In this fireside chat hosted by Brad Rathe, Partner & Senior Director of Portfolio Management at Waverly Advisors, Daniele Donahoe, CFA, Partner & Chief Equity Strategist, moderates a candid discussion with three experienced market practitioners: Scott Becker, Senior Vice President at Calamos Investments; Chad Cleaver, CFA, Lead Portfolio Manager (Emerging Markets Small Cap) at Driehaus Capital Management; and Richard Thies, Lead Portfolio Manager (Global; Emerging Markets) at Driehaus Capital Management.
The conversation moves from foundations of risk and risk-adjusted returns to the practical trade-offs investors face across U.S. and emerging markets, including real-world drawdown behavior and diversification. The panel digs into FX and the U.S. dollar cycle, why starting points matter, and how currency can amplify or mute equity returns abroad. They compare interest-rate dynamics in the U.S. versus EM central banks post-pandemic, then tackle tariffs—market overreactions, what’s actually being collected, second-order effects, and which businesses feel it first.
They close with an open, on-the-ground view of AI—how it’s changing investment workflows (data aggregation vs. idea generation), the potential impact on service-economy roles, and where AI, payments, and even crypto/stablecoins may intersect over time. A lively audience Q&A covers data quality, Fed independence, rate-cut expectations, and practical ways professionals validate noisy macro signals.
If you would like more information about the topics and information discussed in this video, or if you’re ready to explore how they apply to your specific situation, contact a Waverly Advisor near you. Find a Waverly Advisor
Video recorded on Thursday, August 28, 2025
Music Credit: Song: Olif — Be Yourself Music provided by Vlog No Copyright Music. Video Link: https://bit.ly/3u2ON9O
Waverly Advisors, LLC is a nationwide wealth management company for high-net-worth individuals and their families, business owners, executives, and institutions. We take a holistic approach to wealth management, dealing with all aspects of a client’s wealth, including investments, taxes, estate planning, charitable trust services, corporate retirement plans, and more.
For more information about the topics discussed in this video or if you would like a portfolio review, contact a Waverly advisor today.
