Bloomberg Surveillance TV: August 24th, 2026

**Lisa Abramowicz** (0:02)
Bloomberg Audio Studios. Podcasts, radio, news.

**Jonathan Ferro** (0:11)
This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferro, along with Lisa Abramowicz and Annmarie Hordern. Join us each day for insight from the best in markets, economics and geopolitics. From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern.
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We begin this hour with stock sliding as investors brace for Fed Chair Kevin Walsh's speech on Friday. Anne Walsh, the Chief Investment Officer of Guggenheim Partners Investment Management, writing, the Jackson Hole meeting is an opportunity to clarify the strategy to address inflation. The hawks have grown louder, but inflation progress should be enough to avoid hikes this fall. And join us now for more. And good morning. Good to see you.

**Anne Walsh** (0:57)
Good morning.

**Jonathan Ferro** (0:58)
Before we get into this, as you know, I imagine you were were anticipating us getting into the issues around Mark Walters and his affiliation to Guggenheim more broadly. I'm going to go through the details as we understand them. As I understand them, whether these loans from insurers were directed to other parts of his empire without being properly disclosed and labeled as affiliated transaction, that seems to be the epicenter of the investigations right now. I'm sure clients are very interested in where you stand and what it means for Guggenheim Asset Management. Where does Guggenheim Asset Management sit in all of that?

**Anne Walsh** (1:30)
Well, let me see if I can create some clarity around this. In particular, what is not the focus of any inquiry is to our investment management process, our people, our performance and returns, or our trade allocations, which has historically been an area that the SEC would open an inquiry into an investment management firm. That is not the case here. We are working day in and day out for our investors with the same integrity and fiduciary responsibility that we have always engaged in at the firm, and we'll continue to do so. In particular, at this time, with markets being so uncertain.
We do have an inquiry into a business accounting issue in one of our subsidiaries, and we've been very open with regulators and very cooperative in their investigation, and we will continue to do so.
That, as I said, is a business issue we've engaged with our auditors, and we feel that the accounting treatment was appropriate. With regard to TWG and its insurance entities, that is a fully separate matter, and of course, they are dealing with their regulators, and have been also very cooperative, and as I understand it, have entered into a remediation agreement or protocol, and that has been, as I said, very cooperative. At this point in time, I think investors need to be assured that we, again, are working very much diligently day in and day out, again, because these markets are so uncertain.

**Jonathan Ferro** (3:09)
How cooperative have clients been over the past few weeks?

**Anne Walsh** (3:12)
Very supportive. And once it's very clear to them exactly what is happening and we are able to explain, then as a result, we have been able to assure them and I think, again, assuage their concerns.

**Lisa Abramowicz** (3:28)
Do you think that the climate has adjusted such, you keep saying that markets are incredibly complicated, and they are, and we were talking about, for example, Nvidia and some of the accounting mechanisms that have been going on with respect to where they book profits versus the hyperscalers as they spend. Do you think that rumors spread faster right now because people feel like there's so much money being spent?
It's such a difficult fraught time with so much money going to private sectors with less transparency.

**Anne Walsh** (3:55)
Well, look, this is the world within which we are operating.
The markets are highly fragmented and stratified. So at this point in time, what we're seeing is we're seeing the interest-sensitive parts of the economy are maybe a bit more wobbly. We're going to talk about rates. That's obviously having an impact. We're talking about private markets have grown significantly over the last number of years. And with BDCs and some of these other transactions, particularly concerns over software, we're starting to see a lot of investor nervousness. And by the way, we're coming up into that time of the year, September and October, which historically is a market volatility period of time. And as a result, investors are more nervous than probably they would otherwise be.

**Lisa Abramowicz** (4:44)