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Sébastien Page

Co-Head of Global Investments & Chief Investment Officer, T. Rowe Price

Search every verified Sébastien Page interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Sébastien Page, co-head of global investments and chief investment officer at T. Rowe Price, recently discussed leadership, AI integration, and portfolio construction across several podcast and media appearances. In an October 2026 interview on the Big Questions podcast, he described introducing an AI agent named "Oliver" into a recurring investment committee meeting, noting that the initial attempt was disruptive when the AI responded prematurely, but he advocated for patience as the technology improves. He also discussed themes from his book The Psychology of Leadership, stating that leaders fall into two categories: those who anticipate or create change and those who react to it, sometimes too late. He drew parallels between money management and broader decision-making, suggesting that understanding consensus views—as reflected in market prices—and then forming independent judgments can apply beyond investing. In a September 2026 episode of The Most Important Thing podcast, Page addressed hidden risks in portfolio construction, cautioning against over-reliance on historical averages, which he said can obscure extremes and different market regimes. He noted that extreme market events are inherently difficult to predict because they are defined by being unforeseen, and he discussed using optimization models calibrated to tail risk rather than simple Sharpe ratio maximization. On Bloomberg's The Close in August 2026, Page commented on market breadth and momentum, observing that a strategy of buying the top 10 performing S&P 500 stocks each month had outperformed the index by 40% annually over the three years leading up to June, before reversing sharply in July. He also remarked that markets may underestimate inflation's effect on long-term rates, citing a high correlation between oil prices and 10- or 30-year yields.

Recent appearances

Verified interview transcripts

Notable quotes

“Let me make an analogy to money management. There's this thing in money management where you want to know what the market is pricing in. You need to know the consensus because it's typically reflected in the price of stocks and bonds. Then you need to decide whether the consensus is right or wrong and through original thought make buy or sell decisions. If you bring this to other decisions in life, that might be help”

“Because what makes a market event extreme? It's the fact that no one saw it coming. So, by definition, fat tails are going to be very difficult to predict. I give it a shot in the book when I show that volatility is predictable. I have different trailing windows to build the forecast and then different forecast horizon. Then I do the same with skewness. Is the distribution symmetrical or kurtosis? How fat are the tai”

“This might be one of the greatest mistakes that we make as an industry is to rely on averages. Averages can hide extremes. They can hide different regimes. Now mind you, historical data is all we have.”

“The dominant narrative is its deficits and term premium. You can send to strategists a request to define the term premium and if you send 10 letters you will get 10 different definitions back. It's a technical term. I noticed something. I think the markets underestimate from inflation on the long rates. The breakevens haven't moved by a lot so the pricing out inflation at all. I look at the correlation between oil pr”

“I think markets continue to broaden. Let's highlight how strong momentum has been. If you had simply bought the top 10 performing stocks in the S&P every month just looking at the prior year, for the three years leading up to June this is just returns ranked by the top 10 performing. You would have outperformed the S&P by 40% a year. This is how strong momentum was going into June. In July that trade reversed and wen”

“The literature on goal-induced blindness shows that when people are so obsessed with a goal, especially a measurable goal, they tend to lose sight of anything else that might matter in their lives, but that's not bringing them closest to their goal. People will sacrifice their health. People will cheat. You see it in business. Why did Wells Fargo all of a sudden create a culture where people opened dummy bank account”

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