The Future of Finance Podcast

Breaking Barriers: Diversity, Wall Street, and Inclusive Capitalism with Dorien Nunez

In this wide-ranging conversation, Georges Dyer sits down with Dorien Nunez — longtime investment professional, community advocate, senior fellow with the Intentional Endowments Network, and founder of Omni Research. Dorien reflects on his unlikely path into finance, beginning with a life-changing scholarship to St. Paul’s School and early Wall Street internships that opened doors most young people never get access to. He shares how experiences with redlining, the anti-apartheid divestment movement at Harvard, and later discrimination in the finance industry shaped his lifelong commitment to expanding diversity, equity, and inclusion in investing.
Dorien traces the evolution of DEI and ESG efforts across decades, from early activism to today’s backlash, offering historical context, practical insights, and optimism grounded in real industry progress — from changing licensing barriers to CFA Institute guidelines to the growing ecosystem of mentorship programs. He discusses his work at Omni Research, including research on closing the racial wealth gap, the backlash aiming to politicize “woke capitalism,” mentorship initiatives, and tools empowering consumers and investors to align investing with their values.
This episode offers inspiration, candor, and a clear-eyed look at how structural barriers shape opportunities (or lack thereof) in finance — and how to create a more inclusive industry for the next generation.
This episode is brought to you by Metis Global Partners.
Keywords: Diversity in finance, racial wealth gap, ESG & DEI, mentorship, emerging managers, inclusive capitalism, financial education, Wall Street careers, systemic change, responsible investing

Beyond Modern Portfolio Theory with Jon Lukomnik

In this episode of The Future of Finance, host Georges Dyer sits down with Jon Lukomnik — investor, author, corporate governance pioneer, and one of the main architects of system-level investing. Drawing on his experience managing New York City’s pension funds in the 1990s, Jon recounts the moment he realized that traditional Modern Portfolio Theory (MPT) was no longer sufficient for investors responsible for real-world liabilities. The conversation traces his decades-long journey toward developing “beyond MPT” thinking, culminating in his influential book Moving Beyond Modern Portfolio Theory and the forthcoming System-Level Investing Handbook.
Jon explains why the majority of investors’ returns are shaped not by stock picking, but by overall market performance — and why investors must understand, steward, and take action to support the health of social and environmental systems to manage systemic risk. He highlights real examples from global pension funds, insurers, and asset managers who are leading this shift, and discusses tools such as collaborative engagement, policy advocacy, and rethinking investment beliefs. Jon also tackles critiques of systemic stewardship, the politicization of ESG, the role of academia, and how system-level thinking can shape the future of finance.
The episode closes with rapid-fire questions covering food, music, teaching at Columbia, AI governance, and Jon’s vision for a financial system that supports — rather than undermines — a thriving real economy.
This episode is brought to you by Metis Global Partners.
Keywords: System-level investing, Modern Portfolio Theory, beta activism, universal ownership, systemic risk, institutional investors, collaborative engagement, policy advocacy, sustainability and finance, investment beliefs

From the Corporation to the System: Fixing the Rules of Markets with Rick Alexander

In this episode of the Future of Finance podcast, Georges Dyer sits down with Rick Alexander, CEO of The Shareholder Commons and a leading voice in system-level investing and system stewardship. Rick shares his journey from decades as a Delaware corporate lawyer to becoming one of the foremost advocates for rethinking the purpose of corporations and the role of investors in shaping sustainable markets.
They explore the core idea of universal ownership—the recognition that diversified institutional investors ultimately own the economy as a whole, not just individual companies. When a company boosts profits by externalizing costs onto society, the environment, or the broader market, it may harm the long-term returns of its shareholders’ entire portfolios. Rick explains why investors must move beyond traditional ESG arguments about company-level financial performance and instead use their “superpowers” as owners to steward economic systems, protect common goods, and reshape business culture.
The conversation spans externalities, climate risk, inequality, antimicrobial resistance, mining tailings, fiduciary duty, antitrust concerns, and the cultural shift needed to escape the “prisoner’s dilemma” of profit maximization at all costs. Rick also discusses emerging academic research, investor collaboration efforts, and the growing global movement toward system stewardship.
This episode is brought to you by Metis Global Partners
Keywords: System stewardship, universal ownership, externalities, fiduciary duty, sustainable investing, portfolio-level returns, corporate governance, climate risk, antitrust and investor collaboration, system-level investing

The Investor’s Role in the Age of AI: Balancing Innovation and Accountability with Mike Kubzansky

In this episode of Future of Finance, Georges Dyer introduces a presentation from Mike Kubzansky, CEO of the Omidyar Network, delivered at the Intentional Endowments Network’s 2025 Virtual Forum. Kubzansky explores the transformative power and systemic risks of artificial intelligence—ranging from job displacement and economic inequality to the rise of monopolies and threats to democracy. Drawing parallels between AI and past technological revolutions like the automobile, he underscores that effective governance and regulation are not barriers to innovation but essential enablers of sustainable progress.Kubzansky lays out five key actions for investors to advance responsible AI:
Cut through the hype and understand the real implications.
Adapt the climate engagement playbook to AI governance.
Integrate responsible AI policies into investment decision-making.
Invest in AI safety technologies such as watermarking and deepfake detection.
Build shared standards and collective investor action on responsible tech.
He calls on investors to lead in shaping AI’s future, arguing that “safe tech is better tech” and that now is the critical moment to put guardrails in place for a sustainable, equitable digital economy.
This episode is brought to you by Metis Global Partners.
Keywords: Responsible AI, Omidyar Network, impact investing, regulation and innovation, AI governance, investor stewardship, technological disruption, job displacement, ethical technology, sustainable finance

Climate Change, Capital, and Fiduciary Duty with Kirsten Spalding, John Adler and Machel Allen

In this episode of The Future of Finance, host Georges Dyer shares a dynamic conversation from the Intentional Endowments Network’s Virtual Forum on Climate, Capital, and Fiduciary Duty. Guests Kirsten Spalding (Ceres), John Adler (NYC Retirement Systems), and Machel Allen (Metis Global Partners) explore how institutional investors consider climate risk as part of their fiduciary responsibilities.
Kirsten discusses how investors are reframing net-zero portfolio strategies amid political backlash, focusing on material financial risks and adaptation. John details how New York City’s pension funds are embedding climate risk management into their investment process as part of their fiduciary duty—requiring all asset managers to have decarbonization plans by 2025 and prioritizing real-world impact over cosmetic portfolio shifts. Machel adds the asset manager perspective, explaining how investors can align climate goals with strong financial performance through customized passive strategies and stewardship.
Together, they paint a picture of an evolving investment landscape—where integrating considering climate change is essential to fiduciary duty and financial performance.
This episode is brought to you by Metis Global Partners.
Keywords: Climate finance, fiduciary duty, net zero, institutional investors, ESG investing, decarbonization, stewardship, pension funds, climate risk, sustainable investing

Why Indigenous Finance Is the Key to a Sustainable Future with Rebecca Adamson

In this episode, host Georges Dyer sits down with Rebecca Adamson, founder of First Peoples Worldwide, to explore Indigenous finance and its vital role in navigating the global energy transition. A pioneer in social investing, Adamson reflects on her trailblazing work in creating the first U.S. microloan fund and developing the first investment screen for Indigenous peoples’ rights.
 
Together, they unpack the new report Sustainable Indigenous Finance: Navigating the Energy Transition, a collaboration between First Peoples Worldwide, the US SIF, and ImpactARC. Adamson explains why over half of the world’s critical minerals for the energy transition are on Indigenous lands—and how investors can avoid repeating extractive patterns of the past.
Through stories, data, and deep wisdom, she makes a compelling case that Indigenous peoples are not a “risk to be managed,” but essential partners in managing risk and building a sustainable, values-driven economy. The conversation weaves together system-level investing, fiduciary duty, and ancient principles of balance and “enoughness” to explore a vision for the future of finance.
This episode is brought to you by Metis Global Partners.
Resources:
"Enoughness" film: https://www.youtube.com/watch?v=RxPVrr44KHI
Keywords: Indigenous finance, energy transition, sustainable investing, fiduciary duty, systems-level investing, first peoples worldwide, social impact investing, responsible mining, values-based finance, enoughness

From Alpha to Systems: Rethinking System Stewardship with Sara Murphy

In this episode of The Future of Finance, Sara Murphy — former Chief Strategy Officer at The Shareholder Commons and now Director of System-Level Investing at the Sierra Club Foundation — shares how investors can play a transformative role in addressing global sustainability challenges through system-level investing and system stewardship.
Sara challenges the traditional “alpha-first” mindset that rewards individual company performance at the expense of long-term market health. Drawing from the Freshfields Legal Framework for Impact and PRI’s Active Ownership 2.0, she explains why investors must manage not only company-specific risks but also the broader social and environmental systems that underpin portfolio value.
She unpacks the conflicts of interest embedded in the financial system, the dangers of externalized costs like carbon emissions and inequality, and how “guardrails” — clear, expert-defined parameters for company behavior — can help institutional investors align stewardship with portfolio-wide sustainability.
This episode is brought to you by Metis Global Partners.
Keywords: System-level investing, system stewardship, fiduciary duty, externalities, universal ownership, ESG integration, portfolio-first voting, shareholder commons, guardrails, sustainable finance

Guardrails for the Digital Age: Investors and the Future of Responsible AI with Michael Connor

In this episode of The Future of Finance, host Georges Dyer kicks off a new series on responsible technology and AI with Michael Connor, Executive Director of Open MIC—a nonprofit pioneering investor engagement on digital technology accountability.
Michael shares how Open MIC has worked for nearly two decades to hold major tech companies accountable on issues from privacy and misinformation to AI governance, workers’ rights, and democracy. He discusses the power of shareholder engagement as both a financial and social tool, and how early-stage investors and venture capital firms can help startups embed responsible tech principles from the start.
The conversation dives into the systemic risks AI poses—from bias, disinformation, and labor disruption to climate impacts—and explores the role investors can play in shaping the future through corporate governance, proxy voting, and public policy advocacy. Michael also shares insights from his journalism background, his optimism about building better systems, and advice for young professionals eager to enter sustainable finance and tech.
This episode is brought to you by Metis Global Partners.
Keywords: Responsible AI, shareholder engagement, corporate governance, misinformation and disinformation, tech accountability, sustainable investing, Open MIC, digital ethics, systemic risk, fiduciary responsibility

System-Level Investing with Bill Burckart

In this episode, host Georges Dyer speaks with Bill Burckart, Co-Founder and CEO of The Investment Integration Project (TIIP) and co-author of 21st Century Investing: Redirecting Financial Strategies to Drive Systems Change. Bill explains the concept of system-level investing—a strategic approach that helps investors protect and shape the critical systems (like climate stability, fair labor markets, and democracy) that underpin long-term portfolio performance.
The conversation explores why modern portfolio theory is no longer sufficient in the face of systemic risks like climate change and inequality, and how fiduciaries can—and must—integrate systems thinking into investment strategies. Bill outlines practical tools and frameworks for implementation, including the CRIM test for identifying systemic issues and the SAIL platform for assessing institutional readiness. He highlights real-world examples from University Pension Plan Ontario, CalSTRS, and the Rockefeller Brothers Fund, showing strong financial performance alongside positive systemic impact.
Listeners will gain insight into how investors can move from managing exposure to reshaping it, why fiduciary duty supports system-level action, and how education, collaboration, and policy engagement can drive a more resilient financial system.
This episode is brought to you by Metis Global Partners.
Resources:
TIIP’s report on the Rockefeller Brothers fund: https://tiiproject.com/wp-content/uploads/2025/08/RBF-10-Year-Review-8.1.25_FINAL.pdf
21st Century Investing: Redirecting Financial Strategies to Drive Systems Change: https://a.co/d/jf5l5vb
Keywords: System-level investing, fiduciary duty, modern portfolio theory, sustainable finance, climate risk, institutional investors, The Investment Integration Project (TIIP), long-term investing, systems thinking, responsible investing

Solar, Microgrids, and Trust: The Human Side of Sustainability with Ted Flanigan

In this episode of Future of Finance, Georges talks with Ted Flanigan, president of EcoMotion and longtime leader in the energy and sustainability movement. Ted shares his journey from anti-nuclear activism to strategic planning at the New York Power Authority, his pioneering role at the Rocky Mountain Institute, and the founding of EcoMotion. The conversation explores how cities, schools, and companies are adopting cost-effective clean energy solutions—from solar installations and microgrids to EV charging and resilience planning. Ted highlights the importance of trust, honest financial analysis, and behavioral engagement in driving adoption. He also discusses the promise of innovations like vehicle-to-grid integration and space-based solar. Along the way, Ted reflects on his parallel journey as a podcaster with Flanigan’s Eco Logic, where he and his daughter Sierra share stories to inspire a more sustainable future.
This episode is brought to you by Metis Global Partners.
Keywords: Ted Flanigan, EcoMotion, Rocky Mountain Institute, energy efficiency, solar power, microgrids, electric vehicles, vehicle-to-grid, energy resilience, sustainable finance