Perspectives is an MSCI podcast that explores the issues global investors are discussing across markets. Episodes cover topics from equities and fixed income to commercial real estate, ESG, and climate change. Industry experts share insights designed to help listeners keep those developments in perspective.
Episodes
Managing through a crisis
One effect of the COVID-19 pandemic has been enormous uncertainty for investors. Our weekly podcast is designed to help you navigate the current crisis with insights heard directly from our leading researchers. This episode features MSCI’s Head of Research and Product Development, Peter Zangari and what he’s learned about managing through times of great volatility.
Looking for lessons from the past
How does this market crisis compare to previous periods of extreme volatility, such as the 2008 global financial crisis? We spoke with Dimitris Melas, who leads MSCI’s core research on equity indexes and analytics, to get his take on the characteristics of the current crisis so far and the signs of recovery seen during past crises.
Talkin' 'bout g-generations
Head of Research and Product Development, Peter Zangari returns to the podcast this week to offer his views and share recent insights on generational change, market volatility across asset classes and opportunities to view the markets through new lenses.
Fall seven times, stand up eight
Some areas of the market performed as expected during the current crisis — others have surprised. Raina Oberoi, head of index solutions research for the Americas, applies a factor- and sector-based lens and shares insight into the ways in which markets are, and are not, exhibiting resilience.
How do you prepare for the unexpected?
Zhen Wei, MSCI’s head of China research, understands what it’s like to navigate from the center of a market crisis. He shares his thoughts on Asian economic and market activity as the region begins to recover and what investors are thinking about as they try and prepare for what comes next.
Are fixed-income markets still thirsting for liquidity?
Unpredictable pricing. Increasing bid-ask spreads. Uncertainty in U.S. Treasurys. Laszlo Hollo, of the risk management and liquidity core research team, details how sudden and significant volatility threatened to dry up fixed-income markets and what central banks have done to try and refill the well.
Analyzing the Fed's unprecedented actions
What else does the Fed have in its arsenal to help fight the economic effects of COVID-19? Andy Sparks, MSCI’s head of portfolio management research, discusses how the Fed has helped markets keep functioning, as well as the flexibility – and limits – it has as it works to keep laying the groundwork for a “robust as possible” rebound.
Rethinking real estate post COVID-19
Will employees be keen to return to the office when governments give the go-ahead? Will employers want them to? The outcome could impact commercial real estate valuations, explains Will Robson, global head of real estate solutions research.
The index review must go on
What guided MSCI's decision to proceed with the scheduled May semi-annual index review despite recent volatility? Craig Feldman, global head of index management research, shares his thoughts on the answers to these questions, the review’s key takeaways and the value of consistency.
#postCOVID19 Part One
ESG has emerged as a source of resilience for markets during the current crisis. Does this signal a fundamental shift for investors? In part one of a two-part episode, Linda-Eling Lee, global head of ESG research, discusses ESG themes to watch in the post-COVID-19 era.
#postCOVID19 Part Two
Instead of wondering about the shape of an eventual recovery, what if we focused on its color? In part two of our conversation with head of ESG research, Linda-Eling Lee, we look at potential risks and opportunities post-COVID-19 and ask: What might a “green recovery” look like?
US Support for Securitization
Securitized products have been a major focus for investors, and the Fed, during this crisis, just as they were in 2008. How has this market reacted to Washington’s moves this time around? And what is it telling us about what to expect going forward? We speak with David Zhang, MSCI’s head of research on securitized products.
Stress Testing Markets
Stress tests can be useful tools for examining potential scenarios for the market’s recovery from the effects of COVID-19. Thomas Verbraken, of MSCI’s risk management solutions team, explains.
5 Lessons from the COVID-19 Market Crisis
What have we learned from the COVID-19 market crisis? Dimitris Melas, global head of equity research returns to the podcast with his take.
Reviewing the 2020 Market Classification Review
We get the reasons behind the results of MSCI’s annual review — on Argentina, Turkey, Iceland and other markets — from global head of index solutions and chairman of the MSCI equity index committee, Sebastien Lieblich.
Technology, Travel and China’s Second Wave
From cashless transactions to sophisticated tracking, technology has played a major role as China battles the effects of COVID-19. Xiaoshu Wang from the ESG Research team in Beijing discusses investor reaction and efforts to boost the economy in the wake of a second wave.
Factor Trends: What’s in? What’s out?
Did equity and fixed-income factors perform as expected during the first full quarter of COVID-19’s global spread? Hitendra Varsani, executive director, core equity research, analyzes the results for Q2, and what MSCI’s models showed as the third quarter kicked off.
The Genomic Age of Medicine Comes to Market
Brett Winton, head of reserach at ARK Invest, explains how advancements in genomic technologies combined with artificial intelligence have proven invaluable in the fight against COVID-19 — and the profound implications for human health and investors far beyond the current crisis.
Beyond Disruption: Investing and Technology Converge
Advances in artificial intelligence, machine learning and even user interfaces have radically changed the way investors collect, analyze and interact with data, and how they manage portfolios. In fact, every aspect of the investment process has been affected — and COVID-19 has only increased the pace of change.
Single-Factor Portfolio Construction
We take a look at the latest research around four key elements of single-factor portfolio construction: investment universe selection, factor definition, portfolio breadth and security weighting.
Bond Market Movements and Potential Warning Signs
As investors continue coping with the consequences of COVID-19, Andy Sparks provides his perspective on the power of the right words from the right sources (aka, the Fed) and other insights from his team’s research.
The Hunt for Pandemic-Related Investment Factors
George Bonne, executive director on the equity core research team leveraged advancements in artificial intelligence and other technologies to identify and quantify “factors” related to the effects of COVID-19. We explored what he found and the implications for further research.
Corporate Governance Has Mattered Even More in a Crisis
It can be easy to overlook corporate governance in the good times, but when a crisis hits, the importance of good corporate governance comes squarely into focus.
Credit Markets Snapshot: Apocalypse Not Quite Now
While we haven’t returned to pre-COVID-19 conditions, the difference between credit markets today and how bleak they seemed in March is striking. We explore how we got from there to here and the potential stressors that remain.
Believe the Hype Around the Fed’s Inflation Announcement?
Is the talk around the Fed’s seemingly softer stance on inflation and interest rates inflating the importance of the announcement? Our discussion considers the potential impact on fixed income and equity portfolios, as well as the continued disconnect between the economy and markets.
COVID-19 Infects the Real Estate Cycle
What happens when a pandemic spreads to rental income, the lifeblood of real estate? We explore how lingering effects from the 2008 global financial crisis, commercial real estate’s cyclical nature and COVID-19 changed the prognosis for real estate investors.
Growing Your Factor-Investing Toolbox
The idea of a growth factor premium isn’t new, but it has been difficult to capture in its purest form. What does it take to build a growth factor portfolio and put it to work in today’s markets?
When a Scientist and Investment Professional Talk Climate Change
We explore the latest research on climate change, and how investors can work to measure, understand and incorporate new risks — and opportunities — into their portfolios.
Has COVID Opened the Door for Driverless Cars?
From drone package delivery to self-driving cars, autonomous tech has the potential to disrupt a variety of industries, as well as supply chains and the customer experience. Ark Invest analyst, Tasha Keeney joins us to talk about what may be accelerating this trend and what it could mean for investors.
Focusing Factors on Inflation
Hitendra Varsani returns with his quarterly analysis of factor performance, including the question of the sustainability of the rally in momentum stocks, the potential opportunity in small caps and new research into the historical impact inflation has had on factors.
We’ll always have Paris? Assessing the future of global gateway cities
Global gateway citiys like Paris, London, Hong Kong and New York provide critical mass, connectivity and economic importance that have appealed to investors and corporate tenants alike. With uncertainty about whether workers will return to the office, has COVID-19 jeopardized the relative dominance of these power cities?
Tonight We’re Gonna Invest Like It’s 1999?
Given the current economic outlook, some investors are skeptical about equity valuations reminiscent of the late 90s. This week on Perspectives, we ask whether they should be.
Benchmarking the Index Industry
Snapshots of the index industry can reflect investors’ focus and provide a window on the investment landscape as a whole. Rick Redding, CEO of the Index Industry Association, reviews their 4th annual survey and its illuminating results.
Shades of Green: Investor Approaches to ESG
The 40% increase of ESG indexes revealed on last week's episode piqued our curiousity. Why so large a rise? How has it differed across the world? What role have investors and regulators played? We pick up our conversation with Rick Redding, CEO of the Index Industry Association, joined by MSCI’s Head of ESG Index EMEA, Veronique Menou.
S (as in, ESG) Gets Real
2020 brought lockdowns, shuttered businesses, layoffs, a world-wide work-from-home experiment and exposed long-time systemic issues and inequality. We dive into these social issues head first and examine their impact on investors with global ESG editorial director, Meggin Thwing Eastman.
It's Electrifying! Understanding the Future of Mobility
The future of mobility is nothing short of a “revolution,” says Lukas Neckermann, who has researched, written and consulted on the subject for more than 20 years. We discuss the new mobility ecosystem encompassing a diverse range of industries including renewable energy, technology, transportation, travel, infrastructure, entertainment and even public health.
No Place Like Home? Revisiting US Portfolios
If your home equity market is performing well, why would you look elsewhere for potential opportunities? We search for answers with Raina Oberoi, MSCI's Head of Index Solutions Research for the Americas.
The Yield Hunters, Global Edition
Our journey through the world of global investing continues with a look at the increasingly global focus of fixed-income investors and their search for yield. Next stop: China.
Keep Calm and Carry On
Peter Zangari, MSCI's head of research and product development, provides his perspective on where investors were back in March, their current concerns and some words of wisdom as we get ready to turn the page on 2020.
Episode MMXXI: A New Hope?
Did factor performance at the end of 2020 suggest investor optimism in 2021? We explore the question based on the historical relationship between factors and the economic cycle?
China Tech: Revolution or Evolution?
China is known as the world’s factory: Good at assembly, great for improving scale. But high-tech breakthroughs? Our guests, including Nina Xiang of the Chinese Money Network, work to sort truth from fiction.
Measuring Climate Change: Why Can’t We Just Turn Down the Sun?
The investment risks around climate change can be quantified and standardized. We get on the road to COP 26, discussing real solutions with Robert Eccles of the Saïd Business School, University of Oxford and MSCI’s Head of ESG Research, Linda-Eling Lee, at the wheel.
Can Asset Owners See Around Corners?
Pension funds, endowments and other asset owners hold tremendous sway over the entire investment ecosystem. Baer Pettit and Roger Urwin break down the issues holding the attention of these large, global investors.
Isn’t It Time Investors Talked More About Diversity?
We host a frank discussion on the state of diversity, inclusion and equality within the investment industry with CalPERS' Simiso Nzima, Michael Barrington-Hibbert, founder of Barrington Hibbert Associates and co-founder of #10000BlackInterns, MSCI’s Head of Index and Chief Responsibility Officer, Diana Tidd and Head of Analytics and Chair of MSCI’s Executive Diversity Council, Jorge Mina.
Can Private Assets Withstand So Much Public Attention?
Interest in private assets is on the rise, with new participants and new approaches by existing investors expanding and shifting the role private assets play in multi-asset class portfolios. We shine some light on these historically opaque investments.
In Spring, Does an Investor's Fancy Lightly Turn to Value?
Despite a decade or so of disappointing performance, value’s recent uptick merits examination into what drove its performance historically, and if conditions have changed or if the factor needs to be redefined.
NFTs and Gamers and Bitcoin? Oh My!
The creation of a universe that blends our lives online and off will change the way we live, work and play. It also has real-world implications for investors and the planet.
How Much Goes into a Net-Zero Commitment?
The announcement of a company’s net-zero commitment is the result of much analysis and multiple decisions. But the key is that it represents the start of the process, not its conclusion.
What’s Up with Inflation?
As restrictions lift and economies re-emerge from their long slumber, inflation may have reawakened as well. We discuss the implications for investors, including many who have never worked through a time of sustained inflation.
Not Your Father’s Proxy Season
Shareholder proposals for strong action on climate change and diversity have taken center stage at this year’s annual meetings. Hear a report from the front lines and insight into how we arrived at this moment in investment-stewardship history.
Reports of the Office’s Death Have Been Greatly Exaggerated
What does the future of work look like? The answer will affect corporate day-to-day operations, culture, recruitment and retention and, certainly, investors.
How I Stopped Worrying and Learned to Love the Cloud
Like those in other industries, investors are looking for more customization, to go to market faster and have more control over the products they build. They’ll find it by looking to the cloud. We explore why and what the impact may be.
Pride in the Workplace: Who Will Smile at You?
We continue our look at diversity, equality and inclusion efforts through the lens of creating a safe space for LGBTQ employees, and how achieving this goal can be difficult, especially for global companies that need to account for different history, cultural norms and laws across different office locations.
Did Pfizer Give the Value Factor a Much Needed Shot in the Arm?
As the second quarter of 2021 drew to a close and the global economy continued to reawaken, the big stories were the resurgence of value, the positive correlation between value and momentum and the potential for inflation. What can history and factor ETF flows tell us about our current conditions? Join our quarterly conversation with MSCI's Hitendra Varsani, along with BlackRock’s US Head of Facto
Everybody Was Da-ta Mining
Asset managers in the U.S. and Europe are clamoring for better data and standards to help meet rising demand for ESG strategies across asset classes. We dig deep into the results of a recent Index Industry Association (IIA) survey of 300 managers, with the IIA’s CEO, Rick Redding, Mark Purdy, managing director of Purdy & Associates and MSCI’s head of global solutions research, Raman Aylur Subraman
Climate Stress Tests: Imagine the Unimaginable
As regulations increase, along with a growing awareness of the potential impact of climate risks, we get real, with practical approaches for insurance companies and other institutional investors to evaluate the effects of climate change on portfolio management in a carbon-conscious world.
Hail! Hail! Rockin’ Role Models
Despite progress, the investment industry can still seem like a club where you can’t even peek through the window without knowing the secret handshake. That’s why role models and mentors are essential, especially for historically underrepresented groups to succeed.
Are Factors and ESG the New Tea and Biscuits?
Some feel the growth of ETFs that combine factors and ESG it’s a natural partnership, an inevitable evolution, while others have questions about the explanatory power of ESG and the effects of integrating it into portfolios. We explore the topic with MSCI’s Raina Oberoi and Anthony Kruger of iShares.
Private Assets Can't Hide from Climate Change
Private assets are not immune to climate-change considerations. Accounting for climate-change risks and opportunities is becoming increasingly important in private equity and debt portfolios.
So, Factor Investors, Why So Defensive?
Concerns over corporate leverage in China, and nervousness about inflation and the direction of interest rates were just a few of the reasons behind the shift toward defensive factors in the third quarter. We analyze performance from three continents, with MSCI’s Hitendra Varsani, Mark Carver and Shuo Xu.
So, Factor Investors, Why So Defensive? Part 2: Oh, That's Why.
In the wake of the volatility seen over the last few days of the third quarter of 2021, we check back in with Hitendra Varsani about what happened, what may have been behind it and what MSCI’s multi-factor model showed as of Sept. 30, 2021.
Is Fossil-Fuel Divestment the Answer to Climate Change?
What does Chris Ailman, Chief Investment Officer for CalSTRS, the second largest public pension fund in the U.S., think about divestment vs. engagement and the investment risks vs. opportunities when it comes to climate change? Listen to a candid conversation with Chris and MSCI’s CEO, Henry Fernandez.
Glasgow Bound: Great Expectations for COP 26
As all eyes turn to Glasgow, we ask High Level Climate Champion for COP, Gonzalo Munoz, what we might see.
The Glasgow Diaries
What’s it really like to attend the UN’s 26th annual climate change conference? How have the committments and pledges played out on the ground? Linda-Eling Lee, MSCI’s Head of ESG Research fills us in during her week in Glasgow, and we sit down with MSCI's ESG Research Editorial Director, Meggin Thwing Eastman, for additional insights and context.
Who’s Feeling the Heat After COP26?
What was accomplished in Glasgow, and what does it mean for governments, companies and investors? MSCI's Head of Climate Risk Research, Oliver Marchand, evaluates what happened and what may come next.
Climate Issues for Corporate Issuers
With COP26 in the history books, we look ahead to assess the implications for corporate action in 2022, through 2030 and beyond.
Inflation’s flying first class, will global growth find a ride?
Assessing inflation higher than many have seen in their working lives requires looking beyond this single piece of the puzzle.
Can companies push other companies to reach net-zero by degrees?
In the race to net-zero, a company’s suppliers can be a drag or the wind at their back. What types of influence can corporations, and investors, bring to bear?
Dude, where’s my sustainability?
Why have even sustainability-minded organizations avoided sustainable investment options in their retirement plans? Will regulation, such as proposed rules from the U.S. Department of Labor, move the needle?
Why we’re still talking about women on boards
Despite agreement on the value of gender diversity for companies, progress on that front has not been as rapid as it should be. We review the real-world impact of MSCI’s latest Women on Boards report findings, and what it may take to accelerate the pace.
Ukraine and the Markets, So Far
Fears of stagflation looms large as investors look to the Fed and other central banks and consider the potential effects of the war in Ukraine.
Threading the Needle Between Growth and Inflation
The Fed made good on its word, raising rates and setting the stage for more. How has this affected investors in the U.S. and around the world? Have other central banks followed suit?
Not Your Father’s Stagflation (or Is It?)
The first quarter of 2022 started with concerns about inflation and the potential for low growth — conditions many of today’s investors haven’t seen outside of textbooks. By the end of February, the war in Ukraine had introduced even more volatility. Our latest quarterly check-in digs deep into these issues and more.
The Net-Zero Journey Begins with a Single Step
As pressure mounts from their own constituents to decarbonize, institutional investors are looking for the companies they invest in to shift from net-zero pronouncements to concrete net-zero action plans.
Data, Data Everywhere, but Which Drops Should I Drink?
The tsunami of data in all its new forms creates opportunities for investors to gain an edge, but it’s all too easy to drown in it. How can new technology help investors stay afloat?
Not Sure Where Climate Risk Ends and Biodiversity Begins? Exactly.
The production of everything from food and clothing to medicines and computer chips depends on natural resources in one way or another. At the same time, forests and other natural ecosystems remove carbon from the atmosphere and remain critical to the development of high-quality credits for offsetting emissions. How are investors confronting and accounting for nature-related risks in their portfol
ECB, FOMC, Find Out What it Means to Me
As inflation continues to plague the EU and U.S. central bankers announced their latest moves to fight back. MSCI experts joined us to discuss policymakers’ options and a range of scenarios investors can consider to help safeguard their portfolios.
Carbon Footprinting's Giant Step Forward
The world of climate emissions’ measurement and reporting continues to be a moving target, and institutional investors face a number of obstacles. We explore these challenges, the important role of regulation and the Partnership for Carbon Accounting Financials (PCAF) standard.
Bulls May Have to Just Grin and Bear It
Inflation, rising rates, ongoing supply chain issues and the worst first half of the year for global equities since the 1970s. What options exist for investors positioning portfolios?
Will Nasdaq's Diversity Rule Be Effective?
Investors have started to see the dollars and cents value of diversity on corporate boards and at all levels of an organization. The new Nasdaq rules seek to advance this cause, but will they work? We explore the question and look to a similar Canadian rule on the books since 2015.
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