Managing the Shift from Pensions to 401k with Zach Buchwald

24:51And, you know, Russell manages on average between 10 and 20 percent of the portfolios that we look after. And Systematic typically is within that 10 to 20 percent. We use it not to make credit decisions or stock picking decisions. Like that's not that's not our game. That's why we hire external managers who are true experts in that. We use it to round out the portfolio, to make adjustments, to make sure that the portfolio is complying with why the client hired us or whatever their investment, their stated investment strategy says. But smart beta is one of the many places where Russell was an innovator.

25:25And, you know, these things can sort of take on a life of their own as the as the industry adopts those practices. We mentioned artificial intelligence earlier. Tell us how you're using AI in either risk management, portfolio construction, or just data analytics. So Barry, we have a list this long of sort of desired use cases that we're working on for AI. And I think we're still in early innings here. But the kinds of things that we use AI for today very effectively are more task oriented. We have it fill out our RFPs. We have it build pitch decks. We have actually we use AI to, you know, read 500 page filings, you know, which we used to have a human being do back in the day.

26:05And it's very effective at that. The real goal for, you know, for this company is that I want AI to actually help us with investment insights, with manager research insights. That's going to actually drive performance at the end of the day. And I think we still have a fair amount of we're making progress, but I think we still have a fair amount of work before before that happens. but you know that's the view where having you know having a portfolio where we look after 16 ,000 different strategies and and managers we're starting from a place where we like as you said we have troves of of information of historical information that we're relying on and that we're using AI to sort of help build out that framework so I'm always fascinated by you know the old joke is no one's ever seen a bad back test.

26:51And AI and those sort of things are only capable of looking at what's already occurred and built into all of those back tests and to some degree built in to AI is that the future is gonna resemble the past. How do you navigate around that? Because sometimes the future doesn't resemble the past, just look at AI and how it's changing so many aspects of various businesses. Yeah. Well, that's a place where, you know, I'm still pretty optimistic that there's an enormous amount of value creation to come, Barry, because what we've seen from AI so far, at least how it's shown up in terms of, in the market performance, has been almost entirely Harvard in the technology sector.

27:40It's where, you know, sort of where AI exists. What we haven't seen yet is all the other sectors that we know are going to be sort of enormously impacted by the proper use of AI, the creative and innovative use of AI. So, you know, you see a little bit of it in like healthcare and life sciences, but, you know, logistics and shipping and consumer goods and in investments, asset management, they're all going to get transformed by AI because it's changing things. And, you know, this is where I'm really optimistic that we have a lot more room to run in the markets today is because you're still not seeing like all the, you know, the potential and the benefits of AI showing up in some of these, you know, what we think of as sectors that are peripheral to technology.

28:22But, you know, in truth, technology is like critical to how we, you know, how we all exist. Makes a lot of sense. Let's talk about private markets. How can Russell Investments help their clients access private markets between AI and privates? Those are probably the two hottest topics we've been talking about this year. So privates represents about 7 % of the portfolios that we manage. It's heavier in the institutional portfolios. It's lighter right now within wealth portfolios. There's a lot more growth that's going to happen, especially in wealth. I think the average wealth client has something like 1 % or 2 % of their portfolio outside of their real estate holdings, about 1 % or 2 % in privates.

29:04And that number is going to grow and should grow, right? Because this is a really important source of, you know, return and risk diversification. And if you rely on the historical precedents, it's been an enormous outperformer writ large. And so, you know, kind of delivering, you know, access is a, it's a very important, you know, function that we do at Russell, but also that we work with our financial advisor partners to figure out the best ways because it's, you know, how you deliver privates to institutional investors is different, right? There's tax considerations and reporting considerations, liquidity considerations that all need to be considered with individuals.

29:41So we're trying to do this really judiciously. Within wealth portfolios, wealthy people, wealthy families, there's a lot of room to run here. I'm being extra cautious when I think about 401ks or 401k graduates, middle-class people, nest eggs, because that's where I think about, are these appropriate investments? Do they help with financial security? Can you get your money back when you need it? Are the fees fair and appropriate? And so I think you need to be extra careful with sort of true working people, working families and their retirement nest eggs. But wealth writ large, there's a ton of room for private markets.

30:22So you mentioned 7%. Where could this possibly go? Is this 10%, 15%, 20 %? I've heard people say 60-40 is out. It's now 50-30-20 or whatever the numbers add up to. I don't know where it gets to. It's certainly going to be north of 7%. I think you have to think not only about what's appropriate for the portfolios. Listen, if you do a backward-looking analysis of private equity and private credit, outside of specific real estate investments that people choose themselves, Those are like the two biggest food groups. If you run an analysis of what those investments looked like over the last 20 years, Barry, it's going to be different than what you're going to get in the next 20 years for a lot of reasons.

31:06But I'll tell you from my personal perspective right now, in the last two years, my vet's office has been bought by private equity. My landscaper, my garbage collection, my dentist, they're all owned by private equity now. And, you know, they're doing these roll ups and there's lots of efficiencies to be created on bringing these, you know, these practices together. But, you know, that's a pretty different investment than buying a company, right, and making a company better and selling that company, which historically is, you know, where private equity made its name and its reputation and the return stream that we've seen.

31:43So another thing I think about is how am I going to make sure that the risk and return profiles I'm putting into these portfolios, that we can reasonably predict what they're going to look like and that we can manage them sort of appropriately given that the asset pools might look a little different than what we were investing in 10 years ago. Really, really interesting. So let's talk a little bit about some of the things that are going on in the market today. Fee compression has been a giant factor, really, since the financial crisis. You recently decided to reduce some of the fees on your flagship fixed income products.

32:22Tell us a little bit about what drove your decision, and what are you thinking about in terms of fees generally? I mean, the governing precept, Barry, is always to make sure we're providing value to the clients. And, you know, we do that by charging a fair and appropriate fee for what it is we're doing. If I'm going to focus on anything, it's less about what's the fee that I can charge and more about making sure that I'm invaluable to these clients and that we're really, you know, helping them achieve their goals. The truth is, when you do a great job for the client, the fee almost becomes not an issue.

32:57Now, having said that, we have some businesses that are scaled businesses and that I compete with other good providers, and I have to make sure that we're staying competitive. So we're not in any way immune to fee compression. But if you can provide a really good value proposition, it's not such a big deal. So this has been an ongoing factor in the industry, particularly for active managers, and Russell is primarily an active manager. Are you seeing any changes in this trend globally? I mean, it started very much in the United States with entities like BlackRock and especially Vanguard. You're a global firm.

33:37What does this look like overseas? Yeah, fee compression in our space comes through in different ways globally. OCIO is the place where we've been sort of most susceptible to fee compression, Barry. And if I think about who we compete against, the landscape has changed for us over the last 10 years. Ten years ago, I competed largely against the traditional consultants. And we had a very different offering. We actually implemented the portfolio. We weren't just doing manager research sort of on paper. We were actually trading the portfolio and doing the risk management and the overlays and the completions, things that were a very big value add.

34:13And we were unique in that respect. And then along came the really big asset managers that saw OCIO in part as sort of a distribution function. You know, if I can deliver the entire portfolio, I can put a lot of my own underlying products into that portfolio. And by the way, that can be a great business for you if you have more. But that's a closed architecture. You guys run a very open architecture. We run a completely open architecture. And we're unique in that it's true open architecture, 80 plus percent and sometimes 100 percent of the assets come from third party managers. But we still have to compete against organizations that are running their own version, which might be closed or semi-closed.

34:51And, you know, if you have a whole lot of underlying products you're putting into the portfolio, it gives you a lot of leeway to change the fee or to compress the fee at the OCIO level because you're making money in all sorts of other ways. Russell doesn't do that. So it does mean that we were susceptible to some of the fee compression and our fees have narrowed. But the way I see the solution here is just to make sure that the value proposition that we're offering, the way we go about building an OCIO, the costs that it takes, the human capital that's required. We put over$100 million into our technology system that allows us to build these open architecture portfolios.

35:26When clients understand what it is that they get from us, paying a slightly higher fee doesn't seem to be a big deal. What about the private markets that we're looking at? We were talking about private equity, private credit. First, is it possible that those sort of things can be indexed? And then second, they've always been pricier than public markets. Or we started seeing any fee compression along those lines. Yeah. So we haven't seen a ton of fee compression. I mean, those are cases where I think the value proposition is crystal clear. And, you know, the high performing managers can charge higher fees or substantial fees because they've really delivered.

36:05And, you know, in general, they continue to deliver. I think if they stop delivering and we start seeing what look more like public markets performance or even weak public markets performance, it's going to be much harder for them to charge those fees. But that hasn't happened yet, you know, especially within private credit and private equity. there's been you know real out performance especially at the top of the heap versus the public market so it becomes easier to to justify those fees makes a lot of sense so let's let's venture into the world of public policy a little bit you've proposed national account programs to help young people start investing early the most recent big bill that passed in this administration has these accounts for babies every kid that's going to be born is going to get what what is it,$1 ,500 or$3 ,000?

36:55I don't know what number. $1 ,000. $1 ,000. All right, better than nothing. But where do you see these sort of programs going? And if you start investing at age one day, what potential compounding can we see 50, 75, 100 years later? Now you're really talking my language. When Trump was elected, I wrote a piece that we put into Barron's, that Barron's published, saying that we should give$1 ,000 to every kid in America and open an investment account and let them actually learn about the power of compounding because it's different when you actually own the assets. And when you give people an investment account, you can find lots of ways to create some investment education that goes along with it.

37:37And let me just interrupt you because it sounds like a lot of money. There are 3 million kids born a year. It's$3 billion, which to a$31 trillion economy and a$6 or$7 trillion government spend is a rounding error. It's nothing in the grand scheme of things. And, you know, you know, you're onto something because it got actually got criticized by both the right and the left. And the right said, oh, this is another entitlement program. Anyway, we put this thing into Barron's and to my surprise and delight, it ended up in in the big, beautiful bill. And it actually got actually passed. It became legislation and, you know, Treasury is working hard now thinking through, you know, the implementation and we're helping along the way.

38:20It's an awesome program because fundamentally what it does is it makes investing universal. You know, all of these families in the United States that think that investing is not for them or they never had any exposure to it. And that's, by the way, most of America. Now, to the extent they have a kid, they are going to have an investment account. There is$1 ,000 to kickstart it from the government, but there's going to be lots of avenues for families to make continued contributions, for employers to make contributions, for philanthropies to make contributions over time on hopefully a tax-advantaged basis.

38:58and folks are going to see the way compounding really works. So it's not the$1 ,000 contribution, which as you said, is kind of a drop in the bucket, at least as a burden on society. It's what can you pull together from all of the different constituents that are going to want to contribute to a program like this. So we're really excited. And I think that ultimately, I hope this will dovetail with retirement security. You said it when you asked what can happen in 50 or 75 years. I think initially, you know, the thought is these might help fund college education. And by the way, with a little bit of contributions on an ongoing basis, it will fund a college education with the compounding.

39:41But over time, there's six or seven of these programs and eventually, you know, maybe we can pull them all together and create a national program that actually funds people's retirement. Coming up, we continue our conversation with Zach Buchwald. He's chairman and chief executive officer of Russell Investments, discussing the state of markets today. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio.

40:24auctioned for millions of dollars by the Department of Justice. The answers are out there. The trick is getting the government to share them. I'm investigative journalist Jason Leopold. I spend most of my days getting documents from the government. I'm attorney Matt Tappock, and I fight them in court to open their files when they don't want to. From Bloomberg and No Smiling, this is Disclosure, a podcast about prying loose government secrets. To listen early and ad-free on Apple Podcasts, subscribe now at Bloomberg.com backslash podcast offer.

40:56I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. My extra special guest this week is Zach Buchwald. He's chairman and chief executive officer of Russell Investments. The firm was founded in 1936 and runs about$370 billion. Zach joined Russell in 2023, coming from his previous career at BlackRock. I'm a fan of using milestones as an excuse to give some sort of a gift. You can see sweet 16s or kid turns 13 or whatever it is. Grandma and grandpa write a check and put it right into their account. Here's some Eli Lilly or here's some whatever S &P 500. Knock yourself out and that's going to just appreciate over the next, you know, X number of decades.

41:46It could really make a substantial difference in the retirement of people who have yet to even be born. It's absolutely true. And by the way, it's investing in the US stock market. Right. So I'm assuming the S &P 500 would count and any of the Microsoft or Lilly or whatever, Apple, Amazon, whatever big tech company you're enthusiastic about, I would recommend a broader, more diversified approach than a single stock. I mentioned Lilly because I just know a friend just put a bunch of Lily stock in his nephew's account. And I'm like, Oh, what are you doing that for? He's like, just doing a transfer.

42:27It's tax-free and I don't have to worry about it. Well, I'm not a stock picker, but Lily's a great company. Having diversified exposure in these accounts is the way to go. And, you know, listen, a generation ago, Barry, the version of that was not so much Lily stock. It was very typically a U.S. treasury bond, right? That's what you got when you turned 13 or 16 or had that milestone birthday. And a treasury bond in the long term, you know, you'd rather be in the stock market. You get - You don't want two, two and a half percent above inflation, that doesn't excite you? I'd rather have the long-term return of the S &P for sure.

43:03Especially if it's a newborn or even a teenager, their investment window is 60, 70 years. That's exactly right. And the trick here is you have to get people to actually understand because that 16 year old, when they're 22, they're going to get a job that's going to have a 401k and they have to understand why am I taking 6 % out of my, you know, out of my paycheck when, you know, my starting salary might not even be enough to get, you know, to pay my rent and my other bills. Why would I want to do that? And, and they really, if they understand the power of compounding and the long-term implications of that, they're going to, they're going to buy into it.

43:39I really didn't think about my 401k until I was in my 30s. But if I actually had money put in account when I was born, by the time you're 25, you're going to see some impact from compounding. A hundred percent. Well, I'm not too worried about you, Barry. I'll be all right. You'll be all right. But think about all those folks that don't, the average income in America is still$70 ,000, right? All those folks that don't have access to investments. And they're not thinking about, am I going to be able to make my contribution at age 22? Because they're thinking about, can I afford to pay my rent? The bottom half of the economic strata in this country, and we're having this conversation on election day in New York, where it looks like at least the leader up until today has been someone who describes themselves as a socialist and has made affordability their key campaign theme.

44:36this is going to be an ongoing issue, especially for the bottom half of earners and savers. That's right. We're not a political organization at Russell, but I do concur affordability is the issue. And I think it's not a left issue. I think it's an issue for everybody, almost everybody in this country. And we're going to be hearing a lot about it from all sides. You know, I wrote a piece after the baby accounts, which they call the Trump accounts, by the way, after that became part of of the legislation, I wrote a piece that the Washington Post published that essentially described what these accounts are and the impact that it can have in terms of helping to educate our population about the power of investing and compounding.

45:16And it was very interesting to see the commentary. You know, when you publish something in the journal or the Post, you get a lot of comments. And by and large, the vast majority of the comments said, why wouldn't you just write us a refund check? Which is what we got during COVID, by the way, like stimulus type checks. And it was the opposite of the point that I was trying to make. We don't want you to spend this. We want you to save this. That's the idea. We want you to save it and to understand what the difference is from a savings account or a treasury bond versus investing it into the markets and getting to see long-term compounding.

45:48So it was, honestly, it was a little bit of a refresher for me that we have a lot of work to do to help people understand why a program like this can actually help them. As someone who's been writing in public for nearly 30 years, my best advice to you is simple. never read the comments. There was a golden era of blogs in like the early to mid 2000s, where the comments were these like fantastic communities. All of that has kind of migrated to Reddit. If you want to see lightly moderated intelligent debates with some nonsense thrown in along the way. That's what's left of that sort of issue. I think even YouTube used to do a better job at moderating the comments.

46:35The spam and the bots still slip in every now and then. It does give you a perspective on what's on people's minds, though, even though some of the comments are unhinged. You can tell what's coming through. What are people's fears and worries and concerns if you can read it through the craziness. Yeah, you have to fight your way through. It's kind of fascinating because I'm going to just digress for a moment. We all are subject to these cognitive errors and these behavioral biases, and it very much shows up in people's portfolios and the decisions they make. I wake up on a day like today where where Nasdaq is down 1.5%, I know I'm going to see a bunch of emails.

47:21Ah, you told us to stay long and look, we're down 1.5 % today. I knew I should have gotten out of the markets. What are you talking about? We're up 17 % for the year and the Nasdaq's up 23%. This is the price of admission. You have to deal with some volatility. I mean, this is a place, by the way, where technology has not actually served people in their retirement portfolios, because if you can pull up your phone and in three seconds, you know, you work as a teacher or a nurse or whatever, and you pull up your phone and in three seconds, you see your portfolio is down one and a half percent. And at some level, it flips a switch and you think my portfolio is in trouble or I should sell.

47:59Like, that's how you get to really bad decisions because we all, you know, we all know long-term, like if you're men, if you're. Do we all know that? Cause I'm not sure everybody does. And there's such an inherent bias towards action. Don't just sit there, do something. That just seems to be human nature. It's anathema to how you're supposed to manage a retirement portfolio, though. By the way, you can make adjustments over time, but the goal is not to pull out when you think the market is going to be down. We all know that the bounce backs, by the way, happen faster and stronger than ever. I mean, you think about like what the bounce back looked like during the financial crisis or during the dot-com bust.

48:37It took years to bounce back. And then you think about COVID or – Even April, Liberation Day. Right? The bounce back happens. It's a week. Yeah, almost instantly and stronger than before. So, you know, this is a case where the phone really does not help you, right? If you're going to make a decision to pull out because you see something going on in the markets on an off day. And, you know, as we're as we're thinking through how to implement new programs like the Trump accounts, you know, my goal is you want to have like lots of transparency, but you don't want to make it easy for people to make bad decisions.

49:06You have to help them make good long term decisions. A little bit of choice architecture that prevents those sort of things. Last question before I get to the standard questions we ask all of our guests. What do you think investors are not talking about, but perhaps should be? What are the important overlooked topics, assets, geography, policy, whatever, that should be getting a little more following? Yeah. Well, Barry, I'm still really positive on AI and how much more room to run we have. There's been so much to talk about, about how we haven't seen a broadening in the markets. Most of the value capture has happened within the technology industry.

49:44But I think every sector is going to be transformed, almost every sector transformed by AI as much as it was by the internet. And we just haven't seen that come through yet. But I can tell you, every company that we invest in is thinking about this and working on it behind the scenes, even if it's not showing up yet in their quarterly earnings reports. But it's all happening. And you're going to start seeing, by the way, you'll see winners and losers, both, you know, sort of specific companies and sectors. But there's going to be enormous amounts of efficiency gains and enormous amounts of, you know, sort of value creation that happens as a result of that.

50:20Now, I don't think it's going to be a straight line, but I do think it's coming shorter term rather than just longer term. Back in 2019, I interviewed Joe Davis, who's the chief economist at Vanguard. And they had this fascinating research report. Eventually, it became a book that all technological innovations take place in two phases. The first phase is kind of what we're experiencing right now in AI, which is wild prices, everybody knows a handful of companies, very boom-like. Some people have been too many – a lot of people have been calling it a bubble. The second phase is where the value creation spreads out to the rest of the market, rest of the industry, rest of the economy.

51:06I see it the same way you do. Right. This is just going to make all of us more efficient, more productive, more profitable. Right. That's exactly how I see this playing out. And you still have to pay attention because, you know, we all remember during the first the first dot com phase before every company started incorporating the Internet into its business strategy and its operations. There were winners and there were losers and the winners are still around and they're, you know, they essentially run global commerce today and the losers went away. we're going to see some of that across sectors.

51:36And, you know, that's something that investors need to pay close attention to. But, you know, writ large, I see a lot of value creation. I'm always like to hear that sort of stuff. So let's jump into our favorite questions that we ask all of our guests, starting with, tell us about your mentors who helped shape your career. Sure. I had a great mentor at BlackRock, a guy called Mark McComb, who's a vice chairman of the company. And he put me into a couple of jobs. And he nurtured me and supported me. But he also, he encouraged me to, you know, think like the outsider that I am, you know, when he put me into the insurance job, without having an insurance background, he sort of said, bring, you know, bring all the capabilities and the perspective that you have from all the other things that you've done.

52:18And that, you know, really helped us think like an external provider and grow that business. By the way, I'm a, I'm, I'm a gay guy in finance. So I come at it from a, from an outsider's point of view kind of looking in. And that has informed just about everything that I do at Russell and before that is thinking about what's working, what isn't working, what do I think we might be able to do better? The question that you asked, what are people not talking about? What have we not asked about? And that's often my starting point. And I think if I had come in with the insider status, it would have been harder for me to take that perspective.

52:58That's really interesting. It's affected your perspective. You see the world both as a participant, but also an outsider. Yeah, that's right. And, you know, this is the first time I've been to Bloomberg in a couple of years. But when I took the job at Russell, even before I'd started, Bloomberg invited me to come speak at a conference. And I was, you know, flattered and excited. And then I learned it was their diversity conference. And I was the gay CEO. and I said, invite me back five times to talk about investing and retirement and on the sixth time, I'll come talk about diversity. That's interesting.

53:31You know, in all the research we do, that did not come up in anything. It's not anything that bubbles up to the top of search. Although the old joke is, if you wanna hide something, disclose it at the end of an hour long podcast. No one will hear it. But you know what it's like with all the YouTube. there's a drop-off, but I always find that amusing. Let's talk about books. What are some of your favorites? What are you reading right now? Yeah, so I read a lot of fiction, like Cormac McCarthy and Tyler. I'm reading a book called The Inheritance right now, which is like a family drama. It's an escapist for me to get away from.

54:10I don't read a lot of finance books. I'm the same way. Every now and then, something will come across that I have to read that's finance-related. I have a big stack of fiction waiting to go on vacation with me next month. Let's talk about streaming. What are you watching or listening to? What's keeping you entertained? It's either on Netflix or Amazon or whatever. Yeah, it's all toddler fare right now. I've got two, three-year-olds in the house. So we've got twins. Twins, yeah. It's, you know, all full-time Moana and Frozen and Daniel Tiger, Bubble Guppies, that sort of stuff. So a lot of Moana.

54:45That's my idea of a nightmare. Moana's pretty awesome, actually. The first three times you see it. The first three times and frozen about twice. So our final two questions. What sort of advice would you give to a recent college grad interest in a career in either finance or investing? What would you tell them? Yeah. First, be yourself. We look for people at Russell from all different kinds of backgrounds, not just economics or finance backgrounds. study what you want to study, do well, and be committed. But if you come at it from an outsider's station or point of view, embrace that. This is a world where we want folks that have different kinds of backgrounds and approaches.

55:32I studied English, Barry, and one advantage that that actually gave me early on in my career was that I knew how to write. And you think about how much Much of our business is done through writing, through email and other ways. Everything you write, this is the advice now, everything you write is a reflection of you. And it can come up in, you know, something you put down on paper can come up again and again in all sorts of different ways. We all know that when you put something on the internet, it lives forever, truly. And, you know, careers are long. You want to make sure that you're properly reflecting the image that you want to create.

56:05Good advice. And our final question, by the way, that advice applies not only to writing, but my wife is a recently retired teacher and she used to always warn the kids, all the stuff you're putting on Facebook and Instagram and TikTok, be aware the colleges you're applying to are looking at that and the jobs you're going to apply to. They're going to find that, especially as you work your way up the corporate ladder. That stuff never goes away. That's right. Right. And now I'll give you a counterpoint. You know, we do 360 reviews at Russell and sometimes, you know, people that are relatively new in their careers, 25 or 28 year old will write a review on somebody that they work for a couple levels up that I that I read.

56:48And when I read a review that somebody has put a lot of thought into and there's some praise and constructive criticism, how to make things better. I say to myself, this person would make a good manager. And I and I think about how can we use them in other places in the company? So it's not just about like when you're writing about avoiding the things that you don't want out there in the world that can harm you. It's also making sure that you're putting the time and the effort into writing things that are really going to help you. Really, really interesting observation and good advice for people just entering the workforce.

57:20Final question. What do you know about the world of investing today that would have been useful 30 years ago when you were first getting started? I wish that 30 years ago, I had the confidence to know that, you know, that as an outsider, as a gay person, as an English major, someone coming at it from a different background that that I could make it in this business, that I didn't have to constantly think about how am I going to prove myself? but just by being a good, productive contributor, by raising my hand and showing a little bit of ambition, by finding ways to help, that that can be enough.

57:57And sometimes that being an outsider can actually be a good thing, that it can help you re-underwrite situations and come at it from a different angle. And if you know that and you're confident in it and you use it to your advantage, it can really help you in your career. I figured that out along the way. it would have been helpful to know when I first started. Really fascinating stuff. Thank you, Zach, for being so generous with your time. We have been speaking with Zach Buchwald. He's chairman and chief executive officer of Russell Investments. If you enjoyed this conversation, check out any of the 589 we've done over the previous 11 years.

58:36You can find those at iTunes, Spotify, YouTube, Bloomberg, wherever you find your favorite podcasts. And be sure and check out my new book, how not to invest the ideas, numbers, and behaviors that destroy wealth and how to avoid them at your favorite bookstore. I would be remiss if I did not thank the crack team that helps put these conversations together each week. Alexis Noriega is my video producer. Sean Russo is my researcher. Anna Luke is my producer. I'm Barry Ritholtz. You've been listening to Masters in Business on Bloomberg Radio.

59:19I'm Carol Masser. And I'm Tim Stenevec, inviting you to join us for the Bloomberg Business Week Daily Podcast. Now, every day, we are bringing you reporting from the magazine that helps global leaders stay ahead. We've got insight on the people, the companies, and trends that are shaping today's complex economy. That's right, Tim. We're all over global business, finance, tech news, all as it is happening in real time. And we've got complete coverage of the U.S. market close. Gotta say, basically, if it impacts financial markets, if it impacts companies, if it's impacting trends and narratives that are out there, we are on it.

59:49We also have a lot of fun doing it. Bloomberg Business Week also brings you the analysis behind the headlines through conversations with our expert guests. And we are doing this all live each weekday. And then we bring you the best analysis in our daily podcast. Search for Bloomberg Business Week on YouTube, Apple, Spotify, or anywhere else you listen. Check it out on your way home from work to catch up on the conversations that you miss during the business day. And on the weekend, check it out for a complete wrap-up of your Business Week. That's the Bloomberg Business Week Daily Podcast. I'm Carol Masser.

1:00:18And I'm Tim Stanovic. Subscribe today wherever you get your podcasts.