FireSide: Recent Episodes
FireSide Team
FireSide is a podcast by FS Investments featuring episodes and research on the markets and economy. This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information. All investing is subject to risk, including the possible loss of the money you invest.
What’s next for private equity? We continue our Private Markets Outlook series with a discussion featuring Jorge Rossello, Managing Director, LP Secondaries. He joins Research team members Andrew Korz and Alan Flannigan to explore how private equity investors are navigating a shifting landscape.
The Private Markets Outlook podcast series from Future Standard features special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more.
Related:
Follow the value, not the herd: The new private markets imperative
U.S. exceptionalism: At a crossroads
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
What lies ahead for CRE? We continue our Private Markets Outlook series with a discussion featuring two of our portfolio managers, Jason Landon (equity) and Rob Lawrence (credit). They join Research team members Andrew Korz and Alan Flannigan to share how major shifts in CRE are playing out on the ground.
The Private Markets Outlook podcast series from Future Standard features special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Head of Public Policy Jason Cole provides his latest briefing from Washington. Jason updates the team on critical policy developments impacting markets and shaping the Trump administration’s economic agenda. Jason joins SVP of Investment Research Andrew Korz and Investment Research Associate Alan Flannigan to cover the uncertain path forward for tariffs, the looming government shutdown and the evolution of U.S. industrial policy in an AI-driven world.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain?
Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on what trade policy may mean for equities and how investors can respond.
Troy joins Content Strategist Harrison Beck to outline his frameworks for understanding the current tariff-inflected environment. He examines the contributing factors of the GDP, U.S. consumer and bank strength, and the concept he coined to describe this kind of market upheaval, “The Galactic Mean Reversion.”
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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We dive deep into the defining trends shaping private markets in the first episode of our midyear Private Markets Outlook series. Join Andrew Korz, Senior Vice President of Investment Research, and Alan Flannigan, Investment Research Associate, as they explore the forces driving the new private markets imperative: pursuing alpha through specialization and operational excellence.
The Private Markets Outlook podcast series will feature special guests and portfolio managers from across our firm, each bringing unique perspectives on private equity, private credit and real estate. Subscribe and stay tuned for more.
Follow the value, not the herd: The new private markets imperative
U.S. exceptionalism: At a crossroads
Secondaries in first place: A compelling access point in private equity
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Join Senior Vice President of Investment Research Andrew Korz and Investment Research Associate Alan Flanigan as they explore what the latest developments in tax reform, trade policy and fiscal policy mean for the U.S. fiscal outlook and economy. They dive into the latest edition of Mapping the markets and provide clarity on what it means for investors.
Mapping the markets: Q2 2025
Is private credit a bubble?
Private credit: Steady performance through market cycles
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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In a new episode of Head to Head, Jennifer Garcia (Private Wealth Advisor and Managing Director of the Garcia Private Wealth Group at Wells Fargo) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss her unique approach to multi-generational wealth management, what it means to lead one of the few all-women teams in financial services and how she prospects for clients.
“So, I have never cold called ever. To me, the goal was to connect with bankers so that they saw my value and then they would bring clients to me. And how could I nurture that relationship? So, that's really how I built my whole practice and still to this day, all the clients I have are from referral sources.”–Jennifer Garcia
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain?
Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on how investors can respond to tariff-induced volatility.
Troy joins Content Strategist Harrison Beck to outline his framework for understanding the current, trade war-inflected environment. He examines what a “Galactic Mean Reversion” means for equities, how U.S. consumer and bank strength is challenging recession narratives and how investors can prepare for what may come next.
“The thing to remember is that pockets of dislocation and uncertainty are often where you find your best investment opportunities.” –Troy A. Gayeski
Resources:
The Galactic Mean Reversion Part II: Trade wars are not good for S&P 500 profit margins
Domestic resilience in vogue amid selloff
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Join the Investment Research Associate Alan Flanigan and Head of Public Policy Jason Cole for a status update on tariffs, trade and taxes. The team analyzes the post-Liberation Day path forward and what it means for investors. Jason and Alan provide expert analysis of the latest developments out of Washington D.C. and the implications for markets and the economy.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
In this episode, our research team examines the latest on U.S. tariff policy and how it will impact private markets.
Join Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan as they discuss the potential ramifications of tariffs on private markets. They also bring in resident expert Dan Wilk, Head of Private Equity Solutions, for his take on how tariffs will impact M&A markets, where they’ll take market sentiment and what this may mean for investors.
Resources mentioned:
Q2 2025 U.S. Economic outlook
Tariffs: Analysis and investment implications
U.S. exceptionalism: At a crossroads
Tariffs: Four essential investor questions answered
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Join the Investment Research team in celebrating March’s NCAA Basketball Tournament with our annual Market Madness show. Our experts put their Sweet 16 of public and private investment strategies to the test and crown a champion in this bracket-style debate.
Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan provide expert analysis of their sixteen-team field of strategies across public and private equity, real estate and credit.
Anatomy of a CRE correction: The road to revival in 2025
Private markets outlook: Refilling the glass
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Can U.S. economic exceptionalism survive the transformations of our time? We analyze the underpinnings of American economic exceptionalism, weigh its resilience and provide a playbook for investing in a new era
Join Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan as they delve into their new report, U.S. exceptionalism: At a crossroads.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
On this special edition of The Takeaway, we’re joined by Portfolio Manager and Future Standard Head of Global Credit Andrew Beckman. We go in depth on what differentiates his approach to credit, how his team sources opportunities and his insights into credit markets today.
Andrew sits down with Chief Market Strategist Troy A. Gayeski, CFA who addresses how allocators are responding to credit’s key trends. Senior Content Strategist Harrison Beck leads the conversation.
Link to Andrew Beckman’s bio:
https://fsinvestments.com/fs-people/andrew-beckman/
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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The Trump administration is shaking up Washington with hundreds of executive orders and an aggressive push to cut government spending. But what's important for markets and what's just media fodder?
Head of Public Policy Jason Cole examines the first weeks of the Trump administration and their implications for markets. Jason joins Senior Vice President of Investment Research Andrew Korz to address the potential impact of tariffs, tax reform and regulatory changes on key strategies.
“If I’ve got to go into my crystal ball whether or not the Trump's tax cuts are going to get extended, I think it’s going to be a debate that rages throughout the year. And advisors and investors need to be aware that there's not full tax certainty, but I think ultimately there will be a tax bill and it maybe a one- or two-year extension.”–Jason Cole
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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In a new episode of Head to Head, Caroline Gundeck (Managing Director, Head of Client and Field Engagement at Morgan Stanley Private Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to share how she became one of the industry's leading community builders, her team's powerful approach to high-net-worth clients and what it takes to be successful in a "relationship business."
"This has been and always will be a relationship business. The reason clients do business with you is because of that trusted relationship. They work with you because you can deliver everything else, but they want to work with people they like and trust." - Caroline Gundeck
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his latest strategy note series on the post-election landscape for middle market private equity, private credit, senior commercial real estate lending and liquid multi-strategy funds.
Troy joins Content Strategist Harrison Beck to examine what new policies and continuing trends may mean for investors and allocators. He addresses valuation disparities between listed and private equities, corporate deal flow and bank consolidation, and how middle market private equity may offer compelling opportunities for GARP (growth at a reasonable price).
“We're always trying to look at the pros and cons of election outcomes, just like we look at the pros and cons for any investment opportunity. So far, the pros outweigh the cons.”–Troy A. Gayeski
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his new strategy note, Replacing or complementing fixed income with alternatives
Troy joins Content Strategist Harrison Beck to examine how investors can replace or complement fixed income with alternatives. He addresses bonds and duration, the potential impact of Fed cuts, and key strategies including commercial real estate lending, corporate private credit and liquid multi-strategy.
“The more things change, the more they stay the same. And if you think about use cases for alternatives, one of the most profound continues to be as a substitute or complement to fixed income exposure. And that's going to be with us for quite some time.”–Troy A. Gayeski
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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As we approach the end of 2024, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape.
Join Executive Director of Investment Research Andrew Korz and Research Associate Alan Flannigan as they examine private markets and the outlooks for private equity, private credit and commercial real estate in 2025.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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With over 20 years of experience supporting top athletes, military personal and business leaders, John Stemmerman (Senior Vice President of Performance at Exos) knows that high-performance is much more than just running a faster mile.
John sits down with Ginevra Czech, Future Standard Director of Client Value Add Programs, to discuss practical strategies for reflection and regulation, and how these key skills can improve personal and professional performance.
“You’re having one of those nights where it's more challenging, and something comes up where you have a conversation with your significant other and it's a challenging topic. One route is really angry, frustrated, I'm going to snap. [But] if I'm aware that I'm stressed, if I feel what's happening; taking a big breath, reframing what you're going to say and going at it in a better way: that’s a more constructive conversation.”– John Stemmerman
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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Voters overwhelming ushered in a new Republican majority. But what can investors expect when it comes to key issues like regulation and inflationary policy? One thing is for certain: You can bet on change.
Join Head of Public Policy Jason Cole and Chief U.S. Economist Lara Rhame as they dive into what the Trump win means for markets, policy and the economy.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
In a new episode of Head to Head, Jackie Larson (Senior Vice President of the Westside Group at RBC Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss how to find your client’s “money language,” the way she works to empower a new generation of women in financial services and how she built an impressive career on kindness and compassion.
“Everybody has a different background as to what their upbringing was around money. And I think the sooner you can learn about the language that they are accustomed to and how they speak, if you can speak on that same level, they feel heard and understood.”–Jackie Larson
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his new strategy note, Going for growth: Middle market private equity secondaries
Troy joins Content Strategist Harrison Beck to examine how middle market PE secondaries offer the potential for growth at a reasonable price. He addresses the potential advantages of the middle market, what makes secondaries attractive, and how middle market private equity, combined with secondaries, may help serve investor needs for growth.
“Middle market private equity may be the definition of growth at a reasonable price. And when we look at investor portfolios, they have very little exposure to this key area for growth going forward.” –Troy A. Gayeski
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
From public service to private wealth—Joe Brienza shares his journey to becoming a Forbes and Barron’s top-ranked financial advisor.
In a new episode of Head to Head, Joe Brienza (Managing Director, Clarity Advisors, UBS Private Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss the adrenaline rush of a new client, what it means to have competition in your blood and his path from working with presidents and political consultants to helping families build wealth and plan for the future.
“I wanted to come in here and do something where at least at nights I can say, “you know what, I'm making a positive impact to someone, not just enriching my W2.” And that was really much more important to me at the beginning—just to do something that was really important. That was how I ended up getting into this business.”—Joe Brienza
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
For more research insights go to https://futurestandard.com/insights
Join Chief U.S. Economist Lara Rhame, Executive Director of Investment Research Andrew Korz and Research Associate Alan Flannigan as they examine their outlooks for equities, credit, real estate and essential macroeconomic trends in Q4.
They discuss their view on interest rates, inflation, and the labor market—and how these key macro factors could impact the investment landscape.
Have a question for our experts? Text us for a chance to have your questions answered on the next episode.
To watch the video version, go to https://www.youtube.com/@futurestandard_fs
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We are 34 days away from election day. Join FS Investments’ Chief U.S. Economist Lara Rhame and Head of Public Policy Jason Cole as they dive into the critical issues surrounding the election. While the top of the ticket gets most of the focus, control of Congress also hangs in the balance in November.
They discuss polling data, the battleground states and the potential outcomes for the House and Senate. With an important tax debate on the horizon and heightened economic uncertainty, find out what investors need to know as we approach Election Day. Tune in for insights on the market impact, fiscal policy and the broader economic outlook.
Even sophisticated clients don’t always understand why financial planning can help them achieve their goals. Regina McCann Hess, Founder and President of Forge Wealth Management, hopes to change that.
Regina joins Ginevra Czech, FS Investments Director of Client Value Add Programs, to discuss her passion for educating women about finance, insights from her book, Super Woman Wealth, and how she mobilizes her clients’ vision and values to help them secure their futures.
“A friend of the family wanted to teach me about the stock market. And I said, look, I grew up poor. That’s for rich people. And he said, no, I'm going to give you a stock for a graduation gift, but you have to do the research; you have to tell me why I'm buying this. So, I did it, and he created a monster. I absolutely loved it.”–Regina McCann Hess
Are private credit markets saturated with too much capital? Chief Market Strategist Troy A. Gayeski, CFA, shares the key takeaways from his new strategy note, Are private credit markets too good to be true—Or just factually true?
Troy joins Content Strategist Harrison Beck to analyze the opportunity set for private credit. He addresses frequent investor questions, examines key trends and dives into the latest data on this essential asset class.
“You have two discrete opportunities in private credit that you wouldn't have dreamed of back then, sourcing assets directly from bank balance sheets and being able to provide short term financing vehicles for great companies.” –Troy Gayeski
Banks are essential to the healthy functioning of the global economy, and their role in the financial system has been anything but static over time. Today, headwinds for banks and the growth of private markets point to further evolution.
Join Chief U.S. Economist Lara Rhame and Director of Research Andrew Korz as they dive into their recent Playbook for the great lending evolution to explore the interplay between banks and private credit today.
In a new episode of Head to Head, Ken Crowley (Private Wealth Advisor and Managing Director at Rockefeller Capital Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss what surfing taught him about the importance of preparation, how growing up in Central America shaped his perspective and the value that creating a diverse, multi-generational team brings to his clients.
“I like to describe our team as really a true representation of America. You've got diversity at different levels, not just generationally, but culturally. And these experiences and perspectives really give us a deep understanding of our clients and their needs.” – Ken Crowley
How can you achieve sustainable high performance in your work? Stefan Underwood, Senior Vice President of Methodology at Exos, has supported the performance goals of pro athletes, elite military operators and leaders at Fortune 100 organizations.
Stefan sits down with Ginevra Czech, FS Investments Director of Client Value Add Programs, to discuss how to attract top talent by cultivating performance, the current revolution in women’s performance and how his team understands and achieves flow state.
“The analogy that I give is, does water running over stone make a change? No. But when it consistently does for a long time, it carves canyons. And so, to be a trickle of water, I used to tell athletes that, intensity is king, but consistency rules.”–Stefan Underwood
The extraordinary growth in private credit markets has led some investors to question its risks. We go in depth on our recent report, Is private credit a bubble? to offer answers.
Join Chief U.S. Economist Lara Rhame, Managing Director of Credit Wealth Solutions Robert Hoffman and Director of Research Andrew Korz as they examine important questions on transparency, the quality of borrowers and the rapid flow of money into this key asset class.
How are investors “becoming the bank” through investments like mortgage REITs? Chief Market Strategist Troy Gayeski shares the key takeaways from his latest strategy note on why current conditions favor these debt-focused CRE investments and how to pick one.
Troy joins Content Strategist Harrison Beck to examine the regulatory trends shaping CRE lending, how higher interest rates can amplify potential opportunities and what investors may want to seek out when evaluating these investments.
“If you can be the bank and potentially earn an attractive return well above cash without taking uncomfortable levels of risk, what a wonderful outcome.” –Troy Gayeski
With less than 100 days until Americans hit the polls, how are markets reacting to the rapidly evolving headlines and how should investors navigate the most likely scenarios?
Join our experts—Head of Public Policy Jason Cole, Chief U.S. Economist Lara Rhame and Chiron Funds Chief Investment Officer Ryan Caldwell—as they examine the possible policy implications from both administrations and the potential opportunities they may present for investors and allocators.
It’s a political earthquake, but what will Joe Biden's unexpected withdrawal and Kamala Harris’ emerging candidacy mean for investors?
Join Head of Public Policy Jason Cole and Executive Director of Investment Research Andrew Korz as they delve into how Republicans and Democrats may respond—plus the potential impact on the “Trump trade,” interest rates and market volatility.
Chapters:
00:00 Introduction and breaking news
01:08 Historical context and unprecedented events
02:50 Immediate political reactions
05:56 Polling and potential candidates
08:16 Vice Presidential selection process
12:12 Republican response and public perception
14:32 Logistics and legal considerations
17:34 Market implications and conclusion
A mortgage with a sub-3% rate feels like the proverbial golden handcuffs these days. Join Chief U.S. Economist Lara Rhame and Executive Director Andrew Korz as they examine what investors need to know about the latest trends driving commercial real estate markets.
They discuss the structural and cyclical issues affecting housing supply, the impact of potential Fed policy changes on financing and where sectors like multifamily may offer opportunities for investors and allocators.
Join Chief U.S. Economist Lara Rhame, Director of Investment Research Andrew Korz and Research Associate Alan Flannigan as they examine their outlooks for corporate credit, private equities, commercial real estate and key macroeconomic trends for Q3 2024.
They go in depth on the latest impacts of market concentration, stubborn inflation and more, with a look at the causes and potential implications of the optimism currently priced into markets.
The upcoming election will likely mean changes in policy and regulation. What shifts can we expect and how could they impact key markets?
Join Head of Public Policy Jason Cole and Chief U.S. Economist Lara Rhame as they offer insight into the presidential race, Senate and House contests, and key policy areas such as tax reform, debt, deficit dynamics, trade and regulation.
This episode was recorded on June 18, 2024.
Mike and Kelly consider themselves more than just financial advisors—they’re life advisors.
In a new episode of Head to Head, Managing Partners Mike Barry and Kelly Milligan join Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss their decision to go independent after 20+ years at a name brand firm, the unique, team approach they take to working with clients and their secret to building a truly scalable practice.
“Three weeks later, they call us. They're bubbly, giddy. Oh, that was such great advice. You know, we found a place, we're moving in four weeks. And to this day, whenever that client comes in, they will say, the best advice you ever gave us had nothing to do with stocks and bonds because you knew what our life was, and you gave us advice that was objective and something that we couldn't see because we're in it.”—Kelly Flannigan
Private debt is a growing asset class that’s increasingly making headlines. That’s why we’re back in the studio with more cool answers to your burning questions on this key alternative.
Chief U.S. Economist Lara Rhame and Executive Director of Research Andrew Korz join Head of Private Credit Brian Gerson to further demystify the significance, mechanics and potential opportunities in private debt investing.
Are current market conditions too good to be true? Chief Market Strategist Troy Gayeski shares the key takeaways from his latest strategy note on why fear of a “GFC Part II” is a suboptimal reason to hold on to cash.
Troy joins Content Strategist Harrison Beck to examine the current economic landscape, how advisors are addressing investor concerns about asset allocation and the reasons to consider redeploying cash into select alternatives.
“It's really important to differentiate between where things appear too good to be true and where they're just factually true.” –Troy Gayeski
The Takeaway with Troy Gayeski—Too good to be true?—Episode 3
00:00 Introduction
00:37 Advisor insight on complimenting private equity allocations
02:31 Integrating alternatives into a portfolio
03:16 Are market conditions too good to be true?
05:16 Data: Could we see a “Global Financial Crisis Part II”?
07:30 Regulatory changes protecting the economy
09:13 Increasingly robust protections
10:22 Investor perception and market realities
11:13 Answering investor hesitations: Why reassess cash?
13:20 “We don’t worry about market volatility”
14:35 Investor timelines and the secondary market
15:42 Key takeaways: The role of alts in the current environment
18:01 How to find Troy’s latest strategy note
It’s a topic as old as investing: how can portfolio builders better balance greed and fear? Against today’s backdrop of high valuations and concentration in public equities, middle market private equity may offer that ideal mix of risk and reward.
Join Chief U.S. Economist Lara Rhame, Client Portfolio Manager Philip O’Brien, and Research Associate Madison Murphy as they examine the opportunity set in middle market private equity: what sets this sector apart, how secondaries can solve historic challenges and where investors are making the most of key trends.
How does the #1 advisor in the country close business?
In a new episode of Head to Head, Jeff Erdmann (Founding Partner of the Erdmann Group at Merrill Private Wealth Management) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss how childhood dyslexia helped him launch a multi-billion practice, why he hires “partners” instead of “employees” and how he balances family, mentorship, career and philanthropy.
“It's about connecting with people and finding a connection point. Allowing them to talk about themselves. My rule number one is I never want to speak more than 30 percent of the time in a conversation. [I want to be finding] what matters to them, letting them talk about it and having a deep impactful conversation. And then obviously taking a complex situation and simplifying it for them and then giving them an outcome.” —Jeff Erdmann
Join Chief Market Strategist Troy Gayeski as he dives into the latest mega trends. Troy sits down with Content Strategist Harrison Beck to examine what’s driving growth in private credit markets, the reason investors are embracing middle market private equity and why exploring alternatives could be essential to staying competitive for financial professionals.
“There's a reason why large institutions in some cases have 80 percent of their capital in alternatives. They're not doing it for their health. They're doing it because in certain areas there are meaningful alpha propositions or excess return above and beyond what you can get in public markets.”—Troy Gayeski
In this episode we’re joined by FS Thrive partner, Sarano Kelley, the award-winning speaker, coach and trainer to the financial industry.
Sarano sits down with Ginevra Czech, FS Investments Director of Client Value Add Programs, to discuss how to build a “Mega Team,” mobilizing authentic communication to help grow your business and how a hyper focus on process may be the ultimate secret to success.
“Money moves towards order and money moves towards control. Money moves away from disorder. There's not a single advisor who's going to argue with me and say, I would definitely invest my client's money in a company that was disorganized.”–Sarano Kelley
How can we be bullish on the middle market when the Russell 2000 chronically underperforms the S&P 500? It’s a question that investors often ask when considering middle market private equity—and a perfect opportunity to demystify some of this sector’s unique qualities.
Join Chief U.S. Economist Lara Rhame and Executive Director of Research Andrew Korz as they examine how the Russell 2000 falls short in mirroring the strong fundamentals and robust growth in middle market PE, and how innovative new vehicles are helping investors access its potential opportunities.
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Spring is in the air, and it’s not just the plants that are enjoying the sunshine. The U.S. economy continues its bracing growth, even while the outlook for inflation and interest rates remains stubbornly cloudy.
Chief Market Strategist Troy A. Gayeski joins Content Strategist Harrison Beck to discuss his latest strategy note. He examines where portfolios may need some spring cleaning, especially when it comes to redeploying last year’s cash allocations, and how key alternatives could play a part.
Weekly recap of analysis from the FS Investments research team. To read the full market minute with charts and data, go to https://fsinvestments.com/market-minute
Private debt is a $1.6 trillion market that’s critical to our economy and to investors—and it’s rapidly evolving. As banks have retreated from certain kinds of lending, private lenders have stepped in to fill the gap, allowing investors to reap the potential rewards.
Join Chief U.S. Economist Lara Rhame, Head of Credit Wealth Solutions Rob Hoffman, and Executive Director of Research Andrew Korz for an initial dive into the private debt market, including the fundamentals of the asset class, recent trends that have fueled its growth and a discussion around the investment case for private debt today.
Weekly recap of analysis from the FS Investments research team. To read the full market minute with charts and data, go to https://fsinvestments.com/market-minute
In a new episode of Head to Head, Michelle Marquez (Managing Director at Marquez Private Wealth Management of Raymond James) joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss how she built an authentic personal brand, her inspiring work with children’s charities and the unique challenge of managing wealth for professional athletes.
“I think for professional athletes, it's really difficult for them. I know that the statistics are against them. You see that everywhere. It's difficult because they live in chaos. They're pulled from their families and they have to travel alone and by themselves…And unless, as an advisor, you have the time to really dedicate—and not just dedicate, you have to devote time and energy. You have to have the patience to be repetitive. Repeat the goals, repeat what it is you said just an hour ago. It helps them stay focused.”
The first quarter was marked by a continuation of last year’s economic optimism, albeit against the backdrop of stubborn inflation and high rates. While many investors still dream about substantial rate cuts, a return to the “old normal” could require investors to adjust.
Join Executive Director, Investment Research Andrew Korz and Chief U.S. Economist Lara Rhame as they examine CRE pressures, movements in equities, and the balance of challenges and optimism in their outlooks for macro and markets in Q2.
Eve Ellis (Vice President, the Matterhorn Group, William Blair) has received numerous awards, both for her work as a top wealth advisor and for her leadership in promoting equity and empowerment in financial services and beyond.
In a new episode of Head to Head, Eve joins Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss what it means to be “passionate about fairness,” why she advises young professionals to “work where you’re valued” and how she helps clients build wealth while changing the world for the better.
“If you think about when you build a portfolio, everybody always asks about risk tolerance. They want the portfolio to represent who the client is in terms of risk. And we're saying we want the portfolio to represent who you are in terms of you. We want that portfolio focused on what your values are and who you are.”–Eve Ellis
While the Magnificent Six continue to lead the S&P 500 to new heights, markets are still learning how to effectively value these tech growth superstars. Meanwhile investors begin to face the reality of their rate cut pipedreams amid strong economic momentum and an increasingly volatile world.
In this episode of 3D Report, Chief Investment Officer Ryan Caldwell and Chief U.S. Economist Lara Rhame examine where markets are at the end of Q1 and what investors could see in Q2—including how the current environment opens up potential opportunities that may not have been attractive for the past 15–20 years.
In celebration of March Madness, Chief U.S. Economist Lara Rhame and the Investment Research team go head-to-head in “Market Madness.” In this bracket-style debate, our experts consider which topics will be most influential to markets for the rest of the year and what it means for investors.
Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth and one of the industry’s most trusted experts in economic analysis and financial communication, joins Chief U.S. Economist Lara Rhame for a conversation on market trends, career building, women pathfinders and more.
Listen for the 2024 economic outlook she refers to as a “bucking bull,” her storied path to success in finance (including the trailblazing aunt who broke barriers in the male-dominated world of 1970s Wall Street) and what it means to “follow your gut, follow your intuition.”
As a part of our celebration of Women’s History Month, we’re featuring conversations with the women shaping financial futures. Join us as we honor the trailblazers among our colleagues, industry leaders and partners.
In this episode, we’re joined by our partners at HelloHive, the next-gen recruitment and resume technology company working to create more equitable pathways for early-career talent.
Ginevra Czech, FS Investments’ Director of Client Value Add Programs, sits down with
HelloHive’s Head of Client Strategy Claire Schulz, Customer Success Manager Kyra Maryland, and Partnerships Associate Christiann Cannon to learn more about how their pioneering tools and initiatives are connecting diverse students and top employers.
They discuss how to build awareness around careers in financial services, the remarkable benefits of prioritizing a diverse set of job candidates and how HelloHive is helping firms break down barriers to reach future motivated leaders where they are.
“I wouldn’'t count yourself out going into finance if you don’'t have a finance or an econ or a quant degree. There are so many other opportunities and really great internships and opportunity for growth in other areas in the finance world.” –Claire Schulz
Markets started the year with high expectations and high valuations. But volatility and expensive equities are just a few of the challenges facing investors in 2024.
Chief U.S. Economist Lara Rhame and Executive Director, Research Andrew Korz sit down to discuss their latest chartbook examining the five key challenges facing investors today—and how alternatives may address those challenges and provide potential opportunities.
The commercial real estate (CRE) market continues to endure a correction that began 18 months ago.
Andrew Korz (Executive Director, Research) joins Chief U.S. Economist Lara Rhame to discuss the progress of the correction, examine its drivers and identify potential areas of opportunity that persist despite the challenged market environment
Jason Cole, Head of Public Policy and Corporate Social Responsibility at FS Investments, joins Chief U.S. Economist Lara Rhame to discuss what the latest policy decisions could mean for investors.
Lara and Jason address evolving pressures on Treasuries, where the Fed may move next and how election results could impact financial regulation, taxes and deglobalization in the coming year.
Lara Rhame sits down with Executive Director, Investment Research Andrew Korz to review last year’s 10 for ’23—and unveil this year’s 10 for ’24, her forecast for the 10 essential trends facing investors in markets, policy and the economy in the new year.
Her outlook? While 2024 is opening with optimism that a recession has been avoided, inflation, tighter credit conditions and a steep hill of debt refinancing will challenge markets.
A surprise to the upside has continued to delight investors and confound experts throughout 2023. But despite the current giddy growth, gathering headwinds are likely to bring the economy back to a more rational place in the new year.
In this episode of 3D Report, Chief Investment Officer Ryan Caldwell and Chief U.S. Economist Lara Rhame examine the yield curve, household spending, movements in Washington and more to tell us where markets are at the end of Q4 and what investors could see in Q1 and beyond.
Whether you’re a team of one, or the one in charge of the whole team, everyone has a stake in career development.
In this episode, we’re joined by Ace Quintana, Head of Organizational & Leadership Development at FS Investments and our in-house expert on the Predictive Index (PI)—the validated workstyle assessment we use to power career development at our firm and one of the key resources we offer advisors through our FS Thrive Value-Add program.
Ace sits down with Ginevra Czech, Director of Client Value Add Programs, to share actionable insights for helping people reach their full potential.
They discuss tools for setting effective career goals, what it means to “focus performance reviews on the future” and how to mobilize the Predictive Index to build successful teams and optimize personal performance.
Louise and Nina Gunderson are more than just an incredibly successful advisor team at UBS Private Wealth Management—they’re also mother and daughter.
In a new episode of Head to Head, Louise and Nina join Co-Heads of Distribution Kirsten Pickens and Ryan Robertson to discuss running a team like a family, blazing new trails in financial services and working together to build multi-generational relationships to help clients achieve their goals.
In this episode we’re joined by Chris Serrano, Performance Manager at EXOS and James Boyd, Wealth Management Advisor at Van Buren Financial Group. One is an expert in fitness, the other is an expert in finance, but each day they tackle the same challenge—helping clients achieve their goals.
Chris and James sit down with FS Investments Director of Client Value Add Programs Ginevra Czech to share insights on goals and goal setting. They discuss the necessity of “starting with why,” the best ways to stay motivated and the awesome power of celebrating wins.
Even with unanswered questions about a potential slowdown, the Q4 economy is largely firing on all cylinders. Commercial real estate continues to navigate a unique correction, while rising stock/bond correlation helps corporate credit shine.
Can the growth continue? Join Lara Rhame, Chief US Economist, Robert Hoffman, Managing Director, Credit Wealth Solutions, and Andrew Korz, Director, Investment Research as they dive into their outlooks for commercial real estate, corporate credit and macroeconomic trends.
The U.S. commercial real estate (CRE) market has come under pressure from rising interest rates and an uncertain economic outlook. The multifamily sector has experienced what feels like a full market cycle in the span of just three years. With uncertainty swirling around the CRE space, Robert Hoffman and Andrew Korz take a deep dive into their outlook for the rental market.
What is the perception of financial services? And how can we nurture talent that hasn’t always seen a place for themselves in the industry?
In this episode, we’re joined by Carlos Muñoz, Head of Asset Manager DEI Engagement at Morgan Stanley. He heads the Equity Collective, an industry leading group of top firms (including FS Investments) that work together to educate, empower and develop the next generation of diverse leaders in financial services.
Carlos sits down with FS Investments’ Director of Client Value Add Programs Ginevra Czech and Senior Relationship Manager Laurie Durante to discuss the ways we’re giving back to our communities and making our industry a more equitable place.
Taylor Swift may be the biggest trend in the economy today. And it’s not just because her Eras tour is giving a lift to everything from airlines to hotels (what other pop star can claim chart-toppers on both Billboard and the Fed’s Beige Book?), but it’s also because of the intriguing way her meteoric rise echoes best practices in accessing alternatives and private equity.
In this episode, we assemble a powerhouse panel of market experts (and enthusiastic Swifties) from across our Research, Marketing, and Investment teams to discuss what the Taylor Swift phenomenon tells us about the economy, asset allocation and alternative investments.
In a new episode of Head to Head, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Rory O’Hara, CFP®, CRPC®, Founder and Senior Managing Partner at Ausperity Private Wealth.
In this episode, Rory shares the early career lessons he learned cold calling (communicate authority and grow a thick skin), how he helps his team learn and grow, and the ways his firm is helping baby boomers and high income millennials achieve their financial goals.
What happens in Washington is almost always felt on Wall Street. No one knows this better than Executive Director of Public Policy and Corporate Social Responsibility, Jason Cole.
In this episode, Ginevra Czech, Director of Client Value Add Programs, sits down with Jason to discuss what he refers to as the three Cs of government: Confrontation, competition and uneasy cooperation. They dive into the news from Washington—and how it could affect markets.
The first half of the year is what happens when Wall Street predicts a recession that doesn’t materialize: Exuberant upside surprise and massive valuation lift. But while today’s markets remain doggedly optimistic, forward-looking indicators are forecasting headwinds in the near future.
In this episode of the 3D Report, Chief Investment Officer Ryan Caldwell and Chief U.S. Economist Lara Rhame dive into where markets are at the end of Q2 and where key indicators suggest they’re headed.
In this episode of FireSide, the Investment Research team offers their Q3 outlooks for macro, credit markets and commercial real estate. The first half of the year saw a contradictory confluence of pessimism and impressive performance. That has left investors rethinking the popular market ideas they’ve held for the past 15 years.
Join Head of Research Robert Hoffman, Chief U.S. Economist Lara Rhame and Director, Investment Research Andrew Korz as they shed light on CRE corrections, Fed rate hikes and the key indicators they’re watching for a potential slowdown.
In a new episode of Head to Head, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Rachel Gottlieb, Managaing Director - Wealth Management at UBS. In this episode Rachel shares how she turned a college internship into a career in financial services that landed her on lists like Forbes Top Next Gen Wealth Advisors, Forbes Top Women Wealth Advisors, and Wall Street's Top 40 Advisors Under 40.
In this episode of FireSide, the Investment Research team explores the unprecedented concentration in the U.S. equity market. This top-heavy market meant impressive returns for investors over the first half of the year, but it could become one of the key risks for portfolios in the coming period.
Join Lara Rhame, Chief U.S. Economist and Andrew Korz, Director, Investment Research, as they unpack the macro drivers contributing to equity market concentration and share their opinions on how to navigate where the market might go next.
In a new episode of Head to Head, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Scott Highmark, President and Principal of Mosaic Family Wealth. Scott shares how he went from being a college basketball athlete to becoming a financial advisor eventually opening his own firm.
How much is your financial practice worth and what drives that value? Where are the opportunities to unlock unrealized value? How are you preparing your business for the inevitable changes coming due to the impact of technology and AI? We sit down with the Truelytics team to learn more about their technology platform built for financial advisors and RIAs to help define practice value and analyze the health of advisory businesses, while exploring how changes like advisor demographics, consolidation and even AI are impacting the industry. Learn more at www.fsthrive.com and www.truelytics.com.
The CRE market is undergoing a painful correction today, as demonstrated by declining property values and tepid investment activity. In this episode of FireSide, Chief U.S. Economist Lara Rhame and Investment Research Director Andrew Korz analyze the causes, address concerns around debt financing and examine what comes next in the CRE market.
In this episode of FireSide, Ryan Caldwell, Managing Director and Chief Investment Officer of Chiron Funds, and Lara Rhame, Chief U.S. Economist, discuss the timing of a possible recession and assess macroeconomic trends and global investment opportunities
We chat with Brent Callaway from FS Thrive partner Exos to learn how elite athletes combine movement, nutrition, recovery, and mindfulness to build a foundation of sustainable high performance and prepare for life’s biggest moment like the NFL combine and beyond.
With years of experience coaching and preparing elite athletes for the largest sports stages in the world, Exos coach Brent Callaway shares his strategies on creating a foundation of sustainable high performance and preparing for life’s biggest moments. Together with Director of Client Value Add Programs Ginevra Czech, they discuss what we in the business world can learn from these elite athletes as we look to optimize our own performance. Learn more at www.fsthrive.com and www.teamexos.com
In a new episode of Head to Head, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Lara Rhame, Chief U.S. Economist at FS Investments. Lara shares how she landed her first job with The Fed and pivoted to a career on Wall Street and later, FS Investments.
In this episode of FireSide, the Investment Research team takes stock of Q1’s performance and offers their outlooks for Q2. After an eventful Q1 marked by bank failures, more tech layoffs, and other concerning headlines, the Investment Research Team explores some bright spots and adds nuance to their market evaluations. Join Rob Hoffman, Managing Director; Lara Rhame, Chief U.S. Economist; and Andrew Korz, Director, as they cover updates in the credit, macro and commercial real estate sectors.
In a new episode of Head to Head, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Patti Brennan, President and CEO of Key Financial. Patti shares how she went from working as an Oncology and ICU nurse to being one of the top financial advisors in America.
In the second annual Market Madness episode of FireSide, the Investment Research team hosts their own version of the Big Dance to assess what they believe will be the most impactful market event for the next quarter. Join host Kara O’Halloran and the members of the investment research team—Lara Rhame, Chief U.S. Economist; Rob Hoffman, Managing Director; and Andrew Korz, Director—as they go through head-to-head matchups and fill out the bracket in real time to determine what the team thinks will move markets the most over the next few months.
In the inaugural episode of Head to Head, a new podcast from FireSide, Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with Cheryl Young, Private Advisor at Rockefeller Global Family Office. Cheryl shares how she built her business and why she believes her authenticity sets her apart as a top advisor.
In the latest episode of the 3D Report, FS Chiron Funds CIO Ryan Caldwell is joined by Chief U.S. Economist Lara Rhame to reflect on the events from 2022, which will likely continue to shape the global financial markets in the new year.
Looking to dive deeper? Access the full 3D report here: https://fsinvestments.com/fs-insights/q4-2022-3d-report/
The U.S. debt ceiling is once again back in focus. Jason Cole, Executive Director of Public Policy and Corporate Social Responsibility and Chief U.S. Economist Lara Rhame join FireSide to break down what exactly is happening in Washington D.C. and how it might affect our economy and financial markets.
The new year brings new possibilities. In FireSide's special 50th episode, Director of Investment Research, Kara O'Halloran, and Director of Investment Research, Andrew Korz gather to analyze three different economic scenarios for 2023, and explore how they might impact two of the most interesting areas of the market that we're closely watching: Credit and commercial real estate.
What is your personal brand? In this episode, Head of Field Strategy, Kyle Simpson sits down with Eric Stetson of FourBlock, an organization that bridges the divide between the business community and veterans entering the workforce after serving, to discuss how to build your personal brand, authentically connect with people to build your network, and how to overcome objections. Learn more at https://www.fsthrive.com/ and https://fourblock.org/
In their final episode for 2022, Director, Investment Research Kara O’Halloran sits down with Chief U.S. Economist Lara Rhame to discuss 3 big questions facing the markets and economy in 2023. They preview Lara’s 10 for ’23 chartbook and discuss the recent CPI report. Listen to the podcast to hear more.
The globalized world that has long been the secular driver of capital markets has now become more fragmented and regionalized.
In the latest episode of the 3D Report, FS Chiron Funds CIO Ryan Caldwell is joined by Chief U.S. Economist Lara Rhame to analyze the shifting circumstances across the markets today and discuss key components affecting the global macroeconomy, such as inflation, volatility and monetary policy.
In this episode, members of the Investment Research team, including: Chief U.S. Economist Lara Rhame, Managing Director, Investment Research; Rob Hoffman, Director, Investment Research; Kara O’Halloran, Director, Investment Research; and Director, Investment Research, Andrew Korz, gather to talk about the predictions they made entering 2022—and what actually happened this year. Plus, a sneak peek at what they’ll be closely watching in 2023.
In this episode, Director, Investment Research, Kara O’Halloran, is joined by FS Investments digital asset specialist and Client Portfolio Manager, Dan Wilk, to discuss the future of the crypto industry after the catastrophic collapse of FTX. The two discussed what happened and how this massive failure occurred, the likelihood of future regulation and Dan’s long-term outlook for the crypto space.
We’re continuing with our Q4 outlook series! Investment Research Director Kara O’Halloran is joined by Investment Research Director Andrew Korz to discuss the state of the commercial real estate market. 2022’s rising interest rate environment has necessitated a recalibration in many asset classes, real estate included. Plus, we dive into opportunities in CRE as the macro backdrop screams “get more defensive”. Finally, the team addresses concerns around a real estate-led downturn as investors increasingly worry about something “breaking” in markets.
Want more from our CRE experts? Access the full outlook at https://fsinvestments.com/fs-insights/q4-2022-commercial-real-estate-outlook/.
We’re spooked it’s already October, which means Q4 outlook season has begun! Investment Research Director Kara O’Halloran kicks off this quarter’s outlook episodes alongside Head of Investment Research Rob Hoffman to discuss the rollercoaster ride credit has taken so far this year. As we reach the end of 2022, it appears credit is facing a crossroads—while fundamentals remain strong, the team assesses what sectors could thrive while others may feel the hit of a tough year. Want more from our credit experts? Access the full outlook at https://fsinvestments.com/fs-insights/q4-2022-credit-outlook/
As we enter the second half of 2022, markets are moving rapidly, and macroeconomic conditions are underpinning the wide array of investment challenges. So, what’s an investor to do? In this episode, FS Chiron Funds CIO Ryan Caldwell and Chief U.S. Economist Lara Rhame explore key components of the current macroeconomic environment—from inflation and Fed policy to the underrecognized shift toward deglobalization and the impacts of capital spending. Plus, Ryan and Lara break down where the labor market may go and their outlooks for the U.S. dollar. All of this to say, today’s investors have a lot to consider.
In this quarterly outlook episode, Investment Research Directors Kara O’Halloran and Andrew Korz discuss the potential impacts of a slowing economy on the commercial real estate market. They cover the team’s views on inflation, growth and financing costs, and why investors might consider seeking higher on the capital structure. Plus, Andrew gives us an impressive lightning round of his quick takes on multi-family, industrial, hotel, office and retail sectors. Download the full outlook: https://fsinvestments.com/fs-insights/q3-2022-commercial-real-estate-outlook/
Credit has arguably felt some of the most pain across asset classes in 2022, so where can investors turn as we enter the second half of the year? In this episode, Investment Research Director Kara O’Halloran is joined by Head of Investment Research Rob Hoffman to explore why they believe active approaches geared toward higher quality credit assets may prove effective. Rob reflects on his time as a portfolio manager in the credit space, examines opportunities in the CLO market and encourages investors to remain vigilant. To access the full outlook, visit: https://fsinvestments.com/fs-insights/q3-2022-corporate-credit-outlook-quality-time/
With the Q2 GDP report hot off the press, revealing the second consecutive negative number, Chief U.S. Economist Lara Rhame shares why she believes the U.S. is not in a recession…yet. Plus, she breaks down both her near-term and longer-term outlooks, from jobs and housing to inflation and the impacts of disjointed global central bank policies. To access the full macroeconomic outlook, visit: https://fsinvestments.com/fs-insights/q3-2022-economic-outlook/.
In today’s unpredictable environment, investors are seeking ways to build portfolios that can perform well without acing the entire macro call. We believe well-constructed liquid alternatives have the potential to do just that. In this episode, Investment Research Director Kara O’Halloran is joined by Liquid Alternatives Investment Specialist Beth Anne Byrne to discuss what goes into a liquid alternative strategy, how they offer the potential to generate non-beta reliant returns and, importantly, how they fit into well-diversified portfolios.
It is midyear review season at FS Investments, so why not review the macroeconomy, too? In this inaugural live episode, Investment Research Director Kara O’Halloran chats with Chief U.S. Economist Lara Rhame about the macro environment over the last six months, and how the rest of the year could pan out. Listen in to hear Lara’s thoughts on the potential for a recession, the impacts of inflation and ways investors can navigate this volatile environment.
In this episode, Investment Research Director Kara O’Halloran sits down with Chief U.S. Economist Lara Rhame and Investment Research Director Andrew Korz to discuss the ins and outs of today’s booming housing market. They examine the complex macro environment at play, the mechanics of typical housing cycles and potential scenarios for the quarters to come.
FS Thrive goes to Austin! In this episode, Head of Field Strategy Kyle Simpson is joined by TrueLytics CEO Jeremi Karnell and industry expert Mike Langford at their HQ in Austin, Texas. They discuss the TrueLytics platform which specializes in evaluating business health, optimization and transition management. If you’d like to learn more about TrueLytics, visit fsthrive.com or check out Mike’s podcast, Modern Financial Advisor.
In March 2022, FS Investments hosted its Q1 Chairman’s Reception, featuring a panel of three inspiring business leaders in the area. Each of these individuals have dedicated their work to equity and economic inclusion through various avenues ranging from public service and education initiatives to capital raising and impact investing. We hope you enjoy their stories as much as we did!
Panelists:
-Della Clark, President of The Enterprise Center
-Damian Dwin, CEO of Lafayette Square
-Jeff Hornstein, Executive Director of the Economy League of Greater Philadelphia
To learn more about each of these organizations and FS Investments’ diversity, inclusion and belonging efforts, visit https://fsinvestments.com/company/diversity-inclusion/
In this episode, FS Chiron Funds CIO Ryan Caldwell is joined by Chief U.S. Economist Lara Rhame, Head of Quantitative Research Brian Cho and their team to cover key warning signs of a late cycle and urge investors to remain dynamic in a bearish time. While markets are facing downward pressures, the team urges investors to recognize the speed at which the economy is moving, and the potential for the long term to differ greatly from the short term. Plus, Ryan taps on Peter Bianco, Head Trader, and Scott Sullivan, Head of Fundamental Research, to discuss how commodities and other real assets may fare in this uncertain time. Want to read more from the FS Chiron team? Download the full 3D report here.
We’re capping off our outlooks for Q2 with a rundown of the state of the economy and how it could adjust to growing uncertainty across markets. Investment Research Director Kara O’Halloran and Chief U.S. Economist Lara Rhame cover the key ideas in Lara’s outlook, from inflation and the Fed to real estate, consumer confidence and policy overseas in China. Want to read the full piece? Download it here: https://fsinvestments.com/fs-insights/q2-2022-macro-outlook/
Investment Research Director Kara O’Halloran is joined by fellow Director Andrew Korz to talk all things real estate—they catch up on what we’ve faced so far in 2022 and where the market may be heading. The two discuss inflation, cap rates, the Fed rate hike cycle and one of the hottest topics of the past two years: The housing market. Want to dive deeper? Check out the full CRE outlook on our website: https://fsinvestments.com/fs-insights/q2-2022-commercial-real-estate-outlook/
In this episode, Investment Research Director Kara O’Halloran sits down with Head of Investment Research Rob Hoffman to review their corporate credit outlook for Q2. They discuss credit fundamentals, the spread environment and where interest rates could go from here. Plus, they cover areas where opportunity may lie for active investors. Looking for more? Download the full outlook here: https://fsinvestments.com/fs-insights/q2-2022-corporate-credit-outlook/
In this special edition episode of FireSide, the Investment Research team hosts their own version of the Big Dance to assess what they believe will be the most impactful market event over the next three months. Each research team member – Lara Rhame, Chief U.S. Economist, Rob Hoffman, Managing Director and Andrew Korz, Director – completed a bracket comprising of 16 possible scenarios that could positively or negatively impact markets in Q2, competing bracket-style down to their number one pick. Join Kara O’Halloran as she conducts her courtside interviews and shares who is crowned most accurate predictor based off a survey of their fellow FS Investments colleagues.
*Disclaimer: Our hearts continue to go out to those impacted by the ongoing crisis in the Ukraine. This episode was recorded on 3/3/22 and reflects the views on the events as they stood at that time.
As the end of the first quarter quickly approaches, Investment Research Director Kara O’Halloran and Chief U.S. Economist Lara Rhame analyze the key trends and events that have impacted markets both domestic and internationally. They cover the unfortunate crisis that continues to unfold in the Ukraine, Lara’s predictions around U.S. growth this year, thoughts on impending rate hikes and the state of the yield curve.
How can advisors accurately serve a client when they don’t fully understand their most valuable asset? In this episode, Head of Field Strategy Kyle Simpson sits down with Jason Early and Mike Gola from BizEquity, a leading business valuation software company. The group discusses what BizEquity is doing to revolutionize the space, what drives them each day, and success stories from the field. Learn more at www.fsthrive.com and www.bizequity.com.
Investment Research Director Kara O’Halloran sits down with Chief U.S. Economist Lara Rhame to discuss the Russian invasion of Ukraine on February 24, 2022. The two discuss economic impacts, both domestic and globally, potential moves by the Fed and the ECB, and Lara’s initial hunch on what this could mean for the longer-term economy as we continue a trend toward deglobalization. While uncertainty continues to linger, Lara maintains the view that the U.S. economy remains on solid footing.
In this episode, Investment Research Director Kara O’Halloran sits down with resident digital asset specialist, Dan Wilk, Client Portfolio Manager for FS Investments. The two discuss the evolution of Bitcoin from a “dark web currency” to an institutional-grade store-of-value asset, how blockchain is a form of ledger-based accounting, and the importance of considering crypto’s various sub-sectors. Wilk reflects on his first dip in the crypto pond back in 2014 and his excitement for the future of the asset class in the alternative investment industry.
FS Chiron Funds CIO Ryan Caldwell, FS Investments Chief Economist Lara Rhame, and special guests sit down in Kansas City to talk about the unique backdrop leading us into 2022. They reflect on the dominant feature of 2021 (you guessed it: inflation), fed policy, potential domino effects in Europe and elsewhere internationally, and the balancing of multiple cycle-clocks. A year ahead that feels this different, requires a different, vigilant approach, and this conversation kicks off what the team intends to be a research-forward quarter with many updates to come.
Will commercial real estate’s momentum continue in the new year? Investment Research Directors Kara O’Halloran and Andrew Korz talk CRE in 2022 and tackle the topics of inflation, interest rates, and offices in a post-COVID world.
2021 saw favorable conditions in the credit market. Will this continue in the new year? In this episode, Kara O’Halloran, Director, Investment Research and Rob Hoffman, Head of Investment Research, explore the potential impacts to credit markets in 2022. Plus, hear Rob’s take on the best opportunity in credit right now (hint: it’s CLO’s).
In this episode, Kara O’Halloran, Director, Investment Research and Lara Rhame, Chief U.S. Economist sit down to talk through Lara’s top 10 macroeconomic calls for 2022, such as where she sees inflation, Fed policy and interest rates heading in the new year.
In this episode, Director, Investment Research, Andrew Korz is joined by Tal Reback, Principal at KKR and member of the Federal Reserve Board and New York Fed’s Alternative Reference Rates Committee (ARRC), to discuss all things LIBOR-transition. They cover where things stand now, what still needs to be done before year-end and what a world without LIBOR may look like.
To learn more, visit: https://fsinvestments.com/fs-insights/libor-a-transition-unlike-any-other-podcast/
With CPI reaching a 30-year high, inflation remains top of mind for many. In this episode, Chief U.S. Economist Lara Rhame joins Director, Investment Research, Kara O’Halloran to discuss her current inflation outlook. Plus, Liquid Alternatives Investment Specialist Beth Anne Byrne joins to offer ideas to help investors protect their portfolios from rising prices.
To learn more, visit: https://fsinvestments.com/fs-insights/inflation-whats-an-investor-to-do/
FS Thrive is a new FireSide series exploring the aspects of a successful work environment and what it means to truly prosper at work, at home and in your community. In this episode Kyle Simpson, Director, Business Development is joined by Jennifer Mackin, CEO of Oliver Group Inc, to discuss leadership development in the post-pandemic age.
To learn more, visit: https://fsinvestments.com/fs-insights/fs-thrive-leadership-lessons-from-the-pandemic/
In this episode, members of the Investment Research team including Chief U.S. Economist Lara Rhame, Managing Director, Investment Research, Rob Hoffman, Director, Investment Research, Kara O’Halloran and Director, Investment Research Andrew Korz gather to discuss their predictions for the remainder of 2021 and take a sneak peak into what’s to come in 2022.
Phil Orban, Managing Director at Rialto Capital Management, an integrated real estate investment and asset manager, sits down with Steve Oblack, FS Investments Executive Director and Client Portfolio Manager, to discuss the status of returning to the office, what the future of work may look like and potential impacts on commercial real estate investors.
In this Leaders Series episode, Managing Director, Marketing, Bernadette Bridy sits down with FS Investments CEO Michael Forman and KKR Co-President and Chief Investment Officer, Daniel Pietrzak to reflect on the recent merger of FSK and FSKR to create one of the largest BDCs in the market, what it was like working towards this goal in the middle of a global pandemic, and take a step back to look at the BDC market as a whole. To learn more, visit: https://fsinvestments.com/fs-insights/leaders-series-michael-forman-and-kkrs-dan-pietrzak-talk-bdcs-podcast/
Ryan Caldwell and guests reflect on the economy and how the current geopolitical climate may impact the markets for the rest of the year while sharing insights on what the FS Chiron fund team is seeing in the markets from both a quantitative and fundamental research perspective.
To learn more visit: https://fsinvestments.com/fs-insights/the-caldwell-hour-inflation-interest-rates-and-international-affairs-podcast/
In this episode, Kara O’Halloran, Director, Investment Research, and Robert Hoffman, Managing Director, Investment Research, share their points of view on misconceptions surrounding credit markets and what these markets look like today. Kara and Robert discuss their predictions for what the rest of the year holds for credit markets.
To learn more visit:https://fsinvestments.com/fs-insights/who-you-gonna-call-credit-myth-busters/
CPI has risen to its highest level in over a decade, but long-term interest rates have continued to decline. In the latest episode of FireSide, Director, Investment Research, Kara O’Halloran is joined by Chief U.S. Economist, Lara Rhame, to break down this perplexing phenomenon.
To learn more, visit: https://fsinvestments.com/fs-insights/inflation-vs-interest-rates-the-great-debate/
Chief U.S. Economist Lara Rhame, Director, Investment Research Andrew Korz and Director, Investment Research Kara O’Halloran discuss the state of the housing market, the macro backdrop that brought us here, how hot the market really is right now and Andrew tackles the question on everyone’s mind, “Is this a bubble?”
To learn more, visit: https://fsinvestments.com/fs-insights/analyzing-the-red-hot-housing-market/
It’s our halftime show! In this episode, members of the Investment Research team including Chief U.S. Economist Lara Rhame, Managing Director, Investment Research, Rob Hoffman, Director, Investment Research Kara O’Halloran and Director, Investment Research Andrew Korz gather to discuss their predictions for Q3 2021 and reflect on a few of their Q2 outlooks.
To learn more visit: https://fsinvestments.com/fs-insights/research-roundtable-q3-2021-market-outlooks/.
In Part 2, Mike and Robert dive into an overview of NYDIG and what they do, institutional adoption of Bitcoin and the environmental impact of Bitcoin.
To learn more: https://fsinvestments.com/fs-insights/meet-the-cio-mike-kelly-and-nydigs-robert-gutmann-talk-bitcoin/
In this “Meet the CIO” podcast, FS Chief Investment Officer Mike Kelly does a deep dive on the investment opportunity today with Bitcoin, with leading industry expert, NYDIG CEO Robert Gutmann. In Part 1, Mike and Robert discuss the relevance of Bitcoin today, the drivers of adoption and how to think about Bitcoin within an investment portfolio.
To access the full transcript and learn more: https://fsinvestments.com/fs-insights/meet-the-cio-mike-kelly-and-nydigs-robert-gutmann-talk-bitcoin/
In this episode, Chief U.S. Economist Lara Rhame and Kara O’Halloran, Director, Investment Research, discuss 5 things that could go wrong, from labor markets to policy error, as the current economy travels at the speed of light. What does the future hold for this rapidly paced market?
For more details visit: https://fsinvestments.com/fs-insights/economy-going-at-the-speed-of-light-what-could-go-wrong
In this episode, Chief U.S. Economist Lara Rhame and Kara O’Halloran, Director, Investment Research, share their points of view on where they think inflation is headed, both in the near term and forward-looking. Is this another head fake? Lara and Kara discuss what may come next along with potential market impacts.
To access the full transcript click here.
In this episode, Ryan Caldwell, CIO of Chiron funds, is joined by FS Investments Chief U.S. Economist Lara Rhame, Chiron Head of Trading Peter Bianco, and Chiron Portfolio Managers Brian Cho and Scott Sullivan. The group reflects on the markets and economy in Q1 and what these trends may mean for the rest of the year.
To access the full transcript click here.
In this episode, members of the Investment Research team including Chief U.S. Economist Lara Rhame, Managing Director, Investment Research, Rob Hoffman, Director, Investment Research Kara O’Halloran and Director, Investment Research Andrew Korz gather to discuss their predictions for Q2 2021 and reflect on a few of their Q1 outlooks.
To access the full transcript click here.
In this episode, Chief U.S. Economist Lara Rhame and Director, Investment Research Kara O’Halloran provide an overview on the volatility in treasuries and long-term interest rates.
To access the full transcript click here.
This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.
Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.
All investing is subject to risk, including the possible loss of the money you invest.
2021 will be a balancing act of long-run optimism with near-term challenges. Read our watchlist for 10 big ideas on the economy, policy and markets.
To access the full transcript click here.
This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.
Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.
All investing is subject to risk, including the possible loss of the money you invest.
In this episode, Ryan Caldwell, CIO of Chiron funds, is joined by FS Investments Chief U.S. Economist Lara Rhame, FS Investments President Mike Kelly, Chiron Head of Trading Peter Bianco, and Chiron Portfolio Managers Brian Cho and Scott Sullivan. Ryan opens the show by explaining how ’80s mockumentary Spinal Tap is the perfect metaphor for how interest rate policy is affecting all things portfolio construction, and the group gives their take on recent economic events and what they may mean.
To access the full transcript click here.
This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.
Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.
All investing is subject to risk, including the possible loss of the money you invest.