Masters of Risk

About Masters of Risk

Welcome to Masters of Risk, a podcast by S&P Global Market Intelligence. I am Stewart Webster, and I'll be your host for the next 30 minutes. Risk evolves fast, especially in the current markets, keeping it top of mind for business leaders today.  Join us monthly as we reach across the globe to speak to business leaders about what keeps them up at night. We'll have it here first, whether it's credit, market volatility, energy, or any other pressing risk issue. Be a part of the conversation.

Publisher

S&P Global Market Intelligence

Category

news

Language

en

Explicit

No

First episode

28 Feb 2023

Latest episode

27 Aug 2026

Latest episodes

31 episodes in the feed.

1. 

   27 Aug 2026

   Beyond Traditional Investing: ETFs, AI Themes, and the Next Market Opportunity

   In this episode of Masters of Risk, host Stewart Webster sits down with Matthew Tuttle, CEO and Chief Investment Officer of Tuttle Capital Management, to discuss how investors can navigate an increasingly thematic market shaped by artificial intelligence, geopolitical shifts, and evolving investment risks. With more than two decades of investment experience and a reputation for challenging conventional portfolio construction, Matt shares why he believes many traditional investment frameworks no longer reflect today's market realities. He introduces his HEAT investment philosophy, an approach centered on Hedge, Edge, Asymmetry, and Theme, designed to help investors manage risk while identifying emerging opportunities. As AI investment accelerates across industries, Matt explains why the next generation of winners may extend far beyond the well-known technology giants. From memory and photonics to energy, utilities, materials, and even space infrastructure, he explores how investors can identify critical bottlenecks powering the AI economy and uncover opportunities before they become consensus trades. Stewart and Matt also examine several of the market's most pressing questions, including whether rising valuations present a growing risk to investors, how consumers may fare in a higher-rate environment, and what signals could indicate that AI-driven capital spending is beginning to slow. The conversation also explores the growing role of thematic ETFs, digital asset exposure, and the risks surrounding private credit products entering the ETF marketplace. Looking further ahead, Matt shares his perspective on emerging investment themes ranging from aerospace and defense to the rapidly developing space economy, where long-term opportunities may be created by the infrastructure required to support next-generation technologies. A thought-provoking discussion for investors, portfolio managers, risk professionals, and market participants seeking fresh perspectives on thematic investing, ETF innovation, portfolio risk management, and the forces shaping tomorrow's market opportunities. More S&P Global Resources: Proactive Risk Intelligence | S&P Global The Definitive Risk Conference | S&P Global ⁠Masters of Risk | Season 4 Episode 5 Video: Beyond Diversification: Strategic Risk Insights for Mod… ⁠Masters of Risk | Season 4 Episode 6: Private Credit Under Pressure: Liquidity, Distress, and Oppor… Credits: Host: Stewart Webster, CFA Guest: Matthew Tuttle, CEO & Chief Investment Officer, Tuttle Capital Management Editor: Carl Schmidt Producer: Caitlin Bray Published with Assistance From: Sophie Carr and Feranmi Adeoshun

2. 

   31 Jul 2026

   Private Credit Under Pressure: Liquidity, Distress, and Opportunity in Today's Credit Markets

   In this episode of Masters of Risk, host Stewart Webster speaks with Lionel Jolie, Partner and Head of Credit at J.F. Lehman & Company, about the growing tensions beneath today's private credit markets and the opportunities emerging for disciplined investors. As private credit assets have expanded rapidly in recent years, liquidity pressures, redemption requests, and shifting market dynamics are reshaping the landscape for business development companies (BDCs), direct lenders, and secondary credit investors. Lionel explains how his team navigates both public and private credit markets, providing liquidity to lenders while evaluating stressed, illiquid, and often misunderstood opportunities. Drawing on more than two decades of credit investing experience, Lionel discusses the evolution of the BDC market, the rise of liability management exercises, and why traditional refinancing strategies are becoming increasingly difficult in a higher-rate environment. He also explores how investors can distinguish between companies facing temporary liquidity challenges and those caught in a true operational decline. Together, Stewart and Lionel examine the sectors attracting capital today—including aerospace, defense, and industrial infrastructure—and discuss how government spending, supply chain constraints, and asset scarcity can influence credit outcomes. They also unpack the growing popularity of private credit ETFs, the risks of liquidity mismatches, and why market stress may be more nuanced than the headlines suggest. A timely conversation for institutional investors, credit professionals, risk managers, and allocators seeking deeper insight into private credit, secondary markets, and the risks shaping the next phase of the credit cycle. More S&P Global Resources: Proactive Risk Intelligence | S&P Global The Definitive Risk Conference | S&P Global Masters of Risk | Season 4 Episode 5 Video: Beyond Diversification Credits: Host: Stewart Webster Guest: Lionel Jolie, Partner, Credit, F. Lehman & Company LinkedIn (https://www.linkedin.com/in/lionel-jolivot-a579a54/) Editor: Carl Schmidt Producer: Caitlin Bray Published with Assistance From: Sophie Carr and Feranmi Adeoshun

3. 

   25 Jun 2026

   Beyond Diversification: Strategic Risk Insights for Modern Portfolios

   In this episode of Masters of Risk, host Stewart Webster sits down with Karan Sood, Co-Founder and CEO of Vest, to challenge one of the most widely accepted principles in investing: diversification. Karan introduces the concept of "outcomes-based investing" and explains how Vest is leveraging derivatives to engineer defined outcome ETFs—investment strategies that explicitly shape risk and return profiles. By capping upside, buffering downside, and stabilizing income, these products aim to give investors something markets rarely offer: predictability. Drawing on his deep experience in structured products and options-based strategies, Karan breaks down how derivatives can function as a form of "insurance" within portfolios—transferring risk rather than simply spreading it. He also explores the hidden fragility beneath modern portfolios, arguing that traditional diversification may create a false sense of security in a world where correlations spike precisely when protection is needed most. Together, Stewart and Karan unpack the structural risks embedded in today's markets—from concentration within major indices to the growing illusion of diversification—and discuss why investors may be overcrowding the very strategies they believe mitigate risk. A thought-provoking conversation for asset managers, risk professionals, and financial advisors seeking to rethink portfolio construction, challenge long-held assumptions, and build more resilient investment strategies in an increasingly interconnected market. Credits: • Host: Stewart Webster • Guest: Karan Sood, Co-Founder and CEO of Vest • Editor: Carl Schmidt • Producer: Caitlin Bray • Published with Assistance From: Sophie Carr and Feranmi Adeoshun

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

7 ratings

Spotify

5.0 / 5

3 ratings

Podcast Authority Score: 27 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

26

Social presence

0

YouTube

0

Engagement

68

Contact Masters of Risk

Guest appearances

Does not typically book guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

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