VC10X - Multi-Asset Investing in a New Macro Regime - Paul Flood, Head of Multi-Asset, BNY Investments Newton ($106B+ AUM)

The old playbook is broken. Free capital, dormant inflation, and stable geopolitics defined the last decade of investing. That era is over — and the investors who haven't updated their framework are running the wrong race.In this episode, Prashant sits down with Paul Flood, Head of Multi-Asset at BNY Investments Newton, overseeing more than $106 billion in AUM. Paul breaks down how to build portfolios resilient to multiple macro outcomes simultaneously — from AI-driven earnings booms to geopolitical shocks and structurally higher rates.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover:- Why capital, inflation, and geopolitics have permanently changed the investing landscape- How to position when two competing macro theses are both plausible- The AI supply chain trade — where the real money is flowing beyond Nvidia- Why index concentration is a bigger structural risk than most investors acknowledge- Real assets, sequencing risk, and protecting capital for investors near retirement- The contrarian oil thesis most investors aren't pricing in- Why time in the market beats timing the market — every time---Links:BNY Investments Newton - https://www.newtonim.com/Connect with Paul Flood - https://www.linkedin.com/in/paul-flood-a9623221/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com---Paul Flood is Head of Multi-Asset at Newton Investment Management, the specialist investment arm of BNY Investments, with over $106 billion in AUM.🎙 VC10X is a podcast for venture capitalists, fund managers, family offices, and institutional investors navigating the future of capital allocation.🔔 Subscribe so you never miss an episode.📩 Join the VC10X newsletter: https://vc10x.beehiiv.com---Timestamps:(00:00) - The Core Principle of Multi-Asset Investing(01:00) - Introduction to the episode and guest, Paul Flood(02:32) - What has fundamentally changed in multi-asset investing?(05:00) - Balancing two macro theses: Geopolitical risk vs. the AI boom(09:29) - Navigating regional markets: US vs. China in the AI space(10:45) - Investment strategy across the AI supply chain(14:22) - Re-evaluating valuations for AI companies(17:51) - The risk of over-concentration in AI and hedging strategies(22:00) - Deciding between macro data, market pricing, and fundamentals(25:05) - Biggest beneficiaries of the AI CapEx boom(27:55) - Identifying and adapting to market regime changes(31:08) - A look into different asset classes in a multi-asset portfolio(36:44) - Biggest gap between market perception and reality(38:50) - A contrarian view on the future of the oil market(40:24) - Common misunderstandings in building allocation frameworks(43:19) - Where to connect with Paul Flood#MultiAssetInvesting #BNYNewton #VC10X #VentureCapital #FundManagement #FamilyOffice #MacroInvesting #AIInvesting #PortfolioConstruction #WealthManagement---Recorded on May 21 '26, not investment advice.