Podcast appearances and mentions of ted seides

Matt Cohen sits down with Robert Morier, a former global investment executive turned venture capital professor at Drexel University. Robert shares his non-traditional journey—from studying history to managing multi-billion dollar investment portfolios, and ultimately returning to education to mentor the next generation of startup founders and VCs. They discuss his experience teaching venture capital, how risk management in lifeguarding relates to investing, how podcasting helps drive awareness, and why universities need more real-world startup training.About Robert Morier:Robert Morier is a professor at Drexel University, specializing in venture capital, early-stage finance, and private market due diligence. He mentors entrepreneurs and conducts research on entrepreneurial mindset and risk management, drawing insights from his experience as an ocean lifeguard in Wildwood Crest, NJ.With 25 years in institutional investments, he has led business development and fundraising efforts at firms like Paradice Investment Management, Xponance, and Indus Capital, raising billions in assets across global markets. He also runs Twelve Pound Advisors, advising asset managers on growth strategies.Morier is the co-founder of Twelve Pound Productions, producing the Dakota Live! Podcast, where he interviews investors on finance, leadership, and market trends. He has served on the University of Vermont's Grossman School of Business advisory board and supports nonprofit fundraising initiatives.Topics* (00:01:39) - How a love for travel led Robert into global investment roles* (00:03:04) - Spending years on the road and what ultimately led Robert to leave for academia* (00:04:06) - How working as a lifeguard shaped Robert's perspective on leadership and risk management* (00:07:09) - Why VCs should start with risk assessment rather than leaving it for the end of due diligence* (00:09:53) - Teaching Venture Capital: Why VC education is still lacking in most universities and how Drexel is changing that* (00:12:47) - Why schools focus too much on investment banking exits rather than startup formation* (00:15:32) - How the Drexel Innovation Fund supports student-led startups with real investments* (00:19:35) - The importance of teaching students about mistakes, failures, and resilience in investing.* (00:24:58) - The story of AER Cosmetics, a sustainable mascara startup that grew out of Drexel's entrepreneurial program* (00:30:21) - How schools can build better VC education and student-run investment funds* (00:36:25) - How the Dakota Live! Podcast came to be* (00:41:47) -  The biggest mistake fund managers make when pitching investorsRobert Morier's Fast Favorites:* Favorite Podcast: The Overthink Podcast* Favorite Podcast for Venture Capital: Capital Allocators by Ted Seides, along with Dakota Live! and Tank Talks.* Favorite Newsletter or Blog: Alternatively Speaking by Christopher Schelling* Favorite Book: East of Eden by John Steinbeck* Favorite Tech Gadget: A landline phone* Favorite Life Lesson: “Who's better than you? Nobody.”Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

What makes Warren Buffett's investment legacy so iconic, and how has his advice shaped the world of investing? In this episode, we delve into Warren Buffet's investment philosophy and the lessons he offers everyday investors. In our conversation, we unpack the impact of his investment strategies on the financial world, debunk common misconceptions, and discuss how his strategies have changed over time. We also examine the structural barriers to replicating his success, the complexities of scale and changing market dynamics, and the parallels between his approach and modern asset pricing models. Discover Warren Buffett's astonishing historical returns, his perspectives on diminishing returns for active managers, and the misunderstood nuances of his advice regarding index funds. Gain insight into academic research on Warren Buffett's success, his pragmatic view on cash holdings, and his opinion on the value of dividends for investors. Tune in to learn about the world's greatest investor and how you can apply his wisdom to your own portfolio!   Key Points From This Episode:   (0:04:55) Warren Buffett's legacy and Berkshire Hathaway's performance history. (0:13:04) The problem of diminishing returns to scale and finding skilled active managers. (0:18:37) Reasons Buffett repeatedly advises most investors to choose low-cost index funds.  (0:23:14) Why identifying skilled managers before they outperform the market is impossible. (0:30:15) Research explaining Buffett's success using multi-factor asset pricing models. (0:35:30) Insight into why Berkshire Hathaway holds large cash reserves as part of its strategy. (0:44:02) Buffett's views on dividends and why his focus remains on reinvestment. (0:48:16) Why diversification concentration is a bad strategy and Buffett's investing superpower. (0:57:07) Aftershow: Ben's experience of being on The Wealthy Barber podcast. (0:58:07) Reviews and feedback from the episode with Randolph Cohen and Michael Green. (1:04:58) Changes to our year-end episode format and what listeners can expect.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ CPP by the Fire — https://pages.pwlcapital.com/webinar_cpp_by_the_fire Braden Warwick on LinkedIn — https://linkedin.com/in/braden-warwick-a40b48a3/ PWL Capital CPP Tool — https://research-tools.pwlcapital.com/research/cpp Berkshire Hathaway — https://berkshirehathaway.com/ Berkshire Hathaway Shareholder Letters — https://berkshirehathaway.com/letters/letters.html Richard Ennis — https://richardmennis.com/author/richard-m-ennis Home Trust — https://hometrust.ca/ Ben on The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/ben-felix-a-deep-dive-into-the-world-of-investing-twb-podcast-5/ Episode 61: Ted Seides — https://rationalreminder.ca/podcast/61 Episode 220: Jonathan Berk and Jules van Binsbergen — https://rationalreminder.ca/podcast/220 Episode 332 - Randolph Cohen & Michael Green — https://rationalreminder.ca/podcast/332   Books From Today's Episode:   The Intelligent Investor — https://amazon.com/dp/B0CBQ18KDB/   Papers From Today's Episode:    'Buffett's Alpha' — https://doi.org/10.2469/faj.v74.n4.3 'Mutual Fund Flows and Performance in Rational Markets'— https://journals.uchicago.edu/doi/abs/10.1086/424739

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!

Ted Seides is a famous podcaster, renowned industry expert, and a best selling author who is all about compounding knowledge and relationships. We are talking about his new book ⁠**Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals⁠** https://www.capitalallocators.com/ Takeaways Ted Seides emphasizes the importance of aligning incentives in private equity. Private equity managers own a significant portion of the economy, around 10,000 businesses. The media often portrays private equity negatively, focusing on failures rather than successes. Private equity allows for more control and decision-making compared to public markets. The evolution of private equity has led to increased competition and higher prices. Employee ownership can drive business success and improve performance. The investment horizon in private equity is typically three to five years, but some firms seek to hold longer. Different owners bring unique expertise to businesses at various stages of growth. Permanent capital structures could change the landscape of private equity investing. Success is defined personally, focusing on fulfillment and enjoyment in work. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

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

3i Member Ted Seides, CFA, is the Founder of Capital Allocators LLC, an ecosystem that encompasses podcasts, gatherings, and advisory services for managers and allocators. In this special edition podcast episode, we spotlight him on the launch of his new book, Private Equity Deals.In Private Equity Deals, Ted provides insights into the conversations that typically happen behind the closed doors of institutional investors and private equity managers. Through a series of case studies across different types of private equity transactions, the book reveals the dynamics of deal-making, companies, and ownership structures that make private equity a powerful force in the financial world.In this special edition Member Spotlight episode, Ted joined 3i Members Chair Mark Gerson for an insightful discussion on key takeaways from the book, followed by an interactive Q&A session.Listen to the episode to hear:- Insider conversations between investors and private equity managers revealed in Private Equity Deals- How smaller private equity funds can outperform mega funds, depending on deal size and strategy- The rise of retail private equity investing: liquidity challenges and new opportunitiesLearn more about 3i Members at our website and follow us on LinkedIn for updates.Purchase Private Equity Deals here: https://amzn.to/3XMPIHv

Ted is a podcaster and investment industry expert. He started his career working with David Swensen at the Yale Endowment and has spent the past 30+ years studying, speaking and writing about investing. He launched the Capital Allocators Podcast in 2017 and has published 3 books on investing. Ted shares insights on the investment industry, discusses his framework for constructing a portfolio, and explains the impact of behavioral finance.

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.

Bienvenidos a Salud Financiera. Un programa en directo diario dónde puedes aprender y preguntar sobre finanzas personales y mercados financieros. En este episodio #142 lo dedicaremos a contar la historia de la apuesta contra Warren Buffett de Ted Seides.También analizaremos el compartimento CINVEST Octagon y veremos que es lo que hay detrás del Futbolista Millonario invirtiendo Fran Ortuño. No te pierdas nada de nuestra comunidad: https://linktr.ee/misaludfinanciera - Curso de ETFs disponible en https://go.hotmart.com/U91482169Y- Curso de Fondos disponible en https://hotmart.com/es/marketplace/productos/de-cero-a-inversor-en-fondos/O93564337ICronología00:00 Introducción02:00 La Apuesta de Buffett vs Ted Seides16:40 Análisis del Fondo CINVEST Octagon30:57 Alerta sobre Deportistas promocionando el CopyTrading

Ted Seides, CFA is the Founder of Capital Allocators LLC, an ecosystem that includes podcasts, gatherings, and advisory to managers and allocators. The show reached 17 million downloads in September 2023 and has been recognized as the top institutional investing podcast.Ted previously worked under David Swensen at the Yale Investments Office, served as Co-CIO of Protégé Partners, made a famous bet with Warren Buffett, and authored two investment books. Ted graduated Cum Laude from Yale University and received an MBA from Harvard Business School. He has been a 3i Member since 2023.Listen to the episode to hear:Lessons learned from institutional investing to founding Capital AllocatorsTed's long-term bet with Warren BuffetLeading advice from the top money managers and allocators of capital Learn more about 3i Members and follow us on LinkedIn for updates. Subscribe to the Rosen Report here.

Happy Thanksgiving to everyone. For a little turkey treat, today's show has me on the other side of the mike. Sarah Samuels, the head of manager research at powerhouse consultant NEPC and a past guest on the show, is also the Board Chair of the CFA Society in Boston. She's created a podcast series for the Society called “Pull Up a Chair,” and I was honored to be her inaugural guest. We recorded live at Wellington Management's headquarters earlier this month in front of a crowd that included Tim McCusker, the CIO at NEPC, and Jean Hynes, the CEO of Wellington. I'm a big fan of the collegial Boston investment community and was excited to participate. Sarah drew out some personal anecdotes about my investment career and a look at the business around Capital Allocators. At the end, I offer up a pitch for a children's book Sarah wrote that will release in April called Braving Your Savings. Keep your eye out for it in the coming months. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In this episode, we start by learning about the complex relationship between recessions and stock returns before welcoming Huston Loke and Jordan Solway from the Financial Services Regulatory Authority (FSRA) to discuss protecting consumers in the financial investment space. Huston is the Executive Vice President of Market Conduct, and Jordan is the Executive Vice President of Legal and Enforcement at FSRA. The FSRA supervises insurance companies, mortgage brokers, credit unions, pensions and other non-securities areas of the financial services sector. We discuss the objectives of the FSRA, their approach to protecting consumers, enforcement strategies, upcoming regulations, and more. Then, we welcome back Mark McGrath to learn about the Passive Investment Grind (PIG) concept for this week's Mark to Market segment, and we take a look back at a previous episode with Ted Seides of Capital Allocators. Finally, we are joined by author Tim Hale to discuss the new edition of his book Smarter Investing before closing off with our usual after-show roundup. Tune in now!   Key Points From This Episode:   (0:03:22) The relationship between recessions and stock returns, the definition of a technical recession, and the role of media in shaping perceptions. (0:09:33) Why bad economic conditions don't necessarily warrant changes to investment strategies and why attempts to time the market based on recession news should be avoided.  (0:13:42) Introducing Huston Loke and Jordan Solway and background about the Financial Services Regulatory Authority of Ontario (FSRA).  (0:15:34) Objectives of the FSRA and the principle of putting the client's interest first.  (0:18:55) What aspects of financial advisory services FSRA regard as the most important.  (0:20:30) Unpacking the “Take-All-Comers” rule in Ontario and how it protects consumers.  (0:25:32) How successful the title protection rule has been in Ontario and how it differentiates between the title of financial advisor and financial planner.  (0:29:21) Concerns about the rollout of the title protection rule and the disparity across various designations.  (0:33:26) Advice for identifying a suitable financial advisor or planner and how the FSRA is helping cross-check credentials.  (0:37:19) FSRA's findings in a review of tiered recruitment model life insurance MGAs and the enforcement action taken.   (0:44:47) Insights into commission-based compensation structures for financial products and upcoming commission disclosure rules. (0:49:09) Additional steps consumers can take to avoid bad financial advice and services.  (0:50:49) Recommendations for budding financial planners or advisors to ensure they get the correct training.  (0:53:23) Discover the infinite banking concept and what future initiatives Huston and Jordan are most excited about.  (0:59:35) Mark explains the passive investment grind concept in our Mark to Market segment.  (1:09:21) Recapping essential takeaways from a previous episode with Ted Seides. (1:12:02) Tim Hale discusses his book Smarter Investing, his motivation for writing it, his intended audience, and its main takeaways.  (1:20:09) How the financial landscape has changed since the first edition of his book and his shift toward systematic investing.  (1:25:25) Tim shares what he thinks are the biggest mistakes investors make and behavioural biases that influence investors' decisions.  (1:27:58) Final words of wisdom Tim has for listeners and how his approach applies to markets outside of the UK.  (1:29:45) Aftershow roundup, listener reviews, book recommendations, and more!    Join Our Live Events: Paying it Forward to Yourself: Compensation strategies for Canadian Business Owners - https://us06web.zoom.us/webinar/register/1517000820593/WN_35_OSP3XT9Gabu6KjIT4Tg  Investing 101: Financial Literacy Month Webinar - https://us06web.zoom.us/webinar/register/2417000820935/WN_snfu-ZhzQKeB6CZSw1yHuA   Links From Today's Episode:  Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Paying It Forward to Yourself (Webinar) — https://us06web.zoom.us/webinar/register/4416996396442/WN_35_OSP3XT9Gabu6KjIT4Tg Investing 101 (Webinar) — https://us06web.zoom.us/webinar/register/2317000628845/WN_snfu-ZhzQKeB6CZSw1yHuA#/registration ‘Should my investment strategy change during a recession?' — https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-investing-strategy-during-a-recession/ C.D. Howe Institute Business Cycle Council — https://www.cdhowe.org/council/business-cycle-council Episode 171: Prof. Campbell R. Harvey — https://rationalreminder.ca/podcast/171 ‘Conditional Skewness in Asset Pricing Tests' — https://www.jstor.org/stable/222452 ‘… and the Cross-Section of Expected Returns' — https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P118_and_the_cross.PDF  Huston Loke — https://www.fsrao.ca/about-fsra/leadership/huston-loke Huston Loke on LinkedIn — https://www.linkedin.com/in/hloke/ Jordan Solway — https://www.fsrao.ca/about-fsra/leadership/jordan-solway Jordan Solway on LinkedIn — https://www.linkedin.com/in/jordan-solway-4a261314/ Financial Services Regulatory Authority of Ontario (FSRA) — https://www.fsrao.ca/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://twitter.com/MarkMcGrathCFP   Mark McGrath on Calendly — https://calendly.com/mark_mcgrath/ Episode 61: Ted Seides — https://rationalreminder.ca/podcast/61 Ted Seides on LinkedIn — https://www.linkedin.com/in/tedseides Ted Seides on Twitter — https://twitter.com/tseides Capital Allocators — https://www.capitalallocators.com/ Tim Hale on LinkedIn — https://www.linkedin.com/in/tim-hale-4b67ba24/ Life on Our Planet — https://www.imdb.com/title/tt23181388/ The Behavioral Divide Podcast — https://podcasts.apple.com/us/podcast/the-behavioral-divide-with-hal-hershfield/id1713168854 Episode 278: Juhani Linnainmaa — https://rationalreminder.ca/podcast/278   Books From Today's Episode:  Smarter Investing — https://www.amazon.com/Smarter-Investing-Simpler-Decisions-Results/dp/0273722077 Albion Strategic Consulting — https://albionstrategic.com/ Winning the Loser's Game – https://www.amazon.com/Winning-Losers-Game-Seventh-Strategies/dp/1259838048 Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079 Clear Thinking — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112 Strangers in Paradise — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/ Wealth 3.0 — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM Same as Ever — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709/  

In our inaugural episode, host Sarah Samuels, CFA, CAIA, sits down with Ted Seides, CFA, founder of Capital Allocators, an ecosystem that includes podcasts, gatherings, and advisory. The two talk about Ted's career journey, advice for investment professionals managing their careers, his bet with Warren Buffett, and his overall investment philosophy.   Show notes 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 17MM downloads as of September 2023 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.   From 2002 to 2015, Ted was co-founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Protégé was a leading multibillion-dollar alternative investment firm that invested in and seeded small hedge funds. In 2010, Larry Kochard and Cathleen Rittereiser profiled Ted in the book Top Hedge Fund Investors. In 2016, Ted authored his first book, So You Want to Start a Hedge Fund: Lessons for Managers and Allocators, to share lessons from his experience.   Ted began his career from 1992-1997 under the tutelage of David Swensen at the Yale University Investments Office. During his five years at Yale, Ted focused on external public equity managers and internal fixed income portfolio management. Following business school, he spent two years investing directly in public and private equity at three of Yale's managers, Brahman Capital, Stonebridge Partners, and J.H. Whitney & Company.   With aspirations to demonstrate the benefits of hedge funds on institutional portfolios to a broad audience, Ted made a non-profitable wager with Warren Buffett that pitted the 10-year performance of the S&P 500 against a selection of five hedge fund of funds from 2008-2017.   Ted writes a blog called What Ted's Thinking and previously wrote columns for Institutional Investor, CFA Institute's Enterprising Investor, the late Peter L. Bernstein's Economics and Portfolio Strategy.   He is a member of the Advisory Council for the Alliance for Decision Education and a participant in the Hero's Journey Foundation. Ted previously served as Trustee and member of the investment committee at the Wenner-Gren Foundation, Trustee and head of the Programming Committee for the Greenwich Roundtable, and an Advisory Board member of Citizen Schools-New York.   Ted graduated Cum Laude from Yale University and received an MBA from Harvard Business School.   Disclaimer This podcast is the property of the CFA Society Boston. It may not be copied, duplicated, or disseminated in whole or in part without the prior written consent of CFA Society Boston. ​The comments, suggestions, and advice provided in and during this podcast are of the applicable host and guests and not of their respective employers or CFA Society Boston, its members, employees, or volunteers. This proprietary podcast is provided for general informational purposes only and was prepared based on the current information available, including information from public and other sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the accuracy, correctness, appropriateness, completeness or reliability of the information, opinions, or conclusions expressed in the podcast and by the presenters. ​ Information in this podcast should not be considered as a recommendation or advice to own any specific asset class.  This podcast does not take into account your needs, personal investment objectives, or financial situation. Prior to acting on any information contained herein, you should consider the appropriateness for you and consult your financial professional.  All securities, financial products, and transactions involve risks, including unanticipated market, financial, currency, or political developments. Past performance should not be seen as a reliable indication of future performance and nothing herein should be construed as a guaranty of results. ​ This podcast is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction.   Pull Up a Chair is produced by Association Briefings.

Has data-driven marketing killed creativity?In this interview, the Head of Marketing at Finastra, Joerg Klueckmann chats with Sammy about the importance of creative freedom in marketing, why companies must dare to be different, how to acquire budget for outside-the-box initiatives, and much more.You'll learn:1. Why creativity must make a comeback if we're to avoid repetitiveness and mundanity in marketing2. How to ensure ROI on your marketing investments while leaving room for experimenting3. How Joerg allocates marketing budget to differentiating initiatives4. Why Finastra built their own video streaming channel Finastra TV5. Which KPIs to measure to report proof of value for outside-the-box initiatives__________About Joerg:With more than 20 years of leadership experience, Joerg transformed global marketing organizations across the B2B software industry. He has led teams to become integrated, high performing and digital first. Joerg believes in focus, simplicity, and the courage to be different. He enjoys a good espresso and rides his mountain bike with passion. His superpower is endless positivity.Find Joerg on LinkedIn: https://www.linkedin.com/in/joergklueckmann/ Joerg's favorite business book:Play Bigger by Al Ramadam and Kevin Maney | https://shorturl.at/afjTW Impromptu by Reid Hoffman | https://shorturl.at/afor7 Joerg's favorite podcasts: Capital Allocators with Ted Seides | https://www.capitalallocators.com/ __________About Finastra:Formed in 2017 by the integration of Misys and D+H under Vista Equity Partners, Finastra enables the financial services world to deliver the future of banking. Applications that power financial institutions, marketplaces that accelerate industry & an open innovation platform for banks, fintechs & non-banks to connect and collaborate. Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks.Website: https://www.finastra.com/ Industry: Financial ServicesCompany size: 5,001-10,000 employeesHeadquarters: Paddington, LondonFounded: 2017__________About the host Sammy:Sammy and SAWOO enable you to become a thought leader and win leads directly through your own podcast & great content on LinkedIn.Get in touch with Sammy here on LinkedIn.__________Past guests on the GROW B2B FASTER Show include: Justin Welsh, Ian Koniak, Jamal Reimer, Mike Troiano, John Kaplan, Greg Alexander, and many more. 

Bloomberg Radio host Barry Ritholtz speaks with asset management expert Ted Seides, founder of Capital Allocators LLC. His most recent book is “Capital Allocators: How the World's Elite Money Managers Lead and Invest”; he is also the host of the popular “Capital Allocators” podcast, which reached 16 million downloads in June. Seides is a CFA charterholder and has an MBA from Harvard Business School.See omnystudio.com/listener for privacy information.

After our recent podcast conversation, Matt Breitfelder, Partner and Global Head of Human Capital at Apollo, asked me if he could turn the tables and, in his words, interview the interviewer about interviewing. We did that and added a two-way conversation about public speaking. Our conversation covers my path to the podcast, preparation for interviews, components of what makes it work, and tips for asking good questions. We then turn to public speaking, focusing on the challenges and techniques for moderating panels and presenting in public. And of course, at the end, Matt asks me my closing questions. Please enjoy my distillation of lessons learned from having your ear for six years in this conversation guided by Matt Breitfelder. 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

On episode 97 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Ted Seides and Shana Sissel to discuss the FOMC meeting, how investors are using alternatives these days, the venture capital market, what's going on at Goldman Sachs, the Vision Fund's $32 billion loss, quiet luxury, and much more!Thanks to Kraneshares for sponsoring this episode. Be sure to check out Kraneshares on Animals Spirits: Talk Your Book next week. For more information on KLIP, visit: https://kraneshares.com/klip/Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.comInvesting 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 Josh Brown 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.Wealthcast Media, 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/ Hosted on Acast. See acast.com/privacy for more information.

DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau welcome Ted Seides, founder of Capital Allocators, a podcast ecosystem that includes gatherings, and advisory to managers and allocators. The episode kicks off with Mr. Seides recounting how ... Read More

If you geek-out on capital, money, and podcasts like I do, you're going to love this discussion with my friend Ted Seides, founder of Capital Allocators. Ted's built an ecosystem that includes advisory services, education, events and podcasts. I was introduced to Ted a few years back by Jan van Eck, who's also been on my podcast. Ted went to Yale, and then got his MBA from Harvard (but we're not going to hold that against him) He also co-founded Protégé Partners – a multibillion-dollar investment firm he ran from 2002 to 2015. In 2017 Ted launched the Capital Allocators podcast, which reached over 13.5 million downloads in December of 2022. I checked in with Ted to talk about the recent FTX fraud; he was around in the days of Bernie Madoff and has a really different take on how managers should think about these events. I wanted his take on how the SEC has been rambling on recently about the ability for LPs to sue Venture Capitalists and what it all means for the industry. In addition, I wanted people to get an inside look at the industry and understand how the sausage is made – how people think at this level, and what you're up against. You're competing against a machine that's there to beat the hell out of you, so it's very hard to have an edge. This is why I talk the people that call me out of being a VC or starting a hedge fund. Ted's the right guy to talk with about this stuff. He did it for a living. I hope you enjoy our conversation.  Guest - Ted Seides, CFA, Podcaster and Founder at Capital Allocators  howardlindzon.com, capitalallocators.com  podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016 Twitter: @howardlindzon, @tseides, @PanicwFriends, @knutjensen  linkedin.com/in/tedseides #fintech #invest #investment #venturecapital #stockmarket #finance  Show Notes: Introduction (00:33) Welcome Ted (04:08) The Yale/Harvard track (04:33) Choosing a path (06:11) Opportunity aperture is wide (06:57) Ted goes on his own (10:55) Demystifying podcasting (12:28) Podcasting as a business (13:09) Who is the customer (15:38) Running a hedge fund (16:14) Following your interests (19:05) Viking / Dan Loeb (20:16) Looking back at the last year (22:39) Fraud is fraud (24:32) FTX / SBF (28:29) SEC response (35:42) Ted's current investing strategy (37:22) Venture investing strategy (38:36) Growth in Wealth Management (40:30) Wrapping up (43:09) Closing thoughts (44:37) 

As host and founder of the internationally recognized Capital Allocators podcast, Ted Seides gathers insights from an elite group of asset owners and asset managers. Ted's own story encompasses a wealth of stories. His unique skillset includes capturing the essence of a firm or person in a genuine and compelling narrative. During his 20 years on the investment side, Ted listened to numerous manager presentations at Yale and worked with a subset of managers at Protégé to help them build their story. Recognizing the unique value in developmental discussions with both CIOs and managers, he decided to capture similar conversations and spread the insights he so valued with the broader community—via podcasting. Capital Allocators was born. This well-connected and well-nurtured approach to learning about investing leaves Ted with a substantial knowledge on current industry trends, best practices, and new developments. In this episode we cover: lessons Ted has learned from Capital Allocators how hosting a podcast is similar to investing capital what motivated Ted to build the multi-faceted Capital Allocators ecosystem Ted Seides, CFA is the founder of Capital Allocators, an ecosystem that includes podcasts, events, education, and advisory. Ted launched the Capital Allocators podcast in 2017. From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Ted began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.

Marcio coaches course creators like Khe Hy from Radreads, Ted Seides from Capital Allocators, and Robbie Crabtree from Performative Speaking. He's also the founder of Nerd Digital and has coached dozens of other course creators as a Marketing coach with Maven. Marcio has worked with brands like Boba Guys, Immi Eats, Kettle & Fire, Danone, THE TEN SPOT, Remedy Kombucha, and more to generate millions in online sales using digital marketing and is excited to work with course creators every day. He also believes the e-learning market is poised for continued growth, and he's excited to help people take advantage of the opportunity. Website: www.nerddigital.com LinkedIn: imarciosantos Twitter: https://twitter.com/iMarcioSantos Facebook profile: imarciosantos Free access to Lead Magnet Tool: Nerddigital.com

Last year, four of my oldest friends in the business and I got together to banter about a range of investment topics. Now admittedly, I pretty much had to pull their teeth to make it happen that first time, but after having so much fun with it, our old gang didn't hesitate to do it again. Our dinner crew - Meredith Jenkins from Trinity Wall Street, Casey Whalen from Truvvo Partners, Brett Barth from BBR Partners, Jon Harris from Alternative Investment Management and I - gathered and riffed on long/short hedge funds, private markets, Africa and other empty rooms, potential canaries in the coal mine, continuation funds, co-investments, our favorite investment types, and blind spots. At the end, we had a chance to pay a tribute to Jon's father, the legendary Ira Harris, who graduated from his amazing life here on Earth earlier in the year.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

Every so often, I share my thoughts on investing on the other side of the mic. And occasionally, those ideas are different from what I've shared in the past. Recently, I appeared on the Opto Sessions Interviews with Extraordinary Investors podcast hosted by Haydn Brain. Opto identifies key themes and ideas to help investors get exposure to structural growth trends through a daily newsletter, magazine, and podcast. Hadyn asked me some great questions that cover the difference in retail and institutional investing, aspects of my professional experience, insights from my conversations with Sam Zell, Joel Greenblatt, Chamath Palihapitiya, Mike Novogratz, and Dan Rasmussen, investing for the long-term, and reflections on the Buffett Bet. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership   

Marcio believes that the most important thing we can do is to help each other learn faster because the machines are coming. And that this will require psychological and emotional support to enable learning more complex things in shorter periods of time, as the changes and demands in the workplace accelerate. He's excited every day for the opportunity to work with people that have dedicated their lives to teaching others and creating learning communities like Khe Hy (kay hee) from Radreads.co, Ted Seides from CapitalAllocators.com, Robbie Crabtree from Performative Speaking, Lorraine Lee from Prezi, and many more. Marcio lucked into working with course creators after leaving an agency job where he worked with brands like BMW, Scotiabank, and Western Union. He left the agency world to become a freelancer because he wanted to spend as much time as he could with his mother after she was diagnosed with Alzheimer's disease. While freelancing he worked with brands like Kettle and Fire, THE TEN SPOT, Boba Guys, Immi Eats, Remedy Kombucha, Boston Comiccon, and many other brands, and now shares everything he knows with course creators to help them scale fast. To learn more about Marcio, check out his website: https://www.nerddigital.com/ and check out the FREE gift that Marcio is offering listeners: https://www.nerddigital.com/courage You can also connect with and follow Marcio on LinkedIn: https://www.linkedin.com/in/imarciosantos/ ******************************************** Want to learn how to attract, hire, and retain top-tier employees? Interested in learning how to scale your business to increase revenue and profit while working less? Then join my Business Success Mastermind group. A new cohort is starting. Now accepting applications: https://ib4e-coaching.com/mastermind ******************************************** Please support this podcast: https://ib4e-coaching.com/podinfo #leadership #leadershipcoaching #business #success #marciosantos #nerddigital #onlinecourse ******************************************** If you like this podcast, consider supporting the effort. Every little bit helps. Thanks.

Hello, I'm Ted Seides, the host of the Capital Allocators podcast, and it's my pleasure to bring you Private Equity Deals. This show dives into deals in the private markets through conversations with private equity managers. Much like Capital Allocators, we'll share conversations that previously occurred behind closed doors between private equity managers and their investors. In each episode, we discuss an individual deal to learn about the companies, deal dynamics, and ownership that make private equity a force in institutional portfolios and the global economy. You can keep up to date and join our mailing list at capitalallocators.com

Get Opto's best content every day, by subscribing to our FREE Newsletter: www.cmcmarkets.com/en/opto/newsletterTed Seides founded Capital Allocators to explore the processes of elite money managers. Having launched the Capital Allocators podcast in 2017, by April 2022, the show had recorded over 10 million downloads, with Barron's, Business Insider, and Forbes each naming it among the top investing podcasts.Having run his own multibillion-dollar hedge fund, Protégé Partners, from 2002-2015, Ted was profiled in ‘Top Hedge Fund Investors', a book authored by Larry Kochard and Cathleen Rittereiser in 2010. Ted has subsequently distilled his vast knowledge of premier investors' strategies in his second book, ‘Capital Allocators: How the world's elite money managers lead and invest', published in March last year.We discuss some of Capital Allocators' most popular episodes, including interviews with investing legends Sam Zell, Chamath Palihapitiya, and Joel Greenblatt. We finish, by unpicking Ted's bet with Warren Buffett, where Ted aimed to demonstrate the benefits of hedge funds on institutional portfolios, pitting 5 hedge fund of funds against the performance of the S&P 500 from 2008-2017. Enjoy!Some of the interviews referenced in today's episode:- Sam Zell: https://capitalallocators.com/podcast/common-sense-and-uncommon-profits/- Chamath Palihapitiya: https://capitalallocators.com/podcast/the-social-capital-flywheel/- Joel Greenblatt: https://capitalallocators.com/podcast/common-sense-for-value-at-gotham-capital/Capital Allocators: How the world's elite money managers lead and invest: https://www.amazon.co.uk/Capital-Allocators-Worlds-Managers-Invest/dp/0857198866Thanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results.CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.

Ted Seides, CFA created Capital Allocators LLC to explore best practices in the asset management industry. He launched the Capital Allocators podcast in 2017 and the show reached ten million downloads in April 2022. Brunswick Group named it the top institutional investing podcast, and Barron's, Business Insider, Forbes and Value Walk each named it among the top investing podcasts. Alongside the podcast, Ted advises both managers and allocators, compounding his knowledge and relationships to help them make more money. In March 2021, he 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.From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. Protégé was a leading multibillion-dollar alternative investment firm that invested in and seeded small hedge funds. In 2010, Larry Kochard and Cathleen Rittereiser profiled Ted in the book Top Hedge Fund Investors. In 2016, Ted authored his first book, So You Want to Start a Hedge Fund: Lessons for Managers and Allocators, to share lessons from his experience.On this episode of Outside In Ted talks with Jon about waiting to find that manager who so blows you away on every level, learnings from his bet with Buffett, the purpose of investing and charity.

IN THIS EPISODE, YOU'LL LEARN:07:16 - How hedge funds and endowments have changed over the last 20 years.10:58 - The biggest misconceptions regarding endowment funds.20:30 - The impact of ESG policies and how the narrative around them may be changing or evolving.28:45 - Why Ted has abandoned his SPAC strategy.44:54 - How endowments think through allocating across different asset classes, especially alternatives.And a whole lot more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES:Capital Allocators Podcast.Capital Allocators' Book.Ted Seides' Twitter.Trey Lockerbie's Twitter.Preston, Trey & Stig's tool for picking stock winners and managing our portfolios: TIP Finance Tool.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Have a business checking that's built for you, will go the distance with you, and admires your brave - Novo. The Investor's Podcast Network listeners get access to over $5,000 in perks and discounts.Buying or selling Gold is as easy as buying a stock with Vaulted. No minimum investment required.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Send, spend and receive money around the world easily with Wise.Learn about the next big thing – months before everyone else with Trends. Start your 7-day trial today for just $1.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Live local in Melbourne and enjoy $0 Stamp Duty*!The interval fund, a breakthrough innovation. Only at Mackenzie.Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Invest in crypto and trade it without tax headaches with AltoIRA.Browse through all our episodes (complete with transcripts) here.Support our free podcast by supporting our sponsors.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!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Today, Alan Dunne is joined by Ted Seides, host and creator of the Capital Allocators podcast, to discuss the investment approach and philosophy of David Swensen, the Yale Model and how Seides has used the model to develop his own approach, whether being a hedgefond allocator has become gradually more difficult over the years, the bet Seides made with Warren Buffett, asset allocation vs. manager selection and the challenges to overcome, what Seides has learned from doing his podcast, decision making processes and governance, crypto currencies and digital assets and much more. ---- In this episode, we discuss: The philosophy of David Swensen and the Yale Model How the role of hedge funds has changed over the years The bet Seides made with Warren Buffett Asset allocation vs. manager selection and the challenges to overcome What Seides has learned from doing his podcast The importance of leadership and time management The difficulty of making a good decision in the heat of the moment The future of crypto currencies and digital assets ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Alan on https://twitter.com/alanjdunne (Twitter). Follow Ted on https://www.linkedin.com/in/tedseides/ (LinkedIn). Episode TimeStamps: 00:00 - Intro 03:23 - Ted's background 07:35 - How Seides deviates from Swensen in his approach 10:36 - The Yale Model and the end of 60/40 15:55 - Is it more difficult to be a hedgefond allocator now? 23:03 - Asset allocation vs. manager selection 31:35 - What has Seides learned from doing his podcast? 39:58 - Learning by doing vs. learning from courses etc. 41:22 - What has Seides learned from interviewing CIOs and Allocators? 43:35 - What constitutes good and bad governance? 49:14 - Ted's perspective on crypto currencies and digital assets 51:55 - Macro trends in the coming years 53:39 - Reflection on the success of Ted's podcast 57:47 - How Ted's role has evolved 01:01:21 - Thanks for listening https://en.wikipedia.org/wiki/David_F._Swensen (Link: David F. Swensen) Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are...

Interesting times in the world bring interesting guests to the show. And, there's no better time than now to sit down with a global finance correspondent, especially with the U.S. unleashing their USD financial war against Russia. Robin Wigglesworth, a Financial Times journalist, joins us all the way from Oslo, Norway, for a captivating chat about his home country, the current turmoil between Ukraine and Russia and its impacts worldwide, and why there isn't more of an uproar over the current “tech wreck”. We also flip the script and talk to Robin about his many fascinating interviews, from industry icons like Larry Fink, Cliff Asness, and Jack Bogle, to the infamous bet between Warren Buffet and Ted Seides, and uncovering the inside scoop from his latest book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and changed Finance Forever. Plus, we take a deep dive into the massive growth in passive investing indices (3 million to be exact), ETFs, and more! Chapters: 00:00-01:28 = Intro 01:29-06:32 = Norway 06:33-20:25 = Death of the Dollar? & the Oligarch Class 20:26-30:41 = Tech Wreck & Artificial Smoothness 30:42-43:52 = Memorable Interviews, Industry reporting & a $1.5 Trillion Sovereign Wealth Fund 43:53-53:41 = Trillions: a Chicago angle, and why Credit ETFs held up ok 53:42-01:11:14 = Trillions: Jack Bogle & Active vs Passive is BS 01:11:15-01:21:16 = Trillions: What the future looks like/ the Big get Bigger Follow Robin on Twitter @RobinWigg and check out his latest book Trillions at robinwigglesworth.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

Mark Yusko and Ted Seides discuss their history, similarities in background and career and investment ideas. Mr. Seides, who began his career at Yale University Investments Office and later was the founder of Protégé Partners LLC, has, in Mark's opinion, pioneered the endowment model of allocating capital. They discuss their perspectives on how to allocate capital, how to learn from that capital allocation, and how to seek innovation in financial services. Listen in to hear, among other topics, a lively discussion about how to take advantage of the structural arbitrage in the SPAC vehicle.   To learn more about SPACs, Morgan Creek, and the investment solutions we offer, visit us on the web at https://www.morgancreekcap.com or contact us at IR@morgancreekcap.com.

Marcio Santos is the founder of Nerd Digital and has worked with creators like Khe Hy from Radreads, Ted Seides from Capital Allocators, Robbie Crabtree from Performative Speaking, and more to grow their business. His specialty is coaching course creators to hit 6-figures in sales in six months or less. He's also a proud father of two boys, happily married, and a fan of chess. Check out Marcio's free course calculator at nerddigital.com/david

Joe Sweeney, the executive director of the Alliance for Decision Education is our guest this week. The Alliance for Decision Making aims to improve lives by teaching students K-12 essential skills and dispositions for making better decisions. Members of the Alliance also include Annie Duke, Daniel Kahneman, Michael Mauboussin, and Ted Seides. In this episode, Joe speaks with Juan and Andy about  how the Alliance was formed, how they create decision making modules for students of all ages, and some of the results noticed by students, teachers, and parents.  NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change  

In late 2021, Ben and David were guests on Ted Seides' podcast, "Capital Allocators". The episode kicked off Ted's "Venture is Eating the Investment World" mini-series. From Ted: David Rosenthal and Ben Gilbert are venture capitalists and hosts of the Acquired podcast. Acquired is one of my favorite shows. In it, David and Ben tell stories of great companies in technology with thorough research and a fun, engaging style. Our conversation kicks off the mini-series with their respective backgrounds in venture, the creation of Acquired, and their research process for show. We then dive into the origins of the cottage venture capital industry, inflection point after the tech bubble, rise of an abundance of capital, firms investing across stages, the competitive response of others, the mass introduction of angel investors, businesses staying private for longer, and the potential for crypto to change the game once more. You can see more about the show here: https://capitalallocators.com/podcast/acquiring-an-industry/   ‍Sponsor: Thank you to Tegus for being our first presenting sponsor for the Acquired LP Show! We're super excited to have them as our first LP Show partner. Tegus empowers investors and Corporate Development teams to make decisions smarter and faster by pairing the highest quality user-generated content and data with best-in-class technology. Tegus expert calls are recorded, transcribed, and uploaded to the shared platform for all their customers to read or listen to. They are the only company in the world that aggregates qualitative information on private companies from seed-stage to pre-IPO. They're trusted by many amazing investors and companies around the world like JFrog, Spark, Thrive, Redpoint and more. You can learn more and get a free trial by clicking here. Just tell them that David and Ben sent you when you get in touch! ‍ Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Listen to the Changelog: https://changelog.com/podcast/467Essays: https://www.swyx.io/LIP https://www.swyx.io/api-economy https://www.swyx.io/cloudflare-go TranscriptJerod Santo: So swyx, we have been tracking your work for years; well, you've been Learning in Public for years, so I've been (I guess) watching you learn, but we've never had you on the show, so welcome to The Changelog.Shawn Wang: Thank you. Long-time listener, first-time guest, I guess... [laughs]Adam Stacoviak: Yeah.Jerod Santo: Happy to have you here.Adam Stacoviak: Very excited to have you here.Jerod Santo: So tell us a little bit of your story, because I think it informs the rest of our conversation. We're gonna go somewhat deep into some of your ideas, some of the dots you've been connecting as you participate and watch the tech industry... But I think for this conversation it's probably useful to get to know you, and how you got to be where you are. Not the long, detailed story, but maybe the elevator pitch of your recent history. Do you wanna hook us up?Shawn Wang: For sure. For those who want the long history, I did a 2,5-hour podcast with Quincy Larson from FreeCodeCamp, so you can go check that out if you want. The short version is I'm born and raised in Singapore, came to the States for college, and was totally focused on finance. I thought people who were in the finance industry rules the world, they were masters of the universe... And I graduated just in time for the financial crisis, so not a great place to be in. But I worked my way up and did about 6-7 years of investment banking and hedge funds, primarily trading derivatives and tech stocks. And the more I covered tech stocks, the more I realized "Oh, actually a) the technology is taking over the world, b) all the value is being created pre-IPO, so I was investing in public stocks, after they were basically done growing... And you're kind of just like picking over the public remains. That's not exactly true, but...Jerod Santo: Yeah, tell that to Shopify...Shawn Wang: I know, exactly, right?Adam Stacoviak: And GitLab.Shawn Wang: People do IPO and have significant growth after, but that's much more of a risk than at the early stage, where there's a playbook... And I realized that I'd much rather be value-creating than investing. So I changed careers at age 30, I did six months of FreeCodeCamp, and after six months of FreeCodeCamp - you know, I finished it, and that's record time for FreeCodeCamp... But I finished it and felt not ready, so I enrolled myself in a paid code camp, Full Stack Academy in New York, and came out of it working for Two Sigma as a frontend developer. I did that for a year, until Netlify came along and offered me a dev rel job. I took that, and that's kind of been my claim to fame; it's what most people know me for, which is essentially being a speaker and a writer from my Netlify days, from speaking about React quite a bit.[04:13] I joined AWS in early 2020, lasted a year... I actually was very keen on just learning the entire AWS ecosystem. You know, a frontend developer approaching AWS is a very intimidating task... But Temporal came along, and now I'm head of developer experience at Temporal.Adam Stacoviak: It's an interesting path. I love the -- we're obviously huge fans of FreeCodeCamp, and Quincy, and all the work he's done, and the rest of the team has done to make FreeCodeCamp literally free, globally... So I love to see -- it makes you super-happy inside just to know how that work impacts real people.Like, you see things happen out there, and you think "Oh, that's impacting", but then you really meet somebody, and 1) you said you're a long-time listener, and now you're on the show, so it just really -- like, having been in the trenches so long, and just see all this over-time pay off just makes me really believe in that whole "Slow and steady, keep showing up, do what needs done", and eventually things happen. I just love that.Shawn Wang: Yeah. There's an infinite game mentality to this. But I don't want to diminish the concept of free, so... It bothers me a little, because Quincy actually struggles a lot with the financial side of things. He supports millions of people on like a 300k budget. 300k. If every single one of us who graduated at FreeCodeCamp and went on to a successful tech career actually paid for our FreeCodeCamp education - which is what I did; we started the hashtag. It hasn't really taken off, but I started a hashtag called #payitbackwards. Like, just go back, once you're done -- once you can afford it, just go back and pay what you thought it was worth. For me, I've paid 20k, and I hope that everyone who graduates FreeCodeCamp does that, to keep it going.Adam Stacoviak: Well, I mean, why not...?Shawn Wang: I'd also say one thing... The important part of being free is that I can do it on nights and weekends and take my time to decide if I want to change careers. So it's not just a free replacement to bootcamps, it actually is an async, self-guided, dip-your-toe-in-the-water, try-before-you-buy type of thing for people who might potentially change their lives... And that's exactly what happened for me. I kept my day job until the point I was like "Okay, I like enough of this... I'm still not good, but I like enough of this that I think I could do this full-time."Adam Stacoviak: I like the #payitbackwards hashtag. I wish it had more steam, I suppose.Jerod Santo: We should throw some weight behind that, Adam, and see if we can...Adam Stacoviak: Yeah. Well, you know, you think about Lambda School, for example - and I don't wanna throw any shade by any means, because I think what Austin has done with Lambda... He's been on Founders Talk before, and we talked deeply about this idea of making a CS degree cost nothing, and there's been a lot of movement on that front there... But you essentially go through a TL;DR of Lambda as you go through it, and you pay it after you get a job if you hit certain criteria, and you pay it based upon your earnings. So why not, right? Why not have a program like that for FreeCodeCamp, now that you actually have to commit to it... But it's a way. I love that you paid that back and you made that an avenue, an idea of how you could pay back FreeCodeCamp, despite the commitment not being there.Jerod Santo: Right.Shawn Wang: Yeah. And Quincy is very dedicated to it being voluntary. He thinks that people have different financial situations. I don't have kids, so I can afford a bit more. People should have that sort of moral obligation rather than legal obligation.I should mention that Lambda School is currently being accused of some fairly substantial fraud against its students...Jerod Santo: Oh, really?Shawn Wang: Yeah, it actually just came out like two days ago.Adam Stacoviak: I saw that news too, on Monday.Shawn Wang: Yeah. It's not evidenced in the court of law, it's one guy digging up dirt; let's kind of put this in perspective. But still, it's very serious allegations, and it should be investigated. That said, the business of changing careers and the business of teaching people to code, and this innovation of Income Share Agreements (ISA), where it actually makes financial sense for people to grow bootcamps and fund bootcamps - this is something I strongly support... Whether or not it should be a venture-funded thing, where you try to go for 10x growth every year - probably not... [laughs]Adam Stacoviak: Yeah...Jerod Santo: So after FreeCodeCamp you didn't feel quite ready, so you did do a bootcamp... Did you feel ready after that?Shawn Wang: [08:03] Yeah. [laughs] I did a reflection, by the way, of my first year of learning to code, so people can look it up... It's called "No zero days. My path to learning to code", and I think I posted it on Hacker News. And doing everything twice actually helped me a lot. Because before I came into my paid bootcamp, I had already spun up some React apps. I had already started to mess with WebPack, and I knew enough that I wasn't understanding it very much, I was just following the instructions. But the second time you do things, you have to space, to really try to experiment, to actually read the docs, which most people don't do, and actually try to understand what the hell it is you're doing. And I felt that I had an edge over the other people in my bootcamp because I did six months of FreeCodeCamp prior.Jerod Santo: So this other thing that you do, which not everybody does, is this Learning in Public idea... And you have this post, Learn in Public. You call it "The fastest way to learn", or the fastest way to build your expertise - networking, and second brain. I'm not sure what the second brain is, so help us out with that one... But also, why is learning in public faster than learning in private.Shawn Wang: Yeah. This is a reflection that came from me understanding the difference, qualitatively, between why I'm doing so well in my tech career versus my finance career. In finance, everything is private, meaning the investment memos that I wrote, the trade ideas that I had - they're just from a company; they're intellectual property of my company. In fact, I no longer own them. Some of my best work has been in that phase, and it's locked up in an email inbox somewhere, and I'll never see it again. And that's because tech is a fundamentally open and positive-sum industry, where if you share things, you don't lose anything; you actually gain from sharing things... Whereas in finance it's a zero-sum battle against who's got the secret first and who can act on it first.And I think when you're in tech, you should exploit that. I think that we have been trained our entire lives to be zero-sum, from just like the earliest days of our school, where we learn, we keep it to ourselves to try to pass the test, try to get the best scores, try to get the best jobs, the best colleges, and all that, because everything's positional. For you to win, others have to lose. But I don't see tech in that way, primarily because tech is still growing so fast. There's multiple ways for people to succeed, and that's just the fundamental baseline. You layer on top of that a bunch of other psychological phenomenon.I've been really fascinated by this, by what it is so effective. First of all, you have your skin in the game, meaning that a lot of times when your name is on the blog posts out there, or your name is on the talk that you gave, your face is there, and people can criticize you, you're just incentivized to learn better, instead of just "Oh, I'll read this and then I'll try to remember it." No, it doesn't really stick as much. So having skin in the game really helps.When you get something wrong in public, there are two effects that happen. First is people will climb over broken glass to correct you, because that's how the internet does. There's a famous XKCD comic where like "I can't go to bed yet." "Why?" "Someone's wrong on the internet. I have to correct them."Jerod Santo: Right.Shawn Wang: So people are incentivized to fix your flaws for you - and that's fantastic - if you have a small ego.Jerod Santo: I was gonna say, that requires thick skin.Shawn Wang: Yeah, exactly. So honestly -- and that's a barrier for a lot of people. They cannot get over this embarrassment. What I always say is you can learn so much on the internet, for the low, low price of your ego. If we can get over that, we can learn so much, just because you don't care. And the way to get over it is to just realize that the version that you put out today is the version you should be embarrassed about a year from now, because that shows that you've grown. So you divorce your identity from your work, and just let people criticize your work; it's fine, because it was done by you, before you knew what you know today. And that's totally fine.And then the second part, which is that once you've gotten something wrong in public, it's just so embarrassing that you just remember it in a much clearer fashion. [laughter] This built a feedback loop, because once you started doing this, and you show people that you respond to feedback, then it builds a feedback and an expectation that you'll do the next thing, and people respond to the next thing... It becomes a conversation, rather than a solitary endeavor of you just learning the source material.So I really like that viral feedback loop. It helps you grow your reputation... Because this is not just useful for people who are behind you; a lot of people, when they blog, when they write, when they speak, they're talking down. They're like "I have five years experience in this. Here's the intro to whatever. Here's the approach to beginners." They don't actually get much out of that.[12:17] That's really good, by the way, for beginners; that's really important, that experts in the field share their knowledge. They don't see this blogging or this speaking as a way to level up in terms of speaking to their experts in their fields. But I think it's actually very helpful. You can be helpful to people behind you, you can be helpful to people around you, but you can actually be helpful to people ahead of you, because you're helping to basically broadcast or personalize their message. They can check their messaging and see - if you're getting this wrong, then they're getting something wrong on their end, docs-wise, or messaging-wise. That becomes a really good conversation. I've interacted with mentors that way. That's much more how I prefer to interact with my mentors than DM-ing and saying "Hey, can you be my mentor?", which is an unspecified, unpaid, indefinitely long job, which nobody really enjoys. I like project-based mentorship, I like occasional mentorship... I really think that that develops when you learn in public.Adam Stacoviak: I've heard it say that "Today is the tomorrow you hope for."Shawn Wang: Wow.Adam Stacoviak: Because today is always tomorrow at some point, right? Like, today is the day, and today you were hoping for tomorrow to be better...Jerod Santo: I think by definition today is not tomorrow...Adam Stacoviak: No, today is the tomorrow that you hoped for... Meaning like "Seize your moment. It's here."Jerod Santo: Carpe diem. Gotcha.Adam Stacoviak: Yeah, kind of a thing like that.Shawn Wang: I feel a little shady -- obviously, I agree, but also, I feel a little shady whenever I venture into this territory, because then it becomes very motivational speaking-wise, and I'm not about that. [laughs]Adam Stacoviak: Kind of... But I think you're in the right place; keep showing up where you need to be - that kind of thing. But I think your perspective though comes from the fact that you had this finance career, and a different perspective on the way work and the way a career progressed. And so you have a dichotomy essentially between two different worlds; one where it's private, and one where it's open. That to me is pretty interesting, how you were able to tie those two together and see things differently. Because I think too often sometimes in tech, especially staying around late at night, correcting someone on the internet, you're just so deeply in one industry, and you have almost a bubble around you. You have one lens for which you see the world. And you've been able to have multi-faceted perspectives of this world, as well as others, because of a more informed career path.Jerod Santo: Yeah. When you talk about finance as a zero-sum game, I feel like there's actually been moves now to actually open up about finance as well; I'm not sure if either of you have tracked the celebrity rise of Cathie Wood and Ark Invest, and a lot of the moves that she's doing in public. They're an investment fund, and they will actually publish their moves at the end of every day. Like, "We sold these stocks. We bought these stocks." And people laughed at that for a while, but because she's been successful with early on Bitcoin, early with Tesla, she's very much into growth stocks - because of that, people started to follow her very closely and just emulate. And when she makes moves now, it makes news on a lot of the C-SPANs and the... Is C-SPAN the Congress one? What's the one that's the finance one...?Shawn Wang: CNBC?Jerod Santo: CNBC, not C-SPAN. And so she's very much learning in public. She's making her moves public, she's learning as she goes, and to a certain degree it's paid off, it's paid dividends in her career. Now, I'm not sure if everyone's doing that... When you look at crypto investors, like - okay, pseudonymous, but a lot of that stuff, public ledgers. So there's moves that are being made in public there as well. So I wonder if eventually some of that mentality will change. What do you think about that?Shawn Wang: [15:45] It's definitely changed for -- there's always been celebrity investors, and people have been copying the Buffett portfolio for 30 years. So none of that is new. What is new is that Cathie Wood is running an ETF, and just by way of regulation and by way of innovation, she does have to report those changes. [laughs] So mutual funds, hedge fund holdings - these have all been public, and people do follow them. And you're always incentivized to talk your book after you've established your position in your book...Jerod Santo: Right, but you establish it first.Shawn Wang: ...so none of that has changed. But yeah, Cathie has been leading an open approach...Jerod Santo: Is it the rate of disclosure perhaps that's new? Because it seems like it's more real-time than it has historically...Shawn Wang: Yeah. I mean, she's running an ETF, which is new, actually... Because most people just run mutual funds or hedge funds, and those are much more private. The other two I'll probably shout out is Patrick O'Shaughnessy who's been running I guess a fund of funds, and he's been fairly open. He actually adopted the "learn in public" slogan in the finance field, independently of me. And then finally, the other one is probably Ted Seides, who is on the institutional investor side of things. So he invests for universities, and teachers pensions, and stuff like that. So all these people - yeah, they've been leading that... I'm not sure if it's spreading, or they've just been extraordinarily successful in celebrity because of it.Adam Stacoviak: This idea of "in public" is happening. You see people too, like -- CopyAI is building in public... This idea of learning in public, or building in public, or exiting in public... Whatever the public might be, it's happening more and more... And I think it's definitely similar to the way that open source moves around. It's open, so it's visible to everyone. There's no barrier to see what's happening, whether it's positive or negative, with whatever it is in public. They're leveraging this to their advantage, because it's basically free marketing. And that's how the world has evolved to use social media. Social media has inherently been public, because it's social...Jerod Santo: Sure.Adam Stacoviak: Aside from Facebook being gated, with friends and stuff like that... Twitter is probably the most primary example of that, maybe even TikTok, where if I'm a creator on TikTok, I almost can't control who sees my contact. I assume it's for the world, and theoretically, controlled by the algorithm... Because if I live in Europe, I may not see content in the U.S, and the algorithm says no, or whatever. But it's almost like everybody is just in public in those spaces, and they're leveraging it to their advantage... Which is an interesting place to be at in the world. There was never an opportunity before; you couldn't do it at that level, at that scale, ten years ago, twenty years ago. It's a now moment.Jerod Santo: Yeah. Swyx, can you give us an example of something learned in public? Do you basically mean like blog when you've learned something, or ask questions? What does learning in public actually mean when it comes to -- say, take a technology. Maybe you don't understand Redux. I could raise my hand on that one... [laughter] How could I learn that in public?Shawn Wang: There are a bunch of things that you can try. You can record a livestream of you going through the docs, and that's useful to maintainers, understanding "Hey, is this useful or not?" And that's immediately useful. It's so tangible.I actually have a list -- I have a talk about this on the blog post as well... Just a suggestion of things you can do. It's not just blogging. You can speak, you can draw comics, cheatsheets are really helpful... I think Amy Hoy did a Ruby on Rails cheatsheet that basically everyone has printed out and stapled to their wall, or something... And if you can do a nice cheatsheet, I think that's also a way for you to internalize those things that you're trying to learn anyway, and it just so happens to benefit others.So I really like this idea that whatever content you're doing, it's learning exhaust, it's a side effect of you learning, and you just happen to put it out there; you understand what formats work for you, because you have abnormal talents. Especially if you can draw, do that. People love developers who can draw. And then you just put it out there, and you win anyway just by doing it. You don't need an audience. You get one if you do this long enough, but you don't need an audience right away. And you win whether or not people participate with you. It's a single-player game that can become a multiplayer game.Specifically for Redux - you know, go through source code, or go through the docs, build a sample app, do like a simple little YouTube video on it... Depending on the maturity, you may want to try to speak at a meetup, or whatever... You don't have to make everything a big deal. I'm trying to remove the perception from people that everything has to be this big step, like it has to be top of Hacker News, or something. No. It could just be helpful for one person. I often write blog posts with one persona in mind. I mean, I don't name that person, but if you focus on that target persona, actually often it does better than when you try to make some giant thesis that shakes the world...Adam Stacoviak: [20:22] Yeah. Too often we don't move because we feel like the weight of the move is just too much. It's like "How many people have to read this for me to make this a success for me?" You mentioned it's a learning exhaust... And this exhaust that you've put out before - has it been helpful really to you? Is that exhaust process very helpful to you? Is that ingrained in the learnings that you've just gone through, just sort of like synthesize "Okay, I learned. Here's actually what I learned"?Shawn Wang: Yeah. This is actually an opportunity to tie into that second brain concept which maybe you wanted to talk a little bit about. Everything that you write down becomes your second brain. At this point I can search Google for anything I've ever written on something, and actually come up on my own notes, on whatever I had. So I'm not relying on my memory for that. Your human brain, your first brain is not very good at storage, and it's not very good at search; so why not outsource that to computers? And the only way to do that is you have to serialize your knowledge down into some machine-readable format that's part of research. I do it in a number of places; right now I do it across GitHub, and my blog, and a little bit of my Discord. Any place where you find you can store knowledge, I think that's a really good second brain.And for Jerod, I'll give you an example I actually was gonna bring up, which is when I was trying to learn React and TypeScript - like, this goes all the way back to my first developer job. I was asked to do TypeScript, even though I'd never done it before. And honestly, my team lead was just like "You know TypeScript, right? You're a professional React dev, you have to know TypeScript." And I actually said no, and I started learning on day one.And what I did was I created the React to TypeScript cheatsheet, which literally was just copy-pasteable code of everything that I found useful and I wish I knew when I was starting out. And I've just built that over time. That thing's been live for three years now, it's got like 20,000 stars. I've taught thousands of developers from Uber, from Microsoft, React and TypeScript. And they've taught me - every time they send in a question or a PR... I think it's a very fundamental way of interacting, which is learning in public, but specifically this one - it's open source knowledge; bringing up our open source not just to code, but to everything else. I think that's a fundamental feedback loop that I've really enjoyed as well.Break: [22:31]Jerod Santo: One of the things I appreciate about you, swyx, is how you are always thinking, always writing down your thoughts... You've been watching and participating in this industry now for a while, and you've had some pretty (I think) insightful writings lately. The first one I wanna talk about is this API Economy post. The Light and Dark Side of the API Economy. You say "Developers severely underestimate the importance of this to their own career." So I figure if that's the case, we should hear more about it, right?Shawn Wang: [laughs] Happy to talk about it. So what is the API economy? The API economy is developers reshaping the world in their image. Very bold statement, but kind of true, in the sense that there is now an API for everything - API for cards, API for bank accounts, API for text, API for authentication, API for shipping physical goods... There's all sorts of APIs. And what that enables you to do as a developer is you can call an API - as long as you know REST or GraphQL these days, you know how to invoke these things and make these things function according to the rest of your program. You can just fit those things right in. They're a very powerful thing to have, because now the cost of developing one of these services just goes down dramatically, because there's another company doing that as a service for you.I wrote about it mainly because at Netlify we were pitching serverless, we were pitching static hosting, and we were pitching APIs. That's the A in JAMstack. But when I google "API economy", all the search results were terrible. Just horrible SEO, bland, meaningless stuff that did not speak to developers; it was just speaking to people who like tech buzzwords. So I wrote my own version. The people who coined it at Andreessen Horowitz, by the way, still to this day do not have a blog post on the API economy. They just have one podcast recording which nobody's gonna listen. So I just wrote my version.Jerod Santo: You're saying people don't listen to podcasts, or what?Shawn Wang: [laughs] When people are looking up a term, they are like "What is this thing?", and you give them a podcast, they're not gonna sit down and listen for 46 minutes on a topic. They just want like "Give me it, in one paragraph. Give me a visual, and I'm gonna move on with my day." So yeah, whenever I see an opportunity like that, I try to write it up. And that's the light side; a lot of people talk about the light side. But because it's a personal blog, I'm empowered to also talk about the dark side, which is that as much as it enables developers, it actually is a little bit diminishing the status of human expertise and labor and talent. So we can talk a little bit about that, but I'm just gonna give you time to respond.Jerod Santo: [28:05] Hm. I'm over here thinking now that you're not at Netlify, I'm curious - this is tangential, but what's your take on JAMstack now? I know you were a professional salesman there for a while, but... It seems like JAMstack - we've covered it for years, it's a marketing term, it's something we've already been doing, but maybe taking it to the next level... There's lots of players now - Netlify, Vercel etc. And yet, I don't see much out there in the real world beyond the people doing demos, "Here's how to build a blog, here's how to do this, here's my personal website", and I'm just curious... I'm not like down on JAMstack, but I just don't see it manifesting in the ways that people have been claiming it's going to... And maybe we're just waiting for the technology to catch up. I'd just love to hear what you think about it now.Shawn Wang: Yeah. I think that you're maybe not involved in that world, so you don't see this, but real companies are moving on to JAMstack. The phrasing that I like is that -- JAMstack has gone mainstream, and it's not even worth talking about these days, because it's just granted that that's an option for you... So PayPal.me is on the JAMstack, there's large e-commerce sites... Basically, anything that decouples your backend from your frontend, and your frontend is statically-hosted - that is JAMstack.I actually am blanking on the name, but if you go check out the recent JAMstack Conf, they have a bunch of examples of people who've not only moved to JAMstack, but obviously moved to Netlify, where they're trying to promote themselves.Jerod Santo: Sure, yeah.Shawn Wang: So yes, it's true that I'm no longer a professional spokesperson, but it's not true that JAMstack is no longer being applied in the enterprise, because it is getting adoption; it's moved on that boring phase where people don't talk about it.One thing I'll say - a thesis that I've been pursuing is that JAMstack is in its endgame. And what do I mean by that? There's a spectrum between the previous paradigm that JAMstack was pushing back on, which is the all-WordPress/server-render-everything paradigm, and then JAMstack is prerender-everything. And now people are filling in--Jerod Santo: In the middle.Shawn Wang: ...I'm gonna put my hands in the Zoom screen right now. People are filling that gap between fully dynamic and fully static. So that's what you see with Next.js and Gatsby moving into serverless rendering, partial rendering or incremental rendering... And there's a full spectrum of ways in which you can optimize your rendering for the trade-offs of updating your content, versus getting your data/content delivered as quickly as possible. There's always some amount of precompilation that you need to do, and there's always some amount of dynamicism that you have to do, that cannot be precompiled. So now there is a full spectrum between those.Why I say it's the end game is because that's it, there's nothing else to explore. It's full-dynamic, full-static, choose some mix in the middle, that's it. It's boring.Jerod Santo: Hasn't that always been the case though? Hasn't there always been sites that server-side render some stuff, and pre-render other things? You know, we cache, we pre-render, some people crawl their own websites once, and... I don't know it seems like maybe just a lot of excitement around a lot of things that we've been doing for many years.Shawn Wang: [laughs] So first of all, those are being remade in the React ecosystem of things, which a lot of us lost when a lot of the web development industry moved to React... So that's an important thing to get back.I mean, I agree, that's something that we've always had, pre-rendering, and services like that, caching at the CDN layer - we've always had that. There's some differences... So if you understand Netlify and why they're trying to push distributed persistent rendering (DVR), it's because caching is a hard problem, and people always end up turning off the cache. Because the first time you run into a bug, you're gonna turn off the cache. And the cache is gonna stay off.So the way that Netlify is trying to fix it is that we put the cache in Git, essentially. Git is the source of truth, instead of some other source of truth distributed somewhere between your CDN and your database and somewhere else. No, everything's in Git. I'm not sure if I've represented that well, to be honest... [laughter]Adam Stacoviak: Well, good thing you don't work for Netlify anymore. We're not holding you to the Netlify standard.Shawn Wang: [31:58] Exactly. All I can say is that to me now it's a good thing in the sense that it's boring. It's the good kind of boring, in the sense of like "Okay, there's a spectrum. There's all these techniques. Yes, there were previous techniques, but now these are the new hotness. Pick your choice." I can get into a technical discussion of why this technique, the first one, the others... But also, is it that interesting unless you're evaluating for your site? Probably not...Jerod Santo: Well, it does play into this API economy though, right? Because when you're full JAMstack, then the A is your most important thing, and when the A is owned by a bunch of companies that aren't yours - like, there's a little bit of dark side there, right? All of a sudden, now I'm not necessarily the proprietor of my own website, to a certain degree, because I have these contracts. I may or may not get cut off... There's a lot of concerns when everybody else is a dependency to your website.Shawn Wang: Yeah. So I don't consider that a dark side at all.Jerod Santo: No, I'm saying to me that seems like a dark side.Shawn Wang: Yeah, sure. This is the risk of lock-in; you're handing over your faith and your uptime to other people. So you have to trade that off, versus "Can you build this yourself? And are you capable of doing something like this, and are you capable of maintaining it?" And that is a very high upfront cost, versus the variable cost of just hiring one of these people to do it for you as a service.So what I would say is that the API economy is a net addition, because you as a startup - the startup cost is very little, and if you get big enough where it makes sense for you to build in-house - go ahead. But this is a net new addition for you to turn fixed costs into variable costs, and start with a small amount of investment. But I can hire -- like, Algolia was started by three Ph.D's in search, and I can hire them for cents to do search on my crummy little website. I will absolutely do that every single day, until I get to a big enough point where I cannot depend on them anymore, and I have to build my own search. Fine, I'll do that. But until then, I can just rely on them. That's a new addition there.Jerod Santo: One hundred percent. So what then do you think is the darker side? You mentioned it, but put a finer point on it.Shawn Wang: Yeah. The dark side is that there are people -- like, when I call an Uber ride, Uber is an API for teleportation, essentially. I'm here, I wanna go there. I press a button, the car shows up. I get in the car, get off, I'm there. What this papers over is that the API is calling real actual humans, who are being commoditized. I don't care who drives the car, I really don't. I mean, they may have some ratings, but I kind of don't care.Jerod Santo: That was the case with taxis though, wasn't it?Shawn Wang: That was the case with taxis, for sure. But there's a lot of people living below the API, who are economically constrained, and people who live above the API, developers, who have all the upside, essentially... Because the developers are unique, the labor is commoditized. My DoorDash pickers, my Instacart deliverers - all these are subsumed under the API economy. They're commodities forever, they know it, and there's no way out for them, unless they become developers themselves. There's a class system developing below and above the API. And the moment we can replace these people under the API with robots, you better believe we'll do that, because robots are way cheaper, and they complain less, they can work 24 hours, all this stuff.Jerod Santo: Yeah.Shawn Wang: So that's the dark side, which is, yeah, as a developer now - fantastic. I can control most parts of the economy with just a single API call. As a startup founder, I can develop an API for literally anything, and people will buy it. The downside is human talent is being commoditized, and I don't know how to feel about that. I think people are not talking enough about it, and I just wanna flag it to people.Jerod Santo: Yeah.Adam Stacoviak: So dark side could mean a couple things. One, it could mean literally bad; dark as synonymous with bad. Or dark as in shady. And we're not sure, it's obscured in terms of what's happening. And so let's use an Instacarter or a Dasher - to use their terminology. I happen to be a DoorDash user, so I know they're called Dashers; that's the only reason I know that. It's not a downplay, it's just simply what the terminology is...[35:59] You could say it's below the API, but I wonder, if you've spoken with these people, or people that live in what you call below the API, because I would imagine they're not doing that because they're being forced. Like, it's an opportunity for them.Shawn Wang: Oh, yeah.Adam Stacoviak: And I remember when I was younger and I had less opportunity because I had less "above the API" (so to speak) talent... And I do agree there's a class here, but I wonder if it's truly bad; that dark is truly bad, or if it's just simply obscure in terms of how it's gonna play out.Shawn Wang: This is about upside. They will never get to that six figures income with this thing.Adam Stacoviak: Not that job.Jerod Santo: No.Shawn Wang: It's really about the class system, which is the dark side. You don't want to have society splinter into like a serving class and whatever the non-serving class is. It's also about the upside - like, I don't see a way for these people to break out unless, they really just take a hard stop and just go to a completely different career track.Jerod Santo: Right.Adam Stacoviak: Here's where I have a hard time with that... I'm not pushing back on that you're wrong, I'm just wondering more deeply...Shawn Wang: Sure.Adam Stacoviak: I imagine at one point in my life I was a DoorDasher.Shawn Wang: Yeah.Adam Stacoviak: I washed dishes, I did definitely unique jobs at a young age before I had skill. And so the path is skill, and as long as we have a path to skill, which you've show-cased through FreeCodeCamp in your path, then I think that dark side is just simply shady, and not bad.Shawn Wang: Okay.Adam Stacoviak: And I'm just trying to understand it, because I was truly a DoorDasher before DoorDash was available. I washed dishes, delivered papers, I had servant-level things; I was literally a server at a restaurant before... And I loved doing that kind of work, but my talents have allowed me to go above that specific job, and maybe even the pay that came with that job. I've served in the military before, got paid terrible dollars, but I loved the United States military; it's great. And I love everybody who's served in our military. But the point is, I think the path is skill, and as long as we have a pathway to skill, and jobs that can house that skill and leverage that skill to create new value for the world, I just wonder if it's just necessary for society to have, I suppose, above and below API things.Jerod Santo: Until we have all the robots. Then there is nobody underneath. At that point it's all robots under the API.Shawn Wang: Yes, and that is true in a lot of senses, actually. Like, farming is mostly robots these days. You do have individual farmers, but they're much less than they used to be. I don't know what to say about that, shady or dark... I think it's just -- there's no career track. You have to go break out of that system yourself. Thank God there's a way to do it. But back in the day, you used to be able to go from the mailroom to the boardroom.Adam Stacoviak: I see.Shawn Wang: I see these stories of people who used to be janitors at schools become the principal. Companies used to invest in all their people and bring them up. But now we're just hiring your time, and then if you wanna break out of that system - good luck, you're on your own. I think that that lack of upward mobility is a problem, and you're not gonna see it today. It's a slow-moving train wreck. But it's gonna happen where you have society split in two, and bad things happen because of it.Adam Stacoviak: I mean, I could agree with that part there, that there definitely is no lateral movement from Dasher to CEO of DoorDash.Shawn Wang: It's just not gonna happen.Adam Stacoviak: Or VP of engineering at DoorDash. I think because there is no path, the path would be step outside of that system, because that system doesn't have a path. I could agree with that, for sure.Jerod Santo: Yeah. I mean, the good news is that we are creating -- there are paths. This is not like a path from X to Y through that system, but there are other alternate paths that we are creating and investing in, and as well as the API gets pushed further and further down in terms of reachability - we now have more and more access to those things. It's easier now, today, than it ever has been, because of what we were talking about, to be the startup founder, right? To be the person who starts at CEO because the company has one person in it, and they're the CEO. And to succeed in that case, and become the next DoorDash.Adam Stacoviak: True.Jerod Santo: So there are opportunities to get out, it's just not a clear line... And yeah, it takes perhaps some mentorship, perhaps ingenuity... A lot of the things that it takes to succeed anyway, so...Shawn Wang: [40:05] I'll give a closing note for developers who are listening, because you're already a developer... So the analogy is if you're above the API, you tell machines what to do; if you're below the API, machines tell you what to do. So here's the developer analogy, which is there's another division in society, which is the kanban board. If you're below the kanban board, the kanban board tells you what to do. If you're above it, you tell developers what to do. [laughs]Jerod Santo: There you go.Shawn Wang: So how do you break out of that class division? I'll leave it out to you, but just keep in mind, there's always layers.Jerod Santo: I love that.Adam Stacoviak: I love the discussion around it, but I'm also thankful you approached the subject by a way of a blog post, because I do believe that this is interesting to talk about, and people should talk about it, for sure. Because it provides introspection into, I guess, potentially something you don't really think about, like "Do I live below or above the APi?" I've never thought about that in that way until this very moment, talking to you, so... I love that.Break: [40:58]Jerod Santo: So another awesome post you have written lately is about Cloudflare and AWS. Go - not the language, the game Go... I know very little about the language, and I know even less about the game... And Chess... How Cloudflare is approaching things, versus how AWS and Google and others are... Given us the TL;DR of that post, and then we'll discuss.Shawn Wang: Okay. The TL;DR of that post is that Cloudflare is trying to become the fourth major cloud after AWS, Azure and GCP. The way they're doing it is fundamentally different than the other three, and the more I've studied them - I basically observed Cloudflare for the entire time since I joined Netlify. Netlify kind of is a competitor to Cloudflare, and it's always this uncomfortable debate between "Should you put Cloudflare in front of Netlify? Netlify itself is a CDN. Why would you put a CDN in front of another CDN?" Oh, because Netlify charges for bandwidth, and Cloudflare does not. [laughter]Jerod Santo: It's as simple as that.Shawn Wang: And then there's DDOS protection, all that stuff; very complicated. Go look up the Netlify blog post on why you should not put Cloudflare in front of Netlify, and decide for yourself. But Netlify now taking on AWS S3 - S3 is like a crown jewel of AWS. This is the eighth wonder of the world. It provides eleven nines of durability. Nothing less than the sun exploding will take this thing down... [laughs]Jerod Santo: Right? You know what's funny - I don't even consider us at Changelog AWS customers; I don't even think of us that way. But of course, we use S3, because that's what you do. So yeah, we're very much AWS customers, even though I barely even think about it, because S3 is just like this thing that of course you're gonna use.Shawn Wang: There's been a recent history of people putting out S3-compatible APIs, just because it's so dominant that it becomes the de-facto standard. Backblaze did it recently. But Cloudflare putting out R2 and explicitly saying "You can slurp up the S3 data, and by the way, here's all the cost-benefit of AWS egress charges that's what Matthew Prince wrote about in his blog post is all totally true, attacks a part of AWS that it cannot compromise on and just comes at the top three clouds from a different way, that they cannot respond to.[44:17] So I always like these analogies of how people play destruction games. I'm a student of destruction, and I study Ben Thompson and Clay Christensen, and that entire world, very quickly... So I thought this was a different model of destruction, where you're essentially embracing rather than trying to compete head-on. And wrapping around it is essentially what Go does versus chess, and I like -- you know, there's all these comparisons, like "You're playing 2D chess, I'm playing 3D chess. You're playing chess, I'm playing Go." So Cloudflare is playing Go by surrounding the S3 service and saying "Here is a strict superset. You're already a consumer of S3. Put us on, and magically your costs get lower. Nothing else about it changes, including your data still lives in AWS if you ever decide to leave us." Or if you want to move to Cloudflare, you've just gotta do the final step of cutting off S3.That is a genius, brilliant move that I think people don't really appreciate, and it's something that I study a lot, because I work at companies that try to become the next big cloud. I worked at Netlify, and a lot of people are asking, "Can you build a large public company on top of another cloud? Our second-layer cloud is viable." I think Vercel and Netlify are proving that partially it is. They're both highly valued. I almost leaked some info there... When does this go out? [laughs]Jerod Santo: Next week, probably...Shawn Wang: Okay, alright... So they're both highly valued, and - like, can they be hundred-billion-dollar companies? I don't know. We don't know the end state of cloud, but I think people are trying to compete there, and every startup -- I nearly joined Render.com as well. Every startup that's trying to pitch a second-layer cloud thesis is always working under the shadows of AWS. And this is the first real thesis that I've seen, that like "Oh, okay, you not only can credibly wrap around and benefit, you can actually come into your own as a fourth major cloud." So I'm gonna stop there... There's so many thoughts I have about Cloudflare.Jerod Santo: Yeah. So do you see that R2 then -- I think it's a brilliant move, as you described it... As I read your post, I started to appreciate, I think, the move, more than I did when I first read about it and I was like "Oh, they're just undercutting." But it seems they are doing more than just that. But do you think that this R2 then is a bit of a loss leader in order to just take a whole bunch of AWS customers, or do you think there's actually an economic -- is it economically viable as a standalone service, or do you think Cloudflare is using it to gain customers? What are your thoughts in their strategy of Why?Shawn Wang: This is the top question on Twitter and on Hacker News when they launch. They are going to make money on this thing, and the reason is because of all the peering agreements that they've established over the past five years. As part of the normal business strategy of Cloudflare, they have peering agreements with all of the ISPs; bandwidth is free for them. So... For them in a lot of cases. Again, I have to caveat all this constantly, because I should note to people that I am not a cloud or networking expert. I'm just learning in public, just like the rest of you, and here's what I have so far. So please, correct me if I'm wrong, and I'll learn from it.But yeah, I mean - straight on, it's not a loss leader. They plan to make money on it. And the reason they can is because they have worked so hard to make their cost structure completely different in AWS, and they've been a friend to all the other ISPs, rather than AWS consuming everything in its own world. Now you're starting to see the benefits of that strategy play out. And by the way, this is just storage, but also they have data store, also they have service compute, all following the same model.Jerod Santo: So what do you think is a more likely path over the next two years? Cloudflare --Adam Stacoviak: Prediction time!Jerod Santo: ...Cloudflare steals just massive swathes of AWS customers, or AWS slashes prices to compete?Shawn Wang: So I try not to do the prediction business, because I got out of that from the finance days... All I'm doing is nowcasting. I observe what I'm seeing now and I try to put out the clearest vision of it, so the others can follow.I think that it makes sense for them to be replicating the primitives of every other cloud service. So in 2017 they did service compute with Cloudflare Workers. In 2018 they did eventually consistent data store. In 2019 - website hosting; that's the Netlify competitor. In 2020 they did strongly-consistent data store, with Durable Objects. In 2021 object storage. What's next on that list? Go on to your AWS console and go shopping. And instead of seven different ways to do async messaging in AWS, probably they're gonna do one way in Cloudflare. [laughs]Adam Stacoviak: [48:34] A unified API, or something like that...Jerod Santo: Yeah, they'll just look at AWS' offerings, the ones they like the best, and do it that way, right?Shawn Wang: Yeah, just pick it up.Adam Stacoviak: Maybe the way to get a prediction out of you, swyx, might be rather than directly predict, maybe describe how you win Go.Shawn Wang: How you win Go...Adam Stacoviak: Yeah, what's the point of Go? How do you win Go? Because that might predict the hidden prediction, so to speak.Shawn Wang: Okay. For listeners who don't know Go, let me draw out the analogy as well. So most people are familiar with chess; individual chess pieces have different values and different points, and they must all support each other. Whenever you play chess, you need the Knight to support the pawns, something like that... Whereas in Go, you place your pieces everywhere, and they're all indistinguishable from each other. And it's more about claiming territory; at the end of the day, that's how you win Go, you claim the most territory compared to the others... And it's never a winner-take-all situation. Most likely, it's like a 60/40. You won 60% of the territory and your competitor has 40% of the territory. That's more likely a mapping of how cloud is gonna play out than chess, where winner-takes-all when you take the King. There's no King in the cloud, but--Jerod Santo: Are you sure...?Shawn Wang: ...there's a lot likely of territory claiming, and Cloudflare is really positioned very well for that. It's just part of the final realization that I had at the end of the blog post. And partially, how you take individual pieces of territory is that you surround all the pieces of the enemy and you place the final piece and you fill up all the gaps, such that the enemy is completely cut off from everything else and is surrounded. And that's what R2 does to S3 - it surrounds S3, and it's up to you to place that final piece. They call it, Atari, by the way, which is the name of the old gaming company, Atari. They have placed AWS S3 in Atari, and it's up to the customers to say "I'm gonna place that final piece. I'm gonna pay the cost of transferring all my data out of S3 and cut S3 off", and they cut off all the remaining liberties. So how do you win in Go? You claim the most amount of territory, and you surround the pieces of the enemy.Adam Stacoviak: Which, if you thought maybe that was oxygen, the territory, you might suck the oxygen away from them, so they can't live anymore, so to speak... And maybe you don't take it by killing it. Maybe you sort of suffocate it almost, if their space becomes small enough; if you take enough territory and it begins to shrink enough, it's kind of like checkmate, but not.Shawn Wang: Yeah. There's also a concept of sente in Go, which is that you make a move that the opponent has to respond to, which is kind of like a check, or checkmate -- actually, not; just the check, in chess. And right now, AWS doesn't feel the need to respond. Cloudflare is not big enough. Like, these are names to us, but let's just put things in numbers. Cloudflare's market cap is 36 billion, AWS' market cap is 1.6 trillion; this is Amazon's total market cap. Obviously, AWS is a subset of that.Jerod Santo: Sure.Shawn Wang: So your competitor is 40 times larger than you. Obviously, Cloudflare is incentivized to make a lot of noise and make themselves seem bigger than it is. But until AWS has to respond, this is not real.Adam Stacoviak: Nice.Jerod Santo: So as a developer, as a customer of potentially one or both of these... Let's say you have a whole bunch of stuff on S3 - I'm asking you personally now, swyx - and R2 becomes available... Is that a no-brainer for you, or is there any reason not to use that?Shawn Wang: You're just adding another vendor in your dependency tree. I think for anyone running silicon bandwidth, it is a no-brainer.Jerod Santo: Yeah. So over the course of n months, where n equals when they launch plus a certain number - I mean, I think this is gonna end up eventually on Amazon's radar, to where it's gonna start affecting some bottom lines that important people are gonna notice. So I just wonder - I mean, how much territory can Cloudflare grab before there's a counter-move? It's gonna be interesting to watch.Shawn Wang: [52:12] So Ben from Vantage actually did a cost analysis... Vantage is a startup that is made up former AWS Console people; they're trying to build a better developer experience on top of AWS. They actually did a cost analysis on the R2 move, and they said that there's probably a hundred billion dollars' worth of revenue at stake for Amazon. So if they start to have a significant dent in that, let's say like 40%, AWS will probably have to respond. But until then, there's nothing to worry about. That's literally how it is in Amazon; you have to see the numbers hit before you respond.Jerod Santo: Yeah. It hasn't even been a blip on the radar at this point, the key metrics to the people who are important enough to care are watching. You said you started watching all of these CDNs. Of course, you worked at Netlify... You take an interest in backends. There's something you mentioned in the break about frontenders versus backend, and where you've kind of been directing your career, why you're watching Cloudflare so closely, what you're up to now with your work... Do you wanna go there?Shawn Wang: Let's go there. So if you track my career, I started out as a frontend developer. I was developing design systems, I was working with Storybook, and React, and all that... Then at Netlify I was doing more serverless and CLI stuff. At AWS more storage and database and AppSync and GraphQL stuff... And now at Temporal I'm working on a workflow engine, pure backend. I just went to KubeCon two weeks ago...Jerod Santo: Nice!Shawn Wang: What is a frontend developer doing at KubeCon...?Adam Stacoviak: New territory.Shawn Wang: It's a frontend developer who realizes that there's a career ceiling for frontend developers. And it's not a polite conversation, and obviously there are exceptions to frontend developers who are VPs of engineering, frontend developers who are startup founders... And actually, by the way, there's a lot of VC funding coming from frontend developers, which is fantastic for all my friends. They're all getting funded, left, right and center. I feel left out. But there is a Career ceiling, in a sense that survey a hundred VPs of engineering, how many of them have backend backgrounds, and how many of them have frontend backgrounds? And given that choice, what's more likely for you and your long-term career progression? Do you want to specialize in frontend or do you want to specialize in backend? Different people have different interests, and I think that you can be successful in whatever discipline you pick. But for me, I've been moving towards the backend for that reason.Adam Stacoviak: Describe ceiling. What exactly do you mean when you say "ceiling"?Shawn Wang: Career ceiling. What's your terminal title.Jerod Santo: Like your highest role, or whatever. Highest salary, highest role, highest title...Adam Stacoviak: Gotcha.Shawn Wang: Like, straight up, how many VPs of engineering and CTOs have backend backgrounds versus frontend.Jerod Santo: Yeah. I mean, just anecdotally, I would agree with you that it's probably 8 or 9 out of 10 CTOs have -- is that what you said, 8 or 9?Shawn Wang: Yeah, yeah. So there's obviously an economic reasoning for this; it's because there's a bias in the industry that frontend is not real development, and backend is. And that has to be combated. But also, there's an economic reasoning, and I always go back to the economics part, because of my finance background... Which is that your value to the company, your value to the industry really depends on how many machines run through you. You as an individual unit of labor, how much money do you control, and how much machine process, or compute, or storage, or whatever runs through you. And just straight-up frontend doesn't take as much. [laughs] Yes, frontend is hard, yes, design is hard, yes, UX is crucially important, especially for consumer-facing products... But at the end of the day, your compute is being run on other people's machines, and people don't value that as much as the compute that I pay for, that I need to scale, and therefore I need an experienced leader to run that, and therefore that is the leader of my entire eng.Jerod Santo: I wonder if that changes at all for very product-focused orgs, where I think a lot of frontenders, the moves are into product design and architecture, and away from - not software architecture, but product design. And it seems like maybe if you compare - not VP of engineering, but VP of product, you'd see a lot of former frontenders.Shawn Wang: [56:03] Yeah.Jerod Santo: Maybe that's their path. Do you think that's --Shawn Wang: Totally. But you're no longer a frontend dev. You suddenly have to do mocks...Jerod Santo: Yeah, but when you're VP of engineering you're not a backend dev either.Shawn Wang: Yeah.Jerod Santo: So you're kind of both ascending to that degreeShawn Wang: Backends devs will never report to you, let's put it that way.Jerod Santo: Okay. Fair.Shawn Wang: [laughter] But somehow, frontend devs have to report to backend devs, for some reason; just because they're superior, or something. I don't know, it's just like an unspoken thing... It's a very impolite conversation, but hey, it's a reality, man.Jerod Santo: So do you see this personally, or do you see this by looking around?Shawn Wang: Yeah.Jerod Santo: Yeah. You felt like you had reached a ceiling.Shawn Wang: Well, again, this is very impolite; there's a ton of ways to succeed, and there are definitely exceptions. Emily Nakashima at Honeycomb - former frontend person, now VP of engineering. I don't know, I could have done that. I have interest in backend and I'm pursuing that. So I will say that - this is a soft ceiling, it's a permeable ceiling. It's not a hard ceiling.Jerod Santo: Sure.Shawn Wang: But there's a ceiling though, because you can see the numbers.Adam Stacoviak: What is it in particular the VP of engineering does that would make a frontender less likely to have that role? What specifically? I mean, engineering is one of the things, right? Commanding the software... Which is not necessarily frontend.Jerod Santo: Well, frontend is also an engineering discipline.Adam Stacoviak: I guess it kind of depends on the company, too. Honeycomb is probably a different example.Shawn Wang: I haven't been a VP of engineering, so I only have some theories. I suggest you just ask the next VP of engineering that you talk to, or CTO.Adam Stacoviak: Yeah.Jerod Santo: Yeah. That'd be a good one to start asking people.Adam Stacoviak: What do you do here? What is it you do here?Shawn Wang: What is it you do here?Jerod Santo: Exactly.Shawn Wang: [laughs]Adam Stacoviak: Well, I just wondered if there was a specific skillset that happens at that VP of engineering level that leads more towards a backender being more likely than a frontender to get hired into the role.Shawn Wang: I think there's some traditional baggage. Power structures persist for very long times... And for a long time UX and frontend was just not valued. And we're like maybe five years into the shift into that. It's just gonna take a long time.Jerod Santo: I agree with that. So tell us what you're up to now. You said you're doing workflows... I saw a quick lightning talk; you were talking about "React for the backend." So you're very much taking your frontend stuff into the backend here, with React for the backend. Tell us about that.Shawn Wang: Let's go for it. So at Netlify and at AWS I was essentially a developer advocate for serverless. So this is very cool - it does pay-as-you-go compute, and you can do a lot of cool stuff with it. But something that was always at the back of my mind bothering me, that serverless does not do well, is long-running jobs. It just does not do well. You have to chain together a bunch of stuff, and it's very brittle; you cannot test it... It's way more expensive than you would do in a normal environment.Jerod Santo: Yeah.Shawn Wang: And it made me realize that in this move to take apart everything and make everything as a service, we have gained scalability, but we've lost basically everything else. And what I was trying to do was "How do we reconstruct the experience of the monolith? What are the jobs to be done?" When you break it down, what does a computer do for you, and what is not adequately addressed by the ecosystem?I went through the exercise... I wrote a blog post called "Reconstructing the monolith, and I actually listed it out." So what are the jobs of cloud for a computer? You want static file serving, you want functions, you want gateway, you want socket management, job runners, queue, scheduler, cold storage, hot storage. There's meta jobs like error logging, usage logging, dashboarding, and then edge computing is like a unique to cloud thing. But everything else, you can kind of break it up and you can locate it on one machine, or you can locate it on multiple machines, some of them owned by you, some of them not owned by you.The thing that serverless -- that had a whole in the ecosystem was job running. Not good. Basically, as an AWS developer right now, the answer is you set a CloudWatch schedule function, and you pull an endpoint, and that should read some states from a database, and check through where you are, and compute until the 15-minute timeout for Lambda, and then save it back in, and then wait for the next pull, and start back up again. Super-brittle, and just a terrible experience; you would never want to go this way.[01:00:08.13] The AWS current response to that is AWS Step Functions, which is a JSON graph of what happens after the other, and this central orchestrator controls all of that. I think we could do better, and that's eventually what got me to temporal. So essentially, this blog post that I wrote - people found me through that, and hired both our head of product and myself from this single blog post. So it's probably the highest ROI blog post I've ever written.Jerod Santo: Wow. That's spectacular.Shawn Wang: It's just the VC that invested in Temporal. So what Temporal does is it helps you write long-running workflows in a doable fashion; every single state transition is persisted to a database, in idiomatic code. So idiomatic Java, idiomatic Go, idiomatic JavaScript, and PHP. This is different from other systems, because other systems force you to learn their language. For Amazon, you have to learn Amazon States Language. For Google Workflows - Google Workflows has a very long, very verbose JSON and YAML language as well.And these are all weird perversions of -- like, you wanna start simple; JSON is very simple, for doing boxes and arrows, and stuff like that... But you start ending up having to handwrite the AST of a general-purpose programming language, because you want variables, you want loops, you want branching, you want all that god stuff. And the best way to model asynchronous and dynamic business logic is with a general-purpose programming language, and that's our strong opinion there.So Temporal was created at Uber; it runs over 300 use cases at Uber, including driver onboarding, and marketing, and some of the trips stuff as well. It was open source, and adopted at Airbnb, and Stripe, and Netflix, and we have all those case studies on -- DoorDash as well, by the way, runs on the Uber version of Temporal.Jerod Santo: There you go, Adam.Shawn Wang: And yeah, they spun out to a company two years ago, and we're now trying to make it as an independent cloud company. And again, the

There has been a distinct increase in online learning both on a national and global scale. This has led to a near year on year rise in the online learning market share. However, over the last few years, the rise has been increasing even more steadily than before. With the onset of the COVID-19 pandemic, this jump has been even more pronouncedBy 2026, the global online learning market should be worth $375 billion.Marcio Santos began working in digital marketing when Flash and Dreamweaver were a thing, working with brands like Danone, and Anker. A few years later his love for gaming led him to become an entrepreneur and to build Latin America's largest gaming tournament, and an online gaming community.From there he took an opportunity to work with a marketing agency and brands like BMW, Scotiabank, BMO, and McCormick.When his mom was diagnosed with Alzheimer's, he carved out an exit for himself by founding the digital agency Nerd Digital, and he's never looked back.The agency has allowed him more time freedom so he can enjoy it with family, and it's given him the opportunity to work with great people at 6, 7 and 8 figure businesses like Boston Comic-con, Fanexpo, Kettle & Fire, Immi Eats, Remedy Kombucha, and THE TEN SPOT.Today he coaches course creators like Ted Seides from Capital Allocators, and Khe Hy from Radreads to grow their course business. If you've ever considered taking your knowledge and creating courses for sale, this is the podcast to pay attention to. Marcio shares business tips for any entrepreneur and is on top of where the digital world is going and how you can use the latest digital trends for your business.

Ted Seides, founder of Capital Allocators LLC, host of the Capital Allocators Podcast, and author of his second book, Capital Allocators: How the World's Elite Money Managers Lead and Invest, is our guest on Raise Your Average.Takeaways• Ted Seides reminisces about his old friend and mentor, David Swensen, Endowment Fund Manager and CIO, at the Yale Endowment and Yale University, who, sadly, passed away the week before we recorded this episode.• What he learned from David Swensen during his 5 years at the Yale Endowment Investment Office, and the impact that working with him had on the trajectory of his career and his life.• What impact David Swensen had on the investment industry and everyone who knew him.• David Swensen (and team) reportedly added $35-billion in alpha to the Yale Endowment (above and beyond peers and market returns) during 30 years, all the while forgoing insane amounts of compensation.• Ted shares Swensen's timeless framework and first principles, and stories from his time with Swensen.• Swensen created for his own use, what are now called 'factors' and 'factor-based' approach to diversify portfolios in a time when factors did not exist.• Where are the edges in the market today?• What are sophisticated institutions with spending needs/liabilities of 5-8% per yearf doing to get those returns?• Beyond Diversification and Asset Allocation, what are the 3 new 'buckets' institutions are using to construct portfolios?• Ted's infamous bet with Warren Buffett - Ted talks about this in some detail.• The lessons learned from decades interviewing elite money managers• What are the investment learnings?• What are the non-investment learnings?• What are the biggest challenges?• How are the people evolving?• What happens in the Investment Offices of elite money managers?• The 3 Ps and the 3 Cs• How do you make good allocation decisions? As an individual? As a team?• How do investment committees decide what to do?• What are some of the common threads across all allocators?Full Transcript: https://views.advisoranalyst.com/ted-seidesWatch on Youtube

Yale's CIO David Swensen passed away last month. He left behind an unprecedented track record, a whole new way of doing things, and a much better-funded university. How did he do it, and what can we learn from him? We explore with Capital Allocators podcast host and Yale Investment Office alum Ted Seides.

https://www.alainguillot.com/ted-seides/ Ted Seides, CFA created Capital Allocators LLC to explore best practices in the asset management industry. His latest book is Capital Allocators: How the world's elite money managers lead and invest. Get the book here: https://amzn.to/3p7sMjq

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today's conversation is with one of America's most successful investment podcasters, with over 5 million downloads, and who has also worked with one of the investment greats, David Swensen at Yale University Endowment and put himself in the firing line by having the infamous bet with Buffett, whilst at his former firm, Protege partners. Ted has a gilt-edged education, Yale and the Harvard Business School and he describes beginning his investment journey at the Yale Endowment under Dave Swensen, who so sadly has just died. Ted is also author of 2 books on investing, “So you want to start a hedge fund” & just released “How the world's elite money managers lead and invest” Ted describes his upbringing, education and how he secured the job at Yale after listening to a lecture by Swensen. He then talks about his decision to leave to study for an MBA at Harvard Business School before then starting Protégé partners. He describes how he came to make the bet with Warren Buffet, that a portfolio of Hedge Funds would outperform the S&P 500 over 10 years, which taken early in 2007, looked heroic. Time however, reversed it, in favour of Buffett, and Ted describes the interactions with Buffett and his perspectives thereafter when building capital allocators. He talks about the biggest gain from the bet, which was getting to know Buffett personally. Ted talks about the lessons he has learned from interviewing some of the great money managers and allocators of capital and his  perspectives on what great investors do, what they often avoid doing, and why “our brains are hard-wired to make bad decisions”! Ted talks about the Hedge Fund paradox, where he comes out on the active v passive debate and how he would think about populating an investment committee Finally he offers some valuable advice for youth, for investors and why we here at the Money Maze Podcast think his new book is a “must read”.  

From actual capital allocator to branding his book and podcast “Capital Allocator,” Ted Seides has one of the biggest banks of knowledge in the capital allocation game. He's a well-known author of two books, host of the podcast Capital Allocators, and in his “free time” invests his own money in some of the best and brightest hedge funds around. In today's episode, we're talking with Ted about Capital Allocators (the podcast & the book), the transition of talking to managers for an allocation -> to talking to allocators about managers on the pod, the Yale endowment and incredible opportunity to learn from Dave Swenson, bias in capital allocation, rebalancing without emotion, illiquidity premiums, base rates, allocator's reaction to competition, blackbox of quants, portfolio construction, “Netflix” allocator selection, and Ted's favorite guests & favorite quotes. Chapters: 00:00-01:42=Intro 01:43-28:16=Learning from David Swensen 28:17-48:55=Is Private Equity Too Big? 48:56-57:47=Base Rates, AI advancements & Fees 57:48-01:09:20=The Show or Allocators Podcast 01:09:21-01:22:23=Part of the Equation 01:22:23-01:28:39=Favorites (The Buffet Bet) Follow Ted on Twitter at @tseides, listen to Ted's podcast on your preferred platform here, and purchase his books here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

In this episode of On the Margin I am joined by Ted Seides, co-founder at Protege Partners and host of the Capital Allocators podcast. In this episode, we discuss his past experience working under David Swensen at Yale, the creation of the Endowment Model, the current state of the hedge fund industry, and Ted's thoughts on Bitcoin. ---- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter On The Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like On the Margin, visit http://blockworks.co/podcasts.

In this conversation we cover: - Ted's background at the Yale endowment and Protege Partners - What he looks for in an investment manager - How he invests his own money - The genesis of the Capital Allocators podcast - And much more! Thank you so much for listening, we really appreciate you. If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome! You can find more information and content by going to these places: Premium Research: https://www.investingcity.org/subscriptions Website: https://www.investingcity.org YouTube: Investing City Twitter: investing_city Or feel free to email us at service@investingcity.org Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!

In this episode, Patrick Ceresna and Kevin Muir welcome Ted Seides from Capital Allocators podcast. They have a fascinating discussion … Continue ReadingGood Process, Bad Outcome (guest: Ted Seides)

We are very excited to welcome Ted Seides to The Value Perspective podcast for this episode. You many know Ted as the host of the Capital Allocators podcast and the author of So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest. Previous to starting podcasting, Ted began his career working on external public equity managers, internal fixed income portfolio management and in an alternative investment firm that invested in and seeded small hedge funds. In this episode, Ted sits down with Juan and Nick to discuss what Ted has learned through his podcast's 200+ episodes, a bet he made with Warren Buffet on hedge funds vs. S&P 500, and his views on analysing investment processes including probabilistic thinking, the importance of diversity and recognising biases. EPISODE MINUTES:    01:08 Introduction 02:10 Ted's background 05:49 What has Ted learned through his podcast? 07:30 Learning from other industries 10:52 A bet with Warren Buffet: good process, bad outcome 16:18 What was the rationale behind the bet? 18:58 Probabilistic thinking - can we take historical averages to help us make decisions? 22:33 Do the best capital allocators factor in 'pot stakes' into their process? 25:47 What's the importance of diversification?  28:51 Is there a value-add to meeting managers, capitol allocators, etc. face-to-face? 31:48 Why is confirmation bias the prevalent bias? Is it the riskiest? 37:17 Cognitive diversity: how to develop this in your team? 41:01 How does the origin of capital affect investment decisions? 45:10 Has 2020 changed the way institutional investors think of absolute and relative returns? 48:18 Is ESG making a significant impact? 50:24 A decision where the outcome was unwanted due to bad process. Book recommendations: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest by Ted Seides NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global. Our guest this week was none other than Ted Seides, host of the popular Capital Allocators podcast. Ted began his career under the tutelage of endowment legend David Swensen at Yale University Investments, then went on to found Protégé Partners, investing and seeding small hedge funds. This career arc gave him a unique perspective into the decision-making processes of multi-billion-dollar institutions, as well as the portfolio managers on the receiving end of their allocations. After almost 200 podcast episodes and a recently released book – Capital Allocators, How the world’s elite money managers lead and invest – it’s hard to overstate the breadth and depth of Ted’s institutional “inside baseball”. We covered: The range of disciplines that are leveraged by some of the world’s most successful investors Why capital allocators are essentially interviewers (and can make for good podcast hosts) Repetition, pattern recognition, and separating the wheat from the chaff Governance and the constant tussle between CIOs and investment committees Negative screening, triangulation and reference checks – above and beyond due diligence Performance chasing, familiarity and other biases – why institutions often resemble retail investors Leveraging the work of Annie Duke, Gary Klein and Michael Mauboussin We also discussed the difficulties of high information asymmetry, behavioral fortitude, and cognitive diversity. Ted even shared a few interesting anecdotes from his time working with Swensen. Thank you for watching and listening. See you next week.

In today’s episode, Trey sits down with Ted Seides to talk about how the world’s elite money managers lead and invest. Ted has had an incredible career as an allocator, having started under the tutelage of David Swensen of the Yale Endowment, before starting his own multi-billion dollar alternative investment firm. IN THIS EPISODE, YOU'LL LEARN:The playbook for Chief Investment Officers of hedge funds or institutionsWhere retail investors can have an edgeWhen to and when not to invest in a hedge fund Deeper dive into Ted's infamous bet with Warren BuffettWhat Ted has learned from his relationship with Warren over the yearsBOOKS AND RESOURCESCapital Allocators PodcastCapital Allocators BookListen to our previous interview with Ted SeidesPreston, Trey & Stig’s tool for picking stock winners and managing our portfolios: TIP Finance ToolPush your team to do their best work with Monday.com Work OS. Start your free two-week trial todayTake your business to the next level by hiring the right people with ZipRecruiterjoin OurCrowd’s Investment in Shield—an AI-powered platform that helps global financial enterprises meet increasingly complex communications compliance rules Open your account todayFind opportunities to help diversify your portfolio with investments in alternative asset classes with minimums starting at $1,000 with YieldstreetFollow other investors, discover companies to believe in, invest with any amount of money with Public.com. You’ll even get a free slice of stock when you joinHave everything you need to grow online with Squarespace. Use code WSB to save 10% off your first website or domain purchaseInvest in blue-chip art from artists like Monet and Basquiat with Masterworks. Use promo code WSB to skip their 15,000 person waitlistWhether you’re a small office sending out invoices, an online seller shipping out orders, or even a giant warehouse sending thousands of packages a day, handle it all with ease with Stamps.com. Use the promo code WSBBrowse through all our episodes (complete with transcripts) hereSupport our free podcast by supporting our sponsors

For this episode of the Planet MicroCap Podcast, I spoke with Ted Seides. He is the Author of the new book, titled, "Capital Allocators: How the world's elite money managers lead and invest", and Host of the very popular podcast, "Capital Allocators with Ted Seides". I've been a fan of Ted's show for a long time, and was grateful for the opportunity to learn a bit more about his background and new book, which is now available on Amazon and wherever books are sold. For more information about Ted Seides and to purchase your copy of "Capital Allocators: How the world's elite money managers lead and invest," please visit: https://capitalallocatorspodcast.com/ You can Follow Ted Seides on Twitter @tseides: https://twitter.com/tseides Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the SNN Network YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast The Planet MicroCap Podcast is brought to you by SNN Incorporated, publishers of StockNewsNow.com, The Official MicroCap News Source, and the MicroCap Review Magazine, the leading magazine in the MicroCap market. You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft

Ted Seides is the Host of the Capital Allocators Podcast. Ted created Capital Allocators LLC to explore best practices in the asset management industry from the perspective of asset owners, asset managers, and other relevant players. He hosts the Capital Allocators podcast, serves as an advisor to allocators and asset managers, helps asset managers convey their story through private podcasts, and educates investors. Barron's, Business Insider, Forbes and Value Walk each named it among the top investing podcasts. Alongside the podcast, Ted advises both managers and allocators, compounding his knowledge and relationships to help them make more money. In March 2021, he published his second book, Capital Allocators: How the world's elite money managers lead and invest which distills key lessons from the first 150 episodes of the podcast. ————————————————————————— To learn more about this episode, including podcast transcripts and show notes, visit *salt.org/talks* ( http://salt.org/talks ) Moderated by Anthony Scaramucci.

Ted Seides, Founder and Managing Partner at Capital Allocators, discusses philosophies and insight from Chief Investment Officers Hosts: Carol Massar and Tim Stenovec 

Ted Seides, Founder and Managing Partner at Capital Allocators, discusses philosophies and insight from Chief Investment Officers Hosts: Carol Massar and Tim Stenovec  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.BackgroundBio“Capital Allocators”BooksOutsourcing and Complexity“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke “The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.Portfolios and Investment CommitteesTed Seides’ personal portfolioHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian PortnoyPioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David SwensenArctos Sports Partners “Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 2020. 

Ted Seides, Founder and Managing Partner at Capital Allocators, discusses philosophies and insight from Chief Investment Officers. Host: Carol Massar. Producer: Doni Holloway. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Ted Seides, Founder and Managing Partner at Capital Allocators, discusses philosophies and insight from Chief Investment Officers. Host: Carol Massar. Producer: Doni Holloway.

Ted Seides, CFA has spent 25 years as an institutional investor, allocating money to managers. He started in 1992 at the Yale University Investments Office, seven years after David Swensen arrived at Yale. Ted spent five years learning under David’s tutelage and departed to attend Harvard Business School shortly before David wrote the bible in the industry, Pioneering Portfolio Management. In 2017, Ted launched the Capital Allocators podcast, a series of interviews with leading Chief Investment Officers. His most recent book — CAPITAL ALLOCATORS: How the World’s Elite Money Managers Lead and Invest — will be published on March 23, 2021. In this conversation, we discuss the Yale Investment Office, Dave Swenson, asset allocation, rebalancing, asymmetry, ESG, Diversity and Inclusion, comfort being different, and crypto. ======================= Exodus is an absolute game changer in the crypto wallet space, and we’ve teamed up to offer an exclusive discount for you, as listeners of the podcast. Sign up for Exodus today using my promo code Exodus.com/pomp. This is a no brainer for both newcomers and crypto heavyweights - go sign up today.  ======================= LMAX Digital is the leading institutional crypto currency exchange with current average daily columes of $2bn. Built on proven, trusted LMAX Group trading technology, LMAX Digital delivers a market-leading solution for trading and custodial services for the most liquid crypto currencies. Trading with all the largest institutions globally, LMAX Digital is a primary price discovery venue, streaming real-time market data to the industry’s leading indices and analytics platforms, enhancing the quality of market information available to investors and enabling a credible overview of the spot crypto currency market. Learn more at lmaxdigital.com/pomp ======================= Pomp writes a daily letter to over 140,000 investors about business, technology, and finance. He breaks down complex topics into easy to understand language, while sharing opinions on various aspects of each industry. You can subscribe at https://www.pompletter.com =======================

In episode 293, we welcome our guest, Ted Seides, host of the Capital Allocators podcast and author of Capital Allocators: How the world's elite money managers lead and invest.   In today’s episode, we go all the way back to Ted’s early days working under the great David Swensen at Yale to hear what makes him one of the most respected Chief Investment Officer’s in the world. Then we move on to his famous bet with Warren Buffett and hear how the real winner of the bet was the collateral set aside for the duration of the bet. After touching on what the Chief Investment Officer job entails and sharing the insights he’s learned from speaking with some of the top managers in the world, Ted shares how he invests his own money. We talk about Bill Ackman’s fund, SPACs, and even some crypto.    All this and more in episode 293 with Ted Seides. 

I'm thrilled to have Ted Seides on the show to discuss his new BOOK, his wildly successful PODCAST, his FIRM'S media and coaching focus and the world of capital allocation. Ted has a unique perspective in the asset management world, having worked for the legendary David Swensen at the Yale Endowment, having conducted thousands of interviews with portfolio and investment managers and having capital allocation responsibility both for others (at Protege Partners) as well as himself. He takes a look back at what he learned and peers into the future of a space that has many challenges. https://www.amazon.com/Capital-Allocators-worlds-managers-invest-ebook/dp/B08N56SPN6/ Introduction Ted's Background- His experience at the Yale Endowment with David Swensen and lessons learned. What does your BUSINESS do today?  Any particular lessons going strictly from the allocation industry into more of a media focus? How have you taken the amazing access you have to the capital allocation system and used it to build your media focus? With this being your second book (the first is "So You Want to Start a Hedge Fund"), take us through the book writing process- how did you use the podcast to source material and whom were you writing the book for? (As an aside, David is famous for having a [losing] bet with Warren Buffett that his allocation to hedge funds would beat an S&P 500 Index- he has talked about that frequently in other venues and WROTE ABOUT IT HERE.) More specific questions on the Asset Allocation Space- In synthesizing lessons from your interviews and balancing against your own experience, what was the most surprising common theme that resonated through them?  Overcoming adversity (Pulling the plane out of the death spiral) . . . in the interviews and your experiences, how do allocators stop negative momentum?  Does career risk act as a natural stabilizer?  How big a threat is career risk for the asset manager and the allocator and how do you minimize that in the decision-making? Manager selection as "predicting evolution" . . . how do you diagnose skill in a snapshot of time vs a culture of process evolution that will continue to persist? The job description of CIO . . . (A question I didn't ask, but should have was "Have you ever had anyone from the search industry on?" . . . how do they navigate this insular world where neutrality and discretion is often pried?) The Impact of ESG, not on investments necessarily, but the managers themselves?  What percentage of asset managers are people of color?  Women?   It is six times more difficult for a manager to get a face-to-face meeting with an institutional allocator than a high school senior to gain acceptance at Yale or Harvard.  What is the future for new and emerging managers in this environment?  Who is doing good work on manager inclusiveness? How does politics impact decision-making at the Board Level, Allocator Level, Portfolio Manager level? Is there a study on the impact of life events on investment performance / process?  Is there a correlation?  Character- What percentage of CIO’s / managers are divorced/getting divorced?  Death in the family?  Have you hired private investigators to “peer under the hood”?  How prevalent are questionable practices / fraud?  How does that information get whispered? Do you have a couple of trends in the allocator/asset management space that we should watch out for? I thought your end section compared well with Jon Winokur’s book "The Portable Curmudgeon" on famous quotes (I loved it- particularly Greg Fleming's "Optimism is Moral Courage") . . . What were your favorite quotes from experts on various topics? How to find Ted: www.capitalallocators.com TWITTER: @tseides https://capitalallocatorspodcast.com/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Ted Seides, CFA, is the Founder of Capital Allocators LLC, which he created in 2016 to explore best practices in the asset management industry from the perspective of asset owners, asset managers, and other relevant players. He hosts the Capital Allocators podcast, serves as an advisor to allocators and asset managers, helps asset managers convey their story through private podcasts, and educates investors. Ted's Twitter: https://twitter.com/tseides Ted's Website: https://capitalallocatorspodcast.com/ ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public comp

Making predictions is part of everyday life, but how can we guard against being overly confident in our predictions? Ted Seides, host of the Capital Allocators podcast and author of a number of successful books on asset management, joins your host, Executive Director of the Alliance for Decision Education Dr. Joe Sweeney, to talk about the uncanny power of premortems, the grave danger of overconfidence in the financial world, and qualities to look for when constructing an effective decision group. Ted also explains how paying close attention to your emotional state can dramatically increase the odds of making a good decision.

In Episode 174 of Hidden Forces, Demetri Kofinas speaks with Michael Ippolito and Jason Yanowitz, the founders of Blockworks, a financial media brand that delivers breaking news and premium insights about digital assets to millions of investors. In this conversation, Jason and Michael share news about the recent launch of their editorial site, including anecdotes from their experience creating a crypto-focused, financial media company from scratch in an industry that has seen explosive growth in investor interest over the last 12 months. If you are interested in blockchain technology, decentralized finance, cryptocurrencies, or just generally fascinated by the culture in crypto and blockchain, you will love this conversation. Michael and Jason explain how they bootstrapped the company without any outside funding, creating a stable of talented podcast hosts like Ted Seides, Peter McCormack, Preston Pysh, and most famously, Anthony Pompliano, whose podcast they started together and which has since become the most popular podcast in crypto. The second half of the conversation focuses primarily on understanding the content and business models of BlockWorks and how they compare to their competitors. You can access the episode overtime, as well as the transcript to this episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application. If you enjoyed listening to today’s episode of Hidden Forces you can help support the show by doing the following: Subscribe on Apple Podcasts | Spotify | Stitcher | SoundCloud | YouTube | CastBox | RSS Feed Write us a review on Apple Podcasts Subscribe to our mailing list through the Hidden Forces Website Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at https://patreon.com/hiddenforces Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 01/07/2020

It seemed to be only fair that after the extraordinary generosity of the 58 guests of the first season of The Fiftyfaces Podcast I should open myself up to the same questions. To do this, I chose one of the best, Ted Seides, interviewer extraordinaire, and host of The Capital Allocators Podcast, which you can check out here: https://podcasts.apple.com/gb/podcast/capital-allocators/id1223764016Our conversation is a bit of a hybrid of The Fiftyfaces Podcast and Ted's own format, so we discuss my investment journey, lessons learned, adversity faced and what drives me, and also some fun questions about my daily habits, learning from my parents and lessons I wish I had learned earlier. As a former entrepreneur I have more than a little experience in bootstrapping an organization, and discuss that, as well as the essential pivots that had to be made in 2008 following the financial crisis. I also talk about the origins of The Fiftyfaces Podcast, the journey of listening and learning that absorbed me during the summer of 2020, and the life lessons that I took away from that humbling experience.

With a big thank you for your enthusiastic engagement with the show, Ted offers a year in review of the podcast and the business behind the podcast.  He closes with a countdown of the top episodes of 2020. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast

Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.BackgroundBioPitchbookIn Visible Capital BlogPrivate Equity InvestingPitchBook Private Markets Guide “What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020. “Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.Private Markets“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020. “Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020. “The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.Private Market Interest and Performance“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020. Special Purpose Acquisition Companies“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.Impact of the Pandemic“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com,  “PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.

The post E1126: Capital Allocators Host Ted Seides goes deep on endowments, LP turnover, public/private market insights, ESG investing & more appeared first on This Week In Startups.

The post E1126: Capital Allocators Host Ted Seides goes deep on endowments, LP turnover, public/private market insights, ESG investing & more appeared first on This Week In Startups.

Last year, I appeared on the Rational Reminder podcast, a show hosted by Cameron Passmore and Ben Felix of PWL Capital, a terrific Ottawa, Canada-based wealth manager that focuses on low cost, passive investing. We discussed the depth of the institutional investment research process, hedge funds, alternatives for individuals, index fund investing around the world, lessons from the big Bet, and a few other fun topics. Cameron and Ben are thoughtful investors and offer high-quality content through their podcast.  I’d encourage you to have a listen. Please enjoy Cameron and Ben’s interview with me. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast

Ted Seides stopped by the Compound to talk with Michael Batnick about the struggles the hedge fund industry has faced over the last decade, and what might happen to stem the tide.1-click play or subscribe on your favorite podcast app Subscribe to the mini podcast on iTunes or Spotify Enable our Alexa skill here - "Alexa, play the Compound show!" Talk to us about your portfolio or financial plan here: http://ritholtzwealth.com/ Check out our channel "The Compound" over on YouTube:https://www.youtube.com/thecompoundrwmObviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer:https://thereformedbroker.com/terms-and-conditions/ See acast.com/privacy for privacy and opt-out information.

We have another phenomenal guest joining us on the podcast today. You might know Ted Seides from his famous bet with Warren Buffett or, more recently, from his widely successful Capital Allocators Podcast. Ted is what we would call a classically impressive guy, having studied at both Ivy League frontrunners Yale and Harvard and having founded Protégé Partners, an asset management and advisory firm that specializes in hedge funds. In addition, he has trained under the legendary David Swensen, and together with his experience and training, has become a big name in the investing world. On this episode, he discusses the wealth of knowledge he has gained from David, the criteria for selecting a fund manager and how to approach evaluating the performance of that manager over time. Contrary to the assumptions about his views on index funds, he explains what he believes about them and whether he thinks the market is likely to become saturated. We then get into a conversation about the investment habits of the wealthy, why relationships are so important in this business and why he would not make the same bet again. Don’t miss out on this exciting conversation with Ted Seides!   Key Points from This Episode: What Ted learned from David Swensen and his core beliefs about investing. [0:03:06.0] The foremost criteria when selecting a manager and establishing your beliefs. [0:05:04.0] Why endowment institutions and strategies are only beneficial for a select few. [0:10:59.0] Formulating a hypothesis to measure the outcomes of your manager. [0:13:31.0] Whether retail investors saving for retirement should consider hedge funds. [0:15:46.0] Ted’s bet with Warren Buffett and his actual take on index funds. [0:19:02.0] Fee compression in hedge funds and whether the market can become index saturated. [0:20:12.0]  Why there is still a significant investment in actively managed mutual funds. [0:24:33.0]   Observations about how people invest their money as their wealth increases. [0:26:52.0] The importance of relationships in the world of investing. [0:29:40.0] How the famous bet affected Ted and why he wouldn’t do it again. [0:31:12.0] More about his Capital Allocators Podcast and how it has surprised him. [0:36:39.0] And much more!

Ted Seides, CFA, is the son of a teacher and a psychiatrist. Perhaps by genetic disposition, he is passionate about sharing his insights and investing in people. He is the chief investment officer of Perch Bay Group, a single-family office he joined in 2017 to manage a diversified portfolio of direct and fund investments across asset classes. Ted produces and hosts the Capital Allocators Podcast, which by the by the end of 2018 had reached one million downloads. From 2002 to 2015, Ted was a founder of Protégé Partners and served as president and co-chief investment officer. Protégé was a leading multibillion-dollar alternative investment firm that invested in and seeded small hedge funds. Ted built the firm’s investment process and managed the sourcing, research, and due diligence of its portfolios. In 2010, Larry Kochard and Cathleen Ritterheiser profiled Ted in Top Hedge Fund Investors: Stories, Strategies, and Advice. Sharing the lessons from his experience, Ted authored So You Want to Start a Hedge Fund: Lessons for Managers and Allocators in February 2016. He began his career in 1992 under the guidance of David Swensen at the Yale University Investments Office. During his five years at Yale, Ted focused on external public equity managers and internal fixed-income portfolio management. Following business school, he spent two years investing directly at private equity firms, Stonebridge Partners and J.H. Whitney & Company. With aspirations to demonstrate the salutary benefits of hedge funds on institutional portfolios to a broad audience, Ted made a non-profitable wager with Warren Buffett that pitted the 10-year performance of the S&P 500 against a selection of five hedge fund of funds from 2008-2017. Ted is a columnist for Institutional Investor, wrote a blog for the CFA Institute’s Enterprising Investor, and wrote guest publications for the late Peter L. Bernstein’s Economics and Portfolio Strategy newsletter. He is also a trustee and member of the investment committee at the Wenner-Gren Foundation, an active participant in the Hero’s Journey Foundation, and is a decade rider with Cycle for Survival. He previously served as a trustee and head of the programming committee for the Greenwich Roundtable and as a board member of Citizen Schools-New York. Ted holds a BA in economics and political science, Cum Laude, from Yale University and an MBA from Harvard Business School.   “It was one of those examples that the market can stay rational longer than you can stay solvent, and that really anything can happen. There was nothing about the fundamentals of these assets that would have told you that this could have happened.” Ted Seides   Support our sponsor   Today’s episode is sponsored by the Women Building Wealth membership group, the complete proven step-by-step course to guide women from novice to competent investor. To learn more, visit: WomenBuildingWealth.net.     Worst investment ever Ted chose one of his worst investments ever based on its outcome. In 2002, during his early years at Protégé Partners around the launch of that fund, one of the core investments they were making was in a multi-manager hedge fund portfolio. Within that portfolio, one of the core investments was in a relative-value arbitrage hedge fund called Parkcentral Global Hub. Principled fund group included Perot family It was a group that had spun out of or was included in the family office of the late Ross Perot. And the group had been managing its strategy for a long time very successfully in a kind of value-oriented, relative-value manner with a very long time horizon. There was a tremendous amount of co-investment (a minority investment made directly into an operating company alongside a financial sponsor or other private equity investor, in a leveraged buyout, recapitalization or growth capital transaction). Perot had put around US$500 million into the fund and there were highly skilled people running it. Seides said it was a rare case of an investment management organization run with great business principles. Fund launches in 2002 and grows to nearly 3bn in assets The fund launched to outside investors in July 2002, growing to US$2-3 billion in assets until they closed it to new investors. It continued to progress well under the goal of making 10%-12% a year with relatively low volatility. And they had done that historically. They found new structures and strategies, were very insightful and had good communcations enabling investors to know exactly what was going on. Few blips in Spring 2008 but nothing major But, heading into Spring 2008 the situation became shaky for them. A few things went wrong, but they were within the bounds of their understanding of risk and in the summer and into the fall, they would come by the office and said their largest position was a relative-value trade in the commercial mortgage-backed space. Out of the 2008 crisis, most people remember that subprime residential mortgages blew sky high. But in the commercial mortgage space, if considering the fundamentals, there were apparently few problems in the economy. Serious concerns aroused after fund loses 13% by September’s end But strange things were happening in the capital markets because of the turmoil, especially in September. The fund survived the Lehman bankruptcy in October, but going into November, they had a particular trade where they were going long in some senior debt – commercial mortgage-backed securities. The senior debt was priced as if something like 40% of the underlying commercial real estate would have to default with no recovery at all. And all because of the turmoil that was happening in the markets. It was so bad that the fund managers said it no longer made sense to continue to hedge with the junior debt because it had gone down so much that it was not really hedging anything, so they let all the clients know what was happening. By the end of the month, Parkcentral Global Hub had lost 13% of its value, in part because of commercial mortgage-backed securities, an affidavit from the Bermuda liquidators now says. October takes another 26% out, reducing net-asset value to under US$1.5bn In October, the fund lost an additional 26% of its value, reducing the fund’s net assets to just under $1.5 billion. November darker As November rolled in, the situation got worse. Losses continued early in the month and accelerated beginning in November 12, as the bottom fell out of the commercial mortgage-backed securities market. In just one day, November 18, the fund lost $300 million. In that deadly six days in November, his office in New York was saying that they kept putting money into the trade, backing the collateral, but it kept getting worse. For one day that those prices moved, Ted remembered, it was around 1,700 basis points over treasuries. That was the equivalent of something 60% of all of the commercial real estate that underpinned these assets had to go bankrupt with no recovery. Fund’s net asset value goes to less than zero On that great day of loss, all the money in the fund was gone, in fact, more than all the money in the fund. The fund net-asset value (NAV) went to zero. They could have described it as poor risk management, you could have described it as being involved in the drive by shooting. So what what happened, though, was that most of the principals in the organization had all of the their money invested alongside the client and lost all of it. Perot lost maybe $500 million, maybe it was more. But he did decide against putting billions back in the trade to get to the other end, which was the implicit reason why they would be able to withstand turmoil. Events were around the time Madoff was exposed This was all around the same time or a little bit before news about Bernie Madoff emerged. But at least today most of the investors have probably gotten most of their money back with all of this recovery from Irving Picard. But for Ted and his team, they only held a 2%-3% position in the portfolio, and therefore could withstand the hammering. But it was one of those examples that the market can stay rational longer than you can stay solvent. And that really anything can happen. There was nothing about the fundamentals of these assets that would have told you this could have happened, Ted says. “You could have described it as poor risk management, you could have described it as being involved in the drive by shooting … what happened, though, was most of the principals in that organizsation had all of the their money invested alongside the client and lost all of it. Ross (Perot and his family) lost … maybe … $500 million, maybe more.” Ted Seides Some lessons Anything can happen In something you underwrite, in this case an investment management organization that was a great organization that had done everything the right way except for one thing – which was they had leverage and they failed to manage risk in the worst possible moment to be able to withstand the “hundred-year flood” that hit Be very wary of any investment that is leveraged Such a situation can easily lead you to losing control of your wealth and future. Ted talked about how markets can stay rational longer than an investor can stay solvent. He said that not only is this true, but all investors are not immune to this happening. If using leverage in your strategy, you absolutely must understand how you’re going to survive a big storm   Andrew’s takeaways The key lesson is the issue about leverage Overconfidence can creep in and lead to dangerous decision But it’s very human and happens all the time. In the investment field, analysts, researchers and allocators are paid for strong opinions and to “putting their money where their mouth is” and convey belief in their opinion. That can lead to overconfidence, which can creep in despite being years of discipline and one day the self-belief overreaches and the money injected is excessive. It’s then that big losses occur. Diversification was key for Ted While the lack of it wiped out the fund he was investing in, it didn’t wipe out Ted because he had used the diversification technique of sizing his position. Two main risks an analyst should look out for when analyzing companies Leverage Forex If a company has no debt, and no foreign exchange exposure, a huge amount of potential risk is eliminated.     Actionable advice All investors should get a lot more creative on how much worse it could get than the worst-case possible outcome, because again: “Anything can happen.”   No. 1 goal for next the 12 months To figure out how the work he has done on his own podcast can best benefit an investment organization.     Parting words “Andrew, keep this up. It’s a lot of fun and it’s a terrific way of trying to tease out lessons.”   You can also check out Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr. Deming’s 14 Points Learn with Andrew Valuation Master Class - Take this course to advance your career and become a better investor Connect with Ted Seides LinkedIn Twitter Website Podcast Connect with Andrew Stotz astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast   Further reading mentioned Larry Kochard and Cathleen Ritterheiser (2010) Top Hedge Fund Investors: Stories, Strategies, and Advice Ted Seides (2016) So You Want to Start a Hedge Fund: Lessons for Managers and Allocators Ted Seides (2006) Let’s Don’t Wait Til the Water Runs Dry, published in the Economics and Portfolio Strategy newsletter, Peter L. Bernstein (ed). FA, is the son of a teacher and a psychiatrist. Perhaps by genetic disposition, he is passionate about sharing his insights and investing in people. He is the chief investment officer of Perch Bay Group, a single-family office he joined in 2017 to manage a diversified portfolio of direct and fund investments across asset classes. Ted produces and hosts the Capital Allocators Podcast, which by the by the end of 2018 had reached one million downloads. From 2002 to 2015, Ted was a founder of Protégé Partners and served as president and co-chief investment officer. Protégé was a leading multibillion-dollar alternative investment firm that invested in and seeded small hedge funds. Ted built the firm’s investment process and managed the sourcing, research, and due diligence of its portfolios. In 2010, Larry Kochard and Cathleen Ritterheiser profiled Ted in Top Hedge Fund Investors: Stories, Strategies, and Advice. Sharing the lessons from his experience, Ted authored So You Want to Start a Hedge Fund: Lessons for Managers and Allocators in February 2016. He began his career in 1992 under the guidance of David Swensen at the Yale University Investments Office. During his five years at Yale, Ted focused on external public equity managers and internal fixed-income portfolio management. Following business school, he spent two years investing directly at private equity firms, Stonebridge Partners and J.H. Whitney & Company. With aspirations to demonstrate the salutary benefits of hedge funds on institutional portfolios to a broad audience, Ted made a non-profitable wager with Warren Buffett that pitted the 10-year performance of the S&P 500 against a selection of five hedge fund of funds from 2008-2017. Ted is a columnist for Institutional Investor, wrote a blog for the CFA Institute’s Enterprising Investor, and wrote guest publications for the late Peter L. Bernstein’s Economics and Portfolio Strategy newsletter. He is also a trustee and member of the investment committee at the Wenner-Gren Foundation, an active participant in the Hero’s Journey Foundation, and is a decade rider with Cycle for Survival. He previously served as a trustee and head of the programming committee for the Greenwich Roundtable and as a board member of Citizen Schools-New York. Ted holds a BA in economics and political science, Cum Laude, from Yale University and an MBA from Harvard Business School.   “It was one of those examples that the market can stay rational longer than you can stay solvent, and that really anything can happen. There was nothing about the fundamentals of these assets that would have told you that this could have happened.” Ted Seides   Support our sponsor   Today’s episode is sponsored by the Women Building Wealth membership group, the complete proven step-by-step course to guide women from novice to competent investor. To learn more, visit: WomenBuildingWealth.net.     Worst investment ever Ted chose one of his worst investments ever based on its outcome. In 2002, during his early years at Protégé Partners around the launch of that fund, one of the core investments they were making was in a multi-manager hedge fund portfolio. Within that portfolio, one of the core investments was in a relative-value arbitrage hedge fund called Parkcentral Global Hub. Principled fund group included Perot family It was a group that had spun out of or was included in the family office of the late Ross Perot. And the group had been managing its strategy for a long time very successfully in a kind of value-oriented, relative-value manner with a very long time horizon. There was a tremendous amount of co-investment (a minority investment made directly into an operating company alongside a financial sponsor or other private equity investor, in a leveraged buyout, recapitalization or growth capital transaction). Perot had put around US$500 million into the fund and there were highly skilled people running it. Seides said it was a rare case of an investment management organization run with great business principles. Fund launches in 2002 and grows to nearly 3bn in assets The fund launched to outside investors in July 2002, growing to US$2-3 billion in assets until they closed it to new investors. It continued to progress well under the goal of making 10%-12% a year with relatively low volatility. And they had done that historically. They found new structures and strategies, were very insightful and had good communcations enabling investors to know exactly what was going on. Few blips in Spring 2008 but nothing major But, heading into Spring 2008 the situation became shaky for them. A few things went wrong, but they were within the bounds of their understanding of risk and in the summer and into the fall, they would come by the office and said their largest position was a relative-value trade in the commercial mortgage-backed space. Out of the 2008 crisis, most people remember that subprime residential mortgages blew sky high. But in the commercial mortgage space, if considering the fundamentals, there were apparently few problems in the economy. Serious concerns aroused after fund loses 13% by September’s end But strange things were happening in the capital markets because of the turmoil, especially in September. The fund survived the Lehman bankruptcy in October, but going into November, they had a particular trade where they were going long in some senior debt – commercial mortgage-backed securities. The senior debt was priced as if something like 40% of the underlying commercial real estate would have to default with no recovery at all. And all because of the turmoil that was happening in the markets. It was so bad that the fund managers said it no longer made sense to continue to hedge with the junior debt because it had gone down so much that it was not really hedging anything, so they let all the clients know what was happening. By the end of the month, Parkcentral Global Hub had lost 13% of its value, in part because of commercial mortgage-backed securities, an affidavit from the Bermuda liquidators now says. October takes another 26% out, reducing net-asset value to under US$1.5bn In October, the fund lost an additional 26% of its value, reducing the fund’s net assets to just under $1.5 billion. November darker As November rolled in, the situation got worse. Losses continued early in the month and accelerated beginning in November 12, as the bottom fell out of the commercial mortgage-backed securities market. In just one day, November 18, the fund lost $300 million. In that deadly six days in November, his office in New York was saying that they kept putting money into the trade, backing the collateral, but it kept getting worse. For one day that those prices moved, Ted remembered, it was around 1,700 basis points over treasuries. That was the equivalent of something 60% of all of the commercial real estate that underpinned these assets had to go bankrupt with no recovery. Fund’s net asset value goes to less than zero On that great day of loss, all the money in the fund was gone, in fact, more than all the money in the fund. The fund net-asset value (NAV) went to zero. They could have described it as poor risk management, you could have described it as being involved in the drive by shooting. So what what happened, though, was that most of the principals in the organization had all of the their money invested alongside the client and lost all of it. Perot lost maybe $500 million, maybe it was more. But he did decide against putting billions back in the trade to get to the other end, which was the implicit reason why they would be able to withstand turmoil. Events were around the time Madoff was exposed This was all around the same time or a little bit before news about Bernie Madoff emerged. But at least today most of the investors have probably gotten most of their money back with all of this recovery from Irving Picard. But for Ted and his team, they only held a 2%-3% position in the portfolio, and therefore could withstand the hammering. But it was one of those examples that the market can stay rational longer than you can stay solvent. And that really anything can happen. There was nothing about the fundamentals of these assets that would have told you this could have happened, Ted says. “You could have described it as poor risk management, you could have described it as being involved in the drive by shooting … what happened, though, was most of the principals in that organizsation had all of the their money invested alongside the client and lost all of it. Ross (Perot and his family) lost … maybe … $500 million, maybe more.” Ted Seides Some lessons Anything can happen In something you underwrite, in this case an investment management organization that was a great organization that had done everything the right way except for one thing – which was they had leverage and they failed to manage risk in the worst possible moment to be able to withstand the “hundred-year flood” that hit Be very wary of any investment that is leveraged Such a situation can easily lead you to losing control of your wealth and future. Ted talked about how markets can stay rational longer than an investor can stay solvent. He said that not only is this true, but all investors are not immune to this happening. If using leverage in your strategy, you absolutely must understand how you’re going to survive a big storm   Andrew’s takeaways The key lesson is the issue about leverage Overconfidence can creep in and lead to dangerous decision But it’s very human and happens all the time. In the investment field, analysts, researchers and allocators are paid for strong opinions and to “putting their money where their mouth is” and convey belief in their opinion. That can lead to overconfidence, which can creep in despite being years of discipline and one day the self-belief overreaches and the money injected is excessive. It’s then that big losses occur. Diversification was key for Ted While the lack of it wiped out the fund he was investing in, it didn’t wipe out Ted because he had used the diversification technique of sizing his position. Two main risks an analyst should look out for when analyzing companies Leverage Forex If a company has no debt, and no foreign exchange exposure, a huge amount of potential risk is eliminated.     Actionable advice All investors should get a lot more creative on how much worse it could get than the worst-case possible outcome, because again: “Anything can happen.”   No. 1 goal for next the 12 months To figure out how the work he has done on his own podcast can best benefit an investment organization.     Parting words “Andrew, keep this up. It’s a lot of fun and it’s a terrific way of trying to tease out lessons.”   You can also check out Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr. Deming’s 14 Points Learn with Andrew Valuation Master Class - Take this course to advance your career and become a better investor Connect with Ted Seides LinkedIn Twitter Website Podcast Connect with Andrew Stotz astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast   Further reading mentioned Larry Kochard and Cathleen Ritterheiser (2010) Top Hedge Fund Investors: Stories, Strategies, and Advice Ted Seides (2016) So You Want to Start a Hedge Fund: Lessons for Managers and Allocators Ted Seides (2006) Let’s Don’t Wait Til the Water Runs Dry, published in the Economics and Portfolio Strategy newsletter, Peter L. Bernstein (ed).  

I'm excited to announce the launch of a spinoff of capital allocators called first meeting. First meeting episodes will be conversations with leading investment managers across asset classes. First meeting will seek to catalyze a step change improvement in the due diligence process by sharing conversations that replicate a first meeting and allocator might have with the manager. We’ll help both managers and allocators save time from repeating the same meeting over and over again, create scale in transparency, and increase the efficiency of communication. Learn More Discuss show and Read the Transcript Join Ted's mailing list at CapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast

Ted Seides is the host of the Capital Allocators Podcast, one of the few podcasts I try extremely hard not to miss. Capital Allocators is a phenomenal podcast where Ted talks to investors, managers, strategists, and thought leaders. He was a founder and Co-Chief Investment Officer at Protégé Partners, an alternative investment firm. Tune in to hear Ted talk about his motivations for starting a podcast, hedge funds, and hedge fund fees. If you listen to this podcast, there’s probably a good chance you listen to other investing podcasts, so you may already know Ted as the host of the Capital Allocators Podcast. In the event you don’t know about Capital Allocators, you really need to check it out. Before I started my own podcast, I listened to a lot of different investing podcasts. But once I started IwtB, my free time became limited and forced me to become a little more selective with the podcasts I listen to. But Capital Allocators and Ted Seides have consistently been a personal podcast staple! That’s because the content is fantastic, Ted’s guests are super high caliber, and because I really like Ted’s way of interviewing his guests. If the name Ted Seides rings a bell, but you just can’t place it, Ted placed a charitable wager with Warren Buffett that pitted the S&P against several funds of hedge funds. It was a friendly 10-year wager that ended in 2017, and the subject really has been beaten to death, so it isn’t a focal point of this interview. There’s a ton of material on the web and I’ve included a link here that really covers everything you might want to know. As a podcaster, it’s great for me to have Ted on the program to hear him talk about the motivation behind starting Capital Allocators, some of the challenges he’s faced with podcasting, and who he’d like to interview most. As an investor, it’s super interesting to hear Ted’s current views on the hedge fund industry and about hedge fund fees. The post Ted Seides – Host of the Capital Allocators Podcast – The Stock Podcast, Ep.30 appeared first on The Stock Podcast | CEO & CFO Interviews.

  Last fall, I sat down with a fellow former hedge fund of funds professional Khe Hy, who left the business a few years ago and has developed a fascinating media platform around introspection, self-awareness, and self-development. Certainly a set of characteristics we don’t normally associate with folks in the asset management business. Khe interviewed me about my career path and some lessons I’ve learned about people, business, and life. With his permission, I am sharing the conversation to allow you to learn more about the perspective that I bring to the conversations on Capital Allocators. If you like the subject matter, I’d encourage you to check out Khe’s podcast, entitled Rad Awakenings, available on iTunes or his website, radreads.co. Learn More Discuss show and Read the Transcript Join Ted's mailing list at CapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 1:53 – Ted’s time with Dave Swensen 2:40 – How did Ted get the job not knowing about stocks 3:56 – The start of Ted’s time at Protégé 5:27 – How did Ted view the world as someone picking managers vs someone picking stocks 9:01 – Early days at Protégé 10:36 – Attributes that Ted tried to unpack about individuals 13:18 – Understanding a team’s intrinsic vs extrinsic motivations 15:03 – How much of investing is about true skill vs being on the right side of a market trend 17:06 – What did Ted learn about greed during the bull market run of the early 2000’s 20:00 – The ego, envy and entitlement of financial professionals 22:36 – The potential to hit a high-water mark and never feeling satisfied 28:20 – Loving what you do despite the financial windfall 32:50 – Would Ted have the same passion for the markets if he hit the proverbial lottery 34:36 – The feeling of financial survival and what would happen if Ted didn’t have it             37:24 – Citizen Schools 38:41 – How to stop caring about other people’s perception of you 40:46 – Most underrated attribute of Ted that he has discovered in his reinvention 41:53 – Times Ted’s resilience was tested             43:08 – Ted on Invest Like the Best Podcast             43:10 – Hero's Journey Foundation 45:02 – What does higher education and first jobs look like for the next generation given the digital changes in society 49:20 – Do millennials have less upward mobility then past generations             49:43 – The Premium Mediocre Life of Maya Millennial 52:09 – Follow and learn more about Ted at capitalallocatorspodcast.com 57:41 – Closing questions with special guest interviewers  

I’ve received several emails over the last bunch of months asking for my take on the investing world and the topics we cover on the show. Fortunately, I’ve had a chance to appear as a guest on a few other podcasts, and thought I would share some of those conversations from time to time. About a year and a half ago, Patrick O’Shaughnessy interviewed me to discuss the book I wrote on his amazing podcast, Invest Like the Best. The discussion quickly turned to a deep dive on hedge funds - past, present and future. We subsequently recorded two other conversations.  For the first, I asked him to interview me about the Buffett Bet. You can find that conversation on Episode 5. In the second, Patrick interviewed me alongside our friend and star micro private equity investor, Brent Beshore. You can find that entertaining conversation at Invest Like the Best, Episode 30. Learn More Discuss show and Read the Transcript Join Ted's mailing list at CapitalAllocatorsPodcast.com Join the Capital Allocators Forum Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast

A few months ago, Marcel van de Hoef interviewed me on his podcast, The Meeting Strategist.  He created Meeting Strategist to help senior professionals across industries think more strategically about business conversations and improve their listening, questioning and meeting skills.  With his permission, I’ve shared that discussion on this week’s show.  You can learn more about his work at meetingstrategist.org. Our conversation starts with my background and covers my communications with Warren Buffett, characteristics of successful active managers, manager meeting structure, culture assessment, tools for effective listening, lessons I learned from David Swensen, and my preparation and conducting of podcast interviews. Please enjoy my thoughts on interviewing and manager meetings, with Marcel van de Hoef asking the questions. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Write a review on iTunes Follow Ted on twitter at @tseides  

For the final episode of my pilot season, I return to the fascinating world of investing. My guest is Ted Seides. During his more than 25 years in finance, Ted has built unique expertise in the area of manager selection - picking investment funds that he believes can beat the market. He’s the author of “So You Want to Start a Hedge Fund”, and host of the Capital Allocators podcast, on which he interviews investors and others about the investment challenge and how to approach it. This episode provides inspiration for professionals who regularly find themselves assessing people and teams. You’ll learn why meetings are crucial in manager selection, how Ted prepares for these interviews and how his experience as a podcast host helps him as an investor. We also discuss Ted’s famous bet with Warren Buffett and what the Oracle of Omaha can teach us about communication. Here are some of the episode’s highlights with timestamps: 9:35 – How Ted got in touch with Warren Buffet 17:00 – Communication lessons from the Oracle of Omaha 26:33 – What you can’t get from a piece of paper: the crucial importance of face-to-face meetings 30:34 – What to look and listen for when assessing an investment team’s culture 34:20 – Why ‘we gotcha’ doesn’t work when you find out unfavorable information about someone 47:18 – How Ted prepares for a podcast interview As said, this is the last episode of my pilot season. Please subscribe to my newsletter on www.meetingstrategist.org to get notified as soon as this series continues. You can find the full show notes with relevant links at www.meetingstrategist.org/ted-seides About this podcast Welcome to Meeting Strategist. On this podcast, Marcel van de Hoef interviews professionals and thinkers from the worlds of investment, business and arts about their approach to business conversations. You'll hear inspiring stories about impactful meetings, while also learning about the strategies, tactics and mindsets these guests rely on to make meetings more constructive. Marcel is an Amsterdam-based communication advisor and trainer and the curator of the Meeting Strategist blog. His mission is to help senior professionals think more strategically about meetings, ask better questions, improve their listening skills and have more meaningful conversations in business and life. Learn more and stay up to date at meetingstrategist.org

My guest this week is Eric Balchunas, the senior ETF analyst for Bloomberg and the author of the Institutional ETF toolbox. This episode is intended for those in the asset or wealth management industry who have considered using ETFs in their portfolios, or for the individual investor who likes to stay up to date on trends in the market for asset management products. We cover all aspects of ETFs in some detail, and luckily in ways that have little overlap with a few other recent ETF-centric episodes on two of my favorite podcasts: the Meb Faber Show and Capital Allocators with Ted Seides with Matt Hougan and Tom Lydon respectively. We open with Eric’s favorite ETF tickers, discuss the pros and cons of ETFs versus other investment vehicles, and explore the largest areas of opportunities for new ETFs coming to market in the years to come. ETFs have become the vehicle of choice for many investors, so it was about time we covered them in depth in this forum. As you’ll hear, Eric is the right person to teach the world about ETFs, thanks to deep domain knowledge and unflagging enthusiasm. Please enjoy my conversation with Eric Balchunas on the past, present, and future of ETFs. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Books Referenced Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System Links Referenced Chart – There Are Now More Indexes Than Stocks Show Notes 2:32 - (First Question) – Eric’s favorite ETF tickers 4:07 – How Eric got started into his career and how it led him into the ETF world 8:04 – An overview of the ETF landscape 10:10 – Active managed ETFs             12:17 – Chart – There Are Now More Indexes Than Stocks 13:32 – Key variables he thinks about when assessing a new ETF 15:18 – Evaluating shiny object ETFs 17:30 – The appeal of ETFs 20:18 – Future regulatory concern of the tax treatments of ETFs 22:10 – The liquidity advantage of ETFs and why that can actually be bad for investors 24:19 – What would Eric do to build the perfect ETF 26:03 – What are the future trends for new ETF’s launched 29:40 – Categories that work well in the ALT world of ETFs 31:32 – Most effective marketing strategy for ETFs 35:50 – Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System 36:28 – How will the winning asset managers have done differently in this space 41:56 – How the next downturn could impact ETFs 46:17 – Do ETF’s create pricing distortions 50:33 – What trend is Eric most interested in right now 53:21 – Alpha through Beta 55:51 – Kindest thing anyone has done for Eric Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

On today's show we talk to Ted Seides. Ted is a graduate of Yale and Harvard university and he comes with multiple decades of experience in finance. For people not familiar with Ted, most might recognize him has the gentlemen that took the opposite side of Warren Buffett’s bet with the hedge fund industry. We talk to Ted about this friendly wager, how it came about, what the results were, and what he thinks about the chances of beating the S&P 500 moving forward. Something else that’s interesting about Ted is that he has extensive experience working for the famous investor, David Swensen. Swensen has been the chief investment officer for Yale’s endowment for decades and his average return for the past 20 years is 25% annually. At the end of the interview we talk to Ted about Swensen’s greatest strengths. We also ask Ted to compare David Swenson and Warren Buffett (who Ted has become friends with through the years). Click here to get full access to our show notes.In this episode, you'll learn:Why anyone would make an investment bet against Warren BuffettWhy Warren Buffett wanted to trade stock tips for a football playbook The untold drawbacks of investing in index fundsThe simple secrets to legendary investor David Swensen’s outperformanceAsk the investors: What is the best approach to teach your kids finance?

Let's talk Hedge Funds! Ted Seides is a long time hedge fund investor and the host of the Capital Allocators Podcast. He's a kindred spirit and we overlapped during the go-go days of the hedge fund industry. While this industry has some of the smartest and hardest working individuals, it's also got some perverse incentives, outright greed, and is a breeding ground for the Three Es (Ego, Envy, Entitlement - all of which I experienced). The industry is undergoing tremendous change and we discuss sussing out internally motivated individuals, the keys to growing wealth, and how money makes you more... of what you already are. + SHOW NOTES: bit.ly/radpod25 + JOIN THE RAD COMMUNITY: http://radreads.email + SUPPORT THE POD: patreon.com/radreads

A future guest just told me, every band has a song about being in a band, so today I give you my version. I won’t do this often, and only do it this week in case listenership drops due to the holiday—I didn’t want any guest to have a smaller than normal audience. I have now been doing this for almost one year, and have learned a tremendous amount. Since the whole idea behind the show is to learn in public, I am going to share a few of the lessons I’ve learned with you today. I’ll shape it as a top ten list, which ends with a fun story about my recent dinner with Warren Buffett. You’ll notice that many of these are just good business and life lessons applied to something specific: a podcast. I hope you can pull the essence of one or more of these and change how you do things, especially if you create any sort of content as part of your job. (1:35) Conversation is my new favorite way to learn. I love books, and always will, but conversations are even more efficient and engaging. Talking with people who know their field deeply is the most fun thing in the world, and it is an underused method of learning. Lectures are too one-sided. Books often don’t flow the direction you want them to. Conversations are alive and interactive. I have been doing this very publicly on the podcast, but I’ve also been doing it more in private after realizing how powerful it can be. If you can commit to having conversations with new people where you tell them as little about yourself as possible, you’ll be off to a good start. I don’t mean that talking about yourself is bad—not at all--only that in each conversation, the time you spend talking about you is time that you aren’t learning something new. The less your ego gets involved, the more you will learn—and I should know because I used to have a big ego. This means asking dumb questions, sometimes more than once. It means probing on the simplest parts of a person’s field or knowledge. As everyone knows, it is fun to explain something you love to people that don’t know as much about the topic in question, but are eager to learn. So it logically follows that you should want to be the less knowledgeable person in most conversations. If everyone took this tact, things would be a mess, but I wouldn’t worry too much about that! One side effect of learning to ask good and interesting questions is that you realize how rarely anyone asks you good or interesting questions. An example of why it pays to remove ego: A month ago I didn’t even know what a cryptocurrency token was. Now I can have a fairly in-depth conversation on the topic because I made small incremental improvement improvements across ten different conversations. In each of those, I was the moron, trying to get up to speed. The more times you are willing to be the idiot, the faster you will learn. It is a pretty cool formula: ten times the idiot, one time the (relative) expert. They should teach you how to have a good conversation in elementary school. (3:31) Preparation and careful listening are everything. The best editing for the podcast is done before the conversation starts and during the conversation itself. Most of the episodes you hear are very lightly edited, if at all. A majority aren’t touched. The ones that I have edited a bit were my fault: I didn’t prepare well enough to be nimble and attentive in the conversation. What I’ve found is that the role of the person asking the questions is to create and sustain momentum. I have this visual of a rush of water running down a maze of tubes which have hatches that open and close. If the water hits a closed hatch, everything stops. My job is to anticipate by listening very carefully and get ahead of the water to open doors to keep the momentum going. The clues to what each person loves most are usually buried in another answer. I’ve gotten much better at picking up on those cues. One example: every time someone says “we can talk about that later,” it means “I want to talk about it now and if you ask me, I’ll give a great answer.” The way I prepare for this ahead of time is to read everything I possibly can and try to be able to discuss it as if I were answering my own questions. This way, I can sense when there is a deviation between how I’d answer my own question and how they do. That deviation is often the door to something very interesting: an opinion or idea not already discussed by the guest in some other medium. An example: Scott Norton mentioned in passing that he’d read up on the history of ketchup as part of his early research, so I asked him to tell me that history and it was one of my favorite answers. I moved it to the front of the podcast. (5:07) Finding the next guest is all about the quality of other guests and the quality of my questions. The first few guests on the show were people I knew well, or well enough to invite onto a non-existent platform to chat about investing. But in the majority of the conversations, I was meeting the person for the first time-- 39 of the 47 guests to be precise. That means that almost all of these wonderful conversations started because someone else introduced me to the guest and their ideas. They introduce me because they either 1) liked being a guest themselves or 2) like listening to the show. At the end of each episode, I ask the guest who I should talk to next, which allows the conversation to thread from person to person organically. But it isn’t just the guests, it is all of you. I am grateful to everyone who devotes their time to listening to this show and for all the thrilling and often random connections it has created in the investing world. One tiny example: Brian Bares of Bares Capital Management emailed me offering to connect me with Will Thorndike. Will is the author of one of my favorite books, and was near the top of my wish list. But I had no connection to him whatsoever, and then one just appeared. Brian has also connected me with another guest who you’ll hear from soon. Because of Brian’s kind outreach, I know more today. This has happened many times. If you are listening, and know someone fascinating, please send them my way. Sidebar: If you are someone whose job it is to book podcast guests, please stop emailing me (not that you are listening, anyhow). The network effect is what drives this shows success, I just happen to sit at the central node in this particular network. The more listeners, the more connections, the more connections, the more great conversations you’ll hear. It is a virtuous cycle. So please, send me guest ideas, send me topic ideas—things you want to understand but don’t. Send me anything, I read it all. I’ll do my very best to keep the quality up, and then depend on you. (7:01) Give your audience credit. There have been a few conversations—the recent one with Michael Mauboussin comes to mind—that have been pretty complicated. But these episodes often generate the most positive feedback. The accepted rules for content are that simple and short are good, but I’ve found the exact opposite. There is a strong positive correlation between the length of an episode and the number of listeners, and between the complexity or newness of the ideas explored and the number of listeners. I get emails from people all the time, and they are often a lot smarter than me. I’ve had countless coffees and lunches all over the country with listeners who have written incredibly thoughtful emails which help me understand fields like private equity and venture capital at a much deeper level. Because I push myself to the very limit of my brain’s abilities, I have been lucky to attract a ridiculously interested, smart, and kind audience. They say you get the investors you deserve, but its clear you also get the listeners you deserve. The biggest compliment I am paid is by the army of smart people who just give me their time. I think the real rule for content should be: just operate at your own level—don’t try to move simpler or more generic. The beauty of the internet is the power of the niche—find one and own it. (8:15) Avoid colonized topics. I have a lot to say about smart beta strategies, but it is a topic that has been so thoroughly picked over by the investing community that it is no fun anymore. It is a very good rule that if I’m bored of some topic, everyone else will be too. Instead, I search for aspects of the investing world that I don’t know much about, because if I don’t know, it’s a decent indicator that some chunk of the audience won’t know. I think this lesson is key. It is so easy to explore the same stuff as everyone else, because it’s less work. But as many guests have pointed out: the key to their personal success was that they wrote the playbook instead of reading someone else’s. If the playbook is already out there, look for a different question to explore. (8:59) Consider the user experience. An upcoming guest observed that most bank customers aren’t customers at all, but suppliers. They give banks the capital they need to do business, and are therefore treated like suppliers, not customers. I think it’d be easy to view podcast guests as suppliers—in this case suppliers of content—so I am very careful to remind myself that the opposite is true. The guests are my customer just as much as you are. I try to make the experience of coming on the show easy and fun, before, during, and after taping. I am careful to provide lots of feedback to each guest once the episode launches. I like Airbnb founder Brian Chesky’s notion of an 11-star experience. He suggests any business go through the thought experiment of explaining what an 1 through 11 star experiences would be for the product or service. When you do this, star levels 7 through 11 are ridiculous, but it helps you calibrate and re-orients you to your customer. I like to think I provide a 4-5 star experience now, but in the coming weeks I’ll sketch out what an 11-star experience might be and see how I can make it better. In fact, this is something I’d love to discuss with you: how to make both the guests and the listeners’ experience better. I’ll explain how to be a part of that conversation at the end of this episode. (10:16) Find great partners. The show sounds so clean because of my excellent producer Mathew Passy. If you want to start a podcast, he is your guy. He has already started working with others that I know and my plan is to fill his entire schedule. He is one example of a key partner. The show also works because I don’t have to spend much time on finding guests. This is because of the great network, but a few nodes in that network stand out. Khe Hy, Jeff Gramm, Brent Beshore, Morgan Housel, Josh Brown, and Ted Seides, among others, have been instrumental in introducing to some of the best guests on the show and for that I am deeply grateful. People often ask how I have time to do this show, but the secret is it doesn’t take that much time! This is only possible because of the great partners I’ve found in the last year. The person whose voice or face is attached to something always gets way too much of the credit. Partners drive everything, and I’m thankful to have such great ones. (11:11) A generalist mindset can be a huge advantage. It is easy to pay homage to Charlie Munger’s latticework of mental models, but when you live it, you see why he is right. Knowing the key drivers and major ideas in a variety of fields is a huge source of leverage. It is difficult to study broadly and deeply, but the two aren’t mutually exclusive. I could talk to you about quantitative equity strategies until you pass out, but a key to the podcast’s success is that I can usually fake it in other fields like history, psychology, science, philosophy, travel, books, food, economics, mythology, sports and so on. Having these in one’s repertoire is like having a set of keys to getting the best out of other people. Different keys unlock different people. I think that a lot of being a good investor is asking good questions. If you know a little about many different fields, it makes that task much easier, and increases the odds that you’ll get the goods from whomever you at talking to. If these seems too daunting, I’ve found food, travel, and sports to be the most widely accepted keys. (12:17) Amplify what works. The most downloaded guest on the podcast so far is Brent Beshore. He has been on three times, and you can bet he will be on again. The second most downloaded is Michael Mauboussin, also a repeat guest. Andy Rachleff told me that one of his best business lessons is that you learn far more from success than from failure, and that you should use success as a compass. Drive hard in the direction of what works rather than trying to shore up weaknesses. If something is working, more of that thing, or a better version is likely to work too. A better version of a failure is likely still going to fail. A lesson within this lesson: this is all even more true for unexpected Brent is now a close friend, but I didn’t expect him to be the most popular episode. This has been a recurrent theme in my conversations on venture capital: it is usually the thing you didn’t expect which yields the biggest payoff. When something is expected or obvious to you, it is expected and obvious to others. That means competition. If Brent had been on 10 other podcasts before mine, the results would have been very different. Instead, Brent my eyes (and about 100 thousand other sets of eyes) to a fascinating new area of investing. (13:29) Don’t expect anything in return. People always ask me what my goal is with the podcast. The answer is simple: none. I don’t expect to get anything out of this other than the conversations themselves. The means and the end are the same. This is so important to me. When the process itself is the goal, magical things happen. When I have a guest on the show, it is like buying a call option. Actually its better, because I’m not even paying for the option: instead the option is “purchased” through a conversation: it is free, and highly enjoyable. The beautiful thing about call options is that the potential upside is enormous and the downside is limited, or in this case close to zero. Investors everywhere hunt for asymmetric outcomes: low downside, huge upside. And that is exactly what I’ve found this podcast to be. The second-best compliment I get is from guests who often tell me that the podcast generated a bizarre amount of inbound feedback, or even opportunities that they never expected. I don’t expect anything in particular to happen, but now I know that crazy things just will Its hard to escape the most obvious example—so let me tell this story in closing. The entire podcast began because of a rule of mine: when I read an interesting book, I email the author and ask them to lunch. I emailed Jeff Gramm after I read Dear Chairman, we got lunch, and we hit it off. We hatched a plan to record a conversation, and that was the beginning of the podcast. Very simple. 6 weeks later, the same strategy paid off again, and I met and recorded an episode with Ted Seides on hedge funds. We give Ted endless grief for his losing bet with Buffett, but I have learned so much from him about all corners of the investing world. He quickly became a friend and confidant. Ted also happens to be friends with the best investor of all time—something I didn’t know when I first met him. Fast forward to this past week. Ted, Brent Beshore and I flew to Omaha to have dinner with Warren Buffett—street value of almost $3 million dollars, my dad reminded me. I’ll get back to Warren in a second, but first a key observation here: not in a million years would I have thought a podcast would turn into a three-hour private dinner with Warren Buffett. If I had had the temerity to set that as a goal, it would have probably been impossible. If I’d been angling to get a private dinner with him, it most likely would never have happened—because everyone hates that guy. I think that because I am never angling for anything, the outcomes are far more interesting and improbable than if I was trying to achieve some specific goal. Another thing: the best thing about the dinner wasn’t that it was with Warren, but that it was with Brent and Ted, who have become such close friends. And the chance to meet Todd Combs, who was fantastic. Back to Warren. He is incredible. Kind, sharp, funny as hell, and relaxed. Early on he said to us “do you know what it says on Wilt Chamberlain’s tombstone? It says, finally I sleep alone.” We spent the first hour talking about college football. He could be a football color commentator. The amount of facts and dates and people he was throwing at me was staggering, and I know a lot about college football. I went to Notre Dame, and he had 5 Notre Dame specific stories that were some of the best I’d ever heard. He told me he once got through to an ND captain by calling his dorm room. He’d heard that the player was a big Buffett fan, and when he called the kid was awestruck. The reason for his call was an offer: two stock picks in exchange for Notre Dame’s playbook for the upcoming game against Nebraska. I don’t idolize people, and I never will, because idols are just people like anyone else. What was most refreshing about this dinner was realizing that Warren is just a person too—an exceptional one, but still a normal person. One that wants to shoot the breeze, tell stories, tell jokes, and learn about you. Knowing that even the greatest investor of all time is just a person is so reassuring. It makes anything seem possible. I’ll keep most of the details of the dinner to myself, but suffice it to say it was something I’ll never forget. But, and this may be more important, it was something I never expected. If you can find some way to give back to other people which they enjoy, and do so without any expectation of a return, you’ll be so happy, and great things will result. It has worked for me and I’m sure it will work for you. So those are ten of many observations and lessons learned so far, and here is a bonus: there is room for a lot more. In the coming year, I plan on experimenting with lots of ways of bringing this community together, digitally or in person. If you are interested in being more involved in the podcast in general, stop by investorfieldguide.com/frontier to learn more and get involved. Thank you for listening, and have a happy fourth of July.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag

This coming weekend is the annual Berkshire Hathaway shareholder meeting in Omaha. That means this week is the perfect opportunity to discuss a topic which will likely figure prominently at Berkshire this weekend: Ted Seides’s famous bet with Buffett. Ted and I discuss the origins of the bet, the nuances beneath the headlines, and whether he’d make the bet again for the next ten years. Along the way, we cover many hot topics like hedge funds, alternatives, fees, and indexing. Please enjoy! For comprehensive show notes on this episode go to http://investorfieldguide.com/bet For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides This is a special episode to premiere a new podcast from my friend, Ted Seides. In this show, Capital Allocators, Ted will feature a broad range of people that control the flow of money through the capital markets.  Ted is in a unique position to this; he knows this world as well as anyone having spent with both allocators and the money managers who invest on their behalf.  Below is the information about this first episode including a link to the homepage of this show, where you can subscribe.   Enjoy the first full episode of Capital Allocators. ———————————————————————— Steven Galbraith is best known as the former Chief Investment Strategist at Morgan Stanley. He also sat in every seat in the asset management industry – credit and equity analyst, portfolio manager, business executive, entrepreneur, and Board member at an endowment and a large family office. We discuss Steve's journey, incorporating his deep insights in the investing world alongside colorful anecdotes of market inefficiencies in European football, college sports gambling, local breweries, and Charter Schools. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on Twitter at @tseides

This week, my good friends Ted Seides and Brent Beshore join me to discuss the future of asset management and a ton of fun side topics. While we are all passionate about investing, we’ve had very different careers: Ted in alternatives, hedge funds and fund of funds, Brent in lower middle market private equity, and my own in quantitative equities. What we share is a passion for investing in general, and a deep interest in where the asset management business and profession is going.   This conversation starts like most episodes—a somewhat structured exploration of the investing business –but morphs to be a bit more fun and informal as we work our way through a bottle or two of wine. In the later half, we talk about how to dissect an industry, common features of good businesses within a given industry, books we’d like to write, books we wish existed, and things we’ve learned in our careers.   For comprehensive show notes on this episode go to http://investorfieldguide.com/brentandted For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

This week’s guest has forgotten more about hedge funds than most people will ever know. This episode will appeal to managers, allocators and any investor interested in the world of hedge funds.  Ted Seides worked under David Swensen at Yale’s endowment and was a co-founder, President and Co-chief investment officer at Protégé Partners, a multibillion dollar alternative investment firm. I met Ted after reading his book, “So You Want to Start a Hedge Fund: Lessons for Managers and Allocators.” He has taught me a lot ever since. Hedge funds have taken a beating, so this very nuanced investigation into the industry comes at the right time.  Please enjoy!   For comprehensive show notes on this episode go to investorfieldguide.com/seides/ For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag