The David Guttman Podcast

#94 Ex-BlackRock Risk Analyst Explains Why Risk Models Lie | Joe Hegener

September 29, 2026·55 min
Episode Description from the Publisher

I asked Joe Hegner, a PIMCO alum who now runs his own hedge fund, what the pension funds and central banks he advised get wrong, and his answer was not what I expected. He explains how the same portfolio can look safe or dangerous depending on who sets the assumptions, and why the downside he thinks is least likely gets extra weight in his own fund. We also get into the helicopter over Athens that tracked down Greek tax dodgers by their swimming pools, and why he doubts the EU lasts another decade. The moment that stuck with me was his dad, a former Wall Street CEO, telling him right out of college that he knew nothing and needed 10 years first. Learn what Wharton Business School will never teach you!  Sign up for the ANTI-MBA today: https://bit.ly/46vct60 Click here to order your personalized poster!: https://bit.ly/46J08MS Connect with Joe Hegner Website: https://bit.ly/4iO2v7H Linkedin:  https://bit.ly/4d91zqX Timestamps 00:00 - Intro to the show 01:31 - From philosophy classes to economics 03:16 - Getting cut from JV lacrosse 06:20 - His dad's early Wall Street exit 10:30 - Is college still worth the money 11:10 - AI tutors at the Alpha School 16:40 - Why he stopped trusting risk numbers 22:17 - Why he chose to run a hedge fund 23:21 - His dad's ten-year rule 24:59 - Michael Saylor and financial engineering 26:34 - Blockchain versus crypto as an investment 29:06 - Rising long bond yields and debt 33:18 - The swimming pool tax hunt 37:01 - Could the EU break apart 40:27 - Where he'd go if things break 41:06 - Learning my wife is not my mom 44:36 - A coal shoveler turned company CFO 48:14 - Longevity, faith and falling birth rates 50:52 - What he wants his kids to say 54:43 - Where to connect with Joe Watch the “David Guttman Podcast” every Tuesday at 8 AM EST on YouTube: https://bit.ly/4wpqfCN Connect with David Guttman Website: https://bit.ly/4v6rnKm  Instagram: https://bit.ly/4v2ALyr  TikTok: https://bit.ly/4gP3hjI  Facebook: https://bit.ly/4y2VZze  X: https://bit.ly/4v3Xfza  LinkedIn: https://bit.ly/4awQRJv  SUBSCRIBE TO: https://www.youtube.com/@RealDaveGuttman Download the “David Guttman Podcast” on all your favorite podcast platforms: Spotify: ​​https://spoti.fi/3VE3fzV Apple Podcasts: https://bit.ly/3VLzm0v

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