Zephyr's Adjusted for Risk

In this episode of Zephyr’s Adjusted for Risk, host Ryan Nauman speaks with Joe DaGrosa, CEO and founder of Axxes Capital and co-author of The Financial Advisor’s Guide to Private Investments, about the growing access retail investors have to private markets and the unique risks involved. DaGrosa explains how regulations have historically limited non-qualified purchasers, why registered vehicles a...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Robert Cohen, Director of Global Developed Credit at DoubleLine, to discuss why bonds face bearish sentiment amid elevated Treasury yields and how advisors should think about fixed income today. Cohen frames the macro backdrop as “war and AI,” citing Middle East conflict-driven oil constraints that could push core CPI above 4% and keep infl...

Recorded on location at the Steward Symposium, host Ryan Nauman welcomes Jim Gold, CEO of Steward Partners, to discuss the rapid evolution of wealth management and how Steward is positioning itself to lead. Gold shares his background from Smith Barney and Morgan Stanley Smith Barney and explains Steward’s execution-focused growth, describing “unstoppable” momentum and a culture built on respect, r...

In this episode of Zephyr’s Adjusted for Risk podcast, host Ryan Nauman welcomes Mohan Gurupackiam, CIO at Steward Partners, to discuss how wealth management’s view of AI has shifted from curiosity and pilots to operationalization with governance and safe scaling. Mohan explains how firms are using AI as part of an advisor’s daily operating system—supporting meeting prep and automation, opportunit...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Dana D’Auria, Group President of Solutions and Co-CIO at Envestnet, discussing the growing role of private markets in wealth management. D’Auria explains how Envestnet combines asset management and wealth tech, then outlines key trends: companies staying private longer, increased demand from the wealth channel, and expanded use of vehicles...

From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes back Lance McGray, Managing Director and Head of ETF Product at Advisors Asset Management (AAM), to compare today’s booming ETF landscape with the exploding sports card market. They discuss record ETF growth, lower barriers to entry, and how an influx of new and exotic products can create “noise” for investors—much like chasing rare pu...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and interviews Manju Boraiah, Head of Systematic Fixed Income and Co-Head of Custom SMAs at Allspring, a privately owned global asset manager with about $625B AUM. They discuss the evolution of systematic fixed income investing and why models require “hands on the wheel” as regimes change. Manju identifies outsourced investment management as a m...

From Lake Tahoe, Zephyr’s Adjusted Risk Podcast welcomes Eric Kazatsky, Client Portfolio Manager at MacKay Municipal Managers, an $85–$86B specialist in tax-exempt and taxable municipal strategies across ETFs, mutual funds, interval funds, and limited partnerships. The conversation covers today’s macro uncertainty—sticky inflation, rate direction, yield-curve shape, geopolitics—and why munis can h...

Recorded on location at the Exchange ETF Conference, Zephyr market strategist Ryan Nauman speaks with Mark Marifian, Head of Product at Tortoise Capital, about why energy belongs in portfolios and common misconceptions that it’s only about crude prices or big integrated oil companies. Marifian explains the breadth of energy sub-sectors, highlights midstream’s fee-based, repeatable cash flows, and...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Mike Willis, CEO and co-founder of Cyber Hornet ETFs, discussing why consistently beating the market is difficult and how advisors can add value through asset allocation, discipline, and client coaching. Willis shares his background from wirehouses to launching an RIA and creating investment products to make his strategies accessible to sma...

Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Sal Esposito, Head of ETFs at Zacks Investment Management, to discuss why market leadership driven by mega-cap tech and AI is shifting back toward fundamentals. Esposito explains Zacks’ disciplined process focused on earnings, analyst estimate revisions, and balance sheets, calling 2026 a “prove it” year for AI as inve...

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with guest Edison Byzyka, Chief Investment Officer of Credent Wealth Management, a $4.5B fee-only RIA headquartered in northeast Indiana. They discuss today’s macro uncertainty (Iran conflict, oil, inflation) while emphasizing skepticism and reliance on data such as economic surprise indices, forward inflation expectations, labor resilience, and...

From Lake Tahoe on Zephyr’s Adjusted for Risk Podcast, host Ryan welcomes back Sal Gilbertie, CEO of Teucrium ETFs, to discuss row crop investing and how corn, soybeans, wheat, and sugar can impact portfolios. Gilbertie explains how energy and fertilizer costs—especially amid Middle East conflict and potential LNG disruptions—affect crop economics and planting decisions, and why grains often trade...

On location at the Exchange at 2026 ETF conference, host Ryan Nauman welcomes Ed Lopez, Head of Product Management at VanEck and host of the Trends with Benefits podcast, to discuss emerging markets after strong 2025 performance. Lopez explains how diversification benefited investors in 2025 as emerging market equities rose over 30% and emerging market debt returned around 17%, but notes recent ri...

From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes Paul Baiocchi, Head of Fund Strategy at SS&C ALPS Advisors, to discuss why commodities have returned to focus amid strong gold and silver performance in 2025 and the Iran conflict’s impact on markets. They explore what recent geopolitical and even weather-driven disruptions reveal about fragile global supply/demand, how energy and...

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast from Lake Tahoe and interviews David Chan, Head of Investor Relations at Homestead Capital, an institutional manager focused on U.S. farmland and agricultural investments. Chan explains Homestead’s origins, its farmland equity approach and newer credit strategy lending to farmers, and key themes shaping farmland: income durability, inflation lin...

During this clip of Ryan Nauman's conversation with DoubleLine's Deputy CIO Jeffrey Sherman, the two discuss the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment. Connect with Ryan Nauman: LinkedIn X

Host Ryan Nauman speaks with Kara Pagliuca, board member of Women in ETFs and senior director of global strategic partnerships at S&P Dow Jones Indices, about the evolving demographics of the investment management and ETF industry. Pagliuca shares her career path, WE’s mission to connect, support, and inspire professionals across the ETF ecosystem, and how the organization promotes mentorship,...

From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Roxanna Islam, Head of Sector and Industry Research at TMX VettaFi, about major ETF trends and what they mean for advisors. Islam explains VettaFi’s role in helping build and grow ETF products and highlights fast-growing areas including spot Bitcoin ETFs (launched January 2024) and the broader crypto ETF ecosystem, noting flow consoli...

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast from Lake Tahoe and interviews Jacob Ayres-Thomson, founder and CEO of 3AI, about how AI is shifting wealth management from understanding AI to implementing it for investing. Jacob explains 3AI’s “Alpha Intelligence,” which targets equity outperformance through predictive insights delivered for people, quant models, and AI-powered funds/indices....

Recorded live at the Exchange ETF conference in Las Vegas, host Ryan Nauman welcomes David Nicholas, founder and CEO of XFUNDS, to discuss what a strong multi-year equity run means for investors and how to prepare for potential selloffs. Nicholas explains why focusing only on capital appreciation can be risky, argues that true diversification means some parts of a portfolio will lag, and emphasize...

Host Ryan Nauman welcomes Will Rhind, founder and CEO of GraniteShares, to discuss ETF innovation, the growth of active ETFs, and the rising use of derivatives in ETFs. Rhind explains how the SEC’s Derivatives Rule (18f-4) helped enable broader derivatives usage in funds, bringing strategies once limited to hedge funds and ultra-high-net-worth investors into ETF wrappers. The conversation focuses...

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast featuring YieldMax ETFs strategist and CNBC contributor Mike Khouw to discuss the fast-growing trend of using options and other derivatives inside ETFs for drawdown management and enhanced income. Khouw shares his derivatives background, explains YieldMax’s approach to single-stock option income ETFs. Th...

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast during Financial Literacy Month and welcomes Alexis Rosenblum, Global Head of Sustainability and Social Responsibility at Capital Group. Rosenblum explains Capital Group’s mission, its employee-driven philanthropy program Capital Cares, and the firm’s focus on expanding access to investing and wealth-building. She details the Community Wealth Co...

Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Michael Baron, co-president and portfolio manager at Baron Capital, to discuss the firm’s long-term growth investing philosophy and its expansion into ETFs. Baron explains that since 1982 the firm has focused on owning competitively advantaged businesses for years, emphasizing management quality, durable advantages, an...