Zephyr's Adjusted for Risk

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with Aapryl's Bill Himpele and Cesar Gonzales to discuss why allocators should move beyond backward-looking performance reporting toward skill-based analytics. They explain that much apparent outperformance is driven by cyclical market and style exposures rather than repeatable manager skill, and describ...

Recorded live at the Exchange ETF Conference, host Ryan Nauman welcomes Christopher Getter, Managing Director and Portfolio Manager at Simplify Asset Management, to discuss why private credit has become a hot—and increasingly scrutinized—topic in wealth and asset management. Getter explains recent idiosyncratic blowups, AI-related disruption risks in tech-heavy private credit, and broader late-sta...

On Zephyr’s Adjusted for Risk Podcast, host Ryan Nauman welcomes David Lau, founder of DPL Financial Partners, to discuss how modern, low-cost, commission-free annuities can help address retirement income gaps as pensions decline and Social Security remains uncertain. Lau explains why annuities are polarizing—largely due to commissions driving higher costs, complexity, and surrender periods—and ho...

On Zephyr’s Adjusted for Risk Podcast, market strategist Ryan Nauman interviews Thomas Martin, board member, partner, and senior portfolio manager at Globalt Investments, about the current market environment and portfolio positioning. Martin highlights the war involving Iran and potential disruption at the Strait of Hormuz as the key macro risk, primarily through its impact on oil prices and infla...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Angie Herbers, founder of Herbers & Company. They discuss growth in wealth management and why capacity—defined as the ability to absorb additional growth without service quality decreasing—is the primary growth engine behind both organic growth and M&A. Herbers distinguishes capacity from productivity, explains why common benc...