Is private equity really outperforming public markets, or are flawed benchmarks, infrequent valuations, and unrealized gains creating an illusion of superior returns? Sofia Gertsberg, Managing Director and Head of Quantitative Investment Science at HarbourVest, joins host Kevin Max on the Enterprising Investor podcast to examine why private equity performance remains so difficult to measure and compare. From conflicting benchmarks and stale valuations to the growing divide between paper returns and actual cash distributions, Gertsberg explores how investment-level benchmarking could help investors distinguish genuine manager skill from leverage, market exposure, and valuation effects. As private equity expands into wealth management and retirement portfolios, what should institutional allocators and financial advisers demand to ensure that reported returns reflect economic reality?

Private credit has grown into a $3.5 trillion asset class, promising higher yields, lower volatility, and greater liquidity. But are investors underestimating the risks? Cheryll-Ann Wilson, PhD, CFA, Senior Research Affiliate at CFA Institute, joins host Kevin Max to examine how opaque valuations, semiliquid funds, weaker loan covenants, and hidden leverage could expose investors to unexpected losses. As private credit moves into retail portfolios, what should wealth advisers and portfolio managers demand before investing?

Why do financial bubbles keep happening when investors know the warning signs? Mark Higgins argues that speculation may be driven less by irrational investors than by rational participants whose incentives increasingly align around keeping capital flowing. We explore how these speculative supply chains form, why risk becomes harder to see as they mature, and how the pattern that helped fuel the Global Financial Crisis may now be emerging in private equity and private credit.

Guest host Kevin Max, editor of Enterprising Investor, speaks with Mark J. Higgins, CFA, CFP®, financial historian, investment adviser, and author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future.

Eddie Perkin, CFA, former chief investment officer at Eaton Vance and Goldman Sachs Asset Management, joins host Mike Wallberg, CFA, to explore how investors can counter the biases that undermine sound decisions. Drawing on his book, Running Against the Herd, Perkin explains how zero-based portfolio reviews can loosen investors’ attachment to holdings, why a sound process matters more than any single outcome, and how blind votes and junior-first feedback can prevent groupthink. He also shares lessons on productive conflict, long-term compounding, and building teams that challenge assumptions. Listen to discover practical ways to make better investment decisions — individually and collectively.

As agentic AI pushes investment management toward greater autonomy, research points to credible risks that lie ahead. So, what happens when AI moves from assisting portfolio managers to actually making and governing investment decisions?

Kevin Max, editor of Enterprising Investor, sits down with Irina Bevza, PhD, CFA, Head of Quantitative Solutions at Fineco Asset Management, Dublin, to explore the promise and faults of the self-driving portfolio. This episode explores what self-driving portfolios could mean for institutional asset management—and asks the bigger question for investment professionals: If AI can increasingly perform the work of the portfolio manager, where does human judgment remain essential?

If heat is a real-world cost for companies, why is it still not accurately and consistently priced into the market? Guest host, Kevin Max, editor of Enterprising Investor, speaks with Mustafa Dah, an associate professor of finance and chair of the Department of Finance and Accounting at the Lebanese American University, about extreme heat as a distinct financial risk. While climate-related disclosures have expanded, markets often struggle to translate recurring heat exposure into company valuations, credit assessments, and costs of capital. This episode explores why investors, analysts, and portfolio managers need to move beyond disclosure and incorporate measurable indicators such as lost operating days, adaptation spending, and weather-risk signals directly into financial analysis and investment decisions.

Why do so many professionals avoid difficult conversations—and what does it cost them? Mike Wallberg, CFA, speaks with Kwame Christian, founder and CEO of the American Negotiation Institute and author of Finding Confidence in Conflict, about the psychology of negotiation, building confidence, and handling disagreement with empathy. They discuss compassionate curiosity, self-advocacy, salary negotiations, emotional intelligence, and practical techniques for navigating conflict while strengthening relationships. Whether you're leading a team, managing clients, or challenging investment ideas, this conversation offers actionable strategies for becoming a more effective communicator.

What do the market's biggest long-term winners have in common? Neeraj Khemlani, former president of CBS News and author of The Coffee Can Investor, and Matt Ankrum, CFA, managing partner of Ankrum Capital, join host Mike Wallberg, CFA, to explore the research behind "100-bagger" stocks and the investing principles that can help build generational wealth. From recurring revenue and competitive advantages to the power of compounding and investor patience, they share lessons from decades of market history and explain why some of the best opportunities may be hiding in plain sight. Tune in for practical insights on identifying exceptional businesses and becoming a more effective long-term investor.