About Us

People

Every investment firm has one critical asset — its people. At Epoch, our people have an average of over 20 years of investment experience. This experience provides the perspective and judgment needed to evaluate investments and make informed decisions. Working collaboratively with colleagues and communicating transparently with clients is a cornerstone of our corporate culture. Meet the professionals at Epoch and discover first-hand the experience, expertise and dedication they bring to serving clients.


William W. Priest, CFA

Executive Chairman, Co-Chief Investment Officer and Portfolio Manager

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Philipp Hensler

Chief Executive Officer

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David Barnett

Managing Director, Managing Attorney and Chief Compliance Officer

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William J. Booth, CFA

Managing Director, Co-CIO and Portfolio Manager

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William E. Connolly, CFA

Managing Director, Head of Business Development

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Adam Borak, CPA

Chief Financial Officer

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Lori Blankstein Silberlust

Director of Human Resources

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Scott Weisenberger

Managing Director, Head of Relationship Management

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Michael A. Welhoelter, CFA

Managing Director, CAO, Co-CIO, Portfolio Manager, Head of Risk Management

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Our Perspectives

The transition to net-zero emissions (NZE) involves a fundamental change in the structure of the economy, and will likely be messy, implying periodic supply shortages and even more volatile energy prices. Further, inflation and nominal interest rates will probably be higher and more volatile, especially relative to the levels of the last two decades. This has not yet been priced into markets.

China has launched a new policy framework, “Common Prosperity,” which escalates government steerage of the economy and features two critical initiatives. First, Beijing is taking action to tame the country’s real estate obsession. Second, the “summer blizzard” of regulatory actions has targeted a wide range of tech-related sectors including fintech, social media, online tutoring and gaming. Here, we examine the implications for investors of the pendulum swinging ever further in favor of the state.

The recent surge in start-ups and unicorns reflects the broadening of the digital revolution across industries, and suggests improving productivity and free cash flow. Further, although the digitization of the economy is still in early earnings, we expect digital platforms to represent the majority of market cap by 2025, with tech, health care and communications the most promising sectors.

Inflation risks are at a four-decade high due to today’s combination of a generous Treasury, an overly tolerant Fed, and a reopening economy. While our base-case scenario assumes only a brief period of above-target inflation, investors should brace themselves for more inflation scares, which will likely remain a key driver of equity markets well into 2022.

During the past two years, CBDC has progressed from a bold speculative concept to a seeming inevitability and will soon be a core feature of our financial ecosystem. The rollout of CBDCs will further accelerate the digitization of the economy, which is the key defining feature of markets over the past decade. This paper explores the implications for monetary policy, the FinTech and payments sectors, and the potential disintermediation of significant swaths of the commercial banking system.

The Cambrian explosion of exciting breakthroughs in AI, autonomous driving, 5G, and cloud computing will drive double-digit growth in semiconductor revenues for the foreseeable future. Superstar firms have come to dominate all subsectors of the increasingly concentrated semiconductor industry, which implies pricing power and explains the sector’s attractive operating margins and return on capital. Valuations are reasonable, and we have a constructive view on the semiconductor sector and believe it possesses considerable upside.

Both sides of the political spectrum have been increasing their calls for regulatory action on the Big Tech companies. Here we explain why tech will continue to be the most dynamic sector of the economy, and why we expect greater breadth in tech market leadership and the emergence of entirely new sub-sectors.