Podcast
Look Forward
Hosted by S&P Global · EN
Welcome to The Look Forward Podcast from S&P Global.
In today's rapidly shifting markets, success depends on anticipating what's next. The professionals who excel are those who can spot emerging trends before they fully materialize. The Look Forward Podcast delivers exactly that—insights to help you prepare for tomorrow's opportunities and challenges. We bring you expert perspectives on macroeconomic trends, capital markets, energy transition, and global trade, with a sharp focus on what these developments mean for the decisions that will shape your tomorrow.
This podcast connects you with S&P Global's Look Forward Council, bringing cutting-edge research on long-term trends and transformative market shifts. Together, we're committed to providing the forward-looking intelligence you need to navigate uncertainty with confidence.
25episodes
Episodes
Newest firstAll episodes
Partner Perspectives: Precision in a Shifting Bond Landscape
1w ago00:46:16Tap to summarizeIn this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz explores the rapid evolution and enduring resilience of global fixed income markets. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, the conversation examines how geopolitical disruption, technological innovation, and new market innovations and infrastructure are transforming the bond market for issuers, investors, and portfolio managers alike. Alexandre Birry of S&P Global Ratings provides the macro-credit perspective, explaining that bond markets have remained orderly and functional despite geopolitical uncertainty, energy price volatility, and broader macro risks. He discusses the surge in tech and AI-related issuance, the growing importance of selectivity in credit markets, and the longer-term potential of infrastructure innovations such as tokenization, DeFi, stablecoins, and digital settlement rails. Matt Chessum of S&P Global Market Intelligence unpacks the growth of global fixed income ETFs, which have expanded into a multi-trillion-dollar market by offering investors diversified bond exposure through a single tradable vehicle. Chessum explains how bond ETFs can improve accessibility, transparency, and price discovery (especially during periods of stress), while also pointing to a future in which digitalization and tokenized market infrastructure further enhance market liquidity and flexibility. Jeffrey Johnson of Vanguard takes listeners inside the mechanics of bond index fund management, explaining why fixed income indexing is far more complex than it may first appear. With benchmarks like the Bloomberg U.S. Aggregate Bond Index containing roughly 14,000securities, Johnson describes the "art and science" of sampling, risk alignment, trading, and cost management required to closely track a benchmark. He emphasizes why low-cost bond index funds remain a critical source of diversification and ballast in uncertain markets. Chapters: [00:00] - Introduction to Partner Perspectives and the evolution of fixed income [03:00] - Alex Birry on bond market resilience amid geopolitical uncertainty [05:25] - Tech issuance, AI disruption, and the new status quo in credit risk [07:50] - The future of bond market infrastructure: DeFi, stablecoins, and tokenization [10:45] - Matt Chesham on how fixed income ETFs work and why they've grown so quickly [13:20] - Structural cost advantages, diversification, and the appeal of bond ETFs [16:00] - How bond ETFs improve liquidity, price discovery, and market access [20:10] - ETFs in volatile markets: resilience, stress scenarios, and risk transfer [24:10] - Looking ahead: digitalization, modular bond investing, and market evolution [29:45] - Jeffrey Johnson on the complexity of managing bond index funds [31:45] - Why fixed income indexing lagged equities and what's driving adoption now [35:10] - How investors use broad and targeted bond index funds [37:10] - The "art and science" of tracking the Bloomberg US Aggregate Bond Index <li class="OutlineElement Ltr SCXW147855059 BCX4" role="listitem" aria-setsize="-1" data-leveltext="o" data-font="Courier New" da...
Transcribe →Partner Perspectives: Decoding Concentration Risk, Index Design, and the Next Era of Choice
2w ago00:26:52Tap to summarizeIn this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, the conversation explores one of the most foundational yet rapidly evolving forces in modern investing: indexing. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, this episode examines how market concentration, changing corporate leadership, and expanding index tools are reshaping the way investors access markets and build portfolios. Tim Edwards of S&P Dow Jones Indices opens with a historical perspective on U.S. equity concentration—noting that by mid-2025 the 10 largest companies in the S&P 500 accounted for nearly 40% of the index's market capitalization, a level not seen since the mid-1960s. He explains how enthusiasm around AI, technology, and productivity has fueled today's market leaders, while also showing that concentration is not static: Over time, equity markets undergo a constant "changing of the guard," as old leaders fade and new giants rise. His core message is that broad, capitalization-weighted benchmarks remain powerful because they adapt alongside the market rather than trying to predict its future winners. The episode then shifts to Jim Rowley of Vanguard, who traces how indexing has evolved over the last 50 years—from the first simple S&P 500 index mutual fund to today's far more targeted landscape of sector, size, style, and total-market strategies. Rowley explains how investors increasingly use "passive for active" approaches to build portfolios with precision, while emphasizing that investors should look beyond labels and understand the underlying methodology of any index they own. He also points to direct indexing as the next frontier, offering greater customization for tax-loss harvesting, ESG preferences, and factor tilts. Chapters: [00:00] - Introduction to Partner Perspectives and the evolution of indexing [02:00] - Tim Edwards on concentration in the S&P 500 and why this moment matters [04:30] - The role of AI, technology, and market optimism in today's top companies [06:10] - Looking back to 1965: what happened to the prior top 10 giants [08:00] - How a small number of stocks drive a large share of long-term market growth [09:55] - The "changing of the guard" and how concentration evolves over time [11:20] - Does underperformance by today's giants threaten the broader market? [13:10] - Why broad cap-weighted benchmarks like the S&P 500 remain resilient [15:20] - Jim Rowley on the launch of the first index mutual fund and why it was revolutionary [17:10] - How index investing expanded from simple market access to targeted exposures [18:20] - Using "passive for active" in portfolio construction [20:00] - Why index methodology matters more than the label on the fund [21:55] - A small-cap example: how similar index labels can produce very different outcomes <p clas...
Transcribe →Partner Perspectives: Inside the Forces Driving Resilience and Expansion in Private Markets | Look Forward Ep. 31
2w ago00:38:01Tap to summarizeIn this premiere episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz examines how private markets are reshaping capital formation, portfolio construction, and long-term investment strategy. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, this conversation explores why companies are staying private longer, how private equity has expanded in scale and influence, and what today's higher-rate environment means for returns and risk. Vanguard's Bill Stout outlines an optimistic but measured view on private equity—emphasizing that disciplined underwriting, operational execution, diversification, and manager selection matter more than ever as the era of easy exits fades. S&P Global's Evan Gunter and Ilja Hauerhof discuss private credit's rapid expansion, the rising trend of manager concentration, and how asset-based finance has emerged as a major growth engine. In addition, they highlight risks that are shaping this market evolution—including liquidity constraints and structural complexity—and explain why greater transparency, standardized reporting, and data-driven insights will be essential to unlocking the next phase of private market growth. Chapters: [00:00] - Introduction to Partner Perspectives and the future of private markets [02:55] - Bill Stout on how capital formation has shifted from public to private markets [05:15] - The biggest risks facing private equity in a higher-rate, slower-exit environment [07:25] - Public vs. private equity performance, illiquidity premiums, and return dispersion [08:50] - Why Vanguard's outlook for private equity is optimistic but measured [10:55] - The case for manager selection and diversification across strategies, vintages, and regions [13:25] - What's next: secondaries, democratized access, and fee compression [16:15] - Transition to private credit with Evan Gunter and Ilja Hauerhof [17:45] - How private credit evolved after the GFC and why private companies are getting bigger [20:35] - Concentration risk and the growing dominance of the top five credit managers [22:45] - Asset-based finance, fund finance, and infrastructure as the next frontier [27:35] - Key risks in private credit: liquidity, transparency, and complexity [32:35] - Why standardized data and clearer reporting are critical for future growth [35:15] - Final takeaways and where to find more research from S&P Global and Vanguard This podcast was authored by a cross-section of representatives from S&P Global and in certain circumstances external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the produc...
Transcribe →Middle East Tensions: Power, Pressure Points, and Pathways | Look Forward Ep. 30
3w ago00:23:14Tap to summarizeIn this episode of the Look Forward podcast, host Aries Poon is joined by Carlos Pascual, Head of Geopolitics and International Affairs at S&P Global's Energy Division, to examine the Middle East conflict through a wider geopolitical lens. Drawing on decades of experience in diplomacy, energy security, and international affairs, Carlos explains why this crisis matters far beyond the region.
Transcribe →Middle East Tensions: Global growth, inflation, and risk | Look Forward Ep. 29
May 1900:16:22Tap to summarizeIn this episode of Look Forward, host Aries Poon discusses the macroeconomic implications of the Middle East conflict with Paul Gruenwald, Global Chief Economist at S&P Global Ratings. Paul explains how the crisis has evolved through three stages, flow shock, supply shock, and market shock—with the current focus on physical shortages and depleted buffer stocks, especially in energy-importing countries with limited resilience. He highlights that the conflict has neutralized earlier growth tailwinds, increasing downside risks and complicating the policy landscape as inflation rises while economic output slows. The episode underscores how the unsynchronized global economy—with the U.S., Europe, and China experiencing divergent impacts—amplifies these risks. Central banks are largely in "hawkish hold" mode, with potential rate hikes ahead if inflation pressures persist, all amid a fragile, fragmented global recovery.
Transcribe →Post-CERAWeek: Power, Policy and the Electrotech Age | Look Forward Ep. 28
Apr 2700:47:23Tap to summarizeEnergy has moved back to the center of corporate strategy and public policy—and AI is a major reason why. In this episode of the Look Forward Podcast from S&P Global, host Aries Poon is joined by S&P Global experts Aneesh Prabhu, Ashutosh Singh, and Raoul LeBlanc to discuss the fast-changing energy reality now confronting utilities, investors, and governments. Related Research: Look Forward: Energy Futures Upstream is back … but different Has the electrotech age arrived? More Look Forward: Look Forward Homepage
Transcribe →Digital Euro: Strategic Autonomy, Bank Deposit Risk, and What a Retail CBDC Really Means | Look Forward Ep. 27
Apr 1600:25:34Tap to summarizeThe European Central Bank has entered the preparation phase for a digital euro—and political momentum is building toward a potential launch before 2030. In this episode, host Aries is joined by Cihan Duran (Ratings) and Shuchita Shukla (Market Intelligence) to break down what the digital euro is (and isn't), why EU policymakers are prioritizing it now, and what it could mean for payments, consumers, banks, and financial stability.
Transcribe →Power, Data, and Policy: How Technology Is Rewiring Geopolitics in the Age of Agility | Look Forward Podcast Ep. 26
Mar 1300:25:21Tap to summarizeIn this episode of the Look Forward Podcast from S&P Global, host Aries Poon speaks with Natznet Tesfay, Global Head of Analysis at S&P Global Market Intelligence, about how technology is becoming the decisive game changer in geopolitics as we approach 2026. They explore why geopolitics has shifted from sporadic shocks to a constant operating condition, and how traditional stabilizers like frictionless trade, predictable regulation, and cheap capital are becoming "unmoored." Natznet explains S&P Global's concept of the "age of agility" and why policy itself is now a major source of market volatility, requiring leaders to track it as closely as macro data.
Transcribe →AI Labor Market Disruption
Feb 2600:20:47Tap to summarizeAI is everywhere in the headlines—but what does it actually mean for jobs? In this episode of the Look Forward Podcast from S&P Global, host Aries Poon is joined by Sophie Malin (Principal Economist, Global Labor Markets) and Pollyanna De Lima (Economics Associate Director, Purchasing Managers' Index/PMI) to separate hype from real-world labor market signals. The conversation starts with a crucial distinction: AI development (chips, data centers, capital-intensive buildouts) versus AI deployment (using AI inside everyday business processes)—and why deployment is what truly rewires hiring, productivity, and work design. Drawing on PMI special survey insights, Pollyanna breaks down where adoption is spreading fastest (with Northern Europe leading), which sectors are moving first (notably financial services and professional/business services), and how adoption differs across services vs. manufacturing. The guests also dig into what companies are optimizing for today—efficiency and customer outcomes over headcount cuts—and why the near-term impact may look more like slower hiring and shifting job tasks. Looking ahead, Sophie and Pollyanna outline the biggest unknowns: how quickly AI capability improves, what happens to entry-level and graduate pipelines, whether productivity gains translate into hiring freezes, and how governments might respond if employment and tax bases come under pressure. They also point to key indicators to watch, including the PMI Employment Index and business outlook/hiring intentions measures, to track how labor demand evolves in real time.
Transcribe →Credit Risks of The Current AI Data Center Infrastructure Investment Boom
Feb 1600:34:02Tap to summarizeThe exponential expansion of global AI investment looks set to continue at scale in 2026, with hyperscalers on track to spend $625 billion in aggregate data center capex by year-end. The boom is also lifting players that supply the ecosystem, with near-term demandoutstripping the supply of new data center capacity and corresponding investments materially boosting growth in the broader U.S. economy. Whether AI adoption and monetization will accelerate enough to turn this early investment‑led economic boost into lasting productivity and financial returns is yet to be seen. But as funding for this expansion shifts from equity markets to debt markets (fueled largely by private credit), some risks have elevated—as a result, in part, from the surge of investments that increasingly rely on debt and the rise of increasingly complex and circular financing structures. In this episode of the Look Forward Podcast, co-host Molly Mintz explores the credit risks of data center development with Pierre Georges, Managing Director and Head of Infrastructure Research at S&P Global Ratings. Their conversation explores the 2026 digital infrastructure outlook; analyzes the execution, financial, and contractual risks of the AI-driven data center buildout from a credit perspective; and highlights the development dynamics of power and grid bottlenecks, supply -chain constraints, and tensions between growth, affordability, and decarbonization. We also discuss S&P Global Ratings' view on what could lead to the emergence of winners and losers across the ecosystem, and the leading indicators to watch for an AI investment slowdown—including changes in enterprise adoption and monetization, supply and demand dynamics across the semiconductor supply chain, performance signals from key partners, the scale of hyperscalers' capex plans, and major players' investment behavior. For more Look Forward content, please visit the Look Forward homepage.
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