Most of what we’re taught about investor behaviour is wrong, according to Arun Muralidhar.

In the latest Capital Horizons episode, Arun Muralidhar (founder of MCube Technologies, former World Bank pension fund manager) shares multi-country survey evidence covering ~40% of the world’s population: fewer than 5% of people match the classic “risk-averse” assumptions of expected utility theory - and almost none fit Kahneman & Tversky’s prospect theory either.

Arun believes that the practical consequences are huge: $5 trillion has poured into US target-date funds (and similar products are being pushed globally by the OECD and others) on the untested idea that people automatically become more risk-averse with age. They don’t. Preferences change with life events, and the products ignore actual goals such as target retirement income.

Arun and I dig into:

• Why liability-centric, dynamic approaches beat static glide paths

• How institutional investors (public pensions, endowments) often do the opposite of what the textbooks prescribe

• What a better default pension solution would look like

Essential viewing for anyone designing, managing, regulating, or investing in retirement products.

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After interviewing the greatest traders in the world for over 40 years, Jack Schwager knows what separates winners from everyone else.

In this Capital Horizons interview, the author of Market Wizards shares the timeless habits, risk principles, and psychological edge behind exceptional trading performance—including why most people never reach the top, why money eventually stops being the goal, and how elite traders survive inevitable losses.

If you're serious about investing or trading, this conversation is essential viewing.

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Igor Yelnik sat down with Joy (Zhuoying) Xu, Senior Investment Director at Verizon Investment Management, to discuss how her team manages a ~$50B portfolio - with a deep dive into their highly effective Global Tactical Asset Allocation (GTAA) overlay.

Joy shares practical insights on blending quantitative models (valuation, momentum, sentiment, liquidity) with qualitative judgment, delivering consistent alpha while excelling in crisis risk management.

A must-watch for institutional investors, pension professionals, and anyone interested in resilient portfolio construction.

Host: Igor Yelnik

Guest Speaker: Joy Xu

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