Podcasts about capital allocators

THIS IS NOT A NORMAL EPISODE. THIS IS A BLUE PRINT FOR HYPER SUCCESS Guest: Richard C. Wilson, Founder & CEO of Family Office Club Host: Andy Murphy, Neuro-Performance Fixer | Hedge Fund Manager | Host of Neuro-Performance Podcast What happens when the #1 global authority on family offices meets the Fixer trusted by the world's top decision-makers? In this rare insider conversation, Richard C. Wilson—founder of Family Office Club, CEO of Billionaires.com, and advisor to over 1000+ ultra-wealthy families—joins Andy Murphy for a deep dive into billionaire psychology, peak decision-making, and the hidden mental frameworks that shape the world's elite. You'll discover how billionaires protect influence, simplify complex decisions, and operate with strategic clarity in high-stakes environments. This episode is a masterclass in wealth, mindset, and subconscious strategy for founders, capital allocators, and next-gen leaders. Watch the Full Episode Here on Youtube: https://youtu.be/IPbcEEEjT5M?si=dVfZ2uY80hMRxseA

Original Release Date: 08/29/2022   On today's show we'll discuss a classic empty room – an opportunity ignored by most investors. In this case, we dive into the investment case for Venezuela, a non-starter for pretty much every institution because of the country's autocratic political regime, sanctions, and headline risk. But alongside those known risks are the potential for significant rewards. Rodrigo Bitar is the Co-Founder and Managing Partner of 3B1 Partners, the leading private equity fund making growth investments in Venezuela. 3B1 invests in high-quality companies with leading positions in basic industries, while looking to capture a change in macroeconomic conditions in the country. Our conversation covers Rodrigo's upbringing in Chile, professional background, and investment opportunity in Venezuela. We discuss Venezuela's sanctions, economic contraction, and dollarization of the economy. We then turn to investing in the country, including sourcing, due diligence, and an example of a recent transaction. We close with a discussion of the upside and risks to investing in Venezuela. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership  Show Notes (3:18) Rodrigo's background (6:50) Family dynamics (10:13) Investible assets in Venezuela (12:03) Impact of Russian oil restrictions (13:38) Surviving economic turmoil (17:27) Private vs. public markets in Venezuela (19:31) Identifying companies  (21:51) Due diligence process  (23:49) Assessing valuations (25:28) Risks unique to Venezuela (28:09) Conversations with potential investors (32:05) Closing questions 

Australian James Aitken is the Founder and Managing Partner of Aitken Advisors, a one-man macroeconomic consultancy based in Wimbledon, England that works with approximately one hundred of the most influential pools of capital in the world. James started his career in 1992 as a foreign exchange trader, moved to London in May 1999, and in March 2002 joined the infamous AIG Financial Products team in London. In August 2006 he joined UBS, where he deployed his knowledge of the inner workings of the financial system to help his institutional investor clients successfully navigate their portfolios through 2007 and 2008. At the urging of his clients, James established his own firm in June 2009. Our conversation covers James' perspective on the Global Financial Crisis from his seat at its epicenter, the Eurozone crisis in 2011, subsequent process-driven opportunities in Greece, views on Central Banks in the US, China, & Europe, some brief observations on India, positioning for the current environment, and what makes a great macro manager.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Marko Papic is the Chief Strategist at Clocktower Group, where he provides research on geopolitics, macroeconomics, and markets. Marko recently published Geopolitical Alpha: An Investment Framework for Predicting the Future, an imminently readable book with colorful examples of political analysis. Marko's approach is akin to Moneyball for politics, challenging the orthodoxy of how others traditionally make investment decisions. Our conversation covers Marko's upbringing, the flaws of most political analysis, and his constraints-based framework. We then turn to the obvious political topic at hand – next week's U.S. Presidential election. We discuss his views of different possible outcomes on the U.S. equity market, rates, tech stocks, China, private equity, ESG, Europe, and emerging markets.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Louis-Vincent Gave is the Founding Partner and CEO of GaveKal, one of the world's leading independent providers of macro research, and GaveKal Capital, a manager of $2.7 billion in assets. Louis launched GaveKal alongside his father in 2000 and has become a go-to source for creative research on global economics and asset allocation, particularly in China. He recently penned CYA as a Guiding Principle, dissecting the consequences of Western government responses to Russia's invasion of Ukraine. He joined me to discuss the key takeaways.   Our conversation starts with Louis' background and founding of GaveKal, and turns to the potential second order impacts of freezing reserves, seizing oligarch assets, end of Swiss neutrality, energy prices, and military spending. We close discussing how the situation may affect China.   Learn More‍ Follow Ted on Twitter at @tseides or LinkedIn‍ Subscribe to the mailing list‍ Access Transcript with Premium Membership

Description: In this episode of The Private Equity Podcast, Alex Rawlings sits down with Ben Claremon, Partner at Devonshire Partners, a lower middle-market PE firm investing in micro and nano-cap businesses. Ben shares insights into why PE firms overlook small public companies, how microcap investing presents unique opportunities, and why a hedge fund mindset can be valuable in private equity. He also discusses the challenges of deal competition in the lower middle market, mitigating risks in microcap investments, and how Devonshire builds long-term relationships with business owners.Breakdown:[00:00] Welcome back to The Private Equity Podcast. Today, Alex speaks with Ben Claremon, Partner at Devonshire Partners, focusing on micro and nano-cap investments.[00:30] Ben's journey from real estate and hedge funds to private equity.[01:00] Devonshire's investment focus: $2M–$10M EBITDA, founder/family-led businesses.[01:27] The crowded lower middle market and increased deal competition.[02:25] Why PE firms ignore small public companies and why they shouldn't.[03:48] The lack of institutional capital in microcap public equities—an overlooked opportunity.[05:16] Public vs. private small businesses—why public companies often have better governance.[07:07] Devonshire's hybrid approach: investing in public companies with a private equity mindset.[09:00] How Devonshire builds relationships with microcap companies for long-term deals.[10:28] Risks and challenges in microcap investing—and how Devonshire mitigates them.[12:19] Why small public take-private deals are underexplored by PE.[14:16] Devonshire's screening process to filter out high-risk investments.[16:10] Generalist vs. Specialist Investing—how Devonshire balances both.[19:31] Lessons Ben brought from hedge funds into private equity.[21:57] Ben's podcast recommendations: Capital Allocators, Invest Like the Best, and his own Compounders Podcast.[30:04] Connect with Ben:

We are excited to launch our latest initiative - Capital Allocators Coaching. We've brought together a team of retired CIOs and asset management executives to coach managers on telling their story. Learn more and schedule a consultation here.

AI is eating the world, or so the headlines say. But what does this really mean for debt markets? Where does AI truly excel, and what limitations persist? What implications does this technological shift hold for analysts' jobs? And how is 9fin deploying AI to address specific challenges confronting debt market professionals?Sujeet Indap, Wall Street editor at the Financial Times, sat down with Steven Hunter, CEO and co-founder of 9fin, to cut through the hype and dissect the real impact of AI on debt markets. This episode was produced from a recent 9fin webinar. If you'd like to learn more about how 9fin's AI-powered platform can give you a competitive edge in debt markets, we'd love to chat.Schedule a personalised demo→ https://9fin.com/sign-up?utm_source=hubspot&utm_medium=email&utm_campaign=ai_debtmarkets_webinarOr, stay up to date with all the latest for 9fin's insights, news, upcoming events, and new featuresJoin our newsletter→ https://share.hsforms.com/1KaeNlWvzRlqYjJGJjHbZmgby77cFollow us on LinkedIn→ https://www.linkedin.com/company/9finHave any feedback for us? Send us a note at podcast@9fin.com.

No one likes that feeling of being a little too thick in the middle. But finding the right balance of strength and cushion is no easy task. We're talking about the middle office here, of course.The middle office may not always be in the spotlight, but when loan data goes awry it's the team that keeps the gears turning and numbers in check. In this episode, head of podcasts Chase Collum chats with Jared Vest, global co-head of middle office solutions at FIS, to break down the middle office's essential roles, risks, and evolving responsibilities. They explore how accurate data and strong operational support are critical to navigate today's fast-paced loan market.This episode was produced in partnership with FIS as part of a three-part series diving into the challenges facing middle office practitioners and users of global loan data sets.Have any feedback for us? Send us a note at podcast@9fin.com.

In the credit markets, it's important practitioners get their fax straight. No, you didn't read that wrong — even in 2025, people still use fax machines to transmit some loans data.In our latest Cloud 9fin episode, Chase Collum, head of podcasts, and private credit analyst Devin McGinley, sit down with John Smullen, product manager at FIS. They chat about how global data trends are shaping strategies in the leveraged finance world as private credit CLOs and direct lending gain ground.This episode is part of a three-part series we'll publish in partnership with FIS on Cloud 9fin, so look out for our next episode, coming next Thursday! Have any feedback for us? Send us a note at podcast@9fin.com.

In this episode of Jane's LME Addiction, our head of LME coverage Jane Komsky brings in global chair of Gibson Dunn's restructuring group, Scott Greenberg, to discuss the evolution of cooperation agreements within liability management exercises. They discuss the different types of co-ops, why co-ops have become expected in US deals, their spread to the EU, and the validity of antitrust arguments.Find all our coverage on co-ops at 9fin.com.Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

David Zorub is the founder of Parsifal Capital, a new hedge fund he is launching later this year.  Before founding Parsifal, Dave spent fifteen years in research and portfolio management at hedge funds and another few in investment banking and private equity.    I interviewed David recently at Columbia University's Student Investment Management Conference and that conversation follows. We cover his career path and his insights into the philosophy and structure of a hedge fund business and investment portfolio. It's not easy starting a hedge fund these days, and those eager to try will get a sense of the challenges ahead by listening to an experienced investor who's making a go of it.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In today's episode, Shawn O'Malley (@Shawn_OMalley_) breaks down Blue Owl Capital (ticker: OWL), an emerging giant in the world of alternative asset management that specializes in private credit. Blue Owl has quickly grown its assets under management to over $230 billion and is one of the few SPACs from 2020 to work out, yet Shawn explores whether the company is a good investment at current prices. In today's episode, you'll learn how Blue Owl was born out of several mergers, how the private credit legend Doug Ostrover has built an extremely high-quality asset-management business with 91% permanent capital, why private asset classes have become so popular in recent years and whether that growth is sustainable, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 05:11 - How Blue Owl was born out of a merger with Dyal Capital and a SPAC. 05:11 - What the business model for an alternative asset manager looks like. 11:49 - Why alternative investing has ballooned in recent years and whether that growth is sustainable. 29:49 - Why Blue Owl's permanent capital base is so attractive. 36:23 - How Blue Owl has continued to grow its assets under management through acquisitions. 59:04 - How to untangle Blue Owl's convoluted corporate structure. 01:03:42 - Why financial services businesses are especially opaque and hard-to-value. 01:08:17 - Whether Shawn adds Blue Owl to The Intrinsic Value Portfolio. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. The Financial Times' article on Michael Rees of Dyal Capital. Capital Allocators podcast with Douglas Ostrover. Chris Panagiotu was my financial-advisory scuttlebutt contact for Blue Owl — checkout his podcast on financial planning. Ohio State study on private credit returns. See here on how to attend the 2025 Berkshire Hathaway shareholder's meeting and meet-ups with The Investor's Podcast Network Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Netsuite Shopify TurboTax Public Airbnb Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!  Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Three media companies, in vaguely the same vicinity, in fair debt markets where we lay our scene — where ancient business models encounter new scrutiny, and AI generates images you can't unsee…Valentine's Day has been and gone, so why on earth are we besmirching Romeo and Juliet with terrible puns? You should listen to the episode for the full picture, but basically we're discussing three recent debt transactions from X/Twitter, Snap, and Getty Images.These deals might not seem immediately connected, but there's a thread running through all three. In an age of political upheaval and rapid technological advancement, what do they tell us about the future of media? William Hoffman, David Bell and Will Caiger-Smith are here to discuss, and to crowdsource ideas for sponsored 9fin Snapchat filters.Want to share feedback on this episode? Send us a note at podcast@9fin.com.

Brett Barth is a founder and the CIO of BBR Partners. BBR manages north of $12.5B on behalf of 125 families in its multi-family office. In this episode, we start talking about raising twins, a family issue close to both of our hearts. From there we learn about how Brett came to form BBR. We spend a lot of time going into depth on his firm's asset allocation process and on the decision-making process of manager selection.  Along the way we touch on inefficiencies in Asia in the early days and in music royalties today.  Brett offers nuggets of practical substance for allocators of all types – from financial advisors to large institutional managers. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Brett Barth and Evan Roth are co-founders and Co-CEOs of BBR Partners, a multi-family office that oversees $32 billion on behalf of 180 families and is celebrating its 25th anniversary this year. Brett appeared on episode 3 of Capital Allocators eight years ago and is a regular contributor in our Friends Reunion shows. I've observed BBR's growth since first meeting Brett and Evan twenty-four years ago and was excited to hear more about their journey.   Our conversation covers BBR's successes, missteps, and key lessons over the years. We discuss their investment philosophy and cultural principles, the “turbulent regimes” that cemented their approach with clients, and their shift in mindset from scrappy entrepreneurs to managers of an enduring business. Evan and Brett describe the business and investment decisions that allowed BBR to sustain success, create peace of mind for clients, and prepare for the next long chapter in BBR's story.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In the private equity world, continuation vehicles have been a bit of a blockbuster, so can the structure's success transfer to private credit?We have already seen BlackRock's $1.3bn continuation vehicle last year, and some market participants are expecting to see even more in 2025. On the other side however, this might not be as straight forward as in the PE world, and there is a growing pool of skeptics.In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson sits down with private credit reporter Jemima Denham, to discuss all things private credit continuation vehicles -- Why are they the current talk of the town? What are the challenges? And will they eventually take off?Have a listen to hear this discussion on continuation vehicles in the private credit market. If you have any feedback for us, send us a note at podcast@9fin.com. Thanks for listening.

We talk a lot about leverage at the 9fin office (it's kind of the story behind our company name, in case you were wondering) so it should come as no surprise that we think it's interesting. But in the world of Significant Risk Transfer, it's especially fascinating — and controversial.You may have caught the story that Celeste Tamers, part of our growing asset-based finance team, broke last week about Deutsche Bank pulling back from offering repo financing on SRT trades.In this episode of Cloud 9fin, Celeste and our asset-based finance editor Owen Sanderson pick that story apart and use it to explore the history of SRT, to help listeners understand why regulators are raising their eyebrows at the recent growth of this important market.Any feedback on this episode? Email us at podcast@9fin.com.

Long live liability management.In this episode of our new show Jane's LME Addiction, our head of LME coverage Jane Komsky brings in Latham & Watkins partner George Klidonas and C Street founder and CEO Jon Henes, to discuss the Better Health transaction and its implications for future LMEs.Also under discussion: how liability management has taken off as an industry, how law firms and advisors are adapting to this boom in business, and the creative moves market participants are making to ensure the LME space lives a lengthy and healthy life.Listeners might notice a bit of background noise because this episode is also recorded in video format! Find it on YouTube here! Have any feedback on the podcast? Send us a note at podcast@9fin.com — thanks for listening!

Ian Charles and Doc O'Connor are the Co-Founders and Managing Partners of Arctos Sports Partners, a private equity firm dedicated to buying minority stakes in professional sports franchises. From its founding just two years ago, Arctos quickly has become the market leader in the space, raising a $2.1 billion first-time fund and a SPAC alongside Executive-in-Residence Theo Epstein, and buying stakes in MLB teams including the Boston Red Sox, the Golden State Warriors and Sacramento Kings in the NBA, and a compliment of other sports assets. Our conversation covers their backgrounds and the formation of Arctos, the investment opportunity in sports franchises, and the underlying business and ownership structure. We then turn to the unique characteristics look of the asset, investment process, and growth strategy.   Full disclosure, I am a personal investor in Arctos' fund and am a fan of their strategy and team, pun intended. I hope you'll enjoy this conversation with Doc O'Connor and Ian Charles as much as I did. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership[

Publicly traded leveraged debt issuers are facing a collective maturity wall of $219 billion in the coming years. But unlike the Chiefs' offensive line in the Super Bowl, credit market watchers aren't expecting that wall to collapse.In this episode of Cloud 9fin, US managing editor Bill Weisbrod sits down with credit analyst Ben Dickerman and leveraged finance reporter Dan Mika about their recent piece looking at how the 2026-27 maturity wall in the US is shaping up.Among the highlights: how issuers are hanging on to cheap debt costs, how a leveraged finance market starved for new-money deals is giving BB-rated companies plenty of time to refinance, the uncertainties surrounding Trump administration's economic policies, and how this story was powered by Dan's love of drum and bass music.As always, if you have any feedback for us, send us a note at podcast@9fin.com

With Super Bowl Sunday upon us, much like over a third of the US, we thought we'd focus on sports.Private credit has been circling sports for some time as an investment opportunity. Many regulatory changes in the past year and an increasing number of emerging sports leagues have brought it back into view to begin this year.In this episode of Cloud 9fin, senior reporter Peter Benson sits down with Aaron Kless, managing partner and CIO at Andalusian Credit Partners, to discuss all things private credit and sports.The discussion topics include the institutionalization of the sports market, how credit works with sports franchises and other areas of the sporting world that are ripe for credit investment.As always, if you have any feedback for us, send us a note at podcast@9fin.com

People love to talk about the battle between banks and private credit firms in leveraged debt markets. And at a high level, it's true that the dealflow has bounced back and forth between the two over recent years — but markets are a lot more complex than a game of table tennis.In this episode of Cloud 9fin, Synne Johnsson sits down with Soren Christensen, partner and head of capital markets at Cinven, and Amit Bahri, co-head of European direct lending at Goldman Sachs, to break down how private credit's role has evolved over the years.Among the highlights: how sponsors have adapted to embrace private credit, what the return of the BSL market means for direct lender strategies, the attraction of junior PIKs, and predictions for 2025.As always, if you have any feedback for us, send us a note at podcast@9fin.com.

The full extent of the damage from this season's California wildfires is yet to be determined, but one thing that is certain is that some leveraged credits are starting to feel the heat.In this week's episode of Cloud 9fin, US managing editor Bill Weisbrod and deputy leveraged finance editor Sasha Padbidri survey the extent of the damage and discuss which industries are among the most impacted.Find Sasha's latest report about the wildfires' impact on leveraged credits here. If you have any feedback or want to get in touch, send us a note at podcast@9fin.com. Thanks for listening!

After years of growth and positive sentiment, 2024 saw private credit's smallest fundraising haul since 2019. But the year-on-year drop in capital raised was far less significant than the drop in the number of funds that were closed.In this week's episode of Cloud 9fin, US private credit editor David Brooke and reporter Anna Russi discuss the latest results in private credit fundraising and how LPs are consolidating around their favorite firms. The conversation walks through how investors are feeling about the asset class and whether the incoming Trump administration can help or hinder funds on the road next year. Read Anna and David's article diving into these trends here.Have any questions or feedback for us? Want to join us on the podcast? Send a note to podcast@9fin.com to get in touch. Thanks for listening!

Eric Peters is the founder and CIO One River Asset Management, where he searches for high conviction strategies coming out of his team's expertise trading and investing in thematic macro, volatility, systematic, and inflation strategies – each as it turns out, turned his focus on study bitcoin and cryptocurrencies.   Eric made news in November when he executed a $600 million purchase of bitcoin, then the largest public transaction to date. He has called bitcoin the most interesting macro trade he's seen in thirty years in the business, and we kick off this mini series, Crypto for Institutions with his macro case for the digital asset.   Our conversation discusses the intrigue of Bitcoin as a form of money, how digital currencies will somewhat ironically increase the power of governments and the likely co-existence of bitcoin with government digital currencies in the future. The then turn to the development of institutional infrastructure for digital assets, Eric's perspective on bitcoin as an investor and a trader, the reflexive nature of bitcoin supply, and the risks in the asset.  Lastly, we discuss the story of Eric's big trade, the future of bitcoin, and institutional interest in the space.   Please enjoy my conversation with Eric Peters in this first of four episodes in the mini-series Crypto for Institutions.   Learn More Subscribe: Apple | Spotify | Google   Follow Ted on Twitter at @tseides or LinkedIn Subscribe Monthly Mailing List  Read the Transcript 

Barings Chairman & CEO, Mike Freno joined Ted Seides, Host of Capital Allocators, on-stage at Barings 360 for a wide-ranging conversation on the evolving asset management landscape and how Mike and the Barings team are positioning for growth ahead. Episode Segments:(01:16) – The benefits of being owned by a 175-year-old mutual insurance company(04:47) – Distinguishing between alternative asset manager business models(07:56) – How the Barings team has built a portfolio of capabilities to best serve its clients(11:28) – How Mike and team have integrated multiple acquisitions(14:21) – Overcoming the challenges of managing a global business(16:46) – The macro environment, structural shifts in asset management & the role of banks(19:58) – How changing interest rates impact the opportunity set(21:29) – Opportunities across public & private fixed income, real assets & capital solutions(24:20) – Why having a broad presence across public and private markets is critical (26:53) – How private credit will perform through the next cycle(29:15) – The outlook for commercial real estate(32:21) – Innovating in credit markets and incubating new strategies(35:02) – Confident humility and understanding where you can be great(37:16) – Where Mike & team are steering Barings for the next 5+ years(39:31) – Strategies and asset classes that Mike is currently excited aboutIMPORTANT INFORMATIONAny forecasts in this podcast are based upon Barings' opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the informationAny service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings' consent.24-4054346

Interview recorded - 9th of November, 2024On this episode of the WTFinance podcast I had the pleasure of welcoming on Ted Seides. You have probably heard Ted before as he is the founder of Capital Allocators, a podcast I very much enjoy and the author of the recently released book “Private Equity Deals: Lessons in investing, dealmaking and operations from private equity professionals”.0:00 - Introduction1:47 - What does great capital allocation look like?3:00 - Influence for writing the book?4:28 - Why is private equity less understood?7:53 - Difference between VC, private & public investing?9:22 - Different types of PE12:07 - Type of deals?13:02 - Coming to the forefront?15:32 - State of PE market?17:32 - Challenge exiting?20:40 - PE performance12:20 - Interesting PE stories?24:30 - Incentivising performance26:10 - Negative stories?27:50 - Final goal of PE?28:38 - Where is the industry going?29:45 - Carried gains tax30:40 - One message to takeaway from book?Ted Seides, CFA is the founder of Capital Allocators, an ecosystem that includes podcasts, gatherings, and advisory. Ted launched the Capital Allocators podcast in 2017. The show reached 20MM downloads as of August 2024 and has been recognized as the top institutional investing podcast.Alongside the podcast, Ted created Capital Allocators Summits with friend and industry veteran Rahul Moodgal to bring together industry leaders to connect and learn. He developed Capital Allocators University to teach senior professionals non-investment disciplines that are essential to investment success. He also advises managers on business strategy and allocators on investment strategy.In March 2021, Ted published his second book, Capital Allocators: How the world's elite money managers lead and invest that distills key lessons from the first 150 episodes of the podcast. In October 2022, he was honored as Citizen of the Year at With Intelligence's inaugural Allocator Prizes.Ted is also the author of the recently released book "Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals".Ted Seides:Website - https://www.capitalallocators.com/Book - https://www.amazon.co.uk/Private-Equity-Deals-Dealmaking-Allocators-ebook/dp/B0CNW5P8N8/LinkedIn - https://www.linkedin.com/in/tedseidesWTFinance - Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Ted Seides of Capital Allocators joins Nick to discuss Lessons from Top Allocators, David Swensen's Principles for Investment, Insights on Private Equity Deals, and What Strategies are Timeless vs. Fleeting. In this episode we cover: Evolution of Private Equity and Its Role in the Economy Challenges and Opportunities in the Private Equity Industry Impact of David Swensen and His Philosophy Key Insights on Allocation and Alignment Team Structure and Decision-Making in Private Equity Innovative Models and Persistence in Private Equity Insights on Allocation of Time and Resources Guest Links: Ted's LinkedIn Ted's Twitter/X Capital Allocator's LinkedIn Ted's podcast/Company Website Ted's book: Private Equity Deals The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area. Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter. Are you a founder looking for your next investor? Visit our free tool VC-Rank and we'll send a list of potential investors right to your inbox!

Steve Rattner is the Chairman and CEO of Willett Advisors, which invests former New York Mayor Michael Bloomberg's personal and philanthropic assets. Steve's career has ranged from a journalist for the New York Times to investment banking at Lehman Brothers, Morgan Stanley and Lazard Freres, to founding private equity firm Quadrangle Group, and lastly to serving in the Obama Administration as head of the successful restructure of the automobile industry after the financial crisis. He returned to oversee Willett Advisors after his work in the government.   Our conversations starts with a quick tour through each of Steve's careers, and then turns to his work investing the assets of Michael Bloomberg's family office, including selecting an investment model, building a team of specialists, using internal management to supplement external managers, and thinking through private equity, hedge funds, public equity, and the manager selection process. We close with Steve's perspectives on China and his ongoing engagement in politics. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Dan Ariely is a leading behavioral economist, author, entrepreneur and the James B. Duke Professor of Psychology and Behavioral Economics at Duke University. Dan is a founding partner of Irrational Capital, an investment research firm that quantifies the impact of corporate culture and employee motivation on financial performance.    My initial conversation with Dan two years ago has been one of the most downloaded episodes of the show, and a recent research piece by JP Morgan entitled The Human Capital Factor that highlights his work got me excited to catch up with him again.   Our conversation covers many aspects of his continuing research to identify positive human capital practices and performance in the workplace, including data collection and assessment, gender differences, goodwill, ESG, and changes during Covid. We then turn to the practical application of the research in the capital markets through two indexes and customized research.  We close by talking about Dan's new research projects and some of his favorite recent answers to his Ask Ariely column in the WSJ.   Learn More Subscribe: Apple | Spotify | Google   Follow Ted on Twitter at @tseides or LinkedIn Subscribe Monthly Mailing List  Read the Transcript 

On today's show, we are joined by Ted Seides, founder of Capital Allocators to discuss his new book, Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals. Thanks to Public for sponsoring this episode! Visit: http://public.com/compound and discover how you can lock in a 6+% yield until 2028. Find complete show notes on our blogs... Ben Carlson's A Wealth of Common Sense Michael Batnick's The Irrelevant Investor Feel free to shoot us an email at animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation.   Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Public Disclosure: A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6+% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/28/2024. A bond's yield is a function of its market price, which can fluctuate; therefore a bond's YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See public.com/disclosures/fee-schedule   Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions. Fractional Bonds also carry additional risks including that they are only available on Public and cannot be transferred to other brokerages. Read more about the risks associated here: public.com/disclosures/fixed-income-disclosure and here: public.com/disclosures/apex-fractional-bond-disclosure. See public.com/disclosures/bond-account to learn more. Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, Clay is joined by Ted Seides to discuss his new book — Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals. Over the past 20 years, the private equity industry has gone from a cottage industry to a powerful juggernaut that touches every corner of the global economy — now totaling over $6 trillion. Ted is the former president and Co-CIO of Protege Partners, and prior to that, he was a senior associate, working under investing legend David Swensen at Yale. He is the host of the popular podcast — Capital Allocators. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:04 - What has led to the growth in private equity over the past few decades? 06:39 - Why David Swensen referred to private equity as a superior form of capitalism. 08:47 - Why private equity has outperformed public equities as an industry. 14:19 - How the lock-up period in private equity impacts returns. 18:03 - Ted's take on why private equity has been given a poor reputation. 28:34 - The importance of pricing to the seller in a private equity deal. 30:17 - How interest rate hikes have impacted private equity. 32:17 - An overview of KKR's “perfect private equity deal.” 38:27 - An overview of Apollo's purchase of Yahoo in 2021. 49:34 - An overview KPS Partners' purchase of TaylorMade. 57:24 - What types of investors should consider an allocation to private equity? 59:18 - Ted's portfolio allocation. And so much more!  Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Ted's book: Private Equity Deals. Ted's book Capital Allocators. Capital Allocators Website & Podcast. Follow Ted on Twitter & LinkedIn. Related Episode: TIP444: The Changing World of Endowments & ESG Investing w/ Ted Seides. Mentioned Episode: TIP654: Investing Across the Lifecycle w/ Aswath Damodaran. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Range Rover SimpleMining TastyTrade Daloopa American Express The Bitcoin Way Fundrise USPS Found Onramp Facet Public Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

My guest today is Ted Seides. Ted is the host of the Capital Allocators podcast and an investment industry expert. It'd been seven years since Ted and I last talked on the record, as he was one of my very first guests on Invest Like the Best. Now that Ted has a full-time focus on all things Capital Allocators and has stepped away from traditional investing roles, he shares with us the wisdom he has gained from being a neutral third party with in conversations with countless industry experts. We discuss the evolution of the LP and GP relationship, the scale of institutional investing, and the nuance of asset allocation, and much more. Please enjoy my conversation with Ted Seides. I'm excited to announce that we are hiring an Editor in Chief at Colossus. This will be a critical and central role in our growing media platform and in our quest to find and showcase the best people, businesses, and ideas in the world. This person will work on existing shows like Invest Like the Best and Founders, our soon-to-be-announced print publication, and more. We aim to be the dominant media company exploring business and investing frontiers, so this person needs to be obsessed with these topics and bring serious operational chops. I firmly believe this role can help define someone's career. Go to joincolossus.com/eic to apply. Subscribe to Glue Guys! For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:08:21) Innovative Approaches in Portfolio Management (00:10:29) Challenges in the LP-GP Relationship (00:16:58) Categorizing and Understanding LPs (00:21:12) Pros and Cons of Different Capital Pools (00:28:44) Trends and Future of Asset Management (00:35:14) The Sensational Economy (00:37:37) Competitive Frontiers in Private Equity (00:39:44) The Yellowstone Club Deal (00:42:19) The Burger King Success Story (00:46:49) Collaborative Deals in Private Equity (00:51:27) The Importance of Communication (00:56:14) Capital Allocator Summits (01:00:31) The Kindest Thing Anyone Has Done For Ted

Today's episode is for all of you buy side and private markets junkies.  We are joined by Ted Seides, who is the host of the Capital Allocators and Private Equity Deals podcasts, soon to be thrice-published author, and expert in the Alts — the world of hedge funds and private capital investing.One of Ted's superpowers is understanding both sides of the alts investing coin. He started his career working with David Swensen at the Yale endowment and ultimately went on to lead his own multibillion dollar alternative asset manager before segueing into his current role as a thought leader and advisor amongst the biggest names in hedge funds and private equity.  You may also have heard of him from a little friendly wager he made with Warren Buffet a few years back.  For those of you who want to break into the Alts, you must listen to the lessons Ted has gleaned from years of conversations with the heads of the worlds's biggest investment firms.  So whether you're a seasoned investor looking for a path to branch out on your own, or you're an industry newcomer looking to understand key takeaways from some of the all time greatest deals, this episode's for you.Pre order Private Equity Deals on Amazon at https://www.amazon.com/Private-Equity-Deals-dealmaking-professionals/dp/1804090735Check out Public.com at the link HERE Get a free trail of Macabacus here using this link! https://macabacus.comFollow us on Instagram and Tik Tok at @thewallstreetskinnyhttps://www.instagram.com/thewallstreetskinny/Public Disclosure: All investing involves risk. Brokerage services for US listed securities, options and bonds in a self-directed brokerage account are offered by Public Investing, member FINRA & SIPC. Not investment advice. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank.Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1828849), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value. See public.com/#disclosures-main for more information.Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Roz Hewsenian is the Chief Investment Officer of the $6 billion Helmsley Charitable Trust. Prior to joining Helmsley in 2010, Roz had a storied career in the industry, highlighted by her two decades of work as the consultant to CalPERS while at Wilshire Associates.  Our conversation tracks Roz's career, including lessons from teaching children, the most important rule of management, successful investment consulting, taking time off, and joining Helmsley. We then turn to her current role and cover opportunistic-based allocation, theme identification, benefits of concentrating in managers, oversight of a team and due diligence, stories from the front lines, exciting investment opportunities, co-investments, and governance. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Jennifer Prosek is the founder and CEO of Prosek Partners, a leading international public relations and financial communications consultancy with offices in New York, London, Los Angeles and Connecticut. Prosek Partners ranks among the top 10 independent public relations firms in the U.S., and among the top financial communications consultancies.  The firm has been listed as an Inc. 5000 Fastest Growing Company for nine years running.  Jen is also a two-time author.    Our conversation covers the foibles of professional marketing in asset management, building a brand, measuring a successful branding effort, managing the story of weak performance, and describing the differences in hedge fund and private equity branding.  We then turn to some of Jen's fascinating observations learned from her experience, including raising entrepreneurial children, working with millennials and Gen Z staffers, and implementing the principals of ‘Just Ask', behave with humanity, and not thinking in black and white.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Mo Haghbin is the Head of Multi-Asset Solutions at Invesco, where he develops and manages asset allocation strategies and portfolio solutions for $88 billion of client assets within the $1.7 trillion juggernaut. Our conversation covers Mo's journey to finance and his path to a leadership role at Invesco. We discuss Invesco's solutions-based approach that canvasses every type of asset pool and structure and focuses first on top-down strategic asset allocation and tactical positioning, and only later on manager selection. We cover the research that drives asset allocation and factor decisions, importance of scaling customized solutions, and impact of technology in the process. All investing involves risk, including the risk of loss. This should not be considered a recommendation to purchase any investment product. This does not constitute a recommendation of any investment strategy for a particular investor. Investors should consult a financial professional before making any investment decisions if they are uncertain whether an investment is suitable for them. Please obtain and review all financial material carefully before investing. Asset allocation and diversification do not guarantee a profit or eliminate the risk of loss. This material is not intended to provide, and should not be relied on, for tax advice. The opinions expressed are those of the presenter(s), are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. All information as of April 29, 2024, in USD, unless stated otherwise. Invesco and FTSE Russell are not affiliated entities. Capital Allocators and Invesco are not in any way affiliated. The Invesco Solutions (IS) team is part of Invesco Advisers, Inc. (IAI), an investment adviser that provides investment advisory services and does not sell securities. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Advisers, Inc. is an indirect wholly owned subsidiary of Invesco Ltd. ©2024 Invesco All rights reserved. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Jim Dunn is the CEO and CIO of Verger Capital Management, an Outsourced CIO business whose anchor client is Wake Forest University. Prior to forming Verger, he served as CIO of Wake Forest for five years. That transition from a sole client to an OCIO business, is a fascinating part of our conversation. Before joining Wake, Jim traveled the world as CIO of Wilshire Associates, where among other things he experienced the best story of a manager getting their foot in the door that I've ever heard. He got his start in the business trading death spiral convertible bonds at a now defunct hedge fund and got introduced to manager selection at Investorforce. Our conversation starts with Jim's career path, and covers a full range issues in allocating capital. We discuss defining risk tolerance, a factor-based approach to asset allocation, separating talent from luck in manager selection, the politics of endowment management, challenges using internal management, and culture. If you listen carefully, you'll hear a few one-liners. Jim is chock full of gems and life lessons. Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership

This Sponsored Insight highlights Nasdaq's Solovis, a multi-asset class portfolio, data, and risk management system for asset owners. We spoke with Jeff Manning of Verger Capital Management, a $2.8 billion OCIO that was created out of the Wake Forest University Office of Investments. Verger's CIO, Jim Dunn, was an early guest on Capital Allocators, and that conversation is replayed in the feed. Jeff oversees all financial operations at Verger including the team, reporting, and strategic decisions. He provides a detailed case study on how Verger enhanced its operational capabilities as it scaled and how a partnership with Solovis helped drive efficiency. We are grateful for Nasdaq Solovis's sponsorship of Investment Management Operations and are eager to highlight their contributions to the asset owner community. Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership

Chris Dixon is a General Partner at Andreesen Horowitz, where he focuses on the a16z Crypto Funds.  Before joining Andreesen in 2013, Chris co-founded, built and sold two technology companies and was a prolific seed investor, founding member of Founder Collective, and personal investor.  At various spots along the way, Chris was an investor in BuzzFeed, Uber, Venmo, Hotel Tonight, Coinbase, and Oculus, among many others.     Our conversation covers Chris' early interest in computers and business, and lessons from starting companies and angel investing.  We then turn to his activities since joining Andreesen Horowitz, discussing new computing platforms, a brief history of centralized and decentralized computing, development of blockchain technologies, potential killer apps, token basics, and investor perception.     Chris Dixon is a General Partner at Andreesen Horowitz, where he focuses on the a16z Crypto Funds.  Before joining Andreesen in 2013, Chris co-founded, built and sold two technology companies and was a prolific seed investor, founding member of Founder Collective, and personal investor.  At various spots along the way, Chris was an investor in BuzzFeed, Uber, Venmo, Hotel Tonight, Coinbase, and Oculus, among many others.     Our conversation covers Chris' early interest in computers and business, and lessons from starting companies and angel investing.  We then turn to his activities since joining Andreesen Horowitz, discussing new computing platforms, a brief history of centralized and decentralized computing, development of blockchain technologies, potential killer apps, token basics, and investor perception.     Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Jonathan Tepper is the founder of Variant Perception, an economic research group that works with institutional managers, hedge funds, and allocators to provide objective and comprehensive data to form actionable ideas from leading indicators and emerging trends. He is also the author of three books, the most recent of which, The Myth of Capitalism: Monopolies and the Death of Competition, received widespread acclaim earlier this year. Our conversation covers Jonathan's unusual upbringing, learning about currencies from Big Macs, building economic and liquidity forecasting models, and catering Variant Perception's research to investors. We then turn to The Myth of Capitalism, discussing the history, causes, and ramifications of the absence of competition in U.S. industries, natural and unnatural monopolies, examples in the tech giants, funeral home operators, airports, and hospitals, and what can be done to counter this negative trend.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Michael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Business School for 24 years. Our conversation covers Michael's early career, the paradox of skill, academic research more favorable to active management, decision-making, optimal size and composition of teams, unsettling features in the market, data analysis in sports, career risk, the Santa Fe Institute, and Michael's new research on the horizon. Every time I speak to Michael I come away thinking better and feeling smarter, and this time was no exception.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

You may remember my popular first meeting from a few years ago with Paul Black of WCM, then a $25 billion asset manager in Laguna Beach, CA. Since then, WCM has gone up and to the right in every way, they sold a minority piece of the business to Natixis, continue to put big numbers on the board, and have grown to north of $66 billion, defying the fade of active management outflows. My guest on today's show is Mike Trigg, a partner and portfolio manager of WCM's Focused International Growth strategy that comprises the majority of the firm's assets. We discuss Mike's background, arrival at WCM in 2005, near implosion of the firm shortly thereafter, and the rising of the international strategy from those ashes. We then dive in deeper to the core tenants of WCM's approach, discussing how the firm analyzes widening moats and cultures tied to competitive advantage. Lastly, we talk about how WCM's growth has impacted the firm. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Paul Black and Mike Trigg from WCM Investment Management are both past guests on the show who have taken an investment philosophy focused on culture and moat trajectory to turn a once struggling boutique into a $100 billion powerhouse. Paul came on the show a few years ago when WCM had quietly grown to $25 billion in assets, and Mike joined a year ago to dive into their research process. Their colleague Mike Tian shared another perspective earlier this year when he described applying WCM's moat trajectory discipline to investing in China. In this continued exploration of WCM, we start with the truly unique facts about the firm's rebirth a decade ago and turn to key features of its success, including embracing change, the importance of culture - alongside some characteristics of toxic cultures, hiring practices, telling the truth, integrating new team members, managing turnover, and transitioning leadership to the next generation. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989.  With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California. Our conversation starts with Paul's trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ana Marshall is the CIO for The William and Flora Hewlett Foundation, where she oversees a $13 billion pool of capital. Ana joined Hewlett eighteen years ago after spending the same amount of time as a direct investor. She was a past guest in 2019 describing her approach, and that conversation is replayed in the feed.   We caught up to discuss what is on Ana's mind going into the new year. We cover inflation, private equity secondaries, liquidity management, China, emerging markets, and ESG. We close discussing where Ana is looking around corners, what's filling her basket of worries, and her plan for the next five years.   Access Stream by AlphaSense Free Trial     For full show notes, visit the episode webpage here.    Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Ana Marshall is the Vice President and Chief Investment Officer for The William and Flora Hewlett Foundation, where she oversees a $10.5 billion pool of capital. Ana joined Hewlett in 2004 after spending eighteen years as a direct investor in high yield credit, emerging market debt, and international equities. Our conversation covers Ana's lifelong passion for investing, joining the “super buy side,” conducting company meetings to inform the manager selection and allocation process, portfolio structure, manager selection, monitoring and measuring risk, perspectives on peers, internal dynamics, and working through a big mistake. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Morgan Housel is a partner at Collaborative Fund and one of my favorite writers about investing. Morgan recently released his first book, The Psychology of Money, and I'll go on record and predict it will be a best-seller in short order. Our conversation starts with Morgan's non-traditional education, his path to writing, and his process for writing each week. We then turn to the book and discuss some anecdotes about luck and risk, greed, compounding, patience, and tail events. We close with two of Morgan's personal stories – one about his own investing and the other, which seems inconceivable as you listen, about his lifelong challenge with stuttering.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

On today's show we'll discuss another empty room – an opportunity ignored by most investors because they either don't want to or can't participate. Andy Acker is a Portfolio Manager at our anchor sponsor, Janus Henderson Investors, where he manages the firm's healthcare strategies. Janus Henderson is a global asset manager with $300B in assets under management, and Andy oversees the firm's Global Life Sciences strategy and its Biotechnology strategy. Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing. Our conversation starts with Andy's path to becoming a healthcare investor, scientific innovation over his time at Janus Henderson, translation of science into commercial success for businesses, and the 90/90 rule for how stocks behave. We then turn to his investment process across filtering ideas, research, assessment of management teams and commercial success, portfolio construction, trading around names, and private crossover investing. We close with Andy's perspective on opportunities and risks to the space from here, and green shoots he sees that might fill seats in the empty room. For full show notes, visit the episode webpage here.    Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership