What podcasts say about Stephen McLennan

Every statement, with the speaker, the exact quote and the moment it was said.

What Stephen McLennan has said on podcasts

16 statements · 5 positive · 9 negative · 2 neutral

on Pension investment returnsNeutralOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Pension obligations require total returns rather than only active or beta returns.
“Pensions are paid with total return, not with active return or just beta return.”
Listen at 15:17
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Forced selling of illiquid assetsNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Investors should avoid becoming forced sellers of illiquid assets.
“you never want to be in a position where you're a forced seller”
Listen at 19:08
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Fixed incomeNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Near-zero yields make fixed income less effective as equity-shock ballast.
“Fixed income's role in the portfolio to be a offset or ballast to a equity shock is going to be more difficult.”
Listen at 21:34
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Private equityNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Private equity has become more competitive, reducing prospective returns.
“We would take the view that it has become more competitive for private equity in terms of prospective returns.”
Listen at 22:26
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Inflation spikesNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Inflation spikes are expected to harm equity and bond portfolios.
“in an inflation spike or an inflationary environment, which has historically, in our estimation going forward, is going to have a pretty bad impact on. equity and bond portfolios.”
Listen at 25:06
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on AI productivity shockPositiveOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Positive AI productivity shocks have historically benefited equities.
“To the extent that AI ends up being a positive productivity shock, it historically has benefited the equity part of the capital structure.”
Listen at 27:43
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Leverage and liquidity managementNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Poor leverage and liquidity management can get investors into trouble.
“Leverage and liquidity are important because what's going to get any investor into trouble”
Listen at 28:33
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Venture-company IPOsPositiveOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Venture-company IPOs are viewed as beneficial portfolio milestones.
“a venture company going public is a feature, not a bug.”
Listen at 35:36
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Credit investmentsNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Credit returns are capped during strong growth environments when equities perform strongly.
“When it's a positive growth environment and equities are putting up big games, by construction, you're capped.”
Listen at 37:51
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Credit investmentsNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Credit can behave like equity during conditions when fixed-income behavior is desired.
“when you want it to act like fixed income, it acts like equity.”
Listen at 38:00
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on InfrastructurePositiveOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Infrastructure is broadly consistent with Ontario Teachers’ overall risk profile.
“Infrastructure has some interesting characteristics and it's loosely consistent with our overall risk profile.”
Listen at 40:14
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on InfrastructurePositiveOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Infrastructure provides relatively stable cash flows and real-rate exposure.
“it does provide that stability of cash flows and that exposure to that real rate”
Listen at 40:41
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Financial marketsNeutralOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Markets are generally fairly priced, though pockets remain mispriced.
“Generally, the starting point is that they're probably fairly priced.”
Listen at 46:40
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Canadian pension plansPositiveOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Canadian pension peers tend to be well-funded.
“The biggest one for the Canadian peer group is that we tend to be well-funded.”
Listen at 50:51
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Investment competitionNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Greater competition compresses expected investment returns.
“More competition just means compressed expected returns.”
Listen at 52:20
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)
on Investment outcomesNegativeOct 5, 2026· Capital Allocators – Inside the Institutional Investment Industry
Investment outcome ranges have widened significantly over recent years.
“recognizing that the range of outcomes have become significantly wider, in our opinion, over the last couple of years”
Listen at 54:33
Open the episode · Building the Total Portfolio at Ontario Teachers – Stephen McLennan (EP.518)

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.