A dizzyingly expensive bond market, record levels of inflation and hawkish central bank policy shifts. Taken together, investment grade investors could not have asked for a more tumultuous start to the year following one of the worst years on record for total returns. After years of bond purchases at seemingly any price, how can investors navigate this new dynamic?

In the debut episode of Long Story Short, portfolio manager Jonathan Golan joins the podcast to discuss the outlook for investment grade fixed income, the search for yield and the key risks investors should watch out for.

Long Story Short is the podcast for investment professionals seeking thoughtful conversations about complex problems. From trading and technology to asset allocation and risk management, investors face a world of choices and challenges. Each month, Shanta Puchtler, President at Man Group, explores a specific topic in detail alongside expert guests. Find Long Story Short on Apple Podcasts, Spotify, and other podcast platforms.

Long Story Short: Weathering the Storm in Investment Grade

Will the energy transition — now complicated by the drive to diversify energy sources away from Russia — lead to a full-blown energy crisis? Listen to Jason Mitchell talk to Rob West, CEO of Thunder Said Energy, about what’s at stake for the energy complex as we begin this diversification, the first and second order impacts of the conflict, and the trade-offs that we may face between energy security, decarbonisation and price affordability.

Rob West, Thunder Said Energy, on What the Russia-Ukraine Conflict Means for the Energy Transition

Has the death of Value been greatly exaggerated? Will the factor thrive in the new inflationary regime or struggle to survive from a Fed pivot? Dan Taylor, Chief Investment Officer at Man Numeric, joins the podcast for this bonus episode on what comes next for the Value factor.

Long Story Short: Value at a Crossroads

What does the data say about the likelihood to meet our net zero ambitions? Listen to Jason Mitchell discuss with Vaclav Smil, academic and author of the New York Times bestseller How the World Really Works, what the energy transition by 2050 realistically means; how energy transitions have evolved historically; and why the analogy of a climate earthshot is fundamentally different from that of a moonshot.

Vaclav Smil
What does the data say about the likelihood to meet our net zero ambitions? Listen to Jason Mitchell discuss with Vaclav Smil, academic and author of the New York Times bestseller How the World Really Works, what the energy transition by 2050 realistically means; how energy transitions have evolved historically; and why the analogy of a climate earthshot is fundamentally different from that of a moonshot.

Vaclav Smil, author of How the World Really Works, on the Reality of the Energy Transition

A regional banks crisis. A recession that always seems just around the corner. And inflation figures that refuse to budge. It’s no wonder that many investors and allocators are stepping back from taking major macro positions, keeping their powder dry, or only making highly selective calls. 

In this episode of our Liquidity Matters season, Katie Martin, Markets Editor at the Financial Times, joins Robyn Grew to discuss US equity’s reluctant rally and how this peculiar market environment affects the way investors are thinking about liquidity in their portfolios.

Liquidity Matters: Katie Martin, Financial Times

Listen to Jason Mitchell discuss with Andrew Strait, Ada Lovelace Institute, about how to think through the typology of AI harms, what to make of the different national and supranational efforts to regulate AI, and why the development of strong AI governance systems is in everyone’s interest.

Andrew Strait, Ada Lovelace Institute, on a Typology of AI Risks

To what degree can investors control climate outcomes? Listen to Jason Mitchell discuss with Dr. Tom Gosling, London Business School, why investors may need to rethink their net zero commitments; what universal ownership theory represents in the context of climate change; and how engagement at different levels plays a fundamental role in terms of investor influence.

Read the full paper: Gosling, Tom, Universal Owners and Climate Change (February 2, 2024) at https://ssrn.com/abstract=4713536

Dr. Tom Gosling is an Executive Fellow in the Department of Finance at the London Business School and an Executive Fellow at the European Corporate Governance Institute where he contributes to the evidence-based practice of responsible business by connecting academic research, public policy, and corporate action. His projects at LBS have included a collaboration with PwC on whether and how executive pay should be linked to ESG targets and a collaboration with The Investor Forum on What does stakeholder capitalism mean for investors? Tom is also on the ESG Advisory Committee at the Financial Conduct Authority and on the Advisory Panel of the Financial Reporting Council.

Dr. Tom Gosling, London Business School, on Whether Investors Can Save the Planet

It's become increasingly clear that the next five years in direct lending won't be the same as the last. And today, we're talking with Kevin Marchetti of Man Varagon to see what he's seeing in markets and what he thinks that the three to five years is going to look like.

InsuranceAUM: The Next 5 Years in Direct Lending with Kevin Marchetti, Man Varagon

Credit risk sharing structures have undergone a significant evolution since the Global Financial Crisis, leading us to explore its emergence in financial markets, and its transformative impact on modern risk management strategies. In this Credit Crunch episode of the Bloomberg FICC Focus podcast, Noel Hebert and Sam Geier talk with Matthew Moniot, Managing Director and Co-Head of Credit Risk at Man GPM, about the risk of CRS, the structure of CRS transactions and the due diligence process involved. The episode also covers the potential risks in the market, including counterparty risk, aggressive competition, and the need for further regulation on the liability side of banks' balance sheets.

The Rise of Credit Risk Sharing

The world of credit is evolving. Gone are the days when investment grade bonds were only sold over the phone and the world of direct lending was a little-known niche. Corporates now have a multitude of ways to access capital and investors can diversify their credit allocation more than ever before. Extra Credit, the fourth season of our Long Story Short podcast, will explore the ways credit is changing and how it fits into your portfolio. Hosted by Danilo Rippa, Head of Global Credit Multi-Strategy and Global Convertibles at Man Solutions, this season will feature experts from across the credit investing spectrum.

In this episode of Extra Credit, Robert Lam and Paul Kamenski, Co-heads of Credit at Man Numeric, join Danilo Rippa, Head of Global Credit Multi-Strategy and Global Convertibles at Man Solutions, to discuss adopting a quantitative approach to investing in credit markets. In their wide-ranging conversation, Robert, Paul and Danilo discuss the rise of quant credit, the alpha opportunities it presents, as well as what the future of trading credit systematically might look like.

Extra Credit: Algorithmic Advantage - Systematic Investing in Credit

In this episode of Extra Credit, Andre Rzym and Tarek Abou Zeid discuss the world of catastrophe (cat) bonds. In 2023, insured losses from natural disasters stood at an estimated $3-5 billion, insufficient to worry the cat bond market but big enough to sustain demand for reinsurance. With low correlation to the major asset classes and higher yields than comparable securities, could this genuinely diversifying asset deserve a place in your portfolio?

Overview of this season of Long Story Short:

The world of credit is evolving. Gone are the days when investment grade bonds were only sold over the phone and the world of direct lending was a little-known niche. Corporates now have a multitude of ways to access capital and investors can diversify their credit allocation more than ever before. Extra Credit, the fourth season of our Long Story Short podcast, will explore the ways credit is changing and how it fits into your portfolio. Hosted by Danilo Rippa, Head of Global Credit Multi-Strategy and Global Convertibles at Man Solutions, this season will feature experts from across the credit investing spectrum.

Extra Credit: Catastrophe Bonds – A Diversifier Like No Other

In this episode of Extra Credit, Danilo Rippa, Head of Multi-Strategy Credit at Man Group is joined by Kevin Marchetti, co-Head of Direct Lending and Chief Credit Officer, and Zeshan Ashfaque, Senior Credit Officer at Man Varagon. Private credit has grown significantly over the past decade, representing a secular shift in how companies access funding – and how investors are allocating to credit. This far-reaching episode offers insight into trends in lending, yields, syndication and how they may – or may not – be impacted by an uncertain economic environment.

Extra Credit: Can Private Credit Weather the Storm?

Where are the tensions in the climate science community driving research and real-world policy impact? Listen to Jason Mitchell discuss with Professor Adam Sobel, Columbia University, about what the tropics and wet bulb temperature mean in the context of climate change; how to think about the trade-offs between the applied and theoretical sides of science; and why we need to rethink the social responsibility of climate scientists.

A Sustainable Future: Prof. Adam Sobel, Columbia University

Can human capital drive portfolio returns? Listen to Jason Mitchell discuss with Professor Dan Ariely, Duke University, about what a human capital factor looks like; how incentives and the basic idea of “feeling valued “are fundamental drivers behind employee motivation; and why human capital can represent an overlooked source of alpha.

Professor Dan Ariely, Duke University, on Investing in Human Capital

Is sustainable investing facing its own replication crisis? Listen to Jason Mitchell discuss with Professor Andrew King, Boston University, about what the replication crisis represents for sustainable finance; how to think about the incentive problems impacting academic research; and why academic journals and the academic-practitioner community need to be more open to the replication and challenge of existing studies.

Prof. Andrew King, Boston University, on the Replication Crisis in Sustainable Investing

Will investors reset, recalibrate, or retreat from net zero in 2025? Listen to Jason Mitchell discuss with Professor Tom Gosling, London School of Economics, about how to think about the exits among climate initiatives; what the future of net zero commitments could look like; and why, investors—despite their limitations in driving climate outcomes—are still able to have a material effect on climate policy development.

Prof. Tom Gosling, LSE, on Whether Investors Reset, Recalibrate, or Retreat from Net Zero

What does 2025 hold for sustainable investing? Jason Mitchell talks to Hortense Bioy, Morningstar Head of Research, about how sustainable investing has reshaped asset flows over the last several years; what the suspension of the net zero initiatives could mean for investors; and why sustainable investing can survive Trump 2.0.

Hortense Bioy, Morningstar Head of Research, on Sustainable Investing Under Trump 2.0

Henry Neville reads his latest article, The Road Ahead: DeepFreak

Listen to this article: The Road Ahead - DeepFreak

How are asset owners reallocating towards sustainability? Listen to Jason Mitchell discuss with Dan Mikulskis, People’s Partnership CIO, about how the People’s Partnership is doing to evolve its investment strategy; what that means functionally for in a responsible investment context; and why asset owners like People’s Partnership are taking on a bigger leadership role in sustainable finance.

Dan Mikulskis, People’s Partnership CIO, on Reallocating Towards Sustainability

What happens if access to US climate data becomes more limited? Listen to Jason Mitchell discuss with Professor Benjamin Horton, Director of the Earth Observatory of Singapore, about what the political changes in the US could mean for the international scientific community; how that impact translates into access and availability of critical climate datasets; and why some climate scientists are already thinking about substitutes plans and worst case scenarios.

Prof. Benjamin Horton, Earth Observatory of Singapore, on the Criticality of US Climate Data

How have politics and geoeconomics turned rare earths and critical minerals into pressure points in the expanding global trade conflict? Listen to Jason Mitchell discuss with Professor Saleem Ali, University of Delaware, about what the energy transition means in the context of environmental security; how multilateral initiatives and increasingly national efforts are working to reshape supply and demand dynamics; and why it’s critical we continue to rethink ways to diversify and secure global critical mineral supply chains.

Prof. Saleem Ali, University of Delaware, on the Global Scramble for Rare Earths and Critical Minerals

How economically grounded is the UK’s net zero commitment? Listen to Jason Mitchell discuss with Professor Sir Dieter Helm, University of Oxford, about what new forces and factors are reshaping net zero ambitions; how the UK should think about optimal climate policy; and why a realist approach is critical for navigating the political economy factors of climate action.

Prof. Sir Dieter Helm, University of Oxford, on the Real Costs of Climate Action

Alex Grant is Senior Vice President, UK Country Manager and Global Head of Crude, Products & Liquids Trading at Equinor. He joined Equinor in 2017 as the Senior Vice President for Global Business Development, where he oversaw mergers, acquisitions, and divestments across the oil, gas, and renewables portfolios. Before Equinor, Alex worked in investment banking at Jefferies, focussing on M&A and financing transactions within the energy sector for over 20 years.

Alex Grant, Equinor – UK Country Manager, on the Trade-offs of Net Zero

How are asset owners emerging to drive the sustainable finance agenda? Listen to Jason Mitchell discuss with Daan Spaargaren, PME Senior Strategist for Responsible Investment, about how PME is evolving its investment approach to include more active, sustainability-driven strategies; what that means functionally in the asset allocation process; and why it’s great to see asset owners like PME take on a bigger leadership role in the sustainable finance ecosystem.

Daan Spaargaren, PME Senior Strategist for Responsible Investment, with a Warning for Asset Managers

What could a nuclear renaissance look like? Professor Katy Huff, former Assistant Secretary for Nuclear Energy, discusses how to frame nuclear energy in a net zero context where nuclear fits into the US energy mix over the next several decades; and why US nuclear innovation today is different from the false starts of the past.

Prof. Katy Huff, former US DOE Assistant Secretary for Nuclear Energy, on the US Nuclear Renaissance

How could recent legal opinions shift state and private sector climate change obligations? Maurits Dolmans, Cleary Gottlieb, discusses how to rethink the obligations of fiduciary duty relative to climate action; why it may be the key to solving the climate prisoner’s dilemma; and what a legal framework for impact could look like.

Maurits Dolmans, Senior Counsel with Cleary Gottlieb, on the Climate Prisoner’s Dilemma

Are there climate risks we shouldn’t be insuring anymore? Dr. Carolyn Kousky, Associate Vice President for Economics and Policy, discusses how climate change is reshaping insurance, what’s at stake if insurance markets begin to break down, and who ultimately bears the financial burden when the private market pulls back.

Dr. Carolyn Kousky, Environmental Defense Fund, on Insuring Against Climate Risk

What does the retreat from global climate initiatives mean and how are investors are still driving the energy transition outside of them?  Heather Zichal, JPMorgan Chase Global Head of Sustainability, talks about the role of finance in addressing climate change; why an increasing emphasis on climate adaptation makes sense; and how JP Morgan Chase is capacity-building in the sustainability space.

Heather Zichal, JPM Chase Global Head of Sustainability, on No Sacred Cows in Sustainable Investing

What’s the value of good governance? What’s a company’s commitment to ESG reporting and greater transparency worth? Learn the story behind Japan’s turn to corporate governance reform and how leaders like Dr Ryohei Yanagi are not only advocating for its wider adoption but also helping to define how we measure its success.

Dr. Ryohei Yanagi, Eisai CFO, on Making Japan Great Again Through Corporate Governance Reform

Man Group’ Gary Collier, CTO of AlphaTech, and Hinesh Kalian, Director of Data Science, appear as guests on an episode of the Global Trading Podcast, to discuss the state of data science on the buy side, spanning its evolution, current challenges and the outlook.

Andrew McDowell, EIB VP, and How the EU’s Climate Bank is Financing the Future

Talks with the leading voices - both from within Man Group and externally - shaping the conversation around financial markets, responsible investment and more.

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