InvestOrama - Separate Investment Facts from Financial Fiction

Once a celebrated investment concept amassing over $50 trillion in assets, ESG is now facing criticism and skepticism. George Aliferis reflects on ESG, recalling previous podcast conversations with two experts: Alex Edmans, an academic and author, and James Lawrence, Head of Investment at Smart Pension. If it's end of ESG, is this the beginning of something better?Newsletter: https://investorama.substack.com/ Podcast with Alex Edmans:Podcast with James Lawrence:TIMESTAMPS 00:00 ESG: a $50 trillion investment management success 02:28 The rise of esg 04:33 The end of the rule of metrics (vs. judgement) 08:18 The end of short-term thinking (vs. long-term) 10:10 The end of black and white thinking (vs. nuance) 14:58 The end of ESG This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit investorama.substack.com

George Aliferis talks to Andrea Carnelli Dompe, the founder of Tamarix Technologies about the intersection of private market investing and AI technology. Andrea, whose background is in quantitative finance and machine learning, discusses the capabilities of his AI agents, which help institutional investors, family offices, and ultra-high net worth individuals optimize their operations using AI agents. These agents streamline data extraction, normalization, and processing, allowing investors to make better decisions with greater efficiency.USEFUL LINKSTamarix: https://tamarix.tech/ Andrea on LinkedIn: https://www.linkedin.com/in/andrea-carnelli-dompe-phd-2668b63b/?originalSubdomain=uk

In this episode, George Aliferis hosts Ross Milward, CTO and co-founder of Quantifeed, to discuss the transformative impact of digitization and automation in the financial sector. They delve into Ross's career journey from Deutsche Bank to co-founding Quantifeed, and how their platform leverages software engineering and quantitative finance to improve wealth management. They explore technological advancements, the shift towards more automated and customer-centric financial solutions, and the future impacts of AI and the democratization of private assets. This conversation provides a deep dive into the evolving landscape of wealth management and the vital role of technology in facilitating better investment outcomes.LINKSQuantifeed: https://www.quantifeed.com/

Tom McHugh, the CEO and co-founder of Finbourne, shares how they are transforming financial data management to deliver better outcomes. Tom shares the complexities of managing diverse financial data sources and how Finbourne's technology aims to simplify this landscape. He explains how their unique approach helps firms maintain gross margins, reduce fees, and enhance efficiency without overhauling existing systems. Learn about the core infrastructure of Finbourne, the role of AI and data virtualization, and the significant social impact Finbourne's solutions can bring to both investors and financial services.LINKSFinbourne: https://www.finbourne.com/

How technology enables new investment strategies, the role of trustees, the impact of ESG considerations, and the role of private markets in pension portfolios. A comprehensive conversation with James Lawrence of Smart Pension about the future of pensions and how smart technologies and innovative investment practices are shaping better outcomes for millions of pensioners.LINKSJames on Linkedin: https://www.linkedin.com/in/jameslawrencecfa/Smart Pension: https://www.smartpension.co.uk/Related episodes on Pensions: https://www.youtube.com/playlist?list=PLbJ1012cgPCAy2NXMIob3W30DXM3rF3OM

One of my previous guest (Alex Edmans) told me that this "Start with Why" (Simon Sinek) is bullshit, so I didn't start with that... but I wanted to explain what I'm doing here. What's my purpose? What's unique about my approach? And what you will find on this channel?Subscribe to the newsletter: https://investorama.substack.com/Prefer audio only? https://pod.link/1511595070Need help to launch or grow your brand's podcast or YouTube channel: https://orama.tv/

Redefining Retirement Income: Insights from Chancery Lane's CEODoug Brodie, CEO of Chancery Lane, a firm specializing in retirement income planning, discusses the evolving landscape of pension schemes. Brody critiques the industry's focus on pension pots rather than sustainable income and offers an outcome-driven approach. We also explore the mechanics of investment trusts, a lesser-known instrument that could bypass complex asset allocation challenges for retirees.LINKSDoug Brodie on Linkedin: https://www.linkedin.com/in/doug-brodie-income-investment-plannersChancery Lane: https://www.chancerylane.net/Related episodes on Pensions: https://www.youtube.com/playlist?list=PLbJ1012cgPCAy2NXMIob3W30DXM3rF3OM

Bill Kelly, CAIA former CAIA CEO, returns to discuss his new venture, Educational Alpha. Bill and George explore the importance of financial education, the perils of democratizing investment products, and the role of long-term thinking in retirement planning. Bill also shares insights into his podcasting journey and highlights the significance of due diligence and critical thinking for investors.My interview by Bill on Educational Alpha: https://podcasts.apple.com/us/podcast/educational-alpha/id1675164756My previous interview with Bill in 2021: https://podcasts.apple.com/gb/podcast/improving-capital-allocation-outcomes-bill-kelly-ceo/id1511595070?i=1000540736905RESOURCESWilliam J. Kelly, CAIA on Linkedin: https://www.linkedin.com/in/william-j-kelly-caia-ab50a947/Educational Alpha: https://educationalalpha.com/CAIA: https://caia.org/

How to address the pressing challenges facing the pension industry with technology. George Aliferis and Eve Read from Smart Pension explore the technological advancements and practical policy recommendations to improve pension outcomes. From UX, to education, communication, or "micro interventions" tune in to understand how Smart Pension is helping to achieve better retirement outcomes for all.LINKSEve Read on Linkedin: https://www.linkedin.com/in/everead/Smart Pension: https://www.smartpension.co.uk/Related episodes on Pensions: https://www.youtube.com/playlist?list=PLbJ1012cgPCAy2NXMIob3W30DXM3rF3OM

Matt Ober, CAIA shares his journey from data scientist at Bloomberg to becoming the head of data strategy at a hedge fund, and later transitioning into venture capital with Social Leverage. We discuss into the expanding role of data in financial services, the strategies employed by hedge funds, and the future of alternative data. A rare opportunity to rethink the business of financial market data.LINKSMatt on Linkedin: https://www.linkedin.com/in/obermattj/Matt's Newsletter: https://www.mattober.co/Social Leverage: https://www.socialleverage.com/Initial Data Offering: https://initialdataoffering.com/

A reality-check on the AI hype, with a world-renowned Ai and Machine Learning specialist, mathematician, academic and ex-hedge fund manager: Dr Richard Saldanha."I don't believe that artificial intelligence exists at this precise moment in time, but that's a hard definition."LINKSRichard on Linkedin: https://www.linkedin.com/in/oxquant-richard-saldanha/Richard's AI webinars: https://youtube.com/playlist?list=PL7U0Sdn6Aq2fLnu_XikcmGMzlBaAfDtZj&si=Nbu51oTMFD76d3CB

Explore the evolving landscape of financial promotions and the challenges faced by companies in staying compliant with stringent regulations. A discussion with Sage Franch, CEO and Co-founder of Promo Comply at Finovate Europe. Discover how AI tools can streamline marketing efforts, mitigate compliance risks, and foster trust among investors and regulators. LINKSPromoComply https://www.promocomply.com/

We discuss how generative AI platform empowers businesses to harness their data and algorithms securely and facilitate the investment research process. It's also a broader reflection on AI fintech startups.LINKSMoonjelly AIhttps://www.jellyfishlabs.ai/

Discover how a modern tech platform integrates traditional market data with AI to provide investment signals, optimize investments, and automate reporting in wealth management. Learn about the impact of generative AI in transforming the financial industry and why confidence in AI has surged, enabling rapid growth and better adaptation within firms. With Arianna Colombo, MDOTMLINKSMDOTM https://www.mdotm.ai/Arianna on Linkedin: https://www.linkedin.com/in/arianna-colombo-6941101a2/

Darren Douglas, founder and CEO of RegSearch AI, explains the challenge of regulatory compliance, which costs over $200bn to the financial industry and the role of AI regulatory compliance agents. Darren explains the need for AI proprietary models that ensure data security and transparency and explains how AI agents can read, understand, and map regulatory documents to internal information, drastically saving time and reducing compliance costs.LINKSRegsearch AI https://regsearch.ai/Darren Douglas on Linkedin: https://www.linkedin.com/in/darren-douglas-6372192a/

An exploration of how quant hedge funds strategically source and use data to fulfil their ultimate goal of alpha generation. Marco Aboav, ex-hedge fund manager and CEO of Etna Research unveils how the most sophisticated asset managers build a sustainable trading advantage.USEFUL LINKSEtna Research: https://www.etnaresearch.com/Marco on Linkedin: https://www.linkedin.com/in/marco-jean-aboav/Watch the podcast on YouTube: https://www.youtube.com/@investology_podcast

We explore the tech that improves pension outcomes behind the curtain with Hugh Cutler, CCO of Mobius Life. In this episode, Hugh shares his journey from actuary to investment management, the role of technology and regulation in pensions, and how Mobius Life is making efficient, cost-effective, and diversified investment solutions accessible for better retirement outcomes. We also explore the “hardest challenge in investing": decumulation, and the future of financial technology in providing tailored investment advice.USEFUL LINKSMobius Life: https://www.mobiuslife.co.uk/Hugh Cutler on Linkedin: https://www.linkedin.com/in/hugh-cutler-b5b1b15/George Aliferis on Linkedin: https://www.linkedin.com/in/george-aliferis-caia-60078312/This episode was produced by Orama - a video and podcast studio for B2B Brands: https://orama.tv/KEY TOPICS DISCUSSEDOpen Architecture PlatformSequencing Decumulation ChallengePrivate Asset IntegrationEducation about PensionTechnological Advancements in PensionsHighly experienced investment management professional, with 25 years of leadership in global distribution, solutions and executive roles.I am passionate about delivering excellent outcomes for clients by solving their specific investment challenges, and in the role that investments can play in shaping society and the environment for the better,After qualification as an actuary focused on pensions, I have held senior positions in distribution and solutions roles for leading companies including BGI (now part of Blackrock), LGIM and AMG. ABOUT MOBIUSThe market-leading institutional investment platform, providing investment administration services and tailored investment solutions to trustees of institutional pension schemes, advisers, master trusts, asset managers and life insurance companies.What sets us apart: Independent; Bespoke solutions; Trusted partner; An ideas cultureABOUT THE INVESTOLOGY PODCASTA podcast that helps you think about critical topics and principles of investment management.Each episode explores the technology, mythology, psychology, and narratology of investment management through interviews with acclaimed authors, innovative startup founders, and industry pioneers.Produced by https://orama.tv/ - a podcast & video studio for B2B BrandsABOUT GEORGE ALIFERISEx-financial markets sales: Natixis, Deutsche Bank, Invesco (Source), covering alternative investments, derivatives, ETFsFounder of [Orama a podcast and video agency working with the finserv industryCAIA Charterholder (Chartered Alternative Investment Analyst Association)Masters from HEC, Paris & UTDT, Buenos AiresGreek, French, UK-based (Brighton); Likes to swim, ski, surfTIMESTAMPS(00:00) Connecting Pensions' Billions to the Assets they Need | Hugh Cutler, Mobius Life(00:42 Understanding the Role of an Actuary & Hugh's Career Journey(02:49) Mobius Life and Pension Funds(05:04) The Pension  Ecosystem (14:39) Technology in Pension Management(17:37) Challenges and Opportunities in the Pension Industry(21:57) Decumulation and Sequencing Risk(34:53) The Role of Private Assets in Pensions(40:19) Final Thoughts: Shiller, Finance and the good society

I will updat this laterExplore the evolving nature of the pension system, the impact of demographic changes, and the role of technology in making pension management more efficient. Discover how the pension landscape in the UK is adapting to new challenges and opportunities, and what the future might hold for workers and retirees alike. With Alyshia Harrington-Clark Head of DC, Master Trusts and Lifetime Savings, PLSA (Pension and Lifetime Savings Association) USEFUL LINKS About the PLSA : https://www.plsa.co.uk/ Check out the  @PlsaUk  on YouTube

Welcome to the podcast that's now called Investology. This new name reflects the changes that I felet were needed for 2025 onwards. A new year that feels like a new era in the investment world based on the news this January probably not the era we want, but we can learn to adapt and thrive. Many investment podcasts, that talk about macro, micro or predictions. This is not one of them. Here we think about investment management and what goes on behind the curtain of financial markets. With my guests, we will talk about tech and innovation but also the history, the narratives, the principles. And there's no better guest to start this year with than Alex Edmans, a professor of finance author and expert in how we use and misuse data and evidence. We discuss his excellent book May contain lies in the previous episode. Alex is also a sustainability specialist and author of grow the pie How Great Companies Deliver Both Purpose and Profit and also wrote a recent paper called The End of ESG and they will be the subject of this conversation that helped me think about sustainable investind and I hope it helps you too. I wish you a great year in your personal, professional and your invetsing life! ABSTRACT from The End of ESG by Alex Edmans ESG is both extremely important and nothing special. It's extremely important because it's critical to long-term value, and so any academic or practitioner should take it seriously, not just those with “ESG” in their research interests or job title. Thus, ESG doesn't need a specialized term, as that implies it's niche – considering long-term factors isn't ESG investing; it's investing. It's nothing special since it's no better or worse than other intangible assets that create long-term financial and social returns, such as management quality, corporate culture, and innovative capability. Companies shouldn't be praised more for improving their ESG performance than these other intangibles; investor engagement on ESG factors shouldn't be put on a pedestal compared to engagement on other value drivers. We want great companies, not just companies that are great at ESG. ABOUT ALEX EDMANS Alex's website: https://alexedmans.com/ Alex Edmans is Professor of Finance at London Business School. His TED talk ‘What to Trust in a Post-Truth World' has been viewed 2 million times and he has spoken at Davos and in the UK House of Commons. In 2013 he was awarded tenure at The Wharton School and in 2021 he was named MBA Professor of the Year by Poets and Quants. Edmans writes regularly for the Wall Street Journal, Financial Times and Harvard Business Review. His first book, Grow the Pie, was a Financial Times Book of the Year. He is a Fellow of the Academy of Social Sciences. USEFUL LINKS

How stories, statistics and studies exploit our biases as investors — and what we can do about it. Tune in for an enlightening discussion with Alex Edmans, on enhancing your critical thinking skills applied to investing. Alex's website: https://maycontainlies.com/ Alex Edmans is Professor of Finance at London Business School. His TED talk ‘What to Trust in a Post-Truth World' has been viewed 2 million times and he has spoken at Davos and in the UK House of Commons. In 2013 he was awarded tenure at The Wharton School and in 2021 he was named MBA Professor of the Year by Poets and Quants. Edmans writes regularly for the Wall Street Journal, Financial Times and Harvard Business Review. His first book, Grow the Pie, was a Financial Times Book of the Year. He is a Fellow of the Academy of Social Sciences. GO FURTHER

We dive into the intricate world of pension funds, featuring an insightful discussion with Alishya Hartington Clark, a DC (Defined Contribution) specialist from the Pension and Lifetime Savings Association. The conversation, recorded on November 11th, precedes a major announcement by the new Chancellor regarding significant pension reforms. We explore why a government could push towards UK alternative assets, the inherent risks and benefits, and the ongoing dialogue between the government and the pension industry. TO GO FURTHERChallenge the status quo, cut through the hype, and debunk misleading marketing claims.

In this rebirth of the FinTech Files podcast, George Aliferis speaks to Lars Markull about embedded finance, discussing its progression, challenges, and potential future developments. The conversation covers notable examples such as Shopify and Starbucks which show successful integration of financial services to enhance customer value. Lars touches on the importance of selecting the right partners, the nuances of different financial products, and the potential for embedded finance in sectors like B2B, B2C, and beyond. The discussion also explores the idea of 'fantasy fintech' and how non-financial companies can creatively integrate financial services to drive revenue and customer value. More about Lars Markull & Embedded Finance Review Follow Lars on Linkedin: https://www.linkedin.com/in/larsmarkull/ Subscribe to Embedded Finance Review (newsletter, podcast, events): https://www.embeddedfinancereview.com/ Watch his YouTube channel  @LarsMarkull  The slides are from this presentation: https://www.embeddedfinancereview.com/p/how-to-win-in-embedded-finance-my-29-slide-intro-guide TO GO FURTHER Challenge the status quo, cut through the hype, and debunk misleading marketing claims.

George Aliferis and Mark J. Higgins discuss the evolution of the U.S. financial system over the past 230 years, from Alexander Hamilton's foundational contributions to RoaringKitty's Gamestop disruption. They explore the notion of financial progress, the cycles of regulation, what's missing from financial education and advice and how investors can profit from history. Order Investing in US Financial History: https://www.amazon.com/Investing-U-S-Financial-History-Understanding/ TO GO FURTHER

Exposing the Real Story Behind Blackstone's Real Estate Income Trust (BREIT) Join us as we delve deep into the complexities surrounding Blackstone's Real Estate Income Trust (BREIT), the potential financial reckonings and the broader marketing implications for the democratization of alternative assets. I'm revisiting a previous episode with Phil Bak following recent press about the fund and a revelation: the fund doesn't make financial sense - it makes MARKETING sense! REFERENCES Business Insider: https://www.businessinsider.com/blackstone-breit-commercial-real-estate-fund-misled-investors-private-equity-2024-5 New York Times: https://www.nytimes.com/2024/05/07/business/dealbook/blackstone-breit-fund-debate.html ▶️ Full conversation with Phil Bak: https://www.youtube.com/watch?v=7oQKNcov-7I ▶️ BREIT short video: https://www.youtube.com/watch?v=OBzk9HnpH2o TO GO FURTHER

Discover the untold truths of the private equity world in this eye-opening episode, featuring Ludovic Phalippou, a renowned professor of financial economics at Oxford University Saïd Business School. Unpack the complex realities of private equity, from misconceptions about past performance to the intricacies of fee structures. Ludovic, known as the "bete noire" of private equity, alongside host George Aliferis, delves deep into the industry's practices, educational challenges, and the urgent need for clearer regulation. On YouTube: https://youtu.be/WKSWrjssSAM REFERENCES ▶️The Book: Private Equity Laid Bare https://www.amazon.co.uk/gp/product/B08T7D4ZQ2?ie=UTF8&psc=1&linkCode=sl1&tag=pelaidbare21-21&linkId=5a158a6c37f97026d9c4da65bfd68a8d&language=en_GB&ref_=as_li_ss_tl ▶️The Website: https://pelaidbare.com/ ▶️ Follow Ludovic on Linkedin: https://www.linkedin.com/in/ludovic-phalippou-5488b147/ ABOUT THE AUTHOR Ludovic specialises in private equity and asset management. Ludovic is the author of the bestseller 'Private Equity Laid Bare', and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking. Named as one of 'The 40 Most Outstanding Business School Profs Under 40 in the World' in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic's research papers have been widely cited in academia, in the press, and in regulatory circles. Ludovic's paper 'How alternative are private markets?' is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets. Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD. TO GO FURTHER

We uncover the massive impact Jack Bogle, the titan of the investing industry, had in reshaping the investing landscapes for the better, with Eric Balchunas author of the book 'The Bogle Effect.' From revolutionizing low-cost index investing, the birth of the RIA movement, to setting the stage for the future of asset management – learn how Bogle has truly changed the game and continues to influence trends today. Watch it on YouTube: https://pod.link/1511595070 REFERENCES ▶️The book: The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillionshttps://www.amazon.com/Bogle-Effect-Vanguard-Investors-Trillions/dp/1637740719 ▶️ Follow Eric on Twitter: https://twitter.com/EricBalchunas ABOUT THE AUTHOR ERIC BALCHUNAS is a senior ETF analyst at Bloomberg, where he has over a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. You can find his articles here: http://www.bloomberg.com/authors/ADUgYkp2OlE/eric-balchunas TO GO FURTHER

A conversation with Gregory Zuckerman, an award-winning writer for The Wall Street Journal and author of "The Man Who Solved Wall Street". We dive deep into the world of quant investing, exploring the journey of renowned mathematician, investor, and Founder of Renaissance Technologies, Jim Simons, together with his extraordinary team.  Watch it on YouTube https://youtu.be/_5JkBUeLOLQ REFERENCES ▶️The book: https://www.waterstones.com/book/the-man-who-solved-the-market/gregory-zuckerman/9780241309735 ▶️Greg's website: https://www.gregoryzuckerman.com/ ▶️ Follow Greg on Twitter: https://twitter.com/gzuckerman? TO GO FURTHER

George Aliferis sits down with Trym Riksen, Head of Portfolio Management at Gabler, to debunk the myths surrounding private equity. They dive into the narrative that private equity offers high returns with low volatility and discuss the reality behind these claims. Trym provides insights into the limitations of private equity data, and the challenges of comparing it to listed assets They also explore the influence of marketing and the democratization of private equity. An eye-opening discussion that separates fact from fiction in the world of private equity. Watch it on YouTube: https://youtu.be/a0Ag6D0erP0 LINKS ▶️Trym on Linkedin: https://www.linkedin.com/in/trym-riksen-6580952/ ▶️The CEM Benchmarks: https://www.cembenchmarking.com/ ▶️Ludovic Phalippou's book: https://www.amazon.co.uk/Private-Equity-Laid-Ludovic-Phalippou/dp/B08T7D4ZQ2 ▶️Meb Faber study on CalPers: https://mebfaber.com/2023/11/08/should-calpers-fire-everyone-and-just-buy-some-etfs/ ▶️Gabler: https://gabler.no/ ▶️Spreadsheet with an example of IRR:https://docs.google.com/spreadsheets/d/1qS-CeTR4V5LdC4ti51IOFIBU1sc-adeG2Zf-i_X4RRU/edit?usp=sharing TIMESTAMPS 00:00 Private Equity Marketing with Trym Riksen 00:55 Discussion on Blackstone's Holiday Video 01:49 The Founding Myth: The Yale Endowment returns 03:15 The misleading nature of Private Equity return figures 06:23 The reality of Private Equity volatility 14:00 The truth about Private Equity diversification 17:11 Private Equity's power of influence 24:48 The role of advisors in Private Equity 29:21 Thoughts on the democratization of Private Equity 31:36 Conclusion and final thoughts IMPORTANT NOTE: There are risks associated with investing in securities. Investing in stocks, bonds, exchange-traded funds, mutual funds, and money market funds involve risk of loss. Loss of principal is possible. Some high-risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including greater volatility and political, economic and currency risks and differences in accounting methods. A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.

Ever wondered what it would be like to own a fraction of a masterpiece artwork? I've delved into the world of art investment and explored the intriguing proposition offered by Masterworks. They claim to outperform the market and have an impressive track record. Find out if it's too good to be true.

Limitless: Beyond the mind-blowing investment results from Eddie Morra (Bradley Cooper) when he's on NZT, could he manage a fund that we'd invest in? CONNECT

An assessment of the character Gordon Gekko from the movie Wall Street, comparing him to real-world financial figures like Steve Cohen as an investment opportunity while discussing the nuances of insider trading and how the landscape of Wall Street has evolved since the 1980s.

We conduct a Due Diligence on One Crest Capital, the hedge fund where star portfolio manager Emily, works in Fair Play, streaming on Netflix. Her relationship is collapsing, but can her investments remain solid?

A conversation with Aaron Filbeck about CAIA's new program Unifi by CAIA, why we need a course focused on Private Debt and how to democratize alternative assets the right way, through education. Aaron is Managing Director and Head of UniFi by CAIA™ Listen to InvestOrama Conversations on your favourite podcast app: https://pod.link/1511595070 USEFUL LINKS Aaron https://caia.org/contact/aaron-filbeck-caia-cfa-cfpr-cipm-fdp-co-chapter-head Unifi by CAIA https://caia.org/programs/unifi Private Debt Microcredential: https://unifi.caia.org/?_ga=2.29254777.498243206.1683717981-1667398133.1673049038#/curricula/913376cf-b25b-4fa7-a1bf-ea3555b786db QUOTES ‘ As an industry, we really try to focus on the product itself. And really tout the benefits of the product and not necessarily what the client was trying to accomplish in the portfolio. As we think about Democratization 2.0, I think we have an opportunity, especially in private markets, to think more about and start with what the client's trying to accomplish and then work our way backwards. Does the client really need this? Does it actually work to help the client achieve these different objectives? ‘ ‘There are a lot of new entrants into this market, whether it's a financial advisor, distribution, staff who are now looking at new products for the first time, that really need more of an understanding of how these things work at a more conceptual level. They're not gonna be an analyst or CIO, but they do need to know enough to ask the right questions, understand the jargon, and understand how these different strategies work.' 'When you look at alternatives broadly, and I think private debt's no exception, the dispersion of outcomes is very wide relative to traditional assets. Some of that is due to manager skill and their ability to deliver. But another piece of that is the style that's being pursued. Like private equity, where you've got different stages of the company's life, you've got different sector focuses. That all leads to dispersion. Private debt is the same in terms of either the strategy, the place in the capital structure, or the type of debt, like distressed debt. There are multiple approaches that you can take.' TIMESTAMPS 00:00 Teaser 00:32 Introducing Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP 01:16 About CAIA 03:04 Unifi by CAIA: bridging the knowledge gap in Alternatives 08:03 Why a course on Private Debt 10:30 The usefulness of private debt concepts for public fixed income investors 12:45 How to approach the debt market as an 'amateur' 14:06 Accessing private debt 15:08 The Paradox of venture debt 18:04 Distressed debt 19:58 Variety of debt instruments and dispersions of outcomes 21:28 The current state of Private Debt and the retreat of Banks 22:17 Discussing a private debt meme (from an FT article) 23:07 Private debt: hype vs opportunity 25:58 The rise of the semi-liquid funds 27:22 Education as a gap between marketing and small prints 28:37 Private debt in portfolio construction 33:10 How can the investment industry navigate the complexity of new asset classes 35:20 On a mission to educate investors 37:45 A renewed professionalism is needed for democratization 2.0 39:09 Conclusion ABOUT Investorama is your guide to the future of investing without the hype. In each episode, reformed investment banker and marketer George Aliferis and his guests take a deep dive into a key topic that shapes our financial future. George is the founder of Orama.tv (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter. https://linktr.ee/investorama If you'd like to partner with us, sponsor the podcast, or be featured as a guest, please get in touch george@orama.tv

Phil Bak is the CEO of Armada ETFs. Phil has been innovating in the ETF industry for over 15 years. Armada specializes in REIT ETFs, and we go on a deep dive into real estate investing, how investors can use REITS and what's going on with the Blackstone BREIT Fund. Listen to InvestOrama on your favourite podcast app: https://pod.link/1511595070 EPISODE LINKS https://philbak.substack.com/ https://twitter.com/philbak1 https://www.armadaetfs.com/ https://www.breit.com/ QUOTES “I started looking deeper and deeper into the REIT market, and it, you know, really found some, some very interesting things that I thought nobody was talking about. And you know, specifically, the definition of what a REIT is had been expanding and things that you and I would not consider real estate. And what that means is that investors who are in traditional REIT funds, especially index-based market cap weighted funds, are getting exposure to things that they don't really know that they're getting exposure to that they might not really want.” "The correlations between the different sub-sectors of REITs are very low, meaning that they trade differently than themselves. They're different economies within the REIT world. So where within REITs would you want to be in a more difficult market environment? And for us, that answer is very clearly in the residential space because, the residential REITs are generating their income through rents paid." ABOUT BREIT “ I feel like this fund is  now standing on the edge of a cliff,  at a precipice, right?  Not through mismanagement the opposite, right? Through their success, they are, in fact a victim of their own success. And how does that happen?  Well, embedded in this fund is a lot of leverage, and they have raised a tremendous amount of assets. And they own about 120 billion worth of real estate. And they've had so much success and so many assets coming in that  they've been buying all along the way, and all along at the top.“ TIME STAMPS 00:00 Intro 01:05 Phil Bak's background in product and ETFs 04:38 Real estate is a special asset - Gone with the wind  05:00 Different ways to access real estate and real assets 06:15 Introducing REITs 08:19 REIT rules 10:23 Equity REITs example of HAUS US residential REITS 15:40 REITs in a global portfolio 17:39 Hedging your home purchase with REITs? 19:39 Let's talk about Blackstone's BREIT 20:47 What's happening with private real estate 21:57 The issues and outlook for BREIT 24:32 BREIT and the extraordinary University of California deal 25:32 BREIT's liquidity issue 28:16 Zooming on BREIT's NAV 29:44 Tackling misconceptions about liquidity 32:49 Are public valuations stupid? 33:22 Financial advice from Tony Soprano 34:11 Should we worry about private assets 37:10 Fundamental questions that investors should ask themselves about private assets 37:53 Armada's merger plans 40:07 Conclusion & where to follow Phil Bak ABOUT Investorama is your guide to the future of investing without the hype. In each episode, reformed investment banker and marketer George Aliferis and his guests take a deep dive into a key topic that shapes our financial future.  George is the founder of Orama.tv (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter. https://linktr.ee/investorama If you'd like to partner with us, sponsor the podcast, or be featured as a guest, please get in touch george@orama.tv

June Felix is the CEO of IG Group, the leading trading platform, and a strong advocate for financial literacy. We discuss the changing nature of retail trading with insights from IG Group and how to empower individuals to shape their own financial future. Listen to InvestOrama on your favourite podcast app: https://pod.link/1511595070 EPISODE LINKS IG Group Academy https://www.ig.com/en/learn-to-trade June Felix on Linkedin: https://www.linkedin.com/in/junefelix/ QUOTES “IG's web traffic, our YouTube views have increased substantially over this past year, despite markets being rather depressed in terms of equity markets in general. The retail clients want to understand what's going on. This is a global trend that we see across our clients everywhere.” “Defined contribution is a wave that is going to sweep the world and has certainly already started in many parts of the world like the US or Asia. And it will be necessary in Europe as well because defined benefit programs are not sustainable.” "Based on a recent survey of our customers: 82% believe that they can find opportunities even in market downturns, and in challenging markets because they have over time developed the confidence and tools understanding to participate in the market in the right way.” TIME STAMPS 00:00 teaser 00:48 intro 01:14 June's background from chemical engineer to banking & tech 03:01 What is financial literacy 04:05 Schools and financial literacy 05:58 The financial literacy spectrum from basic maths to Black Scholes 07:06 We're no longer defined by a single source of income 08:46 Finding opportunities in challenging markets 10:14 Raising your game as an individual investor 12:16 Is there a conflict between educational and promotional content at IG? 16:41 Is trading too masculine? 18:34 UX and inclusivity 19:54 Switching to a high-rate environment 21:18 No yield hunters at IG 22:26 Discussing the disclaimer on IG trading 24:56 Regulation 28:06 Individuals need to take accountability and responsibility for their future 29:31 Career advice from June Felix ABOUT Investorama is your guide to the future of investing without the hype. In each episode, reformed investment banker and marketer George Aliferis and his guests take a deep dive into a key topic that shapes our financial future.  George is the founder of Orama.tv (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter. https://linktr.ee/investorama If you'd like to partner with us, sponsor the podcast, or be featured as a guest, please get in touch george@orama.tv

Dan Davies is the author of Lying for Money and an expert on banking crises. We discuss the latest string of banking failures: Silicon Valley Bank, Credit Suisse and what that means for the financial system. EPISODE LINKS Lying for Money https://www.amazon.co.uk/Lying-Money-Legendary-Frauds-Workings-ebook/dp/B078WFT5JV Dan Davies's new substack: /backofmind.substack.com Twitter https://twitter.com/dsquareddigest QUOTES “The trouble with fraud is it's like the evil twin of the real economy. It's part of the real economy, and you can't necessarily get rid of it. And it might be that the optimal amounts of fraud to tolerate might be surprisingly high.” “It was actually Credit Suisse that invented AT1 Bonds in the last crisis. The purpose of these securities is that they are meant to provide capital for a bank that's gone into resolution. They were high-yielding instruments, and that's why they were popular. But everyone getting into these things knew or should have known that if the bank gets into real trouble, they could get zeroed out. "Silicon Valley Bank looks like it's going to be the best bank ever to go into insolvency. It went bankrupt on US government bonds and agency mortgage bonds.” TIME STAMPS 00:00 Intro 00:57 Dan Davies Profile 03:06 The Credit Suisse collapse and AT1 Bonds 05:35 Is it a banking crisis? 10:19 The problem with narrow banks 13:22 The tough job of central bankers 22:04 Fraud and the Canada Paradox 24:25 Difference between hype and fraud 27:40 Vulnerability to fraud in happiness and good times in the 19th century 30:58 Detecting fraud 1: fast growth 33:10 2: People don't change 35:22 3: Check out the product not the demo 39:41 Response to the book 41:46 Narrative history 42:50 Dan's substack and next book ABOUT Investorama is your guide to the future of investing without the hype. In each episode, reformed investment banker and marketer George Aliferis and his guests take a deep dive into a key topic that shapes our financial future. George is the founder of Orama.tv (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter. https://linktr.ee/investorama

Alex Johnson is a fintech expert and the author of the popular newsletter and podcast Fintech Takes. He discusses with George Aliferis about Silicon Valley Bank, which collapsed after massive deposit outflows and what that means for deposits, savings and investment accounts. LINKS Alex's Fintech Takes https://newsletter.fintechtakes.com/ Twitter https://twitter.com/AlexH_Johnson QUOTES “It's not really a bailout in the classic sense if you are just rescuing depositors who had nothing to do with the risks that SVB was taking. The management at SVB and the equity holders at SVB are not being rescued.” “We don't carefully analyze the balance sheets of the banks that we work with. We just sort of expect that our money is going to stay in our account, sort of the opposite of the South Park example. So I don't think there was really  any moral hazard or risk  to rescuing depositors” "In the absolute worst case where something goes wrong, you really wanna make sure that that company is keeping careful track so that if they were to go outta business, the partners they work with can sort of track down all the customers and make sure that they get their money back. So, I'm not as concerned in this particular case about FDIC insurance or SIPC, I think that's just a function of what kind of account it is under the surface. I think the bigger question is: how well set up are these FinTech companies to deal with the worst case scenario if they go out of business? And to be candid, a lot of less mature FinTech companies [can be a concern] TIMESTAMP 00:00 Teaser  00:14 Intro 01:15 Alex's Background & The art of the newsletter  08:52 Southpark clip 09:48 Thoughts on Silicon Valley Bank 12:39 The right amount of insurance 16:09 A new service for neobanks? 17:14 Regressive progressive action and annoying VCs 21:33 Marvel Multiverse 22:22 The difference between banking, savings and investing 25:58 A new fintech hybrid model 27:03 The concerns about products looking safe 29:08 We forgot about bank failures 33:06 Reviewing Tellus notes 36:17 Reviewing Public's Treasury product 41:20 What if Public disappeared? ABOUT THE PODCAST Investorama is your guide to the future of investing, without the hype. In each episode, reformed investment banker and marketer, George Aliferis and his guests take a deep dive into a key topic that shapes our financial future.  Episode linksQuotesTime stampsAbout the PodcastGeorge is a reformed investment banker & marketer, who is now running Orama (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter.

Edward Chancellor is a financial historian, journalist and investment strategist, and the author of The Price of Time, the real story of interest. This is an essential book for investors who want to understand the impact of interest rates. Episode links Edward's website: https://www.edwardchancellor.com/ Link to the book: https://www.edwardchancellor.com/books/the-price-of-time Quotes "If interest is an omnipresent phenomenon and the ultra-low rates wormed their way into all economic and financial activity, then it would follow that the everything bubble turns into the everything burst." "If you know history, this late 1990s stock market looks a hell of a lot like the British Railway Mania of the 1840s. You've got a new technology. People are getting very excited about it. Very, very similar patterns. If you know the history, you are aware of the vulnerability of the markets." "You couldn't really understand the world unless you understood interest. And you have to bear in mind the Fed funds rate of 0% and the negative interest rates in Europe and in Japan. But those zero rates and negative rates were the lowest interest rates in five millennia of history. So that, that obviously has to be a noteworthy factor." "If you think about it, it took two and a half years for losses on subprimes to the Lehman's blowup. Everyone expects that everything happens very quickly, and after the fact, the timeline seems to be compressed. But if you're living through it, actually, it takes much longer." Timestamps 00:00 Teaser 00:19 Introducing Edward Chancellor 01:31 A historian in the investment world 06:21 The study of human activity can't be explained by science 08:46 The historian's edge 14:30 The problem with models 16:46 The consensus view on interest and inflation 22:04 The 5 roles of interest 27:33 Buffett's quote on interest rates and gravity 30:40 Interest rates, investment decisions 33:49 The everything bubble 36:15 Where the cracks show 37:48 Active management 38:19 Areas most at risk 39:48 PE troubles 45:58 We are early in the burst 46:52 regional bank problems 47:56 Bubbles burst slowly About the Podcast Investorama is your guide to the future of investing, without the hype. In each episode, reformed investment banker and marketer, George Aliferis and his guests take a deep dive into a key topic that shapes our financial future. George is a reformed investment banker & marketer, who is now running Orama (podcast & video company), as well as its content arm Investorama, a podcast, YouTube channel and Newsletter.

Welcome to a new chapter of the podcast that was formerly known as the FinTech files. It's become Ιnvestorama. The change of name reflects a deeper focus on the investment world and an alignment with the existing YouTube channel, which has reached 16,000 subscribers. https://www.youtube.com/investorama My name is George Aliferis. I'll be hosting this podcast. I used to structure and market investment products based on derivatives and alternative investments for over a decade in big banks. I quit the industry because I was telling my friends and family not to buy the products I was marketing, and this started bothering me. I'm now trying to distil the insider knowledge that I've gained from this professional experience into the new investment landscape. We're going to approach and dive deep into all of that with selected experts on specific asset classes and current topics. My first guests will be: Edward Chancellor, author of The Price of Time, The Real Story of Interest Alex Johnson, Fintech commentator extraordinaire and author of the Fintech Takes Dan Davies, author of Lying for Money, a book about fraud June Felix, CEO of IG Subscribe on your favourite podcast app to never miss an episode!

This conversation with Hirander Misra, the CEO of GMEX Group was recorded in August 2022, before the collapse of FTX. We discuss the collapse of Cefi lenders like Celsius, Voyager, Babel, Vauld but the warnings, general principles and solutions that Hirander offers are still relevant today and could be applied to the FTX situation. Rather than giving up on crypto, Hirander suggests we move towards a new model of hybrid finance that combines the new technology with the established financial system. ABOUT THE GUEST Hirander Misra is CEO and co-founder of GMEX Group, a London-based company that offers consultancy, technology and operations expertise to exchanges and other markets. GMEX addresses end-to-end regulatory and contract environment needs for Issuance, Trading, Clearing and Settlement across exchanges and across all asset classes, including Traditional, Digital and Hybrid Assets. https://www.gmex-group.com/ ABOUT THE REALIZATION GROUP This video is produced in partnership with Financial Markets Insights by The Realization Group- bringing together the best minds in the financial and capital markets industry to deliver high-quality thought-leadership content. https://www.therealizationgroup.com/insights/financial-markets-insights/ TIMESTAMPS 00:00 Intro 00:26 Overview - not what it pretends to be 02:21 Looking back at bitcoin... and mount Gox 03:55 Operational failure vs Robust tech 05:10 Defi 07:09 The problem with the definitions 09:10 The plumbing challenges in the back 10:57 A lack of a common standard 12:49 The message in the Bitcoin origin block - and the repeat of 2008 15:19 Looking for yield 17:33 the backlash against banking - and the unbanked opportunity with crypto 19:30 Lower barrier to entry and risk practices 21:35 The fragmentation of regulation 23:01 Authorization vs Regulation 24:04 The importance of small print 27:51 Cognitive bias 28:51 Funding 30:21 Overinflated valuations 31:17 With valuation comes pressure 33:54 regulation and innovation 35:37 Testing the trustlessness of bitcoin 36:50 Institutions' role in defi 38:00 Tokenization 38:50 Custody 39:09 Two prices - two systems fro Bitcoin? 40:11 how do you regulate 41:20 Whitelist 41:45 Industry standards 43:12 how do you classify investors 45:03 Different risk appetites 47:04 Clear and transparent 48:12 industry initiative vs regulation 49:57 Education 51:06 Exchanges 53:46 The need for a seamless financial experience 55:19 coexistence of crypto and tradfi - Hybrid Finance

In this new episode about the Cefi Apocalypse, we find out how key players in the industry managed to forget any notions of risk. And how so many investors follow them. To do so, we look at the technological, cultural and macro trends that preceded it. And on the technological side, the starting point has to be Bitcoin and its origin block in January 2009. In conversation with Hirander Misra, CEO and co-founder of GMEX Group, FinTech Entrepreneur and Blockchain influencer.

This is the first episode of a series about CEFI. We start by examining the Celsius archives and bankruptcy filing and what they reveal about the industry. It's a new narrative format that allows me to go more in-depth and combine many elements gathered through previous interviews. And because CEFI involves both crypto and traditional finance, it offers a glimpse into the future of investing or, in this case, what we don't want the future to look like. This episode was produced in partnership with The Realization Group https://www.therealizationgroup.com/ A B2B consultancy-led marketing agency operating at the intersection of TradFi and DeFi. LINKS

A deep dive into Decarbonization and the ESG Reckoning - with Brennan Spellacy, CEO & Co-Founder of Patch - a platform that powers climate action

A deep dive into the perspective offered by the tokenization of gold with the Founder and CEO of VNX, Alexander Tkachenko

A deep dive into the economics of Crypto mining and how NiceHash uses the GPU power of gamers, with Joe Downie the CMO of NiceHash

A deep dive into DAOs (Decentralized Autonomous Organizations) with the founder of CharlieDAO, Carlos Mercado Listen to the podcast on your favourite platform: https://pod.link/the-fintech-files TIMESTAMPS 00:00 Intro 00:30 DAOs and CharlieDAO 01:45 Carlos's background in economics and data science 04:10 The process of getting involved in a DAO 08:10 Role of the DAO founder (as opposed to CEO) 10:37 The core benefits and costs of decentralization 13:11 DAOs, their limits and the future of work 15:21 Thoughts on Luna / Terra 17:48 How Terra could have worked 23:22 The damage Terra has done to Defi 27:00 How CharlieDAO is built and its goals 28:57 TrueFreeze a spinout from CharlieDAO (zero-coupon for Ethereum) 32:36 Mechanism of TrueFreeze 37:58 What Carlos is most excited about in Defi: providing access to new financial tools for everyone

Orca is a Decentralized Exchange on the Solana chain that has seen spectacular growth since its launch in February 2021. ▶Over $25bn volume traded ▶Third largest DEX ▶Over 140,000 Daily Active Users For more info https://orca.so/ Listen to the podcast on your favourite platform: https://pod.link/the-fintech-files TIMESTAMPS 00:00 Introduction to Orca 01:53 Boaz's background 04:07 Working in crypto and starting at Orca 05:05 An overview of Defi and DEX 10:52 Orca: The third exchange in terms of trading volumes 12:28 Integrating with Orca 14:09 Embedded trading, swapping, and providing liquidity 19:49 Who the users are 22:04 There's no need for B2b marketing when the partners are users 22:53 Near term developments: trading, community, partnerships 24:47 The capital efficiency of concentrated liquidity 25:48 George's perspective as an Orca user

A conversation between George Aliferis and Russell Feldman about the fixed income market. Russell is the CEO of IMTC, a cutting-edge, cloud-based investment management system for fixed income investors. For more info https://imtc.com/ TIMESTAMPS 00:21 An overview of the fixed income market 01:08 Russell's background 02:56 Legacy tech in fixed income 04:17 The complexity of fixed income securities 06:34 Key Challenges for Fixed Income portfolio managers 15:10 The benefits of cloud technology in the fixed income space for data processing 18:53 Key Trends in the fixed income market

In the interview, Melissa Gopnik, SVP at Commonwealth, explains how inclusive product design is a triple win: For Fintech and financial services providers that can access a broader market For consumers who can access financial products that suit them better For society, as a way to increase financial inclusion Listen on your favourite podcast player https://pod.link/the-fintech-files Download the guide: Actionable Insights for Inclusive Product Design https://hubs.li/Q019CrkM0 We discuss design principles, such as agency, aspirations The business opportunity embedded design How startups can get started and what are the requirements and costs The Fintech opportunity And more... ABOUT MELISSA GOPNIK Melissa leads the Innovation Lab at Commonwealth, where she and her team work directly with financially vulnerable consumers and translate the insights from their research into innovations that serve to close the race and gender wealth gap. ABOUT COMMONWEALTH Commonwealth is a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships. Our vision is to make it possible for all people to build wealth.

A conversation between George Aliferis and Ramon Recuero, Co-Founder of Babylon Finance. Babylon is a platform that allows to create strategies, split fees, share profits, and earn rewards via DeFi investment clubs. It operates on the Ethereum network and holds over $22.33m in assets across 95 Investment Clubs Find out more https://www.babylon.finance/ Listen to The Fintech Files your favourite podcast app https://pod.link/the-fintech-files TIMESTAMPS 00:00 Introducing Ramon from Babylon Finance 02:26 What is Babylon? 03:51 The Babylon look and feel 07:32 A first-principles approach to investing 11:09 Passive vs Active strategies 12:36 Non-custodial & Risk 16:20 What Ramon & Team are building 18:57 The users of Babylon 21:02 Outlook how big could Defi Asset management become? 23:37 The Vanguard reference 25:14 Regulatory impact 26:11 Possible developments 29:03 Alternative Career path and Personal investing

A conversation between George Aliferis and Pahal Patangia, Global Developer Relations Lead, Consumer Fintech at NVIDIA. Pahal explains how fintech startups can evolve their data science program. We also go through various applications with real-life examples from Square, Venmo, Ping An, Allianz, and more. Listen to The Fintech Files your favourite podcast app or watch on YouTube. TO GO FURTHER NVIDIA Developer Hub for financial services https://developer.nvidia.com/industries/financial-services The GTC Conference https://www.nvidia.com/gtc/ Pahal on Linkedin https://www.linkedin.com/in/pahal/ WATCH CLIPS FROM THE INTERVIEW ►TikTok ►Instagram CONNECT ►Twitter ►Substack ►Linkedin #datascience #fintech