Describes his background, fascination with economic policy from a young age, and his view that government and investing are two sides of the same coin: government provides stability for prosperity, investing interprets that output for clients.

On the GFC: The principal lesson is that government needs to act speedily and with size to prevent lasting labor market damage. The US didn't do enough quickly enough, leading to a slow recovery.

Argues the fiscal lever should have been pulled sooner and with greater size. Notes the US only emerged from post-GFC doldrums during the first Trump administration due to outsized fiscal stimulus from the tax bill.

On investing vs. policymaking: They are different exercises. Policymaking attempts to make the world as you want it; investing takes the world as it is to make sound judgments for clients.

Describes PMG's role overseeing active strategies across asset classes and styles, including hedge funds and liquid alternatives. The core challenge for investors today is finding diversification.

Explains that bonds no longer reliably hedge stocks (as in 2022, March 2026), and equity markets are increasingly concentrated. Liquid alternatives offer market-neutral strategies for uncorrelated returns with daily liquidity.

Trends: Investors are seeking diversification beyond 60/40. Systematic and macro strategies are resonating as they can navigate an unmoored, less predictable macro environment.

Cites BlackRock Investment Institute research on a world shaped by supply, where traditional macroeconomic underpinnings are less stable.

On systematic investing: It's about high-breadth insights across hundreds of stocks, not deep research on single companies. It complements fundamental investing by adding different sources of insight and portfolio construction expertise.

U.S. resilience is underestimated. The US is relatively more insulated from the current global energy shock than Europe or Asia.

Points to the stable price of US natural gas despite the war, highlighting a critical input untouched by the conflict. Attributes resilience to diversity, innovative potential, and corporate sector quality.

We are in a 'world shaped by supply.' 2026 highlights both a negative energy supply shock (Middle East) and a positive technology supply shock (AI).

Contrasts the market pricing of higher inflation/lower growth from the energy shock with the disinflationary pricing from AI seen just weeks prior. Notes supply chain problems are harder, slower engineering/policy problems than financial crises.

Durable themes from the shock: 1) Increased focus on energy security. 2) Strategic stockpiling of critical inputs. 3) Diversification of energy mix.

Links stockpiling to the shift from just-in-time to resilient supply chains.

The 2020s require a fundamental rethink of portfolios. Diversification is harder to find; the answer isn't straightforward 60/40.

Points to the unreliable hedge of bonds and concentrated equities. Advocates for private assets, hedge funds, and liquid alternatives to build resilience against geopolitical shocks and a supply-shaped world.

On AI investment implications: Uncertainty bands are extraordinarily high. An underappreciated piece is that AI will become a first-order political and policy issue.

Notes it's rocketing up voters' issue lists, citing data center moratoriums and chip access as early examples. This adds a dimension of uncertainty for investors.

Key timeless investing lesson: The art and science of portfolio construction—how to combine multiple insights into a portfolio that delivers the right risk/return—is central to being a good investor.