Most sane people have given up hope that the finance industry can be a catalyst for positive change, but not Sloane Ortel and Ashby Monk. Since Free Money launched in 2019, they have helped listeners understand the true power (and immense potential) of long-term investing through accessible, authoritative, and deeply irreverent conversations with others pushing for progress. In the process, they’ve helped literally dozens of listeners understand root causes of the industry’s misalignment wit ...
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Klement, Cassandras, and the Concept of Innovation feat. Joachim Klement
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Wow! We were fortunate enough to have had Joachim Klement join our most recent episode. This one is jam-packed with a variety of topics which range from structural differences in growth between Europe and the U.S to Joachim's fascinating concept of industry "Cassandras". Plus, we have even more Free Money to offer, including the usual beloved bante…
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The Carbon Market Coterie feat. Mark Campanale of the Carbon Tracker Initiative
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1:25:15
This carbon special featuring Mark Campanale is one you don't want to miss - we discuss peak oil, Mark's vision for the carbon market, and whether it's reasonable to rely on the carbon market as the catalyst for change. Definitely one for the books. We also answer some exciting questions from our lovely listeners, offer gardening tips galore, and s…
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What the Bedroom Can Teach the Boardroom feat. Bahar Baharloo, Intimacy Coordinator
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1:14:30
What an exciting show for our LAST episode of the year! We were joined by Bahar Baharloo, who was Sloane's roommate during her time in the McKibbin lofts of Brooklyn. Their experience as an intimacy coordinator gives us some amazing insight into consent and how it applies to the governance and approval we encounter in investment decision making. As…
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Innovation is the Combination of Ideas feat. Tom Brakke of the Investment Ecosystem
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1:31:42
Hop in folks, this train is headed to Brakkestan! We were fortunate enough to meet up with Tom Brakke, one of the keepers of the flame in active independent investment management. We talk about what innovation really is, due diligence in the manager selection process, and more. Ashby's whereabouts on January 6th are also discussed, and if you'd lik…
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Today we're joined by Bill Burckart and Megan Kashner of Colorful Capital, both of whom are professors of impact investing (Columbia and Northwestern) as well as co-founders of the venture firm focused on the LGBT community. We hear from them on why the firm is necessary, how they've gone about trying to access the people they're trying to reach, a…
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Innovation Backed by Violence featuring Caitlin Rosenthal
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This one's nearly a year old - but still filled with the usual gold. It honestly didn't come as a shock to us that modern American accounting practices are deeply rooted in slavery (nothing shocks us anymore). But in order to further wrap our heads around this insane concept, we spent some time chatting with Caitlin Rosenthal, historian of business…
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Transitioning to Greatness featuring Maeve DuVally
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1:23:01
Perhaps this episode could be a great business case for not hating yourself. It's amazing when you look at what you bring to the table at work as a truly happy person, which in Maeve's case was a result of coming out. Join the crew as we discuss what it was like for her coming out at Goldman Sachs, real experiences of what it's like to be trans in …
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Augmenting the Efficiency of Indian Agriculture with Ruchit Garg of the Harvesting Farmer Network
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AI, research, and farming? Oh my! On today's episode, we're joined by Ruchit Garg, who is working to build a much more efficient market for agricultural goods in India. We also discuss ancient spreadsheets, whether or not AI will ever have a material impact on institutional investment decisions, and the general vibes this lunar cycle.…
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See - we told you we weren't dead! Our guest in this episode is...nonexistent (thanks to a typical tech error). That said, we're thrilled to get back in the swing of things and to be able to offer our listeners the usual flow of banter, news, jokes, and as always, a gardening tip. Our conversation in this episode touches upon an exciting change in …
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Operational Alpha in Practice with NYC BERS’ Sandy Rich
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Some things are more important than beating the market. That's particularly true when it comes to managing a pension fund. In this episode, we chat with NYC BERS' Sandy Rich about what he's done over the past seven years to streamline decisionmaking, clarify the term structure of his fund's liabilities, and build a talented internal team. Note: Thi…
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Life Lessons from the Bond King featuring NPR's Mary Childs
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Our guest in this episode is Mary Childs, The author of The Bond King, a look at the life and legacy of PIMCO founder, Bill Gross, the unusual organization that he built, and the fixed income market that he came to dominate. Our conversation starts by talking about why stocks are dumb, the elements of operational alpha that made PIMCO what it is, a…
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Finding the Funding to Fix Climate Change with Enduring Planet’s Dimitry Gershenson and Erin Davis
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How much money is needed to keep climate change under 1.5 degrees celsius, how much is currently available, and how much more money needs to be found after the passage of the inflation protection act? We talk with Dimitry Gershenson and Erin Davis, co-founders of the climate-centric lending platform Enduring Planet, to get the skinny. The conversat…
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A Clarion Call for Carbon Pricing with Franklin Templeton’s Ben Meng
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Franklin Templeton's Ben Meng joins us to talk about why capital markets need carbon pricing to function properly, how litigation risks prevent companies from making certain disclosures, and why investment professionals need to use their imagination to get ahead of the climate crisis. That conversation starts about seventeen minutes into the episod…
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Fixing Fish Farm Finance with Scoot Science’s Grant Cavanaugh
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If you’re like most people, you may not have realized that fish farm finance is somewhat unfixed at the moment. We talk with Scoot Science CIO Grant Cavanaugh about why that is.Autor: Sloane Ortel
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Municipal Finance From First Principles with Tammie Arnold of AlphaLedger
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What could a new mechanism for municipal funding unlock, and why is it neccessary? We speak with Tammie Arnold, a fixed-income veteran and the founder of AlphaLedger, to find out.Autor: Sloane Ortel
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How Not To Exacerbate Income Inequality (With Delilah Rothenberg of the Predistribution Initiative)
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On this episode, we’re joined by Delilah Rothenberg of the Predistribution initiative. Her work focuses on reimagining investment structures to promote sustainability through stronger long-term alignment between asset managers and their clients. That conversation starts about thirteen minutes into the episode.…
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The Practical Implications of a Net Zero Pledge
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Plenty of institutional investors are making net zero commitments, but what do they actually mean? In this episode, we chat to Kristy Jenkinson, CalSTRS' Head of Sustainable Investment and Stewardship Strategies, about what these commitments mean to an organization that has been a recognized leader in the ESG movement since 2004. That conversation …
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What Do Investors Really Want with Stacey Kline of Otto Intelligence
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How can financial advisers figure out what clients really want? We're zooming in on that question in this episode with Stacey Kline of Otto Intelligence. She’s built a behavioral questionnaire that helps advisers discover their clients’ detailed preferences and build portfolios that suit them. That conversation starts about 17 minutes into this epi…
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Carbon Offsets for the Long Run featuring Lars Kroijer of AlliedOffsets
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Are carbon offsets a viable tool to help us build a more sustainable world? Lars Kroijer says so. He's a recovering hedge fund manager who got mixed up in the carbon offset market a few years ago. The conversation starts after the news (about 22 minutes into the episode.)Autor: Sloane Ortel
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12:50 - THE NEWS! CalPERS is getting closer to hiring a new CIO and other big developments that will come in the new year. 24:59 - Trend #1 - 2022 should be the year when fiduciary investors' commitments to go net-zero and fossil fuel free actually get some teeth. 29:36 - Trend #2 - Robinhood's acquisition of Say Technologies might herald a new era…
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Making Everything Tradeable Everywhere On The Blockchain With Martin Froehler of Morpher
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On this episode, we’re talking with cryptocurrency entrepreneur Martin Froehler about what’s possible in the realm of decentralized finance. His company, Morpher, operates a 24/7 trading market that allows users to trade hundreds of stocks and cryptocurrencies with zero fees, infinite liquidity, and up to 10x leverage.…
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What Does Long Term Investing Actually Mean? With Anne Marie Fleurbaaij of the Cambridge University Endowment
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True long-term investing is profoundly different from the sorts of rationalizations that people make when investments don’t play out. But how, exactly? We dig into how adopting an identity as a “long term investor” affects the way one relates to the rest of the investment community, determines what you focus on, and colors the way you evaluate perf…
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Thinking Like an Allocator with John Bowman of the CAIA Association
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We hear from John Bowman about why it's time to move past the ESG label, what the investment portfolio of the future looks like, and how allocators are looking past traditional asset class delineations and embracing more functional approaches to asset allocation.Autor: Sloane Ortel
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Know What You Own with Andy Behar of As You Sow
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We chat with Andrew Behar of As You Sow, a titan of shareholder activism, about how investors can use their proxy voting power to push their portfolio companies to make positive changes.Autor: Sloane Ortel
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Fermenting Innovation with Anna Marie Wagner and Gingko Bioworks
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We chat with Anna Marie Wagner, the SVP of corporate development at Gingko Bioworks, a synthetic biology company that recently came public and is part of Invest Vegan's flagship strategy. We chat about how Gingko evolved its funding sources over time, the firm's decision to pursue a horizontal/service provider business model, and how she'll judge t…
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Sustainable Finance Around the World With SustainFinance's Paul Smith, CFA
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We're joined in this episode by Paul Smith, CFA, a co-founder of SustainFinance and the former CEO Of CFA Institute. We chat about: His favorite experience leading CFA Institute, which is global beyond simple comprehension. How prepared the industry is to navigate the climate transition Whether ESG Investing is just a new form of colonialism We als…
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Deception and Truth Analysis Featuring Jason Voss, A.K.A. "The Voss of Reason"
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This is a very special episode of Free Money. Our guest, Jason Voss, is a close collaborator of both of ours and the Founder/CEO of Deception and Truth Analysis, or DATA. And honestly, if you like this show at all, you're gonna love this one. We talk about identifiable blind spots in active management processes, the difference between deceit and ly…
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The Outlook for ESG Outcome Data With Netpurpose Founder Sam Duncan
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Sustainable investment strategies are traditionally long on glossy marketing materials, but a little light on clear outcomes. Like, what happens as a result of making the investment? Our guest in this episode is Sam Duncan, CEO of NetPurpose, an impact measurement platform based in London that helps investors source, share, and stay abreast of the …
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How Letting Go Unleashes Impact With Meg Massey and Ben Wrobel
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What if it turned out that the best way to actually “do” philanthropy and impact investing was by letting go of the outcome? Our guests on this episode explored exactly that question in a recent book: Letting Go. How philanthropists and impact investors can do more good by giving up control. They are Meg Massey, a journalist covering social impact …
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In this episode, Sloane and Ashby talk about sex work. In particular, they talk about why the finance industry is so skeeved out about it and what that means for platforms like Onlyfans, which now seems likely to pivot away from a dominant position in adult entertainment due to various operational impediments we’ll examine.…
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Inside The Master Narrative About Asset Owners With Institutional Investor’s Alicia McElhaney
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Is it worth building a master narrative about institutional investors as a whole? How much progress has been made on racial equity and inclusion since the murder of George Floyd? And does financial advice reinforce destructive social norms? We speak with Institutional Investor's Alicia McElhaney about this and more. We also answer listener question…
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Effective Shareholder Activism With Engine #1's Jennifer Grancio
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You may have heard that a teeny investment fund managed to force Exxon to take climate change seriously. In this episode, you'll hear from one of the people behind that successful campaign: Jennifer Grancio, the CEO of Engine #1 Asset Management. We talk about how a myopic fossil fuel focus left Exxon with underperforming investments, and about the…
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Social Justice Investing With Adasina’s Rachel Freeman
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This week we talk with Rachel Freeman, Adasina's director of investor services, about what it means to build a bridge between social justice organizations and the capital markets. We also touch on issues like: Ending forced arbitration for sexual harassment, which have historically been left out of the ESG equation. Starting a new investment fund a…
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Primary Market Activism with Ulf Erlandsson of the Anthropocene Fixed Income Institute
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A portfolio manager turned activist, Ulf takes us inside some recent fixed income transactions that imply some banks (and some pensions) are taking their commitments to ESG less than seriously. He then disaggregates the "yield pickup" that buyers of fossil fuel debt have been feasting on, explains how his activist ESG strategy benefits from fixed i…
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The Yale Model Episode With Capital Allocators' Ted Seides
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1:05:52
Yale's CIO David Swensen passed away last month. He left behind an unprecedented track record, a whole new way of doing things, and a much better-funded university. How did he do it, and what can we learn from him? We explore with Capital Allocators podcast host and Yale Investment Office alum Ted Seides.…
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The Infrastructure Episode Featuring Ross Israel of QIC
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What does it mean to invest in infrastructure? How do you do it? And what happens when you do? We reached out to Ross Israel of Australia's QIC to learn more.Autor: Sloane Ortel
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How APG's Marcel Prins Gave Birth to a Blockchain Business inside a Giant Dutch Pension
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We chat with Marcel Prins, the COO of ultra-innovative Dutch pension APG, about the blockchain business his team built to maturity and spun out into a standalone company.Autor: Sloane Ortel
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Why Gamified Finance is Good With Lindsey Holden of Long Game
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Gamification is the financial villain du jour after the whole "WallStreetBets" thing. But it's not all bad! In this episode, we talk to a startup founder who has found success using games to encourage saving.Autor: Sloane Ortel
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How Liz Zhang Handled The Whole WallStreetBets Thing
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You’ve probably been hearing a lot about a place on the internet called WallStreetBets. Liz Zhang joins us for an insider view. She has been active on the forum for three years or so, and has been trading options for fun for about that long.Autor: Sloane Ortel
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The Canadian Model/Pension Accounting Episode with OPTrust's Hugh O'Reilly
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Pension accounting is a cursed subject. So we called Hugh O’Reilly, who was happy to wade into the discussion with characteristic Canadian politesse. He has loads of experience putting his knowledge into practice as the former CEO of OPTrust (One of Canada’s largest pension funds) as well as a pensions attorney.…
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The Forward-Looking Statements Episode
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It’s the time of year when Wall Street analysts attempt to divine the future. There are a million reasons not to do this, ranging from “it’s a performative waste of time” to “it’s devil worship". We did it anyway.Autor: Sloane Ortel
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The ESG Christmas Special featuring Connecticut Treasurer Shawn Wooden, Illumen Capital’s Daryn Dodson, and LTSE’s Jean Rogers
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It’s a great one, featuring a discussion between Sloane, Ashby, Shawn Wooden (Treasurer of CT), Daryn Dodson (Illumen Capital), and Jean Rogers (SASB/LTSE). You’re gonna love it.Autor: Sloane Ortel
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The Impact Episode with Bluemark's Christina Leijonhufvud
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43:59
Hello and welcome to Free Money, a podcast/newsletter from Sloane Ortel and Ashby Monk about how long-term investors can free themselves from the shackles of short-term thinking. If you’re new here, thanks for signing up! If someone sent this your way or you found this post through Twitter or some other channel, be sure to sign up below. We publish…
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The Markets Episode with LTSE's Michelle Greene
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If you build a better market, will the world beat a path to your door? Michelle Greene, President of the Long-Term Stock Exchange, which opened for business earlier this month joins us to discuss.Autor: Sloane Ortel
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How To Get Hired by an Asset Owner Featuring Recruiter Charles Skorina
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Looking for work is no fun at all. This is Sloane, and I know because I’m doing it. My consulting business has slowed down dramatically since COVID hit, which means I’ve gone from outright thriving to just surviving. Please do reach out if you’d like to chat about a project. But it’s not just my story. Everyone seems to have lost something during t…
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The State of State Finances With Oregon Treasurer Tobias Read
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Imagine governing a state right now. The best positioned public schools, parks departments, and police forces are merely contending with unprecedented times. For most, they are unpredictable as well. And neither condition is helped by a near-universal problem: there is not enough money. America’s national government can deficit spend thanks to the …
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Can The Government Really Spark Innovation? With Schmidt Futures' Tom Kalil
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Where do innovative products and services come from? You might imagine that we have the “invisible hand” of the free market to thank. But in lots of cases, the answer is government-supported research. Consider your smartphone. It uses technologies like GPS, advanced transistors, active-matrix liquid-crystal displays, voice recognition, and graphica…
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Divesting From The Prison-Industrial Complex With Ethic's Jay Lipman
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48:38
Standing by while others suffer is bad. Profiting from their exploitation is worse. And unfortunately, it’s relatively easy to do by accident. Take real estate investment as an example: investors who hold a diversified portfolio of Real Estate Investment Trusts (REITs) are likely to hold shares in GEO Group (NYSE: GEO) and CoreCivic (NYSE: CXW). GE…
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The Good, The Bad, and The Data with Perry Rahbar of dv01
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56:30
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity….” Charles Dickens, A Tale of Two Cities True classics never seem to age. Think of Pride and Prejudice, The Iliad, and the observation that the general state of things is both bad…
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Feeding the World and Fighting Famine with Ambassador Ertharin Cousin
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There are durable returns to be found in deep research. So if you're taking the time to integrate a full understanding of environmental, social, and governance issues in your investments, you will tend to end up with innovative and enduring solutions just by doing the work. So in this episode, we decided to spend some time with a significant, oft-n…
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