down with Dave Nadig, one of the most thoughtful voices in asset management, to explore the roots and evolution of investing, the purpose and power of capitalism, and how trust and agency fit into today’s financial world.
Our conversation goes beyond stocks and markets to look at the system itself: why we pool resources, how we decide who—and what—to trust, and what it means to “bet with the house” as individuals and as a society.
We dig int...
2025-06-1155 minTreussard Talks.Raising Financially Fit Kids in Abundance with Joline Godfrey | Treussard Talks (E03)Raising Financially Fit Kids in Abundance with Joline Godfrey | Treussard Talks (E03)
On this episode, I sit down with Joline Godfrey—someone who deeply understands what it takes to raise a financial fit kids when they are surrounded with abundance, not just with assets, but with purpose and confidence. Our conversation focuses on what truly matters: empowering your children to be financially capable, values-driven, and resilient in a world that doesn’t always make it easy.
We talk openly about the challenges of discussing money at home—and why it’s so important to push past tha...
2025-05-2840 minTreussard Talks.Navigating Financial Crises and Building Career Resilience with Katie O'Dwyer | Treussard Talks (E02)Navigating Financial Crises and Building Career Resilience with Katie O'Dwyer | Treussard Talks
In this episode of Treussard Talks, Jonathan Treussard chats with Katie O'Dwyer about her dynamic career in finance. They revisit the 2008 financial crisis, sharing personal stories and key takeaways. Katie discusses her unexpected path from a Harvard physics graduate to a risk management strategist and highlights the vital role of relationships and liquidity in investing.
They explore the psychology and mechanics of investing, touching on diversification, market timing, and the human side of financial decisions. Katie also shares her passion for mentoring students...
2025-05-1438 minTreussard Talks.Investing Insights with Alec Crawford: From Computer Science to Wall Street and Beyond | Treussard Talks (E01)Investing Insights with Alec Crawford: From Computer Science to Wall Street and Beyond | Treussard Talks
Join Jonathan Treussard as he sits down with Alec Crawford to discuss the intersection of the mechanics of investing, the psychology behind investment decisions, and effective risk management strategies. Alec shares his journey from a computer science graduate to a distinguished Wall Street career, and lessons learned during the 2008 financial crisis. They also delve into the recent meme stock madness and Alec’s return to his computer science roots with his innovative AI governance venture. This episode offers a comprehensive look at in...
2025-04-3040 min
The First-Time CEOThe Money Game: Wealth Management with Jonathan Treussard, Ph.D. | Founder & CEO of Treussard Capital ManagementIn this episode, Victoria and Jonathan Treussard, Ph.D., founder of Treussard Capital Management, discuss his unconventional journey from being a jazz musician in Paris to becoming a wealth manager for multi-billion-dollar family offices in the US. Jonathan shares key insights on market psychology, risk management, and how first-time CEOs can make smart financial decisions.-Episode #6 explores:Jonathan's bold journey from being a Parisian musician to becoming one of America's best wealth managersThe biggest financial mistakes first-time CEOs make—and how to avoid themWhy market psychology matters as much as financial strategyHow to find a fin...
2025-03-2638 minMoney Life with Chuck JaffeJonathan Treussard: The surprise is in the speed of the market changeJonathan Treussard, founder of Treussard Capital Management, says that the current market decline is not a real surprise, but the whipsaw of emotions — moving from a can't-miss certainty that things were going up to hand-wringing today — is taking investors by storm, making them want to take actions even when the best strategy is to ride this out. "Success grows in silence, and the market is really attuned to noise," Treussard says. "Your job is to sit there with peace in your heart and focus on the silence." Kate Byrne, head of Vanguard Cash Plus discusses a recent Vanguard Consumer Savi...
2025-03-1757 min
Billion Dollar Backstory80: From Multi-Billion Ziff Brothers to $150B Research Affiliates Partner to Wealth Management Founder. Meet Jonathan Treussard, Founder of Treussard CapitalAt 17, Jonathan Treussard hopped on a one-way flight from Paris to LA with dreams of being a musician. He didn’t wind up playing jazz professionally, but he did end up managing billions for some of the world’s wealthiest families. Listen in as Jonathan and Stacy discuss his big pivot from music to finance, plus: The lessons he learned navigating the Great Financial Crisis at Ziff Brothers InvestmentsHis perspective on balancing risk, regret, and resilience in wealth managementThe gap he saw in traditional wealth management that led him to start his own firm, Treussa...
2024-12-0459 minMoney Life with Chuck JaffeTreussard on geo-political risk and 'What if it comes home to roost?'Jonathan Treussard, founder of Treussard Capital Management says "we haven't seen this much geo-political static on the horizon in at least a generation," raising real concern about how a laundry list of global boiling points could hit home. He says those risks overhang a market that looks like it can avoid a downturn for a while with the Federal Reserve looking like it can deliver a soft landing. Catherine Collinson, president of the Transamerica Center for Retirement Studies looks at the group's latest research into the state, outlook and retirement readiness of the American middle class and, in the...
2024-09-1158 min
The Julia La Roche Show#176 Economist Jonathan Treussard On The Extraordinarily Confusing Macro Data, Markets With A Memory Of A Goldfish, And If We're In Bubble TerritoryEconomist and investor Jonathan Treussard, founder of Treussard Capital Management, a Registered Investment Advisor, joins Julia La Roche on episode 176 to discuss the current state of the economy and markets.
Link:
https://www.treussard.com/julia
Timestamps:
00:00 Intro and welcome Jonathan Treussard
00:52 Macro view, confusing data, too much volatility
04:11 Wealth inequality
05:33 AI
06:33 Is the economy healthy?
07:55 Money illusion
10:07 Bubbles and assessing market valuations
14:36 Geopolitics
17:50 Middle class
19:50 From musician...
2024-06-1350 min
STAY SustainableESG Investing Rebound! A Discussion with Jonathan Treussard and Olivia AlbrechtIn the STAY Sustainable podcast, our host, Alec Crawford, Founder and CEO of Artificial Intelligence Risk, Inc. (aicrisk.com), interviews guests about Sustainability, Technology, Artificial Intelligence and relates that to You.Podcast production and sound engineering by Troutman Street Audio. You can find them on LinkedIn and at troutmanstreetaudio.comOlivia Albrecht (ex-PIMCO) and Jonathan Treussard (Finance PhD) discuss ESG investing and its impact on the financial industry. They address common misconceptions about ESG investing and the challenges of evaluating companies' ESG performance. They also explore the role of institutional investors in influencing companies' behavior an...
2024-04-2454 min
Forward GuidanceThe Anatomy Of Bubbles | Jonathan Treussard on Private Credit, Nvidia, and Dangers of “Engineered Yield”Forward Guidance is sponsored by VanEck.Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.__Jonathan Treussard of Treussard Capital Management joins Forward Guidance to help define what a bubble is. By his strict definition, nothing qualifies right now. But as money flows into risk assets, valuations become stretched. Treussard has trouble with the high valuations in the U.S. market, and sees opportunities in the cheaper European and Japanese markets. He also shares his views on the risk...
2024-04-081h 10Money Life with Chuck JaffeStockChart's Keller: This 'relentless incline' is reminiscent of '21David Keller, chief market strategist at StockCharts.com and the president at Sierra Alpha Research, says the market's first quarter was much stronger than he expected, avoiding a low that he was expecting. The current low-volatility incline the market is on reminded Keller of 2021, a time when the market was recovering from Covid and kept driving higher despite concerns. Keller says that he is watching for danger signs like a spike in volatility or deterioration in breadth indicators, but lacking those troubles he says the market is giving a "long and strong" impression that he is inclined to follow...
2024-04-0259 min
Thoughtful Money with Adam TaggartYep, Stocks Are Back In A Bubble | Jonathan TreussardAnimal spirits have certainly been running wild in the stock market of late.
The S&P is up over 1,000 points (roughly 25%) in the past 4.5 months.
Is this a new era of easy gains as giddy bulls are proclaiming? One investors should jump in and make the most of?
Or is this the latest incarnation of irrational exuberance? And is caution warranted instead?
For insight, we're fortunate to speak today with Jonathan Treussard, former partner and head of product at Research Associates, and now founder of Treussard Capital Management.
Jonathan, who authored academic research on financial bubbles at UCLA, indeed...
2024-03-281h 09
The Acquirers PodcastValue After Hours S06 E09: Economist Jonathan Treussard on risk management, Black Swans and MBSValue: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast
We are live every Tuesday at 1.30pm E / 10.30am P.
About Jake
Jake's Twitter: https://twitter.com/farnamjake1
Jake's book: The Rebel Allocator https://amzn.to/2sgip3l
ABOUT THE PODCAST
Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.
We uncover the tactics and strategies for finding good...
2024-03-111h 01
Economics Matters with Laurence KotlikoffUnpacking 2023's Economic Oddities and 2024 Predictions with Jonathan TreussardTake the guesswork out of financial decisions at every stage of life with Maxifi: https://maxifiplanner.com/. Designed by Economist Laurence Kotlikoff.
Professor Kotlikoff welcomes Jonathan Treussard, a figure synonymous with astute financial foresight and robust economic analysis. With an admirable blend of mathematical prowess and shrewd investment acumen, Jonathan stands as a paragon in financial and investment management. He is the founder of Trussard Capital Management, where his commitment to client empowerment and fiduciary responsibility sets the bar for customer-centric financial stewardship.
This conversation will give you not just an understanding of the e...
2024-02-0652 min
Economics Matters with Laurence KotlikoffHow To Invest Like The Rich With Jonathan TreussardProfessor Kotlikoff is joined by one of his former graduate students, Jonathan Tressard. His economics PhD was in the field of finance, and he was such a brilliant student that Nobel Laureate, Robert Merton, hired him as his research assistant. Jonathan worked on Wall Street and in Newport, CA managing money for high-wealth families and developing investment strategies for Wall Street clients.
Proessor Kotlikoff and Jonathan cover a broad range of topics, including:
Our national and your personal economy.
Finding an investment strategy that's customized for our individual needs.
The multi millionaire guide to wealth management.
...
2023-12-071h 06
The Meb Faber Show - Better InvestingRadio Show: Jonathan Treussard & Nic Johnson on Carbon Credits, Pre-Worrying & Disrupting Residential Real Estate | #510Today’s returning guest is Jonathan Treussard, who recently left Research Affiliates to launch his own RIA. This time Jonathan brought along Nic Johnson, who ran the commodity desk at PIMCO until early last year, overseeing over $20 billion.In today’s episode, the three of us kick around a bunch of topics. We talk about asset allocation, investor interest in commodities & TIPS, why Nic hates when people say gold is an inflation hedge, how financial incentives drive behavior, and why that’s an issue in areas like finance and residential real estate. -----Follow...
2023-11-291h 00
The Meb Faber Show - Better Investing#210 - Jonathan Treussard, Research Affiliates - Be Aware Of The Cracks Under Your FeetIn episode 210 we welcome our guest, Jonathan Treussard, Partner, and Head of Product Development at Research Affiliates.We discuss what’s currently going on in the world around us and how rapidly things are changing. We cover the idea of “nowcasting,” and how it’s different from the type of forecasting and opinion that prevalent, often unhelpful, and sometimes downright detrimental to investment decision making.We talk about Research Affiliate’s stance on valuations, emerging markets looking attractive, and having discipline when it comes to analyzing data to form a sensible guide to forward looking expectatio...
2020-04-0859 min