Masters of Risk

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:
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Masters of Risk | Season 4 Episode 5 Video: Beyond Diversification
Credits:
Host: Stewart Webster
Guest: Lionel Jolie, Partner, Credit, F. Lehman & Company
LinkedIn
Editor: Carl Schmidt
Producer: Caitlin Bray
Published with Assistance From: Sophie Carr and Feranmi Adeoshun

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

In this episode of Masters of Risk, host Stewart Webster sits down with Kareem Saleh, Founder and CEO of FairPlay AI, to unpack one of the most critical and underexamined risks in modern finance: algorithmic bias. As artificial intelligence becomes central to everything from lending decisions to fraud detection, Kareem explains why the promise of "objective" algorithms often falls short—and how hidden biases can quietly shape outcomes at scale.
Drawing on his experience across global credit markets, Kareem reveals how unfairness enters AI systems—from flawed data to model design to real-world deployment—and why organizations that fail to address it are exposing themselves to financial, regulatory, and reputational risk.
Together, Stewart and Kareem explore the misconception that fairness comes at the expense of performance, showing instead how more equitable models can unlock growth, improve accuracy, and expand access to capital. They also dive into the future of work in the age of AI, the need for modern governance infrastructure, and why fairness is quickly becoming a defining competitive advantage.
A compelling listen for executives navigating AI adoption, risk leaders rethinking model governance, and anyone seeking to build more responsible—and more profitable—AI systems.
Credits:
Host: Stewart Webster
Guest: Kareem Saleh, Founder and CEO of FairPlay AI
Editor: Neri Reyes
Producer: Caitlin Bray
Published With Assistance From: Sophie Carr, Feranmi Adeoshun, Patrick Moroney, Barb Dalumpines, Cassandra Rowe

In this episode of Masters of Risk, host Stewart Webster sits down with Chrystina Howard, ERM leader for the Complex Risk Practice at HUB International, to explore how enterprise risk management is transforming in an era defined by volatility, interdependence, and systemic shocks. Chrystina brings decades of experience at the intersection of insurance, strategy, and complex risk, helping organizations navigate everything from geopolitical tensions and climate extremes to cyber escalation and workforce instability.
Together, Stewart and Chrystina examine why ERM can no longer be treated as a compliance exercise and how leading organizations are using it as a strategic capability, one that unifies risk awareness, drives resilience, and strengthens competitive advantage. Their conversation spans the full risk horizon: alternative risk financing, the resurgence of parametric insurance, global regulatory pressures, the fragility of traditional insurance markets, and the critical role of culture in building risk‑mature organizations.
Chrystina also shares a candid look at the risks keeping leaders up at night, from escalating cyber threats to declining employee wellness, and explains why the organizations positioned to thrive aren't the ones predicting every disruption, but the ones preparing to adapt to any disruption.
A must-listen for executives seeking to modernize their approach to risk and unlock the full potential of ERM in a world where crises rarely occur alone.
Credits:
Host: Stewart Webster
Guest: Chrystina Howard
Editor: Feranmi Adeoshun
Producer: Caitlin Bray
Published With Assistance From: Sophie Carr

In this episode of Masters of Risk, host Stewart Webster sits down with Ali Hassan, investor, entrepreneur, and founder of Perceptive Capital, to dissect the accelerating institutional movement into digital assets. Ali reflects on the early misconceptions surrounding Bitcoin and crypto and shares how risk frameworks have evolved as the market matures, infrastructure hardens, and regulatory uncertainty fades.
Their discussion spans the full risk universe: exchange fragility, leverage, custody, smart‑contract vulnerabilities, the role of Decentralized Finance (DeFi) in global financial inclusion, and the growing belief that Bitcoin represents one of the most asymmetric return opportunities of our time.
Stewart and Ali also look ahead to 2045, exploring which digital assets will survive, which will vanish, and what a world built on programmable money might mean for investors. A compelling roadmap for anyone seeking clarity in a rapidly shifting financial ecosystem.
 Credits:
Host: Stewart Webster
Guest: Ali Hassan  
Editor: Feranmi Adeoshun
Published With Assistance From: Sophie Carr and Caitlin Bray