In episode 69, Alex Proimos speaks with Barnaby Wiener, portfolio manager, head of sustainability and stewardship at MFS. In this episode, we discuss the role of central banks in fostering irrational exuberance in the equity market and the challenge of truly investing for the long term whereby management and asset owners are often too focused on benchmarks and quarterly performance. We cover how to be defensive in a market that is dominated by passive investments and growth at any cost. We also explore how sustainability and stewardship are not different from the historical teachings of fundamental analysis and good capital management. Finally, we conclude the conversation by discussing the misalignment of management incentives that have been exacerbated by central banks.