YouSaid · the spoken record

Jason Schwarz

lines on the record: 59
first: 2019-01-04
most recent: 2019-01-04
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, you know, I'll say that Simple Beat's complex almost all the time. I think that's something that the further I've come, the more kind of the realization that the really complex, difficult to unpack strategies, whether it's investment managers, whether it's the latest kind of whiz-bang idea, oftentimes really well diversified portfolios. Really good investment managers or passive products. Do really, really well”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And what doesn't, and really to ultimately try to find that calling because it's the true calling that's going to make the hard work more fulfilling, the disappointments, you know, easier to bear and the highs when those highs come. And this is what Phil Knight says, there's nothing like it. And that's been certainly my experience.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“First, I would say there's a lot of different roles within the finance realm. And so I'm a good example of I'm actually, I didn't rise to the ranks as an investor. And so, you know, I've been always more focused on the client and business side of the business of investment management. And so, you know, there's a number of different roles available and to sort of learn about industries and roles. Is incredibly important. The other I would say, and I'll sort of take a page from Phil Knight's memoir about seeking a calling and really using your 20s where the currency is really less about how much money you're making and should be more about the knowledge, both about what makes you tick.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“400 plus pounds over their head in a variety of ways. And what's really interesting is it's not just about brute strength. It's about speed and technique. And that's where it becomes this, you know, and obviously the sort of the mental kind of agility.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so we think about some of the best lifters are lifting from a barbell, from the ground, from a dead on the ground over two times their body weight over their heads.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Slipping over tires and burpees and all that stuff and pull ups and including some of these lifts. And she folks dropping barbells and chalk flying. After years of just more of kind of the bench press and whatever it was to kind of just stay in shape, you see these guys slamming bars and this would be a great way to kind of blow off steam. And yeah, I just started basically just had somebody kind of walk me through it and continue to try to progress and enjoy it.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so that's, I mean, and there's a reason they're Olympic lifts, right? And that's become a real, probably the most challenging kind of physical thing. And I've done which has been how did you find your way into it?”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I have actually become slightly obsessed with Olympic weightlifting. Really? Yeah. So that's become kind of my hobby. What do you bench press? No, no, no. This is the clean and jerk. And this is the snatch. So these are the two lifts that are in the Olympics. Those are brutal. That is not.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In school, it's not taught. So you have this belief that it's kind of intuitive, great people just hire great people. And I think it's something that I personally actually spend a lot of time on trying to get better, trying to approach it from more scientific way. And, you know, so failure would clearly be the times we got it wrong. The times I made a mistake, wrong person, wrong role, not a great fit, you know, in all of the sort of classic in retrospect biases that prevail.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So challenging, right? And I think it's an area too where you go to school and you learn, you go to graduate school, you learn a little bit more, you have opportunities to work in different jobs and assuming one doesn't work in a human resources capacity, hiring is not ever really something that I think we learn how to do, right?”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To say the least. And so that's either horrifying, right? And scary, or it's a huge opportunity. And I think it's a huge opportunity, and I'm excited to be able to participate in it.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think we talked a little bit about technology. I think there's a lot to be excited about technology, both as a disruptive force in changing the way that people consume investment advice. The things that the ways in which we use technology today to automate certain tasks increasingly. Really automating elements of the investment process, even the delivery of materials to clients, you know, as we think about like, you know, from paper to portal, right? The pace of change, I think, that we're living in right now is so rapid. And it's exciting because there are elements within the financial services space that have probably been untouched for a long time.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of their existence. It's amazing. On the edge. Right. And that. I think how the definition of winning changed for him, you know, originally it was, you know, when it all cost, it was this ultra competitive, sort of more narrowly defined I must be successful, which ultimately kind of became more of a, you know, we want to make contributions. We want to, you know, do things to change people's lives, you know, that it became bigger, right? And I really could relate, you know, I think a lot of us as we sort of move along in our careers, what becomes of, gosh, I just want to, I want to be successful. I want to, the company to be successful moves to, we want to, you know, help. Help change or improve people's lives, improve their outcomes. And I really, you know, he talked about that and it really resonated with me.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, sheepishly, I will say that my list isn't particularly long. I have three kids under the age of 10. So you're busy. But I did read Shoe Dog.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“There was a gentleman Barton Waring who wrote some papers. He was at BGI, and that was a group that was doing some of the most powerful work in kind of what we call active risk optimization, right? How do you build a portfolio of managers and really optimize that outcome and control for risk, moving from sort of total return, total risk to active return, active risk and I devoured that literature when I was early and trying to figure things out?”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So for us and for me, more kind of in that asset allocation manager selection space, you know, Harry Markowitz, you know, you know.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so there was a guy here, Bill Aaron, at Executive Monetary Management, which was when I first kind of investment related jobs, I remember him telling me to really, you know, focus on a calling, not so much a job. And that always stayed with me. At Wilshire, cliche, but I certainly wouldn't be where I am today without the time that folks like certainly Larry Devonzo who hired me, a guy named Chuck Roth, Chip Castile, who was a former BGI, was our CIO, was the smartest person I ever worked with and was one of those guys where, you know, when you have him on your team and you go into a meeting, you just know you have the smartest person in the room on your side. But I would ask all of these folks questions and they were gracious with their time. And that's really Dennis. Has become a mentor to me as we've moved along.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, right. And at the time, it was really kind of early in opening up and liberalizing the economy and up until 1997, U.S. companies were not able to do business in Vietnam. Legally, right? And so it was absolutely fascinating, absolute Wild West, but a really great way for me as a young person to be introduced to business, to do so in a third world communist country. It's where everybody should start their careers.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I had an opportunity to go over there for a summer really as an internship in 1996 and ended up staying for a period of time. I worked for a private equity firm, the US normalized trade relations with Vietnam in 1997. And so I stayed and worked for the Department of Commerce. That must have been fascinating. That was fascinating. Absolutely fascinating.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there are other reasons related to record keep the way in which record keepers and those systems, some of which are kind of older systems Are designed really to for mutual funds, not for ETFs. And it's that simple”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's in the future. I think, look, I think there are structural impediments to change in the traditional way in which investment services are distributed. It's why you don't see ETFs on DC menus from a record-keeping standpoint. It's difficult. So I think they're going to continue to be kind of institutional impediments to change. But when we talk about robos and digital advisors and some of these new startups, where you've got this sort of algorithmic way of creating high volume portfolios, highly customized portfolios. And we're doing parts of this too. I think we'll start to get there, but it may not be the start with the more entrenched players.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Custom right. And that exists today at the higher end of the market, right? Where a wealthy individual can have an investment firm create a customized strategy, whether it's for tax planning purposes or for stripping out certain types of securities. ESG does this pretty well. But I think that the ability to create those types of vehicles For smaller account sizes will become increasingly a reality, which then calls into question the viability of the mutual fund as really the kind of default package for many individuals.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We think that mutual funds will continue to exist. We're seeing fees come down. We're seeing increasingly fees being stripped out of mutual funds. That trend will continue. ETFs are certainly helpful in that respect. But I think we ask ourselves the bigger question of could we offer personalized SMAs for individuals? So instead of everybody's in a pooled vehicle in this mutual fund vehicle, maybe we get to a point where technology will allow for more mass customization. So everybody gets their own kind of SMA. Right. And I think that is something that model delivery UMAs, these are all sorts of innovations that are kind of at the fringe here.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think that they'll continue to be a proliferation of ETFs. I think we'll continue to see kind of a winner-take-all, you know, certainly on the beta side with more simplistic ETFs, scale matters, brand matters. But the barriers to entry are pretty low. And so I think you're going to continue to see a lot of additional ETFs.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's fair. I mean, there's been some larger OCIO engagements, but generally I think you're starting to see a pretty clear bifurcation, sub a billion dollars. I think it's getting increasingly difficult to make that case for lots of overhead. And increasingly, we think the market's going to go more OCIO sub $1 billion. And over a billion, there'll be all sorts of different levels of customization.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's either followed or not. And, you know, so with that, the asset owner has to have professional staff. They have to have governance frameworks. They have to have meetings, et cetera. And so with OCIO, it's, all right, consultant, all right, Wilshire. Here's a billion dollars. Do it for me, right? You make the decisions. We'll set up the frameworks, the governance, there'll be certain parameters. But instead of you having to run all your recommendations through us and we meet for three months, six months and discuss, it's bring your best thought leadership to bear. But under an environment where you have discretion.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so the OCIO, as you reference in our consulting business provides this service, is really resident within the institutional pension fundation and endowment community. And what it refers to really is the traditional way historically that pension funds have consumed investment advice is through a consultant meeting with an investment committee and board of trustees, generally providing non-discretionary advice. So the consultant would make recommendations and say, I think we should be using these managers and we'll do an asset liability study and we'll construct this really powerful asset allocation.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The notion of, you know, when I was a kid having dinner around six or seven o'clock, the phone's ringing and it's like, you know, Smith Barney broker, right? And so, you know, are our kids going to get cold called by a broker at dinner time? They don't even have landlines.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know either. And I think probably both. I think maybe it's similar to online banking, right? Online banking and the thought there would people no longer go to branches and self-directed brokerage was going to put everybody out of business. But no, I mean, there's a level of self-selection. I think clients will matriculate from a... You know, from essentially a self directed experience to a financial advisor, I think as one's needs become more complex, more of the financial planning component becomes more relevant. So I see this as sort of an app, as an application.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, but we take a better mint or a well front or some of these firms. It strikes me that they are in many respects disintermediating the traditional relationship between a financial advisor and a financial advisor's client.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That makes sense, right? And so I think there's this opportunity, which we're seeing, a level of disruption where you've got this really what is a direct-to-consumer model, right? So”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I think Look, I mean, I think there's a number of things here. I think if you think about the way in which, you know, in some respect asset managers engage with the market, it's archaic in the sense that most asset managers don't actually communicate directly with their clients, right?”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The SP500, and that's pretty much iShares and Vanguard and Nauschwab, you know, a select few really own that market, right? And what are the prices for broad market beta, increasingly free, right? But I think that the market for value add strategies for more niche strategies, for strategies that are designed to provide differential types of exposure is still strong and ideas that can be packaged into solutions, not just beta, market beta per se. I think the market for that will continue to be strong and great ideas will always have a place in investor portfolios.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In a desire to just flood the market, but it's a great way to think bring new innovative concepts to the marketplace. But yeah, I mean, I read, there was a study recently that looked at the number of indexes relative to total listed stocks. And it was like, you know, like there's something like four times the amount of indexes as there are just global stocks, right? So there is clearly this vast proliferation of indexes. We could also ask the question of, you know, does the market need two or three thousand ETFs? And I think the answer to that is probably no.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think probably both. I mean, it's a huge opportunity for us. We're participating in that. I think for us, it's where can we bring great ideas with partners.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Intellectual property, you've got these smart people, you've got these quants, right? And now increasingly with factor-based, you know, quantitative strategies, one can create investment ideas, right? And so the pace of innovation around investment ideas, which can then be translated into an index, right? Which can then be licensed to a manufacturer, an ETF firm to package that index and deliver that to the marketplace is creating another wave of product growth, new thing.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's, you know, as a manufacturer of indexes, it's certainly an economic opportunity. I think what started out as indexes as benchmarks, as you note, has really blossomed or skyrocketed into great proliferation of indexes. And part of that is because asset managers are looking for very discrete ways of measuring their performance and in some cases looking for ways to tell a story against a benchmark. Let's just get a better benchmark or a different benchmark, which I think is, I would say is not a particularly healthy part of the industry. But I think the other element, which has been good for our business and those that are able to as a branded entity create indexes is, you know, you have all this.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think it's consistent with our heritage. And Dennis, this was his passion early in his career. And had an opportunity, it's actually a remarkable story of persistence because it was a difficult thing to do. He was, I think, at the time the oldest, I think it might have been the oldest person. He's going to kill me for saying this, but the oldest person. Launched into space, let alone as a civilian. He had to train for six months in Russia where they...”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think you have to look at the different components of our business, which, as you've noted, is broad-based. Look, on the consulting side of our business, a lot of large fortuitous competitors there, the towers, the Aons, the Mercers of the world, as well as a number of mid-market players. In the work that we do in the financial intermediary market, Morningstar is a formidable competitor, obviously as a great brand in the retail advisor community. You know, certainly on the index side of our business, right, you know, FTSE, MSCI, S&P on the private market side, probably firms like Hamilton Lane and others. So, you know, because we don't do one thing, we have, which I think is a great strength, we compete with. With different people in different parts of the market.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's a different business unit. Wilsher Private Markets and similar in the sense that that business is today looks much like a private equity asset manager started out as building customized fund of funds for institutional investors. And today has a large array of fund of funds, increasingly customized advisory work in the private markets.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you pick out of the 11,000? So we set out to solve that in two ways, one of which was structural, where if we could essentially just have the hedge fund manager run a separate account, right? Where they just have trading authority, but Willshire controls the counterparty relationships, et cetera. And Wilshire has a fiduciary would provide a level of, you know, trust to the market, to our clients. And then the other element of that is if we could identify highly skilled investment managers using our research platform, using the fact that we obviously are engaged in a lot of these activities for You know, a trillion dollars in assets, we have a combination of buying power, we have, we think, the ability to separate skill from luck, et cetera. So.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, so these are, that's a fancy name for our Cayman hedge fund platform. And so these This is a platform that was created actually in 2005, right around the time that I joined, at the time it was created, there was this belief that still exists in some respects today that if you're able to, you want to hire a hedge fund. You want that hedge funds trading prowess. You want their exceptional ability to buy securities and generate performance. But many people may be uncomfortable with the operational risk that comes with that. The fact that you don't have a lot of transparency or control over those assets necessarily. You're just an investor and an LP.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's, you know, when we look at the things that institutional investors do well, they tend to invest in a lot of things, a lot of asset classes, right? They own a lot of asset classes. They're highly diversified. They typically implement those views with managers, also now increasingly passive components of those portfolios. And they blend everything together in a way that's designed to really optimize a particular outcome. Financial advisors, in many cases, in most cases are doing the same thing, certainly those that are using funds or fund products or ETFs to build portfolios. And so, you know, the market has been shifting to, you know, that of more of an advice embedded model. And Wilshire has been able to participate in that. And so I, you know, as fortuitous, the timing of when I joined the firm. But over the last decade or so, we've grown rapidly.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I joined Wilshire in 2005 into what was at the time a relatively new business that Wilshire had created called Wilshire Funds Management. And this was in its early days. And the idea behind Wilshire Funds Management was to take the firm's institutional expertise, its risk management capabilities, and provide investment advisory solutions designed really for financial advisors and their individual investor clients. And so our first clients at the time, and we only had a handful, were insurance companies and some broker dealers that were looking for the same types of multi-asset, multi-manager risk managed solutions that our pension fund clients were able to have.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In helping pension funds create investment programs designed to serve their participants really in perpetuity, Wilshire's been at the forefront of that business for almost three decades.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Point in That's amazing. That's right. And the pace of change continues to be rapid. But as much as the business has changed, clearly, you know, risk and the ability to measure and present that information is critically important. So this was Wilshire's first decade and was really known as a pioneering provider of these types of risk applications. In 1981, we launched one of the first full-service U.S. consulting businesses. And the goal here was to not just provide tools, but to provide advice to pension funds and foundations and endowments to help them apply some of these tools, asset liability management to create asset allocation policies to help them select management.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or a lot of, right? So it's for us the essence ultimately of investment management when we talk about how we got there starts with a foundation and risk management. And so those tools didn't exist, so Wilshire built them through the 70s. you know, other tools like one of the first asset liability models for pension funds.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. So you That's exactly right. So if you are able to decompose a manager's return into its component pieces and isolate all sorts of different factors, you can basically separate, was this manager good at picking stocks or was this manager benefiting from an overweight to energy or technology or momentum or certain funding? Were they just”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, and this was the stuff of, I mean, this predates me. This was the stuff of slide rules and really sort of. Hard computational math. And so applying really strong math to solve investment challenges. So the first commercially viable way to measure an equity beta, which became our kind of multi-factor risk attribution model, which exists today, by the way.”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Yeah, that's right. So that is a really important, it's a great story, but it's also a really important part of our heritage. So Dennis Tito, Wilshire's founder, currently our chairman and CEO is still active in the business, was at JPL and was an aerospace engineer. And this was at a time where the most powerful computer technology was resident NASA, JPL, where they were trying to figure out how to program the trajectory of unmanned spacecraft. And so as the space race was winding down, and that was really Dennis's calling, he was called to participate in that. So late 60s, early 70s, Dennis was thinking about how to transition and ultimately how to make some money and really recognize at an early point that intersection of investment technology or information technology and finance. And so the first product that Will Sher launched in 1972 was”
2019-01-04 · Masters in Business · Jason Schwarz Discusses Asset Management (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source