Monetary Matters with Jack Farley Why Fundamentals Fail the New Economy | Jacob Pozharny on “Sentiment” Analysis’ Role in New Economy Stocks
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May 1, 2026 
Jacob Pozharny, Co‑CIO and portfolio manager at Bridgeway Capital Management, focuses on sentiment-driven investing for intangible-heavy tech and fundamentals for old economy firms. He discusses using sell- and buy-side signals, textual analysis of earnings calls, country and sector sentiment maps, and where mid- and small-cap mispricings—especially in energy, shipping, and defense—create opportunities.
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Alpha Is Hidden Outside The US Large Cap Market
- Mid-cap and small-cap stocks outside the US contain far larger stock-picking spreads than the S&P 500.
- Bridgeway tilts gross exposure to less efficient markets, sometimes holding only ~2% in S&P 500 names.
Use Topic Level Textual Analysis Not General LLMs
- Topic-level supervised textual analysis avoids LLM in-sample bias and maps sentiment by accounting topics.
- Computex extracts sentences by topic (sales, margins, cash) from filings and earnings calls for signalable, point-in-time sentiment.
CFO Comments Signal Asia Energy Stress
- Executives' words in earnings calls show Asia energy sentiment weakening since the Iran war.
- Aggregate Z-score drops driven mainly by sales-related sentences across ~150,000 sentence extractions in Asian energy.
