Enterprising Investor Podcast Summary Episode: Barbara Stewart, CFA: The Smartest Things People Ever Did—Global Stories of Risk, Change, and Reward Release Date: June 15, 2025

Introduction

In this enlightening episode of Enterprising Investor, host Mike Wahlberg welcomes back Barbara Stewart, a seasoned CFA charter holder with over three decades of experience in foreign exchange trading, wealth management, and more recently, as a researcher, writer, and keynote speaker focusing on women in finance. Barbara is renowned for her annual "Rich Thinking Study," a comprehensive research project that delves into global investment behaviors and personal success stories. This year’s study explores the question: "What’s the smartest thing you ever did?" Through insightful interviews across various continents, Barbara uncovers diverse narratives of risk-taking, personal transformation, and strategic decision-making that have led to remarkable success.

Following Unique Interests Leads to Unimagined Success

One of the most surprising findings from Barbara's study is that 25% of the interviewees identified following a unique personal interest as the smartest decision they've ever made. This theme underscores the importance of pursuing passions that may initially seem unconventional but can open doors to unexpected opportunities.

• Raphael Ng's Ballet Journey ([02:44]):
  "Ballet certainly was the smartest thing he ever did, no question."
  Raphael Ng, from Singapore, defied cultural norms by being the only male in his ballet school. This bold move not only earned him recognition and scholarships but also expanded his professional network and led to personal milestones, including meeting his future wife.

• Nikki Yang’s Language Acquisition ([05:06]):
  "Learning Japanese has been the smartest thing I ever did because not only am I more empathetic and better in business, it actually helped my career enormously and my life."
  Nikki Yang from Taipei decided to learn Japanese after a chance conversation on a train. This decision enhanced her empathetic skills and significantly boosted her career in investment management.

Personal Transformation and Overcoming Adversity

Barbara's study also highlights stories where individuals made profound personal changes to overcome challenges, leading to substantial life improvements.

• Ryan Holtman’s Recovery ([06:03]):
  "The smartest thing I ever did was going to rehab."
  Ryan Holtman from Australia battled with substance abuse and reached a point of wanting to end his life. His decision to enter an effective rehab program transformed his outlook, leading him to establish a successful plumbing business and maintain sobriety for over five years.

Embracing Cultural and Geographical Changes

Physical relocation and exposure to new cultures emerged as significant factors contributing to personal and professional growth.

• Barbara Ortiz’s Continental Adventures ([08:38]):
  Barbara Ortiz, an electronics engineer from Galway, Ireland, made the bold decision to work in Antarctica—a move that ignited her passion for global exploration. Her experience led her to a pact to work on every continent, currently residing in the Arctic, showcasing the rewards of embracing global opportunities.

• Steve Balaban’s Global Footprint ([10:37]):
  "There's always an opportunity cost when you make any decision, but I'd rather see 85 cities and learn about all the people everywhere."
  Steve Balaban, a CFA charter holder, chose to travel extensively, visiting 85 different cities worldwide. This decision, while foregoing a stable lifestyle, enriched his personal and professional life through diverse cultural experiences.

Pivoting to New Passions and Careers

Significant career pivots, often motivated by a quest for greater personal fulfillment, are a common thread in Barbara’s findings.

• Jetta’s Spiritual Shift ([12:30]):
  Jetta from Denmark embraced Buddhism after attending a lecture that profoundly resonated with her. This complete mindset shift led her to volunteer and educate others, finding unparalleled happiness outside the traditional career path.

• Irene Sang’s Entrepreneurial Leap ([14:15]):
  Irene Sang in Hong Kong left a promising corporate trajectory at Tiffany’s to start her own executive coaching company. Despite initial struggles, her bold move has resulted in sustained success over the past 15 years.

• Elizabeth Corbett’s Dual Careers ([15:08]):
  Elizabeth Corbett transitioned from a legal career to medicine, balancing rigorous studies with raising three children. Her commitment led her to a fulfilling role as an emergency doctor at Sydney Hospital, exemplifying the rewards of pursuing one's true calling despite significant sacrifices.

Financial Control and Education

Gaining mastery over personal finances emerged as a pivotal smart decision for several participants, highlighting the importance of financial literacy and proactive money management.

• Overcoming Financial Fears ([16:37]):
  "I realized I had been kind of scared of money."
  A participant from Australia, despite a career in finance, had never seriously managed his personal finances due to a fear of wealth accumulation. Inspired by a holistic life podcast, he reorganized his financial priorities, embraced the FIRE (Financial Independence, Retire Early) movement, and is now on track to retire by 45.

Barbara Stewart’s Own Smartest Move

When asked about her personal smartest decision, Barbara Stewart attributes it to her commitment to Rich Thinking Research.

• Commitment to Research ([18:21]):
  "I only know this in hindsight. I thought I was going to write one paper... but now I've interviewed more than probably 1500 people around the world."
  Barbara’s dedication to her annual study not only countered stereotypes about women and money but also expanded her global network and career trajectory. Her research has been embraced internationally, particularly in the Nordics, leading to ongoing support from CFA Institute and establishing her as a prominent voice in investment research.

Conclusion

Barbara Stewart’s insights from the 2025 Rich Thinking Study reveal that the smartest decisions often involve following unique passions, embracing significant personal and professional changes, and taking control of one’s finances. These narratives illustrate that calculated risks and bold moves can lead to profound rewards, both personally and professionally. Moreover, Barbara’s own journey underscores the value of perseverance and the impact of dedicated research in shaping meaningful conversations within the investment community.

Listeners are encouraged to reflect on these stories and consider how stepping outside their comfort zones might unlock their own paths to success and fulfillment.

Notable Quotes:

• “I like to ask one open ended research question a year because I'm always trying to get at the background stories and what really motivates people.” — Barbara Stewart [01:04]

• “Ballet certainly was the smartest thing he ever did, no question.” — Barbara Stewart on Raphael Ng [02:44]

• “Learning Japanese has been the smartest thing I ever did because not only am I more empathetic and better in business, it actually helped my career enormously and my life.” — Nikki Yang [05:06]

• “The smartest thing I ever did was going to rehab.” — Ryan Holtman [06:03]

• “There's always an opportunity cost when you make any decision, but I'd rather see 85 cities and learn about all the people everywhere.” — Steve Balaban [10:37]

• “I realized I had been kind of scared of money.” — Australian Participant on Financial Control [16:37]

• “I thought I was going to write one paper... but now I've interviewed more than probably 1500 people around the world.” — Barbara Stewart [18:21]

For more insights and detailed analyses, visit the Enterprising Investor blog or listen to the full episode.