Zephyr's Adjusted for Risk

Why Beating the Market Is Hard and How Advisors Add Value

Tue, 26 May 2026 08:00:00 -0700

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 smaller investors, including why he shifted to using the S&P 500 as a portfolio backbone after underperforming in 2013–2014. He explains Cyber Hornet’s 75/25 approach—75% S&P 500 with a 25% crypto “kicker” (Bitcoin, Ethereum, Solana, or XRP) rebalanced monthly—to buffer volatility while gaining crypto exposure, and discusses crypto “winter,” technical patterns, scarcity fundamentals, regulatory clarity, and the still-low adoption of crypto by financial advisors.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Cyber Hornet ETFs here.

00:00 Podcast Kickoff

01:30 Meet Mike Willis

02:26 Advisor Value Beyond Alpha

03:55 Why Build a Fund Platform

05:33 From Active to Index Core

06:33 Adding a Crypto Kicker

08:51 The Index Ticker Story

14:09 Why Crypto Beats Options

15:26 Bitcoin Adoption Waves

18:38 Crypto Winter Explained

24:08 What Ends the Downturn

27:23 Advisor Adoption Outlook

29:32 Wrap Up and Resources

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Why 2026 Is A "Prove It" Year for Many AI Stocks

Fri, 22 May 2026 08:00:00 -0700

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 investors look under the hood for real results. They cover how Zacks applies its Zacks Indicator model across products, why active management can add value in small/mid caps and international equities, and how geopolitical uncertainty and interest-rate expectations can affect market breadth and international performance. Esposito also shares updates on Zacks’ growing ETF lineup, including international exposure.

Zephyr can help financial advisors locate the best ETF strategies for their clients. Learn more here.

Learn more about Zacks Investment Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Conference

01:37 Meet Sal Esposito

02:04 Zacks ETF Growth Story

03:05 AI Hype vs Fundamentals

04:30 Prove It Year for AI

08:05 Earnings Driven Process

10:42 International ETF Expansion

12:21 Small Mid Cap Active Edge

16:08 International Outlook 2026

19:37 Active Defense in Downturns

20:30 Where to Learn More

20:46 Closing and Subscribe

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Rethinking Bonds: Bonds Carry More Risk Than Stocks in Next 2 - 3 Years

Wed, 20 May 2026 08:00:00 -0700

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 high-yield spreads that don’t signal major distress. Byzyka explains how Credent defines risk primarily as drawdowns rather than benchmark-relative volatility, aiming for positive risk-adjusted returns over three-year cycles including tax and accounting alpha. He highlights key current risks: difficulty monetizing AI-related capex and lofty forward earnings expectations in mega-cap AI names, which may pressure market-cap-weighted indices and favor equal weight. They cover valuation implications for five-year returns, question fixed income’s stabilizing role, and describe using structured notes and selective constituent selection to mitigate downside while maintaining upside participation, concluding that active management and partial illiquidity may become more important in portfolio construction.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Credent Wealth Management here.

00:00 Welcome to the Podcast

01:13 Meet Edison Byzyka

01:32 Credent Wealth Overview

03:51 Big Ten Sports Banter

06:03 Macro Uncertainty Check

10:40 Markets vs the Headlines

11:46 Defining Investment Risk

16:05 Biggest Risks Right Now

19:08 AI Capex and ROI Questions

20:20 AI Risks And Rotation

21:14 Advisor Focus And Flows

23:21 Mitigating With Selection

25:12 Structured Notes Surge

29:21 Valuations And Equal Weight

32:21 Rethinking Fixed Income

35:36 Bond Alternatives With Notes

37:37 Portfolio Construction Outlook

39:24 Closing And Resources

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Where to Find Portfolio Stability During Market Uncertainty?

Mon, 18 May 2026 08:00:00 -0700

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 near cost of production with historically limited downside at breakeven levels (corn around $4, trading near $4.40). He outlines the “golden grain cycle” (breakeven, disruption-driven spike, then replanting and normalization), notes steady long-term global demand, and describes grains’ diversification benefits, citing an agricultural index that outperformed the S&P 500 during multiple drawdowns. He also explains sugar’s volatility via Brazil’s ethanol-versus-sugar production economics and shares how advisors can research Teucrium resources to gain exposure via ETFs.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Teucrium here.

00:00 Welcome and Sponsor

01:04 Meet Sal Gilbertie

01:39 Teucrium and Grain ETFs

03:03 Macro Forces on Grains

04:05 Fertilizer and Crop Rotation

05:58 Supply Levels and Breakevens

08:47 Portfolio Benefits of Grains

11:51 Golden Grain Cycle Explained

14:35 Wheat Sugar and Global Producers

15:54 Fertilizer Inflation and 2027

18:28 Timing Grain Allocations

19:45 Corn Supply Pile

21:20 Seasonal Price Patterns

22:02 Portfolio Diversifier Case

24:28 Why Grains Get Ignored

27:50 Advisor Allocation Tactics

29:36 Sugar Ethanol Link

33:28 How To Get Exposure

35:28 Closing Thanks

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Rethinking Risk: Why Smart Asset Allocation in Emerging Markets Matters

Wed, 13 May 2026 08:00:00 -0700

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 risk-off sentiment tied to the Iran conflict and a move back into the U.S. dollar. He outlines longer-term reasons to be constructive on emerging markets, including central bank diversification away from the dollar since Russia’s invasion of Ukraine, comparatively stronger fiscal positions, and more attractive valuations. They discuss why U.S. investors remain underweight EM, common misconceptions, China’s large index weight, and using ETFs—including ex-China, country, smart beta, and active ETFs—to be more selective, highlighting India-focused approaches.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about VanEck here.

00:00 Welcome and Disclosures

00:38 On Location at Exchange

00:55 Why Emerging Markets Now

01:21 Sponsor and Guest Intro

02:24 Ed Lopez and VanEck

03:37 Macro Risks and EM Outlook

07:19 Why Investors Underweight EM

09:04 Beyond Diversification Returns

10:17 China Weight and EM Options

12:40 Active ETFs and Smart Beta

14:01 EM Misconceptions Explained

15:32 Best Ways to Get EM Exposure

16:36 Where to Learn More Wrap Up

17:21 Final Thanks and Subscribe

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Should Commodities Be a Core Holding in an Asset Allocation?

Mon, 11 May 2026 08:00:00 -0700

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 other constrained inputs (fertilizer, aluminum, helium, copper) can provide diversification—including periods of negative correlation to the S&P 500—and why many portfolios lack exposure given low energy/materials weights. Paul argues secular forces like AI-driven data center buildouts, electrification, and rising electricity demand create long-term support for commodities and related equities, and outlines implementation approaches spanning commodity baskets, dynamic strategies, and thematic allocations across energy, materials, utilities, renewables, and nuclear.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about SS&C ALPS Advisors here.

00:00 Welcome to the Podcast

01:06 Meet Paul Baiocchi

02:20 Alps Advisors and ETFs

05:33 Iran Conflict Lessons

09:59 Why Commodities Get Ignored

16:52 AI Electrification Demand

22:02 Commodities Supercycle Case

24:26 Portfolio Allocation Framework

28:38 Smarter Commodity Exposure

33:29 Implementation and Products

35:56 Wrap Up and Resources

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Unlocking the Secrets to Profitable Farmland Investment Strategies

Fri, 08 May 2026 08:00:00 -0700

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 linkage, land scarcity, active management potential, and a flight to quality driven by water security—highlighting California’s Sustainable Groundwater Management Act and resulting value bifurcation. They break down farmland returns into income (lease or operating) and appreciation, distinguish permanent crops (e.g., almonds, pistachios, citrus, wine grapes) from row crops (e.g., corn, wheat, soy), and discuss ways to invest via direct ownership/funds, public vehicles, and credit. Chan addresses misconceptions, benchmarks (NCREIF Farmland Index), liquidity and complexity, current bear markets in permanent crops tied to pandemic-era oversupply, and geopolitical impacts such as fertilizer pricing and potential E15 ethanol policy boosting corn demand.

Learn more about Zephyr here.

Learn more about Homestead Capital here.

00:00 Welcome and Setup

01:13 Meet Homestead Capital

02:55 Personal Farming Roots

04:39 Farmland Themes Today

10:40 How Farmland Returns Work

12:43 Permanent vs Row Crops

15:31 Ways to Invest in Farmland

17:26 Finding Deals Now

19:40 Why Permanent Crops Slump

23:58 Common Farmland Myths

27:31 Risk and Benchmarks

30:32 Liquidity and Complexity

32:51 Geopolitics and Fertilizer

37:06 Wrap Up and Contact Info

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What Impact Will New Fed Chair Warsh Have on Policy?

Thu, 07 May 2026 08:00:00 -0700

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.

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Mastering Confidence in a Male-Dominated Industry

Wed, 06 May 2026 08:00:00 -0700

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, leadership, speaking opportunities, and broader representation in media and conference panels. They discuss progress in women reaching executive roles, the importance of intentional hiring and promotion, and how confidence, early education, visible role models, and sponsors can help women enter and advance in a male-dominated field.

Learn more about Zephyr here.

Learn more about Women in ETFs (WE) here.

00:00 Podcast Welcome

00:53 Live From Exchange

01:37 Meet Kara Pagliuca

03:12 Women In ETFs Mission

04:18 A Personal Discrimination Story

05:36 Why ETFs Focus

07:21 Progress For Women Leaders

09:17 Building Confidence Early

12:23 Wealth Transfer And Advisors

14:04 What Drives Change

15:09 More Work To Do

17:01 Advice For Career Growth

20:40 Closing And Resources

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Tokenization & ETFs: The End of Traditional Market Barriers?

Mon, 04 May 2026 08:00:00 -0700

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 consolidation into larger funds like iShares’ IBIT amid a Bitcoin pullback, and differences versus Ether products. She also discusses the rapid growth of options-based ETFs, defined outcome/buffer ETFs, and a return to thematic investing such as AI infrastructure, space, and defense, including rising interest around SpaceX exposure. The conversation covers challenges of putting private markets/private credit into ETFs due to liquidity and transparency constraints, and clarifies tokenization as moving real-world assets onto blockchain rails, including a filing to tokenize the TBIL ETF.

Zephyr can help financial advisors locate the best Crypto ETF strategies for their clients. Learn more here.

Learn more about TMX VettaFi here.

00:00 Welcome and Setup

01:10 Meet Roxanna Islam

03:26 ETF Trends Overview

04:37 Crypto and Bitcoin ETFs

06:01 Options and Buffer ETFs

06:40 Thematic ETFs AI and Space

08:40 SpaceX Exposure via ETFs

11:02 Private Markets in ETFs

15:34 Bitcoin Pullback and Flows

21:45 Overcrowded Crypto Products

25:37 Tokenization Explained

28:40 What Advisors Should Do

30:18 Wrap Up and Resources

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Why do Humans Struggle at Picking Stocks?

Mon, 27 Apr 2026 08:00:00 -0700

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. He describes his background in equities trading, stochastic asset modeling, and machine learning, and why humans struggle with stock picking due to noisy markets, insufficient data for reliable learning, and benchmark effects driven by market-cap concentration. They discuss AI’s role in increasing market efficiency, removing the analysis bottleneck by condensing vast data into forecasts and explainable research, and how advisors can use robust, statistically tested AI signals and indices, including products built with S&P Global.

Learn more about Zephyr here.

Learn more about 3AI here.

00:00 Welcome to the Podcast

01:18 Meet Jacob Ayres-Thomson

02:00 What 3AI Does

05:55 Why Stock Picking Is Hard

08:24 Learning From Noisy Markets

11:28 Speculation and Market Cycles

14:28 Stocks as a Never Ending Game

15:25 How AI Changes Investing

17:38 Alpha Intelligence in Practice

20:01 AI as the Analysis Engine

21:14 Wrapping Up the AI Thesis

22:03 AI Is Not One Thing

23:39 Markets Get More Efficient

25:44 Where Alpha Still Exists

26:52 Humans Plus AI Together

29:16 Alpha Intelligence Scoring

29:59 Stock Specific Factor Weights

33:47 Causality Versus Correlation

37:30 Moneyball Investing Analogy

39:26 Advisors Using AI Tools

41:25 Due Diligence On Forecasts

42:36 Where To Learn More

44:34 Podcast Wrap Up

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Investment Strategies for Balancing Risk and Return in an Unpredictable Market

Fri, 24 Apr 2026 08:00:00 -0700

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 emphasizes drawdown as a practical risk measure compared with volatility alone. He describes how investors often underestimate their drawdown exposure and how income generation can help investors avoid selling during downturns. Nicholas outlines XFUNDS’ approach using option overlays such as put spread selling and iron condors to harvest volatility and generate income without fully capping upside, and discusses implementation, including equity and fixed-income sleeves, potential allocations, and where to learn more at nicholasx.com.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about XFUNDS here.

00:00 Show Welcome

00:36 Live From Vegas

01:33 Meet David Nicholas

02:28 Why Launch ETFs

03:55 Beyond Growth Focus

06:21 Drawdown Risk Matters

07:59 Measuring Risk Tolerance

09:32 Income As Hedge

10:04 Options Strategy Basics

11:54 Explaining To Advisors

13:15 Portfolio Fit And Allocation

16:41 Where To Learn More

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Is This the Future of Risk Management in ETFs? Understanding Autocallable Innovation

Wed, 22 Apr 2026 08:00:00 -0700

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 on autocallable strategies—popular in structured notes—designed to deliver attractive yield alongside defined downside protection, and why they resonate when markets are near all-time highs and investors prioritize capital preservation. Rhind highlights liquidity as a key advantage of the ETF structure versus traditional structured notes and discusses how advisors may use auto-callable ETFs as complements to fixed income, equity income, or alternatives.

Learn more about Zephyr here.

Learn more about GraniteShares here.

00:00 Podcast Welcome Disclaimer

01:10 ETFs Innovation Autocallables

02:09 Meet Will Rhind GraniteShares

04:09 Keeping Up With Trends

05:59 Derivative Rule 18f-4

08:04 Autocallable Basics

09:55 Why Now Downside Focus

12:20 Liquidity ETF Wrapper Edge

14:52 Advisor Allocation Playbook

16:56 Wrap Up Where To Learn More

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How to Use Options to Generate Income and Protect Your Downside

Mon, 20 Apr 2026 08:00:00 -0700

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. They cover the macro backdrop (inflation, labor trends, and a potential new Fed chair), why cash flow matters for many investors, how options overlays tend to perform in different markets, and key advisor considerations and misconceptions around single-stock products, including concentration risk, taxes, and the tradeoff between distributions and price appreciation. Khouw directs listeners to yieldmaxetfs.com for fund details and holdings transparency.

00:00 Welcome and Topic

01:18 Meet Mike Khouw

02:38 YieldMax Strategy Overview

05:26 Cash Flow vs Growth

12:50 Why Options Overlays

16:05 Options ETF Boom Explained

22:42 When Overlays Work Best

30:43 Advisor Due Diligence

33:44 Concentration and Tax Angles

37:19 Portfolio Fit and Examples

43:00 Where to Learn More

43:38 Final Thanks and Subscribe

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Building Wealth through Knowledge: Alexis Rosenblum Discusses Community Initiatives

Thu, 16 Apr 2026 08:00:00 -0700

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 Council, a 10-month fellowship that equips nonprofit leaders with financial education and pairs them with pro bono financial advisor mentors in a train-the-trainer model to address community-specific needs and build trust in financial services. Rosenblum shares research findings on barriers to wealth—limited resources, networks/trust, and knowledge plus the emotional stigma around money—and notes partnerships with The Practice Space and the Foundation for Financial Planning, including ways advisors can volunteer via FFP resources.

Learn more about Zephyr here.

Learn more about Capital Group here.

00:00 Podcast Kickoff

01:17 Meet Alexis Rosenblum

01:51 Capital Group Mission

04:42 Defining Community Access

05:25 Philanthropy Capital Cares

09:27 Community Wealth Council

13:32 Research Shaping Program

16:38 Trust and Wealth Barriers

22:16 Training and Partners

24:20 Nonprofits and Tailoring

26:55 Advisor Role and Joining

33:10 Mentorship Details

35:08 Movement and Wrap Up

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Staying Consistent in Volatile Markets: Insights from Baron Capital

Mon, 13 Apr 2026 08:00:00 -0700

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, and valuations based on future earnings rather than near-term results. He describes how Baron Capital aims for consistency through market cycles by holding diversified types of growth companies. Baron outlines the rationale for launching five ETFs in December to complement their mutual fund lineup, citing investor demand for different vehicles and ETF benefits such as tax efficiency, tradability, and transparency, while keeping strategies core to the firm. He also notes mutual fund trading improvements and plans for additional ETFs.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Baron Capital here.

00:00 Show Intro and Disclosures

00:37 Live From ETF Exchange

01:45 Baron Capital Philosophy

05:25 Growing Up Investing

10:34 Consistency Through Cycles

15:21 Why Launch ETFs Now

17:30 Inside the Five ETFs

20:52 Mutual Funds Learnings

23:12 Where to Learn More

24:23 Closing and Subscribe

Connect with Ryan Nauman: LinkedIn

A Conversation with Shannon Rosic: Trends Shaping Wealth Management

Fri, 10 Apr 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and welcomes Shannon Rosic, Director of WealthStack Content and Solutions at Informa Connect and host of the WealthStack podcast, to discuss how advisors can get the most out of industry conferences, including Wealth Management Edge (June 9–11 in Boca Raton). Rosic explains WealthStack’s role in helping advisors cut through the growing WealthTech landscape and emphasizes the importance of advisor experience with technology. They explore how conferences have evolved from information delivery to community, hands-on learning, and serendipitous connections, and Rosic shares strategies to maximize ROI by planning ahead, prioritizing meaningful conversations, and following up afterward. Rosic also highlights key wealth management trends including AI implementation, advisor efficiency, personalization at scale, and increased niche specialization among advisors.

Learn more about Zephyr here.

Learn more about Wealth Management Edge here.

Learn more about Wealth Management here.

00:00 Welcome and Sponsor

01:19 Meet Shannon Rosic

03:55 Wealth Tech Noise and Advisor Experience

06:16 Memorable Interviews and Gadget Girl

09:43 How Conferences Have Evolved

14:18 Why Attend in Volatile Markets 18:03 Wealth Management Edge Highlights

22:19 Conference ROI Plan and Follow Up

23:29 Top Trends AI Efficiency Personalization

27:09 CTO Think Tanks and AI Reality

29:49 Wrap Up and Where to Find More

Connect with Ryan Nauman: LinkedIn

A Deep Dive into Fixed Income with DoubleLine's Jeffrey Sherman

Thu, 09 Apr 2026 08:00:00 -0700

Live from Las Vegas, host Ryan Nauman welcomes DoubleLine Deputy CIO Jeffrey Sherman to discuss the macro backdrop and portfolio implications. Sherman outlines DoubleLine’s fixed-income focus and multi-wrapper approach across mutual funds, ETFs, and separate accounts. They cover the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment, and the challenge of financing large U.S. deficits and Treasury rollover needs. Sherman explains why 10-year yields rose during the war amid a repricing of inflation risk, why the Fed’s threshold for cuts has increased, and why he prefers the front end and belly of the curve over long bonds. They discuss tight credit spreads, risks emerging in loans/private credit, agency MBS opportunities and Fannie/Freddie uncertainty, the attractiveness of emerging markets as a way to bet against the dollar, and the role of gold in diversified portfolios.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about DoubleLine here.

00:40 Walkup Music Banter

01:00 Live From ETF Exchange

01:23 Meet Jeffrey Sherman

01:41 Tahoe Small Talk

03:05 DoubleLine Overview

05:35 Macro Crosscurrents Fed

07:34 New Fed Chair Risks

10:52 Fed Independence Debt

13:21 Why Yields Rose

18:12 Credit Spreads Check

22:14 What Widens Spreads

23:15 Oil and Credit Spreads

24:47 Duration Strategy Today

27:28 Curve Positioning Playbook

28:35 Agency MBS Opportunity

30:51 Fannie Freddie Overhang

35:47 EM Debt as Dollar Hedge

38:32 Advisor Portfolio Takeaways

40:59 Gold and Dollar Outlook

41:44 Tahoe Banter and Wrap

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Independent vs. Consolidators: Defining Wealth Management's Future

Wed, 08 Apr 2026 08:00:00 -0700

In this episode of Zephyr’s Adjusted for Risk, Ryan Nauman speaks with Pete McGratty, Executive Director of RIA Development at Verdence, about the evolution of wealth management and the shifting landscape of the independent channel. Pete outlines three phases of change, from early broker-driven models to the breakaway movement and today’s emerging split between traditional independent RIAs and large PE-backed consolidators. They discuss how scale is expanding service menus (technology, planning, tax, private investments) while differing values can recreate “wirehouse” behaviors inside independence. Pete frames a “four-legged stool” for evaluating firms—fiduciary alignment, proactive client relationships, planning, and investments—and explains how smaller firms can compete by leveraging community resources, succession solutions, and shared capabilities. The conversation also dives into private markets, especially private credit, emphasizing client fit, education, due diligence, and the risks of interval fund liquidity mismatches.

Learn more about Zephyr here.

Learn more about Verdence here.

00:00 Welcome and Sponsor

01:02 Meet Pete McGratty

03:07 Wealth Management Evolution

05:55 Third Wave of Independence

10:42 Consolidators vs RIAs

16:35 Ecosystem Choosing Sides

19:47 How Small RIAs Compete

23:17 Private Markets Opportunity

27:46 Interval Funds and Risks

33:23 Due Diligence Solutions

38:39 Wrap Up and Resources

Connect with Ryan Nauman: LinkedIn

Aapryl and Zephyr: Elevating Investment Decisions with Data-Driven Insights

Mon, 06 Apr 2026 08:00:00 -0700

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 describe Aapryl’s peer-relative methodology, including style-adjusted “passive portfolio” clones that separate exposure from skill and break skill into stock selection, timing, and consistency. The episode highlights Aapryl metrics such as the Aapryl Score (rank 1–5) and expected alpha, supported by ongoing quarterly testing and machine learning to form a forward-looking view. They also cover the Zephyr–Aapryl partnership embedding Aapryl analytics in the Zephyr dashboard, including coverage of SMA managers via Zephyr’s PSN database, to improve diligence, communication, transparency, and decision accountability.

Learn more about Zephyr and investment risk management here.

Learn more about Aapryl here.

00:00 Welcome to the Podcast

01:15 Meet Bill and Cesar

03:46 Why Skill Beats Performance

07:30 Advisor and Allocator Impact

09:31 Aapryl Score and Expected Alpha

11:51 Peer Groups and Return Based Analysis

15:09 Zephyr Aapryl Partnership

20:26 Who Benefits and SMA Coverage

24:48 Transparency and Evidence Based Testing

27:57 Wrap Up and Where to Learn More

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Deciphering Risk in Private Credit Markets

Fri, 03 Apr 2026 08:00:00 -0700

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-stage credit-cycle behavior as spreads tighten and managers reach for yield. He argues concerns are warranted but not comparable to 2008, noting private credit has already repriced with discounts to book value widening north of 20% while high yield spreads remain relatively tight. The conversation highlights liquidity and structure mismatches for retail investors, manager dispersion, and why private credit can offer floating-rate exposure and higher returns—alongside hidden volatility and drawdown risk. Getter also discusses liquid alternatives such as managed futures, currency strategies, and hedged high yield, emphasizing that advisors should look beyond labels, understand true exposures, and ensure investors are compensated for the risks taken.

Learn how Zephyr can help financial advisors create modern diversified portfolios here.

Learn more about Simplify Asset Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Exchange

01:35 Meet Christopher Getter

01:57 Simplify and Alt ETFs

03:05 Why Private Credit Scrutiny

05:09 Spreads and Pain Priced In

08:05 Systemic Risk or Not

08:50 Not Another 2008

09:48 Late Cycle Credit Behavior

10:30 Retail Fit and Liquidity

12:48 Private vs Public Credit

14:56 Liquid Alternative Options

17:25 High Yield With Hedge

18:19 Advisor Due Diligence

19:33 Wrap Up and Where to Learn More

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A New Era of Annuities: Insights from David Lau of DPL Financial Partner

Tue, 31 Mar 2026 08:00:00 -0700

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 how DPL works with carriers and technology to bring over 100 commission-free products to fee-based and fee-only advisors. They cover key use cases including lifetime income, downside protection to manage sequence risk, and tax deferral for high earners, plus replacing older, higher-cost annuities. Lau also describes how commission-free annuities can help advisors differentiate with prospects, increase recurring fee revenue, improve firm valuation, and support independence by bringing annuity assets under management without maintaining a broker-dealer affiliation.

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Learn more about DPL Financial Partners here.

00:00 Welcome and Setup

01:33 Meet David Lau

04:32 Why Annuities Polarize

06:44 Commission Free Evolution

11:36 Retirement Income Benefits

14:16 Income Riders Explained

17:29 Suitability and Liquidity

20:18 Simple Products Not Sold

21:50 Advisor Use Cases

23:54 Practice Growth and Value

26:36 Independence Transition Hurdles

30:25 Planning Your Move

32:25 Wrap Up and Resources

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Investment Insights: Thomas Martin on Markets and Risk

Mon, 30 Mar 2026 08:00:00 -0700

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 inflation, with possible recession implications if elevated prices persist. He explains Globalt’s approach as balanced and benchmark-aware, currently modestly overweight the U.S., underweight international equities, and holding Treasuries over credit due to insufficient compensation for credit risk, while managing duration near the market. He discusses using gold and silver as uncertainty hedges, trimming after spikes, the challenges of high index concentration, the sustainability of tech-led leadership, valuation pressures from AI disruption risk, and why P/E ratios remain a useful shorthand despite limitations.

Zephyr helps Investment professionals shift through the noise. Learn more here.

Learn more about Globalt Investments here.

00:00 Welcome to the Podcast

01:03 Meet Tom Martin

03:02 Biggest Macro Risk Oil

07:49 Portfolio Positioning Today

11:26 Why Underweight International

14:12 Balancing Risk and Upside

17:10 Market Broadening Beyond Tech

20:16 Valuations and PE Debate

24:54 Beating a Concentrated Index

28:50 AI Hype vs Real Winners

31:07 Wrap Up and Where to Learn More

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Building Capacity for Sustainable Growth

Tue, 24 Mar 2026 08:00:00 -0700

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 benchmarks often miss differences in service models, and highlights the importance of the support ratio and investing in advisors rather than excessive support staffing. She argues firms can improve capacity by focusing first on client experience, then organizational and operational structure, and by clarifying a core service to avoid diluted offerings. They also discuss AI’s role in transforming support work and improving response and information quality.

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Learn more about Herbers & Company here: https://www.herbersandcompany.com/

00:00 Welcome and Guest Intro

01:30 Angie Herbers Background

03:16 Growth Engines and Capacity

05:48 Why M&A Took Off

07:48 Defining Capacity Simply

10:26 Key Capacity Ratios

14:29 Support Ratio Strategy

19:30 Productivity vs Capacity

22:49 Why Capacity Gets Ignored

29:27 Boosting Capacity via Client Experience

35:20 Avoiding Service Dilution

42:43 AI and the Future of Capacity

46:10 Where to Learn More and Wrap Up

Connect with Ryan Nauman:

LinkedIn: https://www.linkedin.com/in/ryannauman1/

X: https://twitter.com/LkTahoeBadger