Educational Alpha

In this episode, Bill welcomes Roger Vincent, founder of Summation Capital, to explore the evolving private equity landscape. Roger shares insights from his 30-year career, including his pivotal role at Cornell's Endowment and his motivation for creating Summation to deliver institutional-quality private equity access to high-net-worth investors. They address private equity's shift from an exclusive asset class to a complex industry, the challenges of democratization, the critical role of manager selection, and the importance of fee structures. Roger also discusses the future impact of AI in investment strategies and portfolio construction.

In this episode, Bill welcomes Ruth Yang, Global Head of Private Market Analytics at S&P Global Ratings. Ruth shares her extensive background in credit and leveraged finance, highlighting her unique perspective on the expansion of private credit markets. They explore how private credit has evolved, the role of club deals, rating methodologies, and the growing involvement of high-net-worth investors. Ruth also discusses the impact of documentation quality, the rise of lender-on-lender conflicts, and the critical role of thought leadership and generative AI in shaping the future of private market analytics.

In this episode, Bill welcomes Andre Maciel, founder of Volpe Capital and former leader of SoftBank's Latin America operations. They explore the evolution of venture capital in the region, from post-dot-com investments to today's AI-fueled innovations. Andre reflects on his career at J.P. Morgan and SoftBank, the rise of Latin American startups, and the importance of timing in tech investing. The conversation also addresses AI adoption, due diligence in emerging markets, regional challenges like bureaucracy, and the potential for AI to transform inefficiencies. They wrap with insights on regulation, talent, and Brazil's growing investment ecosystem.

In this episode, Bill sits down with George Aliferis, founder of Orama, host of the Investology podcast, and a fellow CAIA Member, to explore the evolving dynamics of private markets, democratized investing, and the importance of long-term thinking. George shares his unconventional path—from financial markets to filming Michelin-star chefs, and back into fintech content creation. Together, they probe the marketing practices in alternative investing, the pitfalls of liquidity and wrappers, and the critical role of education and governance in a more accessible financial landscape. The episode also features reflections on Swensen-style investing, the challenges of retail access to alts, and whether fractional ownership of wine or art is more hobby than portfolio play. Check out Bill's interview with George on Investology: https://open.spotify.com/episode/75aukPhzZi7Su6aQiN7SWA?si=DLQdcQ-yQYKyy_-VnQazqg

In this episode, Bill welcomes Fernando De Leon, founder of Leon Capital Group, to explore the intricacies of private capital, real estate investments, and long-term wealth creation. Fernando shares his unique upbringing along the U.S.-Mexico border and how it shaped his approach to business and investment strategy. He discusses his early career at Goldman Sachs, his transition into entrepreneurship, and how he successfully navigated the financial crisis to build a diversified, multi-sector investment firm. The conversation highlights Leon Capital's evolution from special situations investing to an operator-led model spanning real estate, healthcare, and financial services. Fernando offers insights into his approach to patient capital, the role of alternative investments, and the importance of adapting to market inefficiencies. He also discusses the firm's recent expansion into fund management via iCapital, as well as the role of technology and data analytics in shaping investment decisions. The episode concludes with a deep dive into Leon Capital's scholarship program, emphasizing the importance of investing in future generations and staying connected to evolving trends in business and technology.

In this episode, Bill welcomes Independent Directors Council Managing Director Thomas Kim to explore the evolving role of independent fund directors in today's financial landscape. They discuss the history and growth of the mutual fund industry, the importance of fiduciary responsibilities, and the growing complexities of investment oversight. Tom shares his perspective on how governance has changed since the introduction of the 40 Act, the impact of ETFs, the importance of professional fund management, and the increasing need for financial education for investors. The conversation also touches on the future of asset management, the role of technology and AI in investing, and how independent directors can prepare for the challenges of tomorrow.

In this episode, Bill welcomes Daniel Liebau, an expert in blockchain and decentralized finance, to discuss the evolving world of Decentralized Autonomous Organizations (DAOs). Daniel shares insights into his background in traditional finance and technology, his transition into blockchain research, and his work in the DAO space, including co-authoring a book on the subject. The discussion covers key aspects of DAOs, their governance structures, and real-world applications. If you're looking to deepen your understanding of DAOs and their role in the future of finance, this episode is a must-listen.

In this episode, Bill welcomes James Cheo, Chief Investment Officer for HSBC Global Private Banking and Wealth for Southeast Asia and India. They explore James' journey from his early days at the Monetary Authority of Singapore to his leadership role in asset allocation and wealth management. The discussion traverses crucial themes like intergenerational wealth transitions, democratization of private markets, and the evolving role of technology in investment strategies. James also shares his unique approach to social media, emphasizing mentorship, purpose, and resilience, while reflecting on the enduring legacy of Ratan Tata. Dive into a conversation that blends professional insights with personal wisdom.

In this episode, Bill interviews Monique Frederick, a CFA Charterholder and financial expert passionate about empowering women through financial literacy. Monique shares her journey from a background in computer information systems to a career in wealth management, emphasizing her dedication to educating and guiding women toward financial freedom. They discuss the generational shifts in financial decision-making, the importance of early financial education, and strategies for overcoming emotional and cultural barriers to investing. Monique's book, Embracing Your Money Power: A Woman's Guide to Financial Freedom, serves as a focal point for addressing the gaps in financial literacy and the tools individuals need to achieve financial confidence.

In this episode, Bill is joined by Tom Tull, former CIO of the Employees Retirement System of Texas. Tom shares his journey from a career in the military to becoming a prominent figure in public fund management. They discuss Tom's approach to building teams, redefining public funds as businesses, and the shift toward alternative investments. The conversation explores the challenges of asset allocation in a changing economic landscape, the rise of private markets, and the importance of transparency between LPs and GPs. Tom also provides insights into emerging investment opportunities, international markets, and the evolving role of secondary markets. Don't miss this engaging discussion about the past, present, and future of asset management.

In this episode, Bill welcomes Andrew Akers, lead quantitative research analyst at PitchBook, to dive deep into private equity and private market replication strategies. Andrew shares his journey from traditional finance to quantitative analysis, discussing the key findings from his seminal paper on private equity replication. The conversation examines the nuances of equity risk premia, operational alpha, and the challenges of building a replicable index for private markets. They also explore the role of machine learning in analyzing patterns within financial data and the growing importance of private markets for high-net-worth investors.

Welcome back to Season three of Educational Alpha! In this first episode, Bill welcomes Harry Markopolos, the renowned financial fraud investigator and whistleblower best known for uncovering the Bernie Madoff Ponzi scheme. Harry shares his journey from portfolio management to forensic finance, detailing his relentless pursuit of exposing fraudulent financial schemes. The conversation covers the challenges he faced in getting the SEC to act on the Madoff case, the inner workings of Ponzi schemes, and how financial professionals failed to conduct proper due diligence. Harry also discusses the systemic weaknesses in financial regulation, the rise of new financial frauds, and the ongoing battle against deceptive investment practices.

In this season finale of Educational Alpha, host Bill Kelly welcomes John Bowman, the incoming CEO of CAIA Association. Reflecting on the evolution of CAIA and their professional journeys, the two explore major themes shaping the investment landscape—diversification, digitization, and democratization. They discuss the organization's transition from Bill's tenure to John's, emphasizing CAIA's mission to educate and advocate for better portfolio construction, transparency, and investor outcomes. Bowman also lays out a roadmap for CAIA's future, highlighting challenges and opportunities within a rapidly evolving financial ecosystem. This conversation is not only a handover of leadership but also a deep dive into the principles driving the Association forward. Listen in!

In this episode, Bill interviews Kenneth Heinz, President of HFR, to explore the evolving landscape of hedge funds. Kenneth shares insights into HFR's growth from its inception in 1992 to its current position as an industry leader. The conversation delves into hedge fund strategies, performance benchmarking, and the role of transparency in driving trust and innovation. Kenneth also highlights emerging trends such as the rise of pod shop structures, the growing impact of cryptocurrency, and the importance of democratization in investment strategies. Listen in! 

In this episode, Bill sits down with David Frazee, a Silicon Valley-based venture capitalist and innovation advocate, to explore the dynamic intersections of venture capital, global entrepreneurship, and the democratization of innovation. David shares his fascinating career journey from high-tech law to investing in groundbreaking startups, many of which have become unicorns. The conversation covers the challenges and opportunities in venture capital, including the evolving dynamics of liquidity, the rise of entrepreneurial ecosystems in emerging markets, and how risk capital drives transformative innovation. Listen in!

In this episode, Bill welcomes Will Goodhart, Chief Executive of CFA UK, for a reflective discussion on leadership, professional evolution, and the challenges of addressing sustainability in finance. Will shares insights from his two-decade-long tenure, including his journey from journalism to leading one of the most respected professional bodies in finance. The conversation dives into the importance of serving end investors, the role of professional bodies in fostering ethical and technical competence, and the urgency of addressing climate change. Listen in!

In this episode, host Bill engages with Brett Christophers, Professor of Human Geography and author, to explore the intersections of private equity, climate investment, and the realities of capitalism in tackling global issues. He delves into the premise of his book, The Price is Wrong, questioning the reliance on private capital to drive decarbonization and assessing the potential limits of profitability in achieving climate goals. Their conversation addresses policy gaps, the importance of long-term investment vehicles, and the role of public versus private sectors in leading sustainable change. Listen in!

In this episode, host Bill Kelly sits down with Yann Robard, founder of Dawson, to explore the evolving dynamics of private equity markets. Yann shares his unique career journey, from a furniture store startup to leading initiatives at the Canada Pension Plan Investment Board, and ultimately founding Dawson. They discuss the rise and development of the private equity secondary market, the evolution of structured liquidity solutions, and the anticipated growth in private markets, and more. Listen in!

In this episode, host Bill Kelly welcomes Jennifer Choi, CEO of ILPA (Institutional Limited Partners Association), to discuss the dynamic landscape of private equity, its governance, and the evolving role of limited partners (LPs). Jennifer shares insights from her extensive career, starting with consulting and private equity emerging markets, to leading ILPA. This conversation provides a deep dive into the mechanisms driving change in private equity and the critical role LPs play in ensuring accountability and governance. Listen in!

In this episode, host Bill Kelly welcomes Scott McMunn, CEO of the Loan Market Association (LMA), to discuss the dynamic shifts in private credit and the significant role that trade associations play in today's financial landscape. Scott shares his career journey from asset management to leading the LMA, highlighting the challenges and opportunities in the evolving loan markets. The conversation dives into the growth of private credit, the influence of non-bank financial intermediaries, and the burgeoning fund finance market. Listen in!

In this episode, host Bill Kelly welcomes Aishah Ahmad, Board member at the Financial Alliance for Women and former Deputy Governor of the Central Bank of Nigeria, to discuss diverse topics including innovation, regulation, climate action, and female leadership shedding light on the financial landscape in Africa. Aishah shares her fascinating career in finance and transition into regulatory roles, in a conversation rich with lessons on perseverance, leadership, and the future of finance in emerging markets. Listen in!

In this episode, Bill welcomes Keith Black, a longtime colleague and cryptocurrency expert, to discuss the rapidly evolving world of digital assets. Keith shares insights from his extensive career, including his early work in commodity derivatives, hedge funds, and institutional consulting, as well as his role in the Chartered Alternative Investment Analyst (CAIA) Association. The conversation dives into Keith's move toward digital assets and cryptocurrencies, highlighting key topics such as the current state of institutional adoption, Bitcoin's rise, and the role of stablecoins. Listen in! Additional Resources Mentioned: https://train.riadatabase.com/digitalassets/ https://www.amazon.com/Investing-Cryptocurrencies-Digital-Assets-Understanding/dp/1394268629

In this episode, host Bill Kelly welcomes Nell Mackenzie, a financial journalist with a diverse background, including a 20-year career as a professional actress and time spent trading crude oil on the NYMEX floor. Nell shares her unique journey from acting to financial journalism, highlighting the formative experiences that led her to cover the dynamic world of hedge funds. Listen in!

In this episode, host Bill Kelly sits down with Melissa Ma, Co-Founder and Managing Partner of Asia Alternatives, to explore the evolving landscape of private equity in Asia. Melissa shares her journey from Goldman Sachs to co-founding Asia Alternatives, providing deep insights into the firm's strategic focus on Asia's private equity markets. The discussion covers the significance of demographics, geopolitical risks, and the role of technology in shaping investment strategies. Listen in!

In this episode, host Bill Kelly welcomes Jeff Schafer, an expert in impact investing, to discuss the evolving landscape of alternative investments and the significant potential of Africa as an investment destination. Jeff shares his journey from traditional finance to a focus on impact investing, emphasizing the importance of aligning financial returns with social good. Listen in!

In this episode, host Bill Kelly welcomes Joe Simonian, a prominent figure in the world of financial data science and the Chairman of the Financial Data Professional (FDP) Institute. Joe shares insights from his extensive career, spanning over 18 years in global asset management and financial data science. The discussion traverses the evolution of quantitative tools in finance, the nascent but promising applications of generative AI, and the critical need for synthetic datasets in investment strategies. The episode wraps up with an exploration of the FDP Institute, emphasizing the growing need for cross-disciplinary expertise in today's rapidly evolving investment landscape. Listen in!

In this episode, host Bill Kelly sits down with Mark Anson, CEO and CIO of Commonfund, to explore the evolution of the endowment model and its ongoing relevance in today's investment landscape. Mark shares his extensive experience, from managing the California Public Employees' Retirement System (CalPERS) to leading Commonfund, providing insights into private equity, the growth of interval funds, and the impact of generative AI on portfolio management. Listen in!

In this episode, Bill talks with Chad Braun, co-founder of Fifth Corner, about the nuances of real estate investments. Chad shares his journey from public accounting to leading a public REIT and finally to his work at Fifth Corner. The discussion covers the differences between public and private real estate investments, the concept of irreplaceable corners, and the impact of e-commerce on retail spaces. Chad also explains the importance of demographic data in investment decisions and the benefits of private real estate for high-net-worth and family office investors. Listen in!

In this episode, host Bill Kelly is joined by Kevin McCreadie, CEO and CIO of AGF Management. They discuss the evolving landscape of asset management, focusing on the challenges and opportunities presented by market disruptions, democratization, and tax efficiency. Kevin shares insights from his extensive career, highlighting AGF's innovative approach to global investments and the importance of tailored financial products. The conversation explores the significance of active management, the need for better financial education, and the future of investment strategies in a changing economic environment. Listen in!

In this episode, host Bill welcomes Cathy Marcus, Co-CEO and Global COO at PGIM Real Estate. Cathy shares her extensive experience in the real estate sector, highlighting the evolution of the market, particularly in the context of the COVID-19 pandemic. The discussion covers the complexities of office space investments, the growing importance of ESG requirements, and the potential of data centers driven by advances in technology. Cathy also addresses the challenges and opportunities in democratizing real estate investments for retail investors, emphasizing the importance of understanding liquidity constraints and the need for robust investor education. Listen in!

In this episode Bill interviews Charles Henry Monchau, Chief Investment Officer at a Swiss private bank, renowned for its innovative approach in the banking sector. Charles shares his extensive international experience and insights into the evolution of private banking, emphasizing the integration of digital assets and pioneering private equity investments. The discussion explores the importance of staying updated with market developments and the impact of technological advancements like blockchain and AI on the financial industry. It also touches on challenges and opportunities that the current economic environment presents, highlighting the strategic approach to asset diversification and investment in emerging technologies. Listen in!

In this episode, host Bill Kelly is joined by Corey Hoffstein, a notable figure in quantitative finance and co-founder of Newfound Research. Corey revisits his unexpected journey from an aspiring video game developer to a financial strategist driven by a passion for quantitative finance.The discussion centers around the concept of "return stacking," a strategy developed to enhance portfolio diversification without sacrificing traditional asset classes. This innovative approach aims to leverage modern financial tools to navigate and harness the complexities of today's investment landscape, enhancing potential returns while managing risk through diversified beta rather than chasing elusive alphas. Listen in!

In this episode, Bill speaks with Kostiantyn Shost, a CAIA Member from Ukraine, who shares his unique perspective on professionalism and resilience amidst the country's ongoing conflict. Born into a military family with a globally diverse upbringing, Kostiantyn details his journey from various global posts to settling in Ukraine. Despite the severe backdrop of war, he maintains a commitment to professionalism and community service through his active participation in the CFA Society of Ukraine. Listen in! https://www.leleka.care/ The Leleka Foundation provides life-saving first-aid kits to frontline embedded medical staff. 

In this episode, Bill interviews Andrew Ang, a former Professor of Business and current investment expert at BlackRock, discussing the nuanced application of factor investing in both public and private markets. Andrew shares his journey from academia to industry, emphasizing the integration of data and technology in investment strategies. The conversation explores the critical aspects of factor investing, the democratization of sophisticated investment strategies for individual investors, and the potential of artificial intelligence in enhancing investment models. Listen in!

In this episode Bill sits down with Tim Hodgson, co-founder of the Thinking Ahead Institute, to discuss the transformative journey of the investment industry. Starting from Tim's early career as an institutional investment consultant to the inception of the Thinking Ahead Institute in 2015, they explore the evolution from a business-centric to a more purpose-driven approach. They reflect on CAIA's most recent collaborative effort with Thinking Ahead Institute, while developing a new framework of ethics principles designed to illuminate the investment industry as an interconnected ecosystem. They talk about the collaboration between asset owners and managers, the pursuit of professionalism in the industry, and the intricate dynamics of private and public market investments. They also address global pension systems, demographic shifts, and the ethical considerations vital for sustaining trust and transparency in the investment landscape. Listen in!

In this episode Bill speaks with Daniil Shapiro of Cerulli Associates to explore significant trends shaping the asset and wealth management landscape. Shapiro, with a background rich in risk management and product development, offers a comprehensive overview of the challenges and opportunities within alternative investments, ETFs, and the evolving demands of the advisory market. This episode not only addresses the intricacies of alternative investments and their place in retail and institutional portfolios but also underscores the necessity for innovative approaches to meet the changing needs of investors and advisors alike. Listen in!

This episode of Educational Alpha features Bill in a heartwarming discussion with four of his five children, offering a rare glimpse into the interplay of family life with professional aspirations. The episode spans personal stories, career choices, and the profound influence of familial bonds on personal development. Sam, Zach, Abby, and Will, alongside reflections on their absent brother Max, share insights from their diverse paths—ranging from finance and medicine to marketing and college experiences. The conversation frames the significance of "Bring Your Kid to Work Day," evolving work-life dynamics in the face of a global pandemic, and the invaluable lessons learned from their brother Max. This episode not only celebrates the Kelly family's unique journey but also underscores the enduring impact of family values on shaping futures.

In this episode, Bill welcomes Stephen McCourt from Meketa Investment Group to discuss the significant shifts within the investment landscape. Stephen shares his journey from joining a small consulting firm to becoming a co-CEO, alongside the evolution of Meketa. He provides an in-depth analysis of private markets, emphasizing the importance of private equity and infrastructure investments. Stephen delves into the challenges and developments within the consultant model, reflecting on his experiences and the industry's future trajectory. Listen in! DISCLAIMER: (PLEASE VIEW FULL DISCLAIMER HERE) The Primark Meketa Private Equity Fund and Meketa Infrastructure Fund is considered highly speculative, illiquid, and should only be considered by investors who can bear such risk for an indefinite period of time and can afford a complete loss of investment. This investment product is not suitable for all investors. There is no guarantee that any income will be generated, or distributions will be made.

In this episode Bill sits down with Christine Barry, CEO of CeriFi, exploring the intersection of education technology and professional certifications. The episode delves into CeriFi's innovative approach to consolidating educational resources for financial professionals, including preparation for high-stakes certifications like CFP and CFA. Christine discusses the impact of generative AI on learning platforms, the importance of embracing technology in education, and the critical role of ethics in an AI-driven world. Listen in!

In this episode, Bill is joined by Michael Green, discussing his journey from consultancy to leading roles in investment firms, including his current position at Simplify Asset Management. Michael delves into his extensive background, the transformative changes in the ETF space, and the conceptualization of tail risks in investments. The conversation also explores the implications of digital assets and the evolution of market strategies. Listen in!

In this episode, Bill welcomes Michelle DiGruttolo, a seasoned intelligence professional with a 25-year career in army intelligence, and a former daily intelligence briefer for President Barack Obama. Michelle discusses her extensive background, offering insights into geopolitical risks and the evolution of security clearances. She also delves into the implications of current geopolitical dynamics, highlighting the shift from a unipolar to a multipolar world, and the impact of global changes on security and investment strategies. Listen in!

In this episode, host Bill welcomes Kevin Donohoe from Abbey Capital to discuss the intricate world of hedge funds and managed futures. Kevin provides an extensive overview of his background, initially aspiring to be a lawyer and eventually finding his passion in finance and trading. As the head of research at Abbey Capital, Kevin shares insights into the company's evolution, its managed futures strategy, and the importance of multi-manager approaches in asset management. The discussion also covers various aspects of Commodity Trading Advisors (CTAs), different trading strategies within managed futures, and the significance of uncorrelated returns in investment portfolios. Listen in!

In this episode, Bill is joined by Don Steinbrugge, the CEO and Founder of Agecroft Partners. With his extensive asset management and hedge fund background, Don offers an in-depth analysis of current trends in the hedge fund industry. This episode covers a broad spectrum of topics, from industry growth and investment strategies to the impact of ETFs and cryptocurrency. Don's insights into risk management, strategy sizing, and the changing dynamics of the hedge fund space provide invaluable perspectives for industry professionals and enthusiasts. Listen in!

In this episode, Bill welcomes Robin Fabiano, an experienced educator and administrator. They discuss the crucial issue of mental health in the educational sector, focusing on its effects on students and teachers. The conversation includes insights into the changing landscape of mental health challenges, the role of social media, and strategies for improving mental health support in schools. Listen in!

In this episode, Bill is joined by author Jared Dillian, discussing his journey from a radio show host to an accomplished author. They explore themes of financial stress and risk management, delving into Jared's philosophy of living a stress-free financial life. The conversation touches upon Jared's views on ambition, his diverse career including a stint as a DJ, and his future literary endeavors. Listen in!

In this episode, Bill hosts Sarah Samuels, a partner at NEPC. Sarah shares her journey from an administrative assistant to a senior role in the investment world, discussing the importance of getting into the game and embracing responsibilities. They explore the evolving landscape of private markets, the impact of geopolitical risks, and the significance of financial education. Sarah also talks about her children's book, "Braving Our Savings," aimed at teaching financial fluency to young readers. Listen in!

In this episode, Bill is joined by Chrysanthy Vakla, Deputy CEO of Susten, for an in-depth discussion on sustainable energy and its future. Chrys, with her extensive background in finance and venture capital, shares her insights on the dynamic landscape of renewable energy and climate technology. The conversation covers Chrys's professional journey from the concept of energy transition to the role of venture capital in fostering innovative energy solutions. Listen in!

In this episode of Educational Alpha, Bill speaks with Chris Addy, CEO of Castle Hall Diligence. They enter the multifaceted world of operational due diligence, exploring its evolution, current challenges, and the profound impact of technological advancements. The conversation also touches upon various industry shifts, including the role of regulation, transparency issues, and the dynamic nature of asset management. Listen in!

In this episode, Bill sits down with David Breach, President and COO of Vista Equity Partners. With over two decades in the industry, David shares his journey from a non-traditional background into the private equity world. The conversation delves into the transformative nature of enterprise software investments, the implications of market shifts, and the strategies for successful asset management. Listen in as they discuss the importance of governance, the impact of technological advancements, and the future of private equity in a changing financial landscape.

In this episode of Educational Alpha, Bill welcomes Zoe Cruz, a pioneer in the financial world. Zoe shares her invaluable experiences from Morgan Stanley to the establishment of her venture, Menai, shedding light on the digital asset revolution, the importance of regulatory frameworks, and the evolving nature of finance. The discussion explores the potential and pitfalls of digital currencies, the impact of technology on traditional finance, and the profound implications for future generations and global markets. Zoe's insights illuminate the path of innovation, inviting you to consider the vast possibilities that lie ahead in the world of finance and digital assets. Listen in!

In this episode of Educational Alpha, Bill, along with special guests Chris Tarui and Aaron Filbeck, examines the evolving landscape of investments, highlighting the crucial role of education and democratization in asset management. They discuss the potential shift of trillions of dollars into alternative investments, emphasizing informed decision-making and responsible leadership. The conversation explores regulatory aspects, technology's role in democratization, and the significant impact of manager selection on investment outcomes. As the industry stands at a crossroads, they advocate for a cautious and educated approach, highlighting the potential for long-term growth and diversified portfolios.