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Guiding Assets

Formerly Take 15, Guiding Assets is the flagship podcast of CFA Institute and the definitive program for the investment management industry. As stewards of the investment industry, Guiding Assets will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals. The show will also share crucial insights and best practices to help guide investors to make smart, ethical decisions. Guiding Assets will continue to help build a better world for investors.

Host: Mike Wallberg, CFA

Producer: Mitchell Forst 

Apr 7, 2021

Perfect risk estimates do not exist, so how do we balance risk and reward? Risk scholar Allison Schrager, author of the CFA Institute Research Foundation brief “Learning About Risk Management: Insights from Unconventional Risk-Takers,” provides insights on the nature of risk and uncertainty and potential reward and how to manage the trade-off.
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Topics discussed:
2:25 Brothel, pimp, and risk management? 
5:30 More noes than yeses
7:42 The art of storytelling 
9:41 Lessons learned from big wave surfing 
13:16 Allison’s book, An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk
14:40 What is risk? And what is prudent or good risk management? 
15:50 Retirement: What does it look like in the US right now? What worries you? And what gives you hope?
17:45 Should the idea of retirement be reimagined? [HBR link]
19:41 Why shouldn’t Americans own stocks?
22:10 What’s next on Allison’s to-do-list?
23:15 Allison’s advice on encouraging people to take on more sensible risk
24:05 Wrap-up questions
o One long-term change that you hope to see as a result of the pandemic
o What one item would you bring on a long space flight?
o Flight vs. invisibility?
Related articles and links:
Learning about Risk Management: Insights from Unconventional Risk-Takers:   
An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk:,%3A%20Schrager%2C%20Allison%3A%20Kindle%20Store 
HBR article Why Retirement Is a Flawed Concept: 
CFA Institute members and charterholders Professional Learning Tracker 
Find Allison here:
Find Lauren here:
LinkedIn: foster/ 
Connect with the Research Foundation: 
RF Showcase page:
Download and share RF content (free to all):