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.com

What 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

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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/choubeysahab

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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.

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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

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Recorded on May 21 '26, not investment advice.

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

VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management

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