Leaders with Joseph Cass

Hosted by S&P Global Ratings

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Oct 2026

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About the show

Welcome to Leaders, a podcast featuring long-form conversations with senior investors, CEOs, and entrepreneurs on topics that matter most to the investment community. In each episode, Joe Cass, Senior Director at S&P Global Ratings, explores market trends, investment outlooks, and personal stories from industry trailblazers. Listen now on Apple Podcasts, Spotify, YouTube, Amazon Music, and Deezer. This podcast series was formerly known as Fixed Income in 15.

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October 15, 2026Episode 7135 min

Tikehau: From Second Mortgage to $60 Billion Empire

Tikehau Co-Founder Mathieu Chabran joins Joe Cass to talk fighting Wall Street giants in his 20's, remortgaging his house to save the business, a surprising change in European finance - and his playbook for leading a $60 billion empire. 00:00 Betting everything on Tikehau 03:29 The Pope in Paris story 04:48 Mathieu taking a second mortgage to save the business 07:34 Inspired by the success of Blackstone 09:53 Is Europe in decline? 12:28 The personal cost of building Tikehau 14:41 Michael Milken & famous Drexal alumni 17:14 The surprising change in European finance 22:29 Is Mathieu worried about private credit? 28:23 Number 1 investment priority 29:56 How much of investing is gut feeling? 32:07 Tikehau in 2046 Follow Joe on Linkedin: https://www.linkedin.com/in/josephcass/

October 1, 202628 min

Brookfield: From Junior Analyst to $1 Trillion CEO

Brookfield Asset Management CEO Connor Teskey joins Joe Cass to talk about becoming the youngest CEO in the firms history, a letter that changed his life forever, the role of gut feeling in investing - and his playbook for leading a $1 Trillion empire. 00:00 Becoming CEO at 38-years-old 02:17 The letter that changed Connor's life 05:07 Connor telling his wife he got the job 08:00 How much of investing is gut feeling? 09:34 Being the youngest CEO in the room 13:32 The biggest misconceptions about AI 17:50 Are we building too fast in AI 21:00 Will AI create mass wealth or mass unemployment? 23:18 The role of credit ratings in private markets 26:14 Brookfield in 2036 Follow Joe on Linkedin: https://www.linkedin.com/in/josephcass/

September 24, 202640 min

How Did One Bank Create So Many Wall Street Titans? | Ken Kencel

Churchill Asset Management's Ken Kencel joins Joe Cass to talk about the culture and legacy of his old firm Drexel Burnham Lambert, presenting to Michael Milken, starting multiple successful financial businesses and his secret to building strategic, long-term relationships. 00:00 Drexel Burnham Lambert in the 1980's 05:41 The culture and legacy of Drexel 08:23 Presenting to Michael Milken 09:48 Starting Churchill before the financial crisis 13:22 Selling to The Carlyle Group 16:32 Calling up David Rubenstein 18:26 Building a $100Bn AUM business from scratch 28:01 Ken's childhood and being raised by his Uncle 35:57 Ken's secret to building strategic, long-term relationships Follow Joe on Linkedin: https://www.linkedin.com/in/josephcass/

September 1, 2026Episode 6732 min

Blackrock's Wei Li: Is there an AI bubble?

BlackRock's Global Chief Investment Strategist Wei Li joins Joe Cass to talk about whether the AI boom is a bubble, why she thinks we're still in the early build-out phase, and how a wider-than-ever range of outcomes is reshaping portfolios. 00:00 Is there an AI bubble? 05:08 Day in the life of Wei Li 06:14 How to stand out in an AI world 08:08 Blackrock's internal AI platforms 10:02 Wei's most important datapoint 11:18 Wei's contrarian investment belief 12:31 What is it really like working at Blackrock? 13:37 Inside Blackrock's Investment Committee 14:45 Biggest misconceptions about Blackrock 18:29 Public to Private Markets power shift 21:14 How Wei communicates 23:28 The importance of an S&P rating 24:40 How to be disciplined in a whipsaw market? 26:38 The rise (and fall?) or US market dominance 28:55 Wei's advice to young professionals Follow Joe on Linkedin: https://www.linkedin.com/in/josephcass/

July 23, 2026Episode 6623 min

UBS: Inside The Exclusive World Of Billionaires

In this episode, Joseph speaks with Mark Haefele, Chief Investment Officer at UBS, about what truly separates lasting wealth from wealth that gets eroded, across investing, family dynamics, and generational planning. They explore why inheritance planning can be the hardest financial puzzle wealthy families face, how billionaires think about keeping families aligned, and what happens when emotions, identity, and "behavioral noise" run the portfolio instead of a clear plan. Chapters: 0:00 The biggest mistake wealthy investors make 1:37 What are the world's wealthiest people most worried about right now? 2:44 Personal habits of billionaire families 4:24 What asset class are wealthy families increasing exposure to? 5:03 The 'Godfather' approach to inheritance 7:21 Succession TV show in real life 9:08 Why do some families retain wealth, and others lose it all? 10:28 The billionaire asset allocation template 12:06 What long term risk are markets underpricing? 13:11 An unstable decade for investors 14:08 UHNWI's view of private markets 16:40 Investing sophistication of UHNWI's 18:10 UHNWI appetite for private credit 19:15 Preferred asset classes of the wealthiest people in the world 20:12 The importance of credit ratings 21:09 Has working with billionaires changed Mark? 22:15 Mark's #1 tip for young people to build wealth today

May 27, 202626 min

How Private Credit Took Over Wall Street

This episode features Blair Jacobson, Co-President of Ares Management Corporation, discussing private credit investment strategies, risk management, and firm growth. He shares insights on how Ares maintains a conservative approach to avoid losses, the importance of relationships and reputation in deal origination, and the firm's expanding areas like asset-backed credit and wealth management. Blair also touches on the evolving role of credit ratings in private markets, the firm's involvement in sports investments, and offers advice for young professionals entering finance amidst technological disruption. Chapters: 00:00 What could go wrong in private credit 1:34 How prepared is Ares for a downturn 6:55 Football & sports investment – Chelsea & Athletico Madrid 10:17 Finding sports investment opportunities 10:58 How does Ares find new business 14:57 Finding lucrative deals 16:07 Private credit ratings 18:56 Big insurers moving into private credit 20:13 Building a career in the AI era 22:13 "Relationship training" 24:00 Why is Ares Co-Founder Michael Arougheti so successful Recording date: 18 February 2026.

April 1, 202629 min

Goldman Sachs: From Intern To International Co-CEO

Joe Cass sits down with Kunal Shah , Co-CEO of Goldman Sachs International & Global Co-Head of FICC , to unpack the surprising story behind becoming one of the firm's youngest-ever Managing Directors at 27 —and what that experience taught him about performance, mentorship, and taking the right risks at the right time. Timestamps: 00:00 – 5:08 Becoming the youngest ever MD at Goldman Sachs 5:08 – 7:06 Day in the life of a Co-CEO 7:06 – 9:48 Goldman Sachs client concerns on AI 9:48 – 10:25 Goldman Sachs internal AI platform 10:25 – 12:51 How to build successful relationships 12:51 – 16:00 How does Goldman Sachs use credit ratings? 16:00 – 17:45 Day in the life on an EM trading desk at Goldman Sachs 17:45 = 19:37 Phycological impact of financial trading 19:37 – 21:33 Teaching new traders at Goldman Sachs 21:33 – 22:23 Hedge funds looking at Drama graduates 22:23 – 24:07 What do people assume about working at Goldman Sachs that isn't true? 24:07 – 26:13 What is EMPower? 26:13 – 27:19 Kunal's view of Industry TV series and Wall Street movies 27:19 Kunal's alternative career path

February 16, 2026Episode 6435 min

Inside PIMCO: Andrew Balls on Managing Billions, AI Investing, and the Future of Credit

Join Joe Cass as he interviews Andrew Balls, PIMCO's CIO for Global Fixed Income, to explore the intricacies of decision-making in finance, particularly under psychological pressure. In this insightful discussion, Andrew shares his strategies for managing stress while making high-stakes decisions that can impact billions of dollars. Whether you're a finance professional or simply interested in the dynamics of investment management, this conversation offers valuable insights into the future of finance and the evolving landscape of investment strategies. Chapters: 00:43 – 3:13 The Psychology of Managing Billions of Dollars 3:13 – 5:11 Public Bond Issuance Predictions 5:11 – 11:49 AI/Datacentre Predictions 11:49 – 16:43 The Meta Datacentre Transaction 16:43 – 19:58 How Are PIMCO Using AI To Invest? 19:58 – 23:26 PIMCO's Clients & Their Priorities 23:26 – 25:33 Why Didn't Andrew Choose Politics? 25:33 – 27:30 Andrew's Move From The FT to PIMCO 27:30 – 29:46 Transitioning To Portfolio Management 29:46 – 33:25 Andrew on Mohamed El-Erian & Bill Gross 33:25 – Close Watching Football & Playing The Drums

November 20, 2025Episode 6338 min

Barclays CEO Venkat on The UK Economy, AI & Cricket

In this episode, Joseph is joined by Venkat, CEO at Barclays, and Saugata Saha, President at S&P Global Market Intelligence. Topics included Venkat's perspective on the future of the UK economy, his view on private markets, how Saugata see's AI being used in finance, Venkat's most important leadership lesson and both guests discuss their love of cricket. Watch the episode on YouTube: https://www.youtube.com/playlist?list=PLUyvQsealzZa24wQkgNXKpsnLHhG1fGBj Watch the episode on our website: https://www.spglobal.com/en/research-insights/podcasts/leaders

October 8, 2025Episode 6230 min

Richard Attias on Unlocking Prosperity, Global Leadership, and Investment

In this episode of the Leaders Podcast, host Joseph Cass welcomes back Richard Attias, the Chairman of the Executive Committee at the FII Institute. They dive deep into the upcoming FII9 event in Riyadh, exploring the theme of "Unlocking Keys to Prosperity." Richard shares his unique insights into the private conversations of world leaders and global CEOs, emphasizing the importance of trust and personal relationships in fostering impactful investments. 0:00 Introduction 1:00 Conversations with World Leaders 3:00 The Importance of Trust in Global Investments 4:30 Overview of the FII9 Conference 6:00 The Evolution of FII 10:00 Interviewing President Trump 12:30 Key Concerns of World Leaders Today 15:00 FII vs. Davos: Defining Unique Identities 18:30 Future Aspirations for the FII Institute 21:00 Recommended Reading 23:00 Closing Remarks Subscribe (Apple Podcasts): https://podcasts.apple.com/us/podcast/leaders-with-joe-cass/id1515429355 Subscribe (Spotify): https://open.spotify.com/show/5TdWBOagDtFdO6Rr4PtN4W Watch on our website: https://www.spglobal.com/en/research-insights/podcasts/leaders