Going Long

On this episode of Going Long, Sarah Williamson speaks with Ron O’Hanley, Chairman and CEO of State Street, about why “reglobalization” — not deglobalization — better describes today’s global economy.
 
Topics include:
 
•            [00:05:00] How today’s changes in global supply chains, capital flows, and policy shifts are reshaping long-term investing
•            [00:12:00] The evolving role of the U.S. dollar and the possibility of a more multipolar financial system
•            [00:19:30] How investors can navigate uncertainty through diversification, insurance, and long-term thinking

•            [00:27:00] Under-appreciated risks: sovereign debt, immigration declines, geopolitics, climate costs — and where opportunities may emerge

On this episode of the Going Long Podcast, Sarah Williamson speaks with Brian Moynihan, Chair and CEO of Bank of America, about leading a systemically important financial institution through crisis recovery, technological transformation, regulatory complexity, and long-term capital deployment. Moynihan reflects on rebuilding Bank of America after the financial crisis, defining “responsible growth,” and financing the energy transition amid shifting global economic dynamics. 

Topics Include: 
 
[00:00:41] Rebuilding Bank of America and balancing short-term survival with long-term objectives: Moynihan reflects on inheriting a bank reshaped by rapid acquisitions and crisis-era volatility, and the long-term work required to stabilize risk, restore trust, and rebuild a durable competitive advantage. 
 
[00:10:05] Scaling AI in a systemically important financial institution: How Bank of America approaches innovation — prioritizing customer usability, reliability, cybersecurity, and enterprise-wide scalability over experimentation or hype. 
 
[00:19:33] Responsible growth as a long-term operating model: What “responsible growth” means in practice — aligning risk discipline, customer trust, workforce investment, community engagement, and sustainable profitability. 
 
[00:23:35] Regulation, capital requirements, and the real economy: Moynihan examines the trade-offs between financial resilience and economic dynamism, arguing that overly restrictive capital rules can constrain lending and slow growth. 
 
[00:31:15] Financing the energy transition, energy security, and future growth: How long-term capital supports decarbonization, infrastructure investment, evolving energy systems, and the geopolitical implications of energy independence.

In this episode of the Going Long Podcast, Sarah Williamson speaks with Mark Konyn, Group Chief Investment Officer at AIA Group. Drawing on decades of experience across the region, Konyn explores Asia’s structural diversity, the role of long-term capital, China’s economic transition, and why technology adoption across Asia may reshape markets faster than many expect.

Topics Include: 


[00:00:00] Asia is not a single investment story

Konyn opens by challenging the idea of Asia as a homogeneous region, emphasizing the importance of understanding local legal systems, financial structures, demographics, and development paths.
[00:07:00] How long-term capital is mobilized in Asia

The role life insurers play in aggregating domestic savings, matching long-dated liabilities and assets, and supporting the development of capital markets and infrastructure.
[00:12:00] Hong Kong’s renewed role as a financial hub

What “Hong Kong is back” looks like on the ground, pointing to IPO activity, returning international engagement, and the city’s continued role as a conduit for capital.
[00:20:00] China’s structural transition and the confidence challenge

China’s property overhang, demographic shifts, and the way confidence, rather than capital availability, is shaping savings behavior and investment outcomes.
[00:46:00] Why technology adoption may surprise investors

Looking ahead, Konyn explains why Asia’s speed and willingness to adopt digital finance, automation, and AI could reshape markets over the next decade.

On this episode of the Going Long Podcast, Sarah Williamson speaks with Karl Kuchel, Chief Executive Officer of Macquarie Infrastructure Partners and Head of Infrastructure Americas at Macquarie Asset Management. Kuchel explains why infrastructure is in a sustained “supercycle,” driven by energy transition, digitalization, and shifting supply chains, and how AI and data center growth are colliding with power constraints. He also unpacks why infrastructure is fundamentally a stakeholder business, how Macquarie creates value by scaling platforms rather than simply owning mature assets, and what different types of investors should consider as they build and refine their infrastructure allocations for the next decade. 
 
Topics Include: 
 
[00:01:20] The Infrastructure Supercycle and Its Drivers: How structural themes like decarbonization and digitalization, combined with underinvestment and cyclical shifts such as deglobalization and reshoring, are creating broad, sustained demand for infrastructure capital across sectors. 

[00:05:20] Global Scale, Local Stakeholders: Why similar digital and energy trends are unfolding across the US, Europe, and Asia-Pacific, and how successful investing depends on pairing a global view with a deep local understanding of regulators, communities, employees, and other stakeholders. 

[00:11:45] AI, Data Centers, and Power as the New Constraint: How accelerating AI and data usage are driving unprecedented demand for data centers, why grid constraints and power availability now determine where capacity is built, and why rising costs have not dimmed investor appetite. 

[00:18:50] Creating Value Through Growth Platforms: What Macquarie’s Aligned Data Centers journey illustrates about entering thematics early, scaling from a handful of sites to a national platform, exiting to crystallize returns, and focusing on businesses where growth and building are more accretive than simply buying at mature multiples. 

[00:25:55] Matching Infrastructure to Investor Objectives: How “infrastructure” spans a spectrum from stable, income-oriented assets to growth- and development-heavy strategies, and why more mature allocators now think in terms of how each exposure complements their existing infrastructure portfolio. 

[00:31:37] The Next Decade: Thematics Endure, Discipline Differentiates: Why Kuchel expects today’s big themes – digital, data, power, and deglobalization – to remain in place over the next decade, and how the real test will be which investors paid sensible prices and executed well versus those who overpaid for strong stories.

On this episode of the Going Long Podcast, Sarah Williamson welcomes Mark Wiseman, co-founder of FCLTGlobal and currently a Senior Advisor and Chairman of Lazard Canada. Wiseman unpacks why long-term capital is still up against short-term limitations, how private markets and geopolitical risk are reshaping portfolios, and what today’s investors must understand to build durable value in an increasingly unstable world.
Topics Include: 
[00:01:00] Why FCLTGlobal Was Created Almost a Decade Ago: How the global financial crisis triggered recognition that short-term market behavior was structurally misaligned with long-term savers.
[00:02:30] The Core Mismatch Between Savers and Markets:
Why individuals save for decades while institutional capital and corporate decisions operate on quarterly timeframes, and how this gap drives short-termism.
[00:08:00] Private Markets: Long-Term Solution or New Risk?
How private equity and infrastructure enable longer-term decision-making — and how liquidity innovations are starting to make private markets behave more like public ones.
[00:21:00] Governance, Culture, and the Cost of Short-Term Thinking:
 The dangers of a “trading mentality” — and why long-term investing requires tolerance for underperformance.
[00:33:40] Geopolitics, AI, and the Next Era of Investment Risk:
 Why geopolitical risk has become central to long-term investing, and how AI and critical resource scarcity could reshape value creation over the next two decades.