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In Conversation with Julie Segal

Institutional Investor
Private Credit
Artificial Intelligence
Blackrock
Dimensional Fund Advisors
Inflation
Europe
Private Equity
Regulation
Amherst Capital
Guardian Life Insurance
Private Markets
Institutional Investors
Alpha
Automation
Mortgage-Backed Securities
Subprime Mortgage Crisis
Dimensional's Market Series
Retail Investors
Middle Market
Asset-Based Finance

In Conversation with Julie Segal is a dialogue with the people who have shaped and continue to influence the world of institutional investors. The podcast will feature both familiar names talking about new ideas and upstarts who want to do things differently.

PublishesTwice monthlyEpisodes22Founded3 years ago
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Latest Episodes

AI is fueling the largest borrowing boom in at least a generation. But Greg Peters argues that focusing on AI alone misses the bigger story playing out across credit markets.

In this conversation, the co-chief investment officer of PGIM Fixed Income... more

Private credit isn’t the new story anymore. The more interesting questions are about what happens as the industry matures. That's where my conversation with Churchill CEO Ken Kencel begins.

I found myself coming back to one phrase from our conversat... more

More than a decade ago, I wrote a story called "Is Alpha Dead?" The premise was simple: Markets had become so competitive, so efficient, and so crowded that generating excess returns was getting harder and harder.

Andre Perold, CIO of HighVista Stra... more

In this episode, I spoke with Stuart Fiertz, co-founder and president of Cheyne Capital.

I've known Stuart for years and one of the things I appreciate most about him is his willingness to say things that many people in the industry are thinking but... more

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Recent Guests

Stuart Fiertz
Co-founder and president of Cheyne Capital
Cheyne Capital
Episode: Cheyne's Stuart Fiertz on Private Credit's Slow-Motion Stress Test
Luke Sarsfield
Executive at Ridgepost Capital
Ridgepost Capital
Episode: Private Markets’ New Tension: Retail and Institutional Investors Collide
Nick Liolis
CIO of Guardian Life
Guardian Life Insurance
Episode: Why Guardian’s Nick Liolis Blew Up the Insurance CIO Playbook
Hamza Lemssouguer
founder and CIO of Areeni
Areeni
Episode: If Your Credit Relies on Growth, Avoiding Disruption, and IPO Exits, It Starts to Look a Lot Like Equity
Gerard O'Reilly
Co-CEO of Dimensional Fund Advisors
Dimensional Fund Advisors
Episode: Dimensional’s Gerard O’Reilly on the Shift Back to Public Markets
Sean Dobson
CEO of Amherst Capital
Amherst Capital
Episode: The Political Fight Over Who Gets to Own -- and Rent -- America’s Houses
Soraya Chabarek
CEO of Manulife CQS Investment Management
Manulife Investment Management
Episode: Manulife CQS’s Soraya Chabarek on Credit, Succession, M&A Pitfalls, and What Makes Investment Firms Last
Rick Rieder
Chief Investment Officer, Global Fixed Income at BlackRock
BlackRock
Episode: BlackRock’s Rick Rieder Asks ‘What Is Money’

Host

Julie Segal
Host of In Conversation with Julie Segal; conducts dialogue-style interviews with senior figures shaping institutional investing.

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Talking Points

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The World Is Changing Faster Than Markets Can Process
Q: What role does governance and client relationships play in sustaining long-term alpha?
Governance structures and transparent client communications are crucial because they prevent misaligned incentives during drawdowns. A client-centric approach that keeps stakeholders informed helps preserve a long-term view and allows the sandbox to operate with integrity, enabling meaningful, patient capital to ride out volatility.
The World Is Changing Faster Than Markets Can Process
Q: How do you identify and partner with those 'small geniuses' in biotech or other niche spaces?
It's a relationship game built on reputation and trust. You need to see genuine talent in action, assess whether they can perform through bad times, and ensure they have the discipline to stick to a proven process. Networking, diligent reference checks, and a rigorous evaluation of whether the collaboration will endure tough periods are essential.
The World Is Changing Faster Than Markets Can Process
Q: So, what do you see as the core driver of alpha in today's market environment?
Alpha comes from finding where things are changing rapidly and where it's still possible to act with foresight—areas like biotech, AI, and other exponential-change themes—rather than chasing returns in static markets. It's about identifying small, specialized players with the potential to scale, and maintaining a playbook that lets you stay contrarian amid volatility.
Cheyne's Stuart Fiertz on Private Credit's Slow-Motion Stress Test
Q: Where do you see the biggest changes needed in Europe to deepen private markets?
Rationalization of non-bank lending formats, serialization/ securitization, harmonization of rules across countries, and a unified market structure to improve liquidity and reduce fragmentation.
Cheyne's Stuart Fiertz on Private Credit's Slow-Motion Stress Test
Q: How does your Evergreen Fund design address liquidity and investor choice?
By drawing down capital only as investments are identified and offering a realization class to return principal with interest, while allowing the option to roll into new investments, thereby avoiding forced liquidity crunches.

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Frequently Asked Questions About In Conversation

What is In Conversation about and what kind of topics does it cover?

The show centers on institutional investing, macro finance, and the evolving landscape of credit, public markets, and housing finance. Across episodes, the conversations often feature senior leaders and practitioners from major asset managers and financial firms, who share perspectives on how markets are shifting, the role of private versus public capital, and policy implications for long-horizon investing. Notable themes include how credit markets are evolving in Europe, the debate over active versus passive approaches in public markets, the interplay between housing finance and policy, and how large institutions are adapting to new technologies, regulatory environments, and shifting risk appetites. A standout aspect is the presence of hig... more

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Which podcasts are similar to In Conversation?

These podcasts share a similar audience with In Conversation:

1. Capital Allocators – Inside the Institutional Investment Industry
2. The Credit Edge by Bloomberg Intelligence
3. Odd Lots
4. Forward Guidance
5. The Macro Trading Floor

How many episodes of In Conversation are there?

In Conversation launched 3 years ago and published 22 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on In Conversation?

Recent guests on In Conversation include:

1. Stuart Fiertz
2. Luke Sarsfield
3. Nick Liolis
4. Hamza Lemssouguer
5. Gerard O'Reilly
6. Sean Dobson
7. Soraya Chabarek
8. Rick Rieder

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