In our latest episode, Sid Ahl and Erika Pagel are joined by Jordan Wruble, partner and head of Investment Solutions at Brown Advisory, to discuss how the art and science of investing has evolved—and what it takes to find edge in today’s markets.
Jordan shares lessons from three decades in the industry, reflecting on timeless principles of fundamental investing and the competitive forces reshaping manager selection. He outlines the five sources of “edge” top managers use to outperform and explains why passion, discipline and curiosity remain essential.
Highlights:
- Jordan reflects on the evolution of investing—from pre-internet inefficiencies to today’s data-driven world.
- The conversation explores the five sources of edge: informational, analytical, temporal, behavioral and activism.
- Insights on manager selection: why process and alignment matter more than short-term returns.
- Macro themes shaping portfolios: Fed policy, AI-driven Capex, market concentration and global opportunities.
- How AI is changing the research process—accelerating analysis without replacing judgment.
- Sid and Erika close by emphasizing the importance of patience, selectivity and active management in a concentrated market.
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Terms and Definitions:
Alpha measures the excess return of an investment relative to a benchmark index.
Beta measures a stock’s volatility compared to the overall market; a beta above 1 indicates higher volatility.
Capex (Capital Expenditure) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology.
Market Capitalization represents the total market value of a company’s outstanding shares, calculated as share price multiplied by shares outstanding.
Magnificent Seven refers to seven mega-cap technology companies—Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla—that have driven significant market returns.
Internal Rate of Return (IRR) is the discount rate that makes the net present value of all cash flows from an investment equal to zero, used to estimate profitability.
Return on Equity (ROE) measures a company’s profitability by dividing net income by shareholders’ equity.
Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns.
Idiosyncratic Risk refers to risk unique to a specific company or asset, rather than market-wide risk.
Hyperscalers are large cloud service providers offering scalable computing resources, such as AWS, Microsoft Azure and Google Cloud.
Tokyo Stock Exchange (TSE) is Japan’s largest stock exchange and a major global market for equities.