Inside the Rope with David Clark

In this episode of Inside the Rope, host David Clark sits down with Craig Packer, Co-President of Blue Owl Capital – a $140 billion powerhouse in private lending. From humble beginnings to one of the fastest-growing alternative asset managers globally, Craig shares the inside story behind Blue Owl's explosive rise, its strategy of targeting multi-billion-dollar private equity-backed companies, and how the firm is redefining the landscape of direct lending.

In this episode of Inside the Rope, David Clark speaks with David Gribble, the newly appointed CEO of Alceon, one of Australia's leading multi-strategy private capital firms. Against a backdrop of heightened market volatility and growing media scrutiny of private credit, David Gribble shares his perspective on the evolving role of private markets and how Alceon is positioning itself through this cycle. The conversation explores Gribble's unique journey from engineering and investment banking to leading Alceon, and why the firm's deep bench of local expertise, asset-backed focus, and collaborative investment approach offers clients confidence during periods of uncertainty. We also dive into how Alceon balances opportunity and risk across real estate credit, private equity, and structured credit—and why disclosure and proactive transparency are central to maintaining investor trust in the private markets space. As regulation looms and headlines focus on risks, this episode offers measured insight into the difference that experience, structure, and true alignment can make.

David Clark welcomes back Andrew Lockhart, Managing Partner of Metrics Credit Partners — one of Australia's largest private lenders and a major force shaping the future of private credit. With private credit markets booming — and critics warning of bubbles and risks — David and Andrew explore why private credit can play a critical role in a high-net-worth portfolio when approached with discipline and scale. They dive deep into the key metrics that investors should evaluate in private credit, including loss rates, diversification, liquidity management, and risk-adjusted returns. Andrew explains why Metrics' institutional-grade processes, governance standards, and proactive credit management position it at the centre of Australia's private credit growth story — and why careful manager selection has never been more important. With insights into Metrics' $23 billion portfolio, how private credit compares to traditional bank lending, and how Metrics navigates the evolving regulatory landscape, this episode is essential listening for investors seeking income, stability, and diversification in today's uncertain markets. Get a behind-the-scenes look at why Metrics is thriving amid industry scrutiny.

After seven years of trying, we've finally done it—this episode of Inside the Rope features one of the most influential figures in institutional investment in Australia: David Neal, CEO of IFM Investors and founding CIO and former CEO of the Future Fund, Australia's $300+ billion sovereign wealth fund. David takes us behind the scenes of building the Future Fund from the ground up—how a clean slate, a world-class board, and a clear long-term mandate allowed for a new investment philosophy rooted in flexibility, illiquidity premiums, and global best practice. We talk about the importance of strong governance, the benefits of a total portfolio approach, and why the endowment model still resonates in long-term capital allocation. Now at the helm of IFM Investors—a global institutional asset manager originally founded by Australian industry super funds—David shares insights into investing on behalf of working people, the tailwinds driving infrastructure investment globally, and why private markets are an increasingly powerful lever for value creation. IFM was conceived by a collective of Australian industry super funds with a bold ambition: to give working people access to the kinds of global, complex investments traditionally reserved for the ultra-wealthy. Today, IFM manages over $250 billion across infrastructure, private equity, credit, equities, and real estate—always with a clear mission to deliver strong, long-term outcomes for its members. If you're seeking clarity on private markets, this is a conversation not to be missed.

In this episode of Inside the Rope, David Clark is joined by Laurence Marshbaum OAM, founder of 10x10 Philanthropy and Community Capital, to explore how wealthy families can embed philanthropy into their legacy. Together, they discuss why more families are establishing Private Ancillary Funds (PAFs) and how strategic giving can sit alongside wealth creation and preservation. Laurence shares his journey from institutional fund management to purpose-driven investing, shedding light on how families can move beyond ad-hoc charitable donations to structured, impactful philanthropy that endures for generations. They discuss how fund managers and sophisticated investors are also stepping in to provide early-stage capital to high-impact, for-purpose organisations—bringing the same rigour they apply to financial markets to the social sector. Whether you're a family considering philanthropy for the first time, or looking to start the conversation, this episode will give you practical insights into how to create lasting social and financial value.

David Clark welcomes back David Witkin, Managing Partner of Beryl Capital, discussing event-driven investing and market opportunities. With a track record of delivering outstanding returns, Beryl Capital has been at the forefront of merger arbitrage and special situations, benefiting from corporate activity across global markets. As investors navigate a rapidly changing landscape—shaped by geopolitical shifts, artificial intelligence, and shifting economic policies—Witkin shares his insights on capital deployment, risk management, and where he sees opportunities in today's market. He delves into the impact of the Trump administration's policies on event-driven investing, the AI-driven demand for data centers and infrastructure, and how regulatory shifts could unlock new investment themes. Listen in to hear how institutional investors think about market cycles, risk-adjusted returns, and how high-quality research and execution can drive investment success.

In this episode of Inside the Rope, David Clark sits down with Catherine Allfrey of Wavestone Capital and Caroline Gurney, CEO of Future Generation, to explore why increasing female representation in funds management is not just about fairness—it's about better outcomes for investors and the broader economy. We dive into the launch of Future Generation Women, a new fund exclusively managed by female portfolio managers, designed to drive both strong financial returns and positive social impact. Why are women statistically better long-term investors? How is gender inequality costing the Australian economy $128 billion annually? And what can both men and women do to accelerate progress in wealth management? This episode is packed with insights on the next generation of wealth transfer, the importance of financial education for women, and how investors can be part of the solution. Whether you're an investor, adviser, or simply passionate about equality, this conversation will challenge perspectives and inspire action.

In this episode of Inside the Rope, host David Clark sits down with Frewen Lam, Managing Partner at ROC Capital, to explore the ever-evolving landscape of private equity, private credit, and real assets. Frewen shares his journey from a first-generation Australian with immigrant roots to co-founding ROC, now managing $8.5 billion in assets. Key Highlights: * Frewen's transition from public to private markets—why he believes private investments outperform. * Lessons from investing in Asia, including insights into China and India's economic trajectory. * Why agriculture and real assets are the next frontier for wealth creation. * The opportunities in private credit and secondary markets—how to buy assets at a discount. * How top investors build portfolios that balance risk and long-term returns. Frewen's sharp insights, combined with David's wealth advisory expertise, make this a must-listen for investors looking to refine their approach to alternative assets.

One of Australia's most successful financial minds abroad - In this episode of Inside the Rope, host David Clark sits down with Mike Dorrell, founder and CEO of Stonepeak, a $100 billion infrastructure investment powerhouse. From his humble beginnings in Australia, to building one of the largest private infrastructure firms in the U.S., Mike shares his journey of entrepreneurship, resilience, and strategic vision. He offers invaluable insights into infrastructure investing, where he sees the strongest opportunities today, and how smart investors should think about allocating to this asset class. Mike also shares his thoughts on Trump 2.0's impact on markets, his personal approach to fitness and discipline, and how he structures his day to stay at the top of his game. This conversation is packed with actionable takeaways for investors, business leaders, and anyone interested in what it takes to build a world-class investment firm. A fascinating deep dive into the mindset of a global finance leader.

Unlock the complexities of family leadership and estate planning in this enlightening episode of Inside the Rope. Join David as he speaks with Evana Lithgow from Working Minds, a renowned psychologist specialising in the transition and succession of wealth for high-profile families in Australia and New Zealand. Discover how successful families navigate challenges beyond financial capital, fostering meaningful relationships and connections as their true legacy. From overcoming wealth-related conflicts to starting crucial conversations early, Evana shares powerful insights from her 25+ years of experience. Learn how to shift the focus from mere legal documents to a holistic approach that ensures a resilient and harmonious future for generations. Whether you're managing significant wealth or just beginning the estate planning journey, this episode provides actionable tips to align your family's purpose with long-term success.

In this episode of Inside the Rope with David Clark, we sit down with Peter Edwards, Executive Chairman of the Victor Smorgon Group, one of Australia's most enduring multi-generational family offices. Peter takes us behind the scenes of a pivotal decision: opening the doors of this storied family office to external investors. Discover the rationale behind this transformative move, how it shapes their investment strategy, and what it means for both the family and outside participants. From their thematic investment approach in areas like gold and US property to their forward-thinking embrace of impact investing and philanthropy, Peter shares invaluable insights into navigating complexity and maintaining harmony across generations. Join us for a captivating conversation that delves into family legacy, bold strategies, and the ever-evolving landscape of wealth management. Whether you're curious about the inner workings of a family office or looking for investment inspiration, this episode is one you won't want to miss.

David Clark sits down with Brad Powell, Managing Director of Emerson Collective, the influential family office and investment vehicle of Laurene Powell Jobs. With a portfolio exceeding $11.5 billion, Emerson Collective leverages innovative strategies to address global challenges. Brad provides an insider's perspective on the Collective's unique approach to balancing financial returns with social impact across sectors like education, healthcare, and climate transition. Discover how they're reshaping philanthropy, scaling investments in renewable energy, bridging the digital divide through broadband expansion, and exploring alternative investments like sports franchises. Learn the lessons smaller family offices and high-net-worth individuals can take from Emerson's model, how they identify transformative organizations, and their forward-thinking vision for energy infrastructure and connectivity in a rapidly evolving world.

Be inspired by a new wave in investment leadership. In this compelling episode, host David Clark sits down with Armina "Arms" Rosenberg, co-founder of Minotaur Capital and one of the most innovative minds in funds management today. From her humble beginnings in Sydney's West to managing global equity portfolios for Mike Cannon-Brookes, Arms' journey is nothing short of inspiring. Discover how Armina leverages cutting-edge AI technology to revolutionise investment research, creating a competitive edge in identifying market opportunities. Learn about her unique philosophy of investing during strategic corporate shifts, her reflections on ESG investing, and the bold vision she has for Minotaur Capital's future. This episode offers a rare glimpse into the intersection of technology, innovation, and investing.

David Clark welcomes back the brilliant John Hempton, CEO and co-founder of Bronte Capital, to discuss the chaos and opportunities in today's financial landscape. Known for his sharp insights and global investment acumen, John unpacks why markets seem irrational today. From the rollercoaster impact of Trump-era policies to the rise of speculative trades like GameStop and Bitcoin miners, this conversation dives deep into the forces shaping global financial trends. A mix of wisdom, strategy, and a touch of humor. Don't miss out on John's candid take on navigating uncertainty, managing risk, and positioning for long-term success.

Join David Clark on Inside the Rope as he speaks with Frank Danieli, Head of Credit Investment and Lending at MA Financial Group. In this episode, they delve into the Australian private credit and debt market, addressing concerns about potential bubbles and exploring the unique investment opportunities in low-risk, low-volatility portfolios. Frank also sheds light on the MA Priority Income Fund, offering insight into asset-backed lending and specialised finance areas, which promise robust returns. Tune in for a comprehensive look at modern private credit strategies and how they fit into today's investment landscape.

This podcast episode from "Inside the Rope" features an in-depth conversation with Manny Pohl, a South African-born investment professional who transitioned to Australia and became a key figure in fund management, including building the firms Hyperion and ECP Asset Management. Manny reflects on the importance of humility, teamwork, and building a business for the long term. ECP boasts a return since inception (July 2012) of 13% p.a. to 30 Sep 2024 compared to the market's 10% p.a. This engaging discussion offers a mix of personal anecdotes, insights on fund management, and practical advice for investors navigating wealth management.

In this episode of Inside the Rope, David interviews Dafina Toncheva, a general partner at the US-based venture capital firm, USVP. Dafina shares her inspiring journey from growing up in Communist Bulgaria to earning a scholarship to Harvard and completing her MBA at Stanford. Now a prominent figure in venture capital, Dafina discusses USVP's history, including its success in managing 12 funds, 11 of which have been profitable. She highlights USVP's impressive track record, which includes 93 IPOs and over 100 M&A transactions. Dafina explains her investment focus on early-stage companies, particularly in software, cybersecurity, and digital health. She recounts her early success at Venrock, where she led the first institutional investment in Cloudflare, now a multi-billion dollar company. Despite the initial skepticism from other investors, Dafina's persistence paid off, making Cloudflare Venrock's most profitable investment. Throughout the podcast, Dafina reflects on her unique perspective shaped by her upbringing, her views on the importance of meritocracy, and her belief in free markets. She also discusses USVP's disciplined approach to early-stage investments and their commitment to liquidity for investors.

In this episode of Inside the Rope, David speaks with Michael Rosen, co-founder and CEO of Context Capital. They discuss his journey in finance and the founding of the firm. Michael covers his career managing a mutual fund group and the decision to start Context Capital after recognising the limits of traditional mutual funds, particularly the lack of hedging options available. Michael covers Context Capital's investment strategy, which focuses on convertible bonds, a hybrid asset that sits between debt and equity. Michael explains how the firm manages $2.7 billion while producing an average return of over 12% per year since inception, reducing risk through strategies like shorting equities. Michael also shares lessons from his restaurant ventures, drawing comparisons between running a restaurant and an investment firm. He highlights the importance of preparation and teamwork in both fields. Finally Michael highlights his views on future opportunities in convertible markets and how some investors view the strategy as being able to offer equity-like returns with historically less risk.

In this episode of Inside the Rope, host David Clark interviews Jim Eddy, founder and CEO of Jamberoo Action Park, a successful entrepreneur from Wollongong. Jim shares his journey, discussing how his background in real estate investment and overcoming personal challenges shaped his approach to business. The conversation covers important lessons for wealth management, such as managing risk, debt, and investment in seasonal businesses. Jim explains how he transitioned from a land surveyor at BHP to developing Jamberoo Action Park after exploring different ventures, including dairy farming and real estate. Jim's entrepreneurial spirit and resilience were pivotal in weathering financial challenges and industry fluctuations. He speaks about the risks of debt during tough times, like droughts and economic downturns, and the importance of thorough research before committing to new investments. The episode also touches on the value of continuous learning and adapting in business, as Jim recalls lessons from major theme parks in the U.S., which helped him improve safety and operational standards at Jamberoo.

In this episode of Inside the Rope, host David Clark shifts focus from traditional wealth management to personal wellness, in a conversation with Damian Chaparro, the founder of Aro Ha, a wellness retreat in New Zealand. The episode explores the intersection of health and wealth, highlighting how wealth encompasses a sound body and mind. Damian shares his journey from IT consultant to wellness architect, driven by a desire for purpose and holistic living. Damian discusses the creation of Aro Ha, a retreat that embodies a complete approach to well-being, integrating physical health, mental wellness, and sustainable living practices. David and Damian explore the challenges of modern life, such as the impact of technology on wellness, and the importance of balancing financial success with personal health. Damian emphasises the value of experiences that foster inner well-being, encouraging listeners to consider wellness as an integral part of wealth & health management.

This podcast episode of Inside the Rope features a conversation between David Clark, and Paul Francis, a sports science expert and early-stage sports science investor. Paul has an impressive career background, having held senior positions at Adidas and Nike, and worked as a performance advisor to NFL teams such as the Miami Dolphins and Atlanta Falcons. He has also collaborated closely with elite athletes like Michael Jordan, LeBron James, and Lionel Messi. The discussion delves into the influence of sports science on the commercial aspects of sport, fitness, and wellness. Paul shares insights into his career journey, which began in sports science and evolved into consulting and leadership roles in major sports brands. They explore how performance under pressure differentiates great athletes and how this concept applies across various fields, including investment management. The conversation also covers Paul's latest venture, FC 32, a platform focused on placing athletes at the centre of football club ownership and investment. The platform aims to align the development of athletes with the investment goals of stakeholders, providing a novel approach to football ownership by prioritising the player asset class over the traditional club-centric model. Additionally, they discuss the growing role of data in sports, the importance of understanding the right metrics, and the potential impact of recent changes in college sports regulations on the global sports landscape. The podcast ends with Paul highlighting the importance of strategic investment in health and eSports as emerging opportunities and advocating for the charity Saint Vincent de Paul for its work with the homeless in Australia.

In this special live event episode recorded in Melbourne, Inside The Rope celebrates a milestone with its 176th episode, marking the second live event in honor of 175 episodes. The event features an impressive lineup of guests from the world of finance and investment, each bringing their unique insights and experiences to the table. Guest Speakers: Michael Lukin, CFA: Group Managing Partner of Roc Partners, Michael Lukin shares his journey from the management buy-out of Macquarie Group's private markets business to leading client relationships and investment activities across various markets. He provides a deep dive into his experience managing major investments, including companies like StoneAxe and Australia's Oyster Coast. Peter Cooper: The Chief Investment Officer and founder of Cooper Investors, Peter Cooper, brings over 30 years of investment management experience to the stage. He discusses the VoF investment philosophy he developed, which has been instrumental in the success of Cooper Investors across both domestic and international strategies. Samar Mcheileh: Managing Partner at Scale, Samar Mcheileh shares her passion for venture capital and her vision of transforming Scale into a fully-matured fund. Her experience in financial services, including her transformative work at JBWere and her active role in the Australian early-stage ecosystem, adds a dynamic perspective to the conversation.

Ep 175: Live Event - Jess Farr-Jones, Mike Lukin & Tim Carleton - Public and private market insights by David Clark

In this episode of Inside the Rope, David interviews Adrian McKenzie, founder and partner of Five V Capital, an Australian private equity firm focused on the mid-sized market in Australia and New Zealand that boasts a remarkable internal rate of return. David highlights Adrian's notable career, including his tenure at CVC Capital Partners, where he was the youngest ever partner and board member. Adrian shares insights from his vast experience, including both successful investments as well as challenges, such as CVC's investment in Nine Media Group. Adrian discusses his journey from Glasgow to London and New York, detailing his early career in investment banking and his eventual transition to private equity. He reflects on the evolution of the private equity industry and the strategies that have driven success at Five V. Adrian emphasises the importance of aligning with business owners and investing in companies with strong growth potential. The conversation delves into Five V's mid-market focus, targeting companies with earnings between $7-30 million and enterprise values ranging from $50-300 million. Adrian explains the firm's hands-on approach, collaborating closely with management teams to drive value and achieve growth. He also introduces the Horizons product, which offers investors access to mid-market private equity with quarterly liquidity, aiming to provide strong returns with greater flexibility. Adrian shares examples of portfolio companies, such as Sea to Summit and Biopak, and discusses the significant opportunities in the mid-market space driven by intergenerational wealth transfer.

In this episode of Inside The Rope, David welcomes Dan Ariely, a globally renowned expert in behavioural economics. Dan is a professor of psychology and behavioural economics at Duke University, and in this episode he shares his insights into the irrational ways in which people make decisions and how understanding these behaviours can improve financial decisions, motivation, health, and end-of-life care. Dan begins by discussing his unique personal story, including the origins of his distinctive half-beard, which he grew after a severe burn injury. With the main focus of the conversation delving into the field of behavioural economics, contrasting it with traditional economics. Dan explains how behavioural economics examines the systematic mistakes people make due to inherent biases, and its practical applications in addressing financial, motivational, and health-related issues. David and Dan also discuss common irrational behaviours in financial decision-making, such as evaluating money relative to other expenditures. With Dan offering suggestions on how to create good financial habits whilst automating decisions to prevent emotional reactions to market fluctuations. Looking to the future, Dan also discusses his ongoing work, including projects aimed at improving end-of-life care and integrating human capital considerations into investment strategies. He mentions his latest book on misinformation, "Misbelief," and his involvement in the TV show "The Irrational."

In the concluding part of Inside The Rope's series on artificial intelligence, the focus shifts to the financial implications of AI. The episode explores how AI is poised to revolutionise investment markets, identifying potential winners and losers, and debating whether this surge is a bubble reminiscent of the dot-com era. The experts discuss the transformative potential of AI across various industries and the significant opportunities it presents for businesses globally. The discussion also touches on the practical aspects of investing in AI, from direct investment in startups to understanding the broader impact on large corporations like Microsoft and Google. The conversation highlights the dual aspects of AI as a tool for operational efficiency and a disruptor capable of creating entirely new business models. Part 3 also addresses the challenges and risks associated with AI, such as ethical considerations, the potential for job displacement, and the societal impacts of automation and machine learning. The speakers provide insights on how to strategically navigate the evolving landscape of AI investments, emphasising the importance of understanding AI's capabilities and limitations. This final episode rounds out the discussion on AI's role in modern business and investment and encourages listeners to consider how AI might influence their strategic decisions in the future.

In episode 2 of Inside The Rope's series on Artificial Intelligence, the discussion pivots to the revolutionary scope of generative AI and its deep societal impacts. This episode explores how AI is unlocking unprecedented potential in software development, enabling anyone to code and vastly expanding the pool of potential developers globally. It also tackles the productivity enhancements brought about by AI tools like GitHub Copilot, which significantly speed up the coding process. However, the conversation doesn't shy away from the tougher questions: What about job displacement and the ethical dilemmas AI introduces? With AI's ability to automate complex tasks, the panel of guests discuss the inevitable job transitions and the broader implications for the workforce. The guests also delve into concerns over AI-generated misinformation, such as deepfakes, and the urgent need for robust regulatory frameworks. Balancing the excitement of AI's capabilities with caution, this episode provides a comprehensive look at the challenges and opportunities presented by AI in our modern world. Join us as we navigate the complex landscape of artificial intelligence and its impact on society.

In episode 1 of a 3-part series on artificial intelligence, David is joined by multiple guests to define what Artificial Intelligence is, and the implications it poses on our future. David and guests discuss how models like ChatGPT operate, and how unlike traditional AI systems that are designed for specific tasks, ChatGPT represents a shift towards Artificial Generative Intelligence (AGI), capable of analysing massive datasets and generating new content. This marks a significant advancement from Artificial Narrow Intelligence (ANI), which is limited to singular, defined tasks. Part 1 discusses how these language models, by analysing extensive text data, can mimic human-like text generation without actual consciousness or understanding. They operate by mathematical representations of language, which raises questions about the nature of intelligence and human uniqueness in language abilities. The episode also touches on societal and economic impacts, such as potential job displacement paralleling historical shifts brought about by technologies like the steam engine and the internet. However, also suggests that AI could lead to new kinds of jobs, highlighting the dual nature of technological progress. The series aims to give listeners a clearer understanding of AI's impact on economic growth and the broader existential questions that this technology raises.

In this episode of Inside the Rope, David interviews Greg Mauro, founder of Learn Capital. The episode focuses on Mauro's venture capital fund, highlighting its emphasis on educational investments and some of the well-known companies Greg has invested in. Greg shares his transition from a tech entrepreneur to a significant figure in venture capital, underlining his extensive experience in technology and entrepreneurial investments. The conversation also covers his ownership stake in Powder Mountain, the U.S.'s largest ski field, alongside notable tech entrepreneur Reid Hastings, offering insights into Greg's diverse commercial interests. Additionally, Greg discusses his impactful role in the educational sector through his investments, aiming to transform educational outcomes with technology. Greg Mauro is the Founder & Managing Partner at Learn Capital and oversees the investing practice of the firm. Greg previously managed an affiliate of Founders Fund and co-founded several venture-backed startups used by millions across the education, wireless, and media sectors. Greg has helped lead Learn investments in companies such as Coursera, Udemy, General Assembly, OnDeck, Ascent, Wave Neuro, and MindPortal. Greg is the co-founder of Edmodo, the world's largest social network for learning with over 100M users. Greg also helped incubate and co-found Higher Ground Education, the world's largest Montessori operator, where he serves on the board and is the largest investor. Greg has served on the board of NewGlobe — where Learn is also the largest investor — as the company has grown from serving one school to over 8,000, transforming the lives of over 3M students across Africa and India.

In this episode of Inside the Rope, David is joined by Elizabeth Burton, a managing director and client investment strategist at Goldman Sachs Asset Management. Based in New York, Elizabeth shares her extensive background in finance, transitioning from a Chief Investment Officer for the state of Hawaii to her current role at Goldman Sachs. She provides insights into the current investment landscape, focusing on the differences in asset allocation between institutional and smaller investors, and also discusses the unique advantages smaller investors hold. Elizabeth also highlights Goldman Sachs' perspective on preferred asset classes and asset allocation strategies in today's dynamic market. Elizabeth Burton is the Managing Director and Client Investment Strategist, Goldman Sachs. Previously Elizabeth was Chief Investment Officer of the Employees' Retirement System of the State of Hawaii (“HIERS”), where she oversaw $19 billion in pension fund assets.

In this episode David interviews Armen Panossian, co-CEO and head of Performing Credit at Oaktree Capital Management, known for its successful management of distressed debt. Armen outlines his background in finance and his journey at Oaktree since joining the firm in 2007. He discusses Oaktree's foundation in 1995, its investment philosophy emphasising risk control, and its focus on credit investment. Oaktree primarily manages portfolios in opportunistic credit, aiming for mid-teen returns with robust risk management strategies. The conversation also highlights the differences between performing and non-performing credit, with the former involving financially stable borrowers and the latter involving distressed entities that may offer enhanced returns. Despite current economic stability, Armen highlights a significant need for tailored capital solutions, especially in sectors like real estate and healthcare. He concludes by discussing potential economic shifts and the importance of prudent investment strategies to navigate uncertain financial landscapes.

In this episode of "Inside the Rope," host David Clark welcomes back Tim Carleton, Chief Investment Officer at Auscap Asset Management, to discuss his fund's performance and investment strategy. The Auscap Long Short Fund has achieved a notable compound annual growth rate of 16.1% since its inception (December 2012 to March 2024). During the episode, Tim shares his perspectives on various investment topics, including challenges and opportunities in the current market, his cautious approach toward sectors like China and iron ore, and his strategies for managing assets like the Charter Hall retail REIT. Tim also discusses the impact of AI on the market and his views on cryptocurrencies, maintaining a cautious stance on Bitcoin. He highlights the potential of sectors like healthcare, specifically addressing how emerging drugs like GLP-1s could affect companies like ResMed. Additionally, he touches upon the importance of not over-leveraging in investments and the role of cash as a strategic asset. The episode concludes with Tim promoting the Mirabelle Foundation, a charity supporting children affected by parental drug abuse. Tim founded Auscap Asset Management in 2012. He has 20 years' experience in the financial services industry. From 2007 to 2011 he was an Executive Director at Goldman Sachs where he was responsible for managing an Australian equities long/short portfolio using Proprietary funds. Prior to 2007 he worked at Macquarie Bank within the Investment Banking Group.

In this episode of "Inside the Rope," David chats with Amy Pham, Fund Manager at Pengana, about the changing world of property investment as interest rates change and more people work from home. They dive into how these changes are affecting properties in Australia, especially offices, and compare it to what's happening around the world. Amy highlights the trends in industrial and retail properties, why data centres are becoming hot spots for investors, and why it's important to consider environmental, social, and governance (ESG) factors when making investment choices. Amy shares her own story, from her early days using math as a strength as a Vietnamese refugee to becoming an expert in econometrics, adding a personal touch to her professional insights. They also talk about the different kinds of assets you can invest in, how changes in interest rates impact property investments, and the difference between investing in listed properties (like shares) and unlisted equivalents. Amy has over 25 years of property funds management experience. Prior to joining Pengana she worked at Charter Hall/Folkestone for 6 years, managing a high conviction AREIT strategy. This team won several industry awards including Financial Standards Property Fund Manager of the Year 2019, Money Management/Lonsec Australian Property Securities Fund Manager of the Year 2018, and Financial Standards Property Fund Manager of the Year 2017. Amy has held several senior positions including head of property securities at IAG and portfolio manager at Deutsche Asset Management and Perpetual Funds Management. She began her career as a quantitative analyst at Legal & General in 1994. Amy holds a Bachelor and Honours degree in Economics from the University of New England and University of California Davis.

In this episode of "Inside the Rope," host David Clark welcomes back Dr. Craig Collie from Regal Funds Management to delve into the groundbreaking developments in the field of weight loss drugs, particularly focusing on Ozempic, a GLP-1 category drug revolutionizing obesity treatment. Dr. Collie, who runs the Regal Healthcare Long Short Fund, shares his expert insights on how this new category of drugs is poised to transform the healthcare industry and wealth management strategies. Listeners are given a comprehensive overview of Ozempic's potential market impact, underscored by Dr. Collie's projection that it could become a sales giant, surpassing current leading drugs by a significant margin. The episode explores the drug's secondary benefits, its implications for the healthcare sector, and its broader economic effects. Dr. Collie also discusses the strategic positioning of Regal Funds Management in the healthcare investment landscape, highlighting the inefficiencies and opportunities in the healthcare market. Craig began his career as a medical doctor working predominately in accident and emergency across Australia, New Zealand and the United Kingdom. After completing his MBA at Cambridge University, Craig worked at the Boston Consulting Group in Sydney and New York providing strategic advice to corporations, predominately within the healthcare and financial services sectors. Immediately prior to joining Regal in 2016, Craig was Head of Healthcare Research at Macquarie Securities Group for five years. Craig holds a Bachelor of Medicine and Bachelor of Surgery from the University of Otago, an MBA from the University of Cambridge and continues to hold full medical registration in Australia.

In this episode, David is joined by Koda Capital Chief Economist Brigette Leckie to discuss global economic performance, the impact of artificial intelligence on economies, and the implications of upcoming elections, particularly in the US, for the economy and investment markets. Brigette and David also touch on the current wars and their potential economic impacts. Brigette shares her experience gained across the financial services industry and provides her outlook on asset classes, contrasting her views with the consensus on the street. The episode also covers a range of other topics, including the structural and cyclical aspects of economies, inflation trends, and the influence of geopolitical events on financial markets. Brigette Leckie has worked in financial markets since the early 1990s. Previous roles have included Chief Strategist, Chief Economist and Head of Research at Australian, New Zealand and multinational firms including BNY Mellon, Alliance Bernstein, Perpetual and BNP. She has also worked in New Zealand Treasury and served on numerous public and private sector committees.

In this episode, host David Clark interviews Phil King, the Chief Investment Officer and co-founder of Regal Funds Management. King discusses his passion for investing and the enjoyment he finds in working with top companies worldwide and building a successful team at Regal. Despite his significant achievements, Phil is noted for his humility and simple lifestyle, emphasising substance over appearances in both his personal life and investment strategy. Phil shares insights into his approach to investment, highlighting the importance of curiosity, good listening skills, and an ability to remain unaffected by market fluctuations. He talks about Regal's strategic focus, including their trading approach, long-term investments, and the rationale behind their portfolio turnover rate. The discussion also touches on the success and volatility of Regal's small companies fund, underscoring the balance between risk and reward in investing in small-cap companies. The conversation also touches on Phil's vision for Regal, aiming to attract top industry talent by creating a prestigious and successful firm, similar to Barcelona FC in the sports world. Phil also provides his perspective on the macroeconomic environment, the impact of the Chinese economy, and Regal's position on various sectors, including resources and battery metals.

In this episode of "Inside the Rope", David interviews Frank Macindoe, advisor and partner at Koda Capital, who manages the Koda Enduring Equities portfolio. This portfolio, focusing on ASX-listed shares, has achieved an impressive compound annual growth rate of over 14.8% over 15 years to November 2023. The discussion revisits the fund's performance, noting a 10% increase in the final quarter of 2023, despite the challenging period discussed in a previous episode six months prior. The conversation also honours the late Charlie Munger, highlighting his profound impact on investment strategies alongside Warren Buffett. Frank shares insights on navigating the current volatile geopolitical landscape, including the uncertain outcomes of the upcoming US and India elections, and how global tensions affect the markets. Frank emphasises the importance of maintaining a long-term investment perspective in the face of short-term market fluctuations. He details the rationale behind portfolio management decisions, focusing on understanding future cash flows and the implications of changing discount rates due to fluctuating interest rates. The discussion highlights the resilience required to adhere to long-term investment philosophies amidst market volatility. Frank also explores potential market influences in 2024, including geopolitical events and economic policies, with Frank and David distinguishing the differences between fundamental changes and temporary market trends in investment decision-making.

In the podcast episode of "Inside the Rope," host David Clark interviews Cal O'Brien, a managing partner at Anchorage Capital Partners. Anchorage is noted for its expertise in mid-market turnaround investments in Australia, with an impressive average internal rate return of return of over 40%. Cal shares his background, detailing his upbringing on a farm and how it shaped his career in law and later, in private equity. He recounts his transition from a successful legal career, where he specialised in mergers and acquisitions, to a focus on private equity. This shift led him to Anchorage, where he played an important role in establishing their first fund and later joined the firm full-time. The episode touches on Anchorage's investment strategy, which primarily involves taking control positions in companies with over $100 million in revenue. These are typically businesses that can benefit significantly from operational improvements, often being non-core units of larger entities. Cal emphasises Anchorage's hands-on approach, including regular operational meetings and a strong emphasis on effective management teams. Cal cites examples of investments, such as the successful turnaround of Affinity Education and the challenges faced with Scotts, a refrigerated logistics company. He also discusses current investments, including a New Zealand in-home care business, a childcare enterprise, and the renowned retailer David Jones, outlining strategies and progress in these cases. Cal concludes by highlighting Anchorage's support for Ability First Australia, a non-profit aiding disability organisations.

This podcast episode from "Inside the Rope" features David Sekel, a lawyer specialising in asset protection and estate planning. The discussion revolves around the importance of safeguarding wealth for future generations. David shares insights from his experience working with substantial families, focusing on creating strategies for wealth preservation and succession. Key topics include the complexity of family dynamics in wealth management, the significance of documenting family loans, and the necessity of an effective estate plan. The conversation delves into the challenges families face, such as ensuring wealth remains within the family, avoiding legal disputes, and dealing with different family members' objectives. The episode emphasises the critical role of powers of attorney, especially in managing investments and other assets, as well as the impact of family law on wealth management.

This episode of "Inside the Rope" features David Clark interviewing Andrew Rado, the portfolio manager of the Longreach Maris Sustainable Seafood Fund. Rado explains how the fund invests in Individual Transferable Quotas (ITQs) for wild-caught seafood, a system introduced in the early 1980s in Australia. This innovative approach combines ecological sustainability with economic efficiency. The ITQs regulate the total allowable commercial catch, balancing demand growth with a fixed supply, thereby increasing the value of seafood and the underlying assets. The conversation covers the evolution of fishing industry regulations, from uncontrolled fishing to effective management systems. These regulations have shifted from input controls, like limiting fishing days or equipment, to output controls, setting caps on the quantity of fish caught, such as the current quota system. Rado highlights the fund's significant social impact, particularly its initiatives supporting young, regional, and indigenous fishers. These initiatives include helping them acquire or lease quotas, thus ensuring the continued vitality and sustainability of local fishing communities. The fund's investment strategy is backed by the demand for seafood, driven by factors like immigration and changing dietary patterns. Despite challenges like international trade disputes, the fund has demonstrated resilience and adaptability, finding new markets and maintaining returns for investors.

In the podcast episode "Inside the Rope" hosted by David Clark with Urs Wietlisbach, a co-founder of Partners Group a leading global private markets firm that since 1996, has invested over USD 200 billion in private equity, private debt, private real estate, and private infrastructure on behalf of their clients globally. The episode delves into the global impact and investment strategies of Partners Group, emphasising the importance of diversification and effective management in the realm of private investments. Urs shares his views on private equity, liquidity, and current market trends, offering a fresh perspective of the current financial landscape. A significant portion of the conversation is dedicated to Urs's family's dedication to philanthropy, particularly their active participation in the Giving Pledge. This aspect highlights the family's commitment to social responsibility and their approach to leveraging their wealth for broader societal benefit. The episode also explores the concept of impact investments, which Urs believes can achieve social good while ensuring strong financial returns. This discussion reflects Urs's holistic approach to business, where financial success and social responsibility are not mutually exclusive but rather complementary objectives.

In this episode, Alon Greenspan, CEO of Mind Ventures, discusses his fund's focus on mental health solutions. Mind Ventures, touted as the world's first mental health-focused for-profit venture fund, invests in evidence-based startups across various mental health aspects, from clinical illness to wellness. Greenspan discusses the importance of combining impact with economic returns, ensuring that investments not only generate profit but also significantly improve mental health outcomes. Greenspan also shares his background, originally from Israel with a history in technology M&A and venture investing, and his move to Australia. He explains his personal connection to mental health issues, including experiences with family members and friends suffering from mental health disorders. This personal connection inspired his focus on mental health investments. Alon highlights the growing issue of mental health, with statistics showing an alarming increase in mental illness and its economic impact. He points out that by 2030, mental illness is expected to be the leading cause of death. The discussion also touches on how COVID-19 has exacerbated mental health issues, particularly among children and adolescents. Mind Ventures plans to invest in 15-25 companies, with an emphasis on going deep into portfolio companies. Investments will range from digital interventions to pharmaceutical companies innovating in mental health treatment.

In this instalment of Inside the Rope, David welcomes Jason Coggins, previous lead of investment research at Koda Capital. Jason delves into the nuances of building investment portfolios, the dynamics of public and private market investments, as well as the importance of choosing the right investment managers. He underlines the crucial aspect of tailoring portfolios to meet client expectations, ensuring both technical robustness and effective organisational execution. Jason stresses the critical role of client involvement, the wealth of experience, and the synergy between client objectives and manager commitments to their own strategies. Further, he explores the concept of the opportunistic investment segment, which encompasses strategies with a longer time horizon, advocating for a cautious and methodical approach to capital allocation to mitigate the risk associated with timing in investments. This approach also involves avoiding an over-concentration in sectors like commercial real estate, tapping into global partnerships for enriched investment perspectives, and acknowledging the implications of fund size on performance. The conversation also covers the pivotal role of a manager's historical performance and the strategic importance of risk diversification within a portfolio as a means to minimise potential losses and sustain returns.

In this episode of Inside the Rope, David is joined by Matt Rennie, joint Managing Director of Rennie Advisory. David delves deep into Matt's extensive experience, from his roots in Darwin and tenure at giants like KPMG and Ernst & Young, to the founding and subsequent sale of his own firm. As a specialist in energy transition, Matt offers a unique perspective on carbon reduction strategies, detailing the intricacies of the energy transition, especially in the wake of global warming. This conversation is filled with insights into the differences between consulting for small versus large organisations, Matt's personal journey alongside his co-MD and wife, Simone, and his observations from global energy transitions, notably in Europe and the US. Key takeaways highlight the urgency and complexity of achieving net-zero emissions, with discussions on the rising dominance of electric vehicles, potential pitfalls in renewable investments, and the profound differences made by impact investing. Special attention is given to the innovative technologies bridging traditional energy sources with emerging alternatives and the critical role of soil health in carbon sequestration.

In a somewhat different episode, David engages in a thought-provoking conversation with Jonah Oliver, an esteemed psychologist and performance coach to Australian professional golfer Cam Smith. The episode delves deep into the intricacies of decision-making, values, and the psychology of high performance. The discussion starts with Jonah emphasising the importance of embracing discomfort as an integral part of the decision-making process. He sheds light on how individuals often shy away from making tough decisions due to their aversion to discomfort, hindering their growth both personally and professionally. Jonah passionately advocates for the need to confront and endure discomfort, asserting that it is a vital component in making choices that align with one's core values. Jonah also underscores the significance of individuals understanding their own values and introduces a valuable tool, the values finder, to aid in this self-discovery. He explains that values go beyond intentions; they manifest as behaviours that effectively guide everyone's daily decision-making. Throughout the episode, Jonah also shares a treasure trove of insights on the necessity of distinguishing between the outcome and the quality of decision-making. He emphasises that success is not always guaranteed, but consistently making decisions in line with one's values ultimately leads to more favourable outcomes over time. The discussion offers a distinctive perspective on decision-making in diverse fields, from sports to finance, encouraging listeners to utilise their values as a guiding compass for making meaningful life choices. The episode imparts a wealth of wisdom to those seeking to enhance their decision-making skills and attain high performance in both their personal and professional pursuits.

In this enlightening episode, guest Michael discusses the current state and future predictions for the Australian real estate and investment markets, highlighting the challenges posed by projected population growth and supply chain issues. He details how an influx of one and a half million people is affecting housing supply, stimulating discussions among politicians and media alike. Michael points out the increasing demand in industrial sectors due to the rise of e-commerce and logistics, with a parallel decline in traditional retail spaces, a trend exacerbated by the pandemic. He also touches on the unstable conditions of the office and retail property markets, recommending prudence due to the observed downturns, especially in the U.S. Michael emphasises the importance of focusing on sectors with robust fundamentals, like residential and logistics, and the need for adaptability in a fluctuating market landscape. He talks about the importance of aligning investment strategies with the ever-changing market needs, such as sustainability and decarbonisation, especially during global upheavals. The conversation rounds off with insights on the necessity of aligning managerial interests and having 'skin in the game', offering listeners an understanding of the ongoing dynamics in Australian investment and real estate sectors.