Podcast production and sound engineering by Troutman Street Audio. You can find them on LinkedIn and at troutmanstreetaudio.com

Olivia Albrecht (ex-PIMCO) and Jonathan Treussard (Finance PhD) discuss ESG investing and its impact on the financial industry. They address common misconceptions about ESG investing and the challenges of evaluating companies' ESG performance. They also explore the role of institutional investors in influencing companies' behavior and practices. The conversation touches on the intersection of AI and sustainability, highlighting the increasing power consumption of data centers and the need for balance in addressing environmental concerns. Overall, the discussion provides insights into the complexities and opportunities of sustainable finance. Olivia and Jonathan discuss the need for cheaper and more effective energy sources, the challenges of implementing sustainable technologies, and the importance of grid efficiency. They also share advice for individuals looking to help the planet and discuss the benefits and challenges of starting a business.

Takeaways

• ESG investing is not a monolithic strategy, and there are different approaches and factors to consider when evaluating companies' ESG performance.
• Institutional investors have the potential to influence companies' behavior and practices through engagement and divestment strategies.
• The intersection of AI and sustainability presents challenges in terms of increasing power consumption, but also opportunities for innovation and solutions.
• There is a need for a balanced approach to address environmental concerns while harnessing the potential of AI and data centers. The need for cheaper and more effective energy sources is crucial for addressing the climate crisis.
• State regulations and grid inefficiencies can hinder the adoption of sustainable technologies.
• Reducing consumption and focusing on good governance are important steps individuals can take to help the planet.

Links

https://www.treussard.com/about

Books/Movies Mentioned

How to Avoid a Climate Disaster by Bill Gates

Speed and Scale by John Doerr

Footloose

Podcast production and sound engineering by Troutman Street Audio. You can find them on LinkedIn and at https://www.troutmanstreetaudio.com

In this episode, Tobias Mark Jensen, head of legal at the Nordic Blockchain Association and blog author of The Futuristic Lawyer, discusses his journey in the legal field and his fascination with AI. He shares insights on the impact of AI on the job market and the ethical questions surrounding its use. Tobias also talks about his role at the Nordic Blockchain Association and his plans for the future. The conversation covers topics such as Copenhagen as a foodie destination, the power of now, the book Homo Sapiens, and the potential of AI for good.

Takeaways

• AI has the potential to disrupt the job market, and lawyers should experiment with AI tools while being cautious of their limitations.
• Humans using AI ("centaurs") used to win chess matches. Now, humans just make AI worse.
• The intersection of technology and law is an exciting space to explore, and understanding the ethical implications of AI is crucial.
• Copenhagen has become an epicenter for gourmet dining with world-renowned restaurants like Noma and Geranium.

Links/References

https://futuristiclawyer.com

https://www.nordicblockchain.com/

https://www.smk.dk/en/

Daniel Schmachtenberger at https://civilizationemerging.com/

https://noma.dk/

https://www.geranium.dk/en/

https://openai.com/blog

Books/Movies

The Power of Now by Eckhart Tolle

Homo Sapiens by Yuval Noah Harari

The Shining (1980)

Coypright (c) 2024 All Rights Reserved, Owl Peak Management, LLC.

This episode was produced and engineered by Troutman Street Audio. You can find them on LinkedIn.

Takeaways

• A career in human resources provides opportunities to work with people and be creative.
• Artificial intelligence has the potential to significantly impact society and the global economy.
• Global cooperation and ethical considerations are crucial in the development and regulation of AI.
• Using AI for good can lead to innovation and positive societal outcomes.

Resources

https://artexpo.ai/

https://www.aicrisk.com/

https://globalethics.ai/

https://www.linkedin.com/in/acomomcilovic/?originalSubdomain=hr

Crouching Tiger, Hidden Dragon

Kurzweil, Ray. The Singularity.

Takeaways

• Data analytics can be a powerful tool for identifying and managing environmental risks.
• Benchmarking against peers is an effective way for companies to assess their environmental performance.
• The EPA's enforcement priorities for 2024 include climate change and PFAS.
• Building a culture of transparency and providing a relief valve for employees to speak up is crucial for effective environmental management.

Links/References

Doug Parker, CEO, Ecolumix

Doug is the Co-Founder and CEO of Ecolumix, an ESG data intelligence and advisory company that measures corporate environmental, health, and safety (EHS) performance. At Ecolumix, Doug leads the team in the development and deployment facility-level EHS data insights for clients related to benchmarking, supply chain evaluation, and due diligence. The Ecolumix team also works with corporate clients and law firms to advise them on EHS compliance and ESG strategy. 

Doug formerly served as the Director of the EPA's Criminal Investigation Division overseeing a nationwide team of criminal investigators and matters related to the Deepwater Horizon disaster, the Volkswagen emissions cheating scandal, and the agency’s analytics-driven criminal enforcement initiatives. He has also advised dozens of companies on complex enforcement matters and served as an independent compliance monitor. He received his B.A. from Colby College and M.A. in Public Policy from Georgetown University. 

https://ecolumix.com/

https://ecolumix.com/linking-environmental-compliance-and-esg-understanding-the-necis/

https://ecolumix.com/doug-parker-ecolumix-co-founder-ceonamed-to-2022-environmentenergy-leader-50-honoree-list/

https://www.epa.gov/newsreleases/epa-announces-federal-enforcement-priorities-protect-communities-pollution#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Environmental,from%20cancer%2Dcausing%20coal%20ash.

Books, Movies

Coll, Steve Ghost Wars (2004)

This is Spinal Tap (1984)

Note

Please note that Alec Crawford has a financial interest in Ecolumix and sits on their advisory board.

Key Takeaways

Large language models (LLMs) have the potential to amplify existing societal problems and biases, making it crucial to address issues of fairness and equity in their development and deployment.

Training data for LLMs often contains biases and undesirable content, which can lead to inaccurate or biased outputs. Careful data curation and fine-tuning techniques are necessary to mitigate these risks.

The ethical use of AI requires ongoing monitoring, risk management, and a deep understanding of the impact on individuals and society. It is important to involve diverse stakeholders and subject matter experts in the development and regulation of AI systems.

Building a data team with diverse skill sets (rather than titles), including expertise in statistics, machine learning, engineering, linguistics, sociology, and domain knowledge, is essential for successful AI projects.

To use AI for good, it is crucial to understand the real needs of the target audience and the potential impact of AI systems. Collaboration, education, and a focus on specific use cases can help ensure positive outcomes.

References in the show:

Karin Golde's startup: https://www.westvalley.ai/

Ghost Work book: https://ghostwork.info/

The letter from Senator Markey to big tech companies regarding ghost work: https://www.markey.senate.gov/news/press-releases/sen-markey-rep-jayapal-lead-colleagues-in-demanding-answers-from-ai-companies-on-use-of-underpaid-overworked-data-workers

"Mystery Hype Theater 3000" from the DAIR institute: https://peertube.dair-institute.org/

"Human-in-the-Loop Machine Learning" by Robert Monarch: https://www.manning.com/books/human-in-the-loop-machine-learning

They cover everything from Ashok’s MBA, to his roles at Con Edison, Google and the Gap, all the way to his new startup venture. See the recommended books, movies and links from the episode listed below!

 Books

Gandhi, Mahatma. (2020) The Story of My Experiments with Truth.

Movies

Gandhi (1982), starting Ben Kingsley

Interstellar (2014), starring Matthew McConaughey

Links

https://chatfin.ai

Christian's venture with ChatterQuant, which grew into a highly successful B2C platform and was recently acquired, highlights his entrepreneurial journey and the innovative use of AI technology. He shares the challenges faced in this venture, such as AI manipulation, and the importance of keeping pace with the rapidly changing AI landscape.

Transitioning to his brand new venture, Undetectable AI, Christian focuses on removing AI watermarks from AI-generated text, which aims to help people use AI more effectively and without negative consequences at work. He concludes with advice for aspiring AI professionals, underscoring the value of internships, staying abreast of new AI tools, and recognizing the disruptive potential of AI across various industries.

 Book Mentioned

Algebra of Happiness by Scott Galloway

Links

https://www.chatterquant.com/

https://undetectable.ai/

https://www.scouting.org/

AI is creating efficiencies today for lawyers! If you are in law school, Brian has plenty of great advice, including joining the non-profit legal mentor network to find your next job. The lighting round includes surprising answers about Madison, Wisconsin and cheese curds!

Resources

AI writing resource:

https://www.jasper.ai

Legal resources:

https://www.legalmentornetwork.org/

https://casetext.com/

https://clearbrief.com/

Book:

The Firm, by John Grisham

• Gil Eapen cherished his time at Hewlett-Packard in the 90s, highlighting a unique, egalitarian culture and his inspiring interactions, including a chance meeting with the CEO.
• He contrasts this with later roles, noting the transient nature of management consulting and the challenge of fostering a collaborative, innovative environment in a fast-growing pharmaceutical company, where he innovated with early machine learning applications.
• Eapen encountered resistance to new technology among traditional roles, emphasizing the need to convince stakeholders of its benefits.
• Post-corporate life, Eapen founded Decision Options, shifting from consulting to creating AI systems for diverse industries. His book "Decision Options" focuses on innovative valuation methods for projects, applying financial principles to non-market-based company decisions.
• Eapen's firm developed an autonomous investment advisory system for managing portfolios, reducing human error and maintaining optimal risk-return balances per client preferences.
• Shifting gears, Gill spoke about how the American Society for AI aims to gather a select group of academics, entrepreneurs, and AI experts to discuss AI's future impacts and societal implications without a policy agenda.
• Eapen emphasizes that while forms of AI like machine learning and deep learning aren't new, advancements in computing power and data processing are driving AI's current effectiveness in decision-making.
• In addition, the definition of AI keeps changing to move with technology. For example, in the 1950’s, a calculator might have been AI, now advanced chatbots are AI.
• Gill opines that AI's use of historical data could limit innovation, but it won't overshadow human creativity. One risk is that AI’s reliance on historical data creates an “AI loop” that limits its creativity.
• AI will automate repetitive tasks, changing job landscapes and necessitating social policy reforms.
• Embracing AI is crucial for corporate success, and future professionals should focus on entrepreneurship over traditional career paths.

Here are some of the links from the show:

https://www.decisionoptions.com

https://www.asfai.org

https://www.scientificsense.com

Enjoy!

Book from the show

Red Team: How to Succeed by Thinking Like the Enemy by Micah Zenko

Links from the show

The FBI's InfraGard program:

https://www.infragard.org/

Letter from Connecticut AG to Anthem after data breach:

https://portal.ct.gov/-/media/AG/Press_Releases/2015/20150210AnthemBreachpdf.pdf

Alec interviews Mike and they discuss his career across IBM, growing e-commerce at Macy's and the Gap and his role today at the Eighth Notch. What does the Eight Notch mean? Listen to this episode and find out.

Books Mentioned

Jack Kerouac, On the Road

Dave Grohl, Storyteller

Links Mentioned

https://t8notch.com

https://www.hawaiicommunityfoundation.org

https://cabotcapebreton.com/golf/cabot-cliffs

• What’s the difference between biodynamic and organic farming?
• Should we be concerned about the Cabernet Sauvignon monoculture in Napa Valley?
• Will there be a solution to smoke taint caused by fires?
• What are some different varietals being grown in Napa valley now?
• Is the WSET wine diploma underrated?
• Should you be your own boss?

Subscribe now

Here are some of the links from the show:

The vineyard:

www.nealvineyards.com

WSET wine diplomas:

www.wsetglobal.com

Enjoy!

Share for free!

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Deep Learning online course: https://www.coursera.org/learn/neural-networks-deep-learning

“The Promise of Artificial Intelligence” by Brian Cantrell Smith (ed note: this is a very technical book).

“Daring Greatly” by Brene Brown (Sheldon recommends for CEOs)

Steve Wolfram on LLM: https://writings.stephenwolfram.com/2023/02/what-is-chatgpt-doing-and-why-does-it-work/

“Five Crowns” by Yasser Seirawan and Jonathan Tisdall (chess book)

This episode was produced, edited, and sound engineered by Troutman Street Audio. If you need professional audio engineering services, please reach out via email to: troutmanstreetaudio@gmail.com.

This episode was produced, edited, and sound engineered by Troutman Street Audio. If you need professional audio engineering services, please reach out via email to: troutmanstreetaudio@gmail.com.

This episode was produced, edited, and sound engineered by Troutman Street Audio. If you need professional audio engineering services, please reach out via email to: troutmanstreetaudio@gmail.com.

"...What you should then start to think about is what you want to achieve, not what the AI people have, but what you want to do with it. And AI is good primarily at automating things.: a physical process or a human process or a communications process, AI can help to automate [any of] that."

He also cautions the listener about some of the hype surrounding Chat-GPT and where AI can go wrong.

This episode was produced, edited, and sound engineered by Troutman Street Audio. If you need professional audio engineering services, please reach out via email to: troutmanstreetaudio@gmail.com.

His role involves looking at the regulations currently in place for nuclear power plants and making them more effective and efficient. He is also looking at policies at the state and federal level that would enable nuclear energy deployment. Patrick advises aspiring nuclear engineers to figure out what aspects of the energy problem they are most excited to solve and to take advantage of opportunities, such as internships and degrees in related fields, to plug into that.

This conversation discussed the role of nuclear energy in the U.S. The speaker explained that the future of nuclear energy depends on how seriously we take climate change and our clean energy goals. Nuclear energy can play a role as a complementary energy source, not just to reduce carbon emission, but also to meet the goal of 100% clean energy. Nuclear energy also has a unique advantage in producing high temperature steam for electrolysis, which is an efficient way to create hydrogen gas. To explore this potential, the U.S. Department of Energy is funding a nuclear hydrogen hub, which will focus on researching and demonstrating hydrogen production with nuclear power. Finally, the speaker noted that the U.S. produces 20% of its electricity from nuclear power, while France produces 70%, highlighting the importance of nuclear power for energy security and grid stability.

When discussing grid stability and reliability, many questions arise regarding the balance between supply and demand. Nuclear energy is often described as firm energy, meaning it is reliable and dispatch-able, and can be turned on regardless of the weather conditions. This makes it an ideal complement to other clean energy sources such as solar panels and wind farms, which may not always be available. Nuclear power plants can supply electricity when the grid needs it, helping to balance out other renewable energy sources in order to meet overall energy goals.

Western Asset Management is a global fixed income manager with $400 billion under management. Headquartered in Pasadena, California, they also have eight other offices around the world. Western Asset Management manages all types of fixed income, including multi sector mandates, absolute return, corporate only mandates, emerging market, dedicated bank loans, municipal bonds, mortgage backed securities, and asset backed securities. Their investment horizon is long term and they adopt a fundamental value active management approach. They also prioritize ESG, incorporating it into all their mandates to assess a security's intrinsic value. In 2017, the company recognized the trend of ESG and asked the speaker to lead the initiatives in the area.

Bonnie is the global head of ESG investments and a portfolio manager at WAMCO. Her role involves leading ESG initiatives such as research, engagements, and strategy while working with other groups within the firm such as client services, legal and compliance, and information technology. As a portfolio manager, she also manages broad sector portfolios.

When it comes to ESG investing, the process is integrated into the investment process from a bottom-up perspective. This includes research analysts creating ESG frameworks for each subsector and taking a forward-looking approach instead of relying on historical reported data. Additionally, the speaker and his team also engage with management to assess the governance pillar.

Bonnie acknowledges the difficulty of obtaining ESG information from smaller private companies, such as those issuing bank loans or high yield bonds. Despite this, they are still actively looking for ways to assess these companies and factor ESG into the investment process.

Information flow and sustainability have greatly improved in recent years, particularly through the LSTA's ESG questionnaire and increased investor interest. However, the data is still relatively basic and conversations with issuer management are necessary to get more detailed information. For agency mortgage backed securities, we assess the ESG risks and opportunities and give a generally positive rating. Fannie Mae and Freddie Mac have both started issuing green and social impact bonds in response to investor demand, and we take these into account when selecting investments for our clients. When communicating our ESG strategy to investors, we emphasize the importance of sustainability, the use of proceeds, the collateral, the issuer, and the servicer.