By CAIA Association
Educational AlphaSep 13, 2023
Conversation with Ben Hunt, Co-Founder and CEO, Second Foundation Partners and Author of Epsilon Theory
In today's episode, we are joined by special guest Ben Hunt, a seasoned professional with a diverse background. Bill and Ben share a common history, having worked together in the past, and now they're here discussing truth, transparency, and the power of narratives. Ben takes us through his three distinct career paths, from academia to entrepreneurship and ultimately landing in the world of investments. However, it was a pivotal moment that led him to explore a new approach to managing money in a world where fundamentals seemed to lose their significance. This journey culminated in Ben's creation of the popular blog newsletter, Epsilon Theory, which now reaches over 120,000 readers. Get ready for an enlightening discussion that will challenge your thinking and shed light on the untapped potential of understanding the stories we tell ourselves. Listen in!
Conversation with Shundrawn Thomas, Founder and Managing Partner, Copia Group
In today's episode we have the honor of hosting an industry titan, Shundrawn Thomas. With over 25 years of impactful leadership in financial services, he brings a wealth of knowledge and perspective to this fascinating conversation. A South Side Chicago native, Shundrawn’s life experiences have colored his views on everything from societal economics to the critical role of education and faith. He particularly shines in his ability to marry investment performance with positive societal change. As the founder and managing partner of the Copia Group, he's breaking down barriers by providing economic opportunities and access to capital for underrepresented entrepreneurs. This discussion delves deep into the importance of diversity in business, the hurdles in securing capital, and the transformative work Shundrawn is spearheading. Listen in!
Conversation with Lawrence Calcano, Chairman and Chief Executive Officer, iCapital, Inc.
In this episode we're joined by Lawrence Calcano, Chairman and CEO of iCapital, Inc. who will be sharing his expertise on private equity, alternative investments, and the importance of understanding liquidity in the market. Lawrence emphasizes that investors must be prepared for their capital to be tied up for several years, sheds light on how general partners drive performance improvements in the companies they invest in, and much more. Listen in on this educational journey as Lawrence shares his wealth of knowledge on navigating the intricate world of alternative investments.
Conversation with Sarah Williamson, CEO, FCLTGlobal
In this episode, Sarah Williamson, CEO of FCLTGlobal, shares her insights on various subjects, including the differences between public and private investments, the critical transition to clean energy, and the modernization of pension systems. Delving into tools for investors and their long-term value impact, Sarah emphasizes the importance of climate considerations in portfolio management and critiques the outdated US pension system, highlighting the efficiency of the Australian superannuation system. Listen in!
Conversation with Marko Papic, Partner, and Chief Strategist, Clocktower Group
In this episode we are joined by Marko Papic, a renowned expert in geopolitical risk. Marko shares his insights on the shifting dynamics of a multipolar global environment and its impact on climate change. Get ready for an intellectually stimulating conversation as we uncover the intersection of politics, finance, and global challenges. Stay tuned for an episode packed with expertise and thought-provoking insights on geopolitics and its implications for investors. Listen in!
Conversation with Thomas Deinet, Executive Director, Standards Board for Alternative Investments (SBAI)
In this episode, we welcome noteworthy guest, Thomas Deinet, who joins host Bill Kelly to discuss the fascinating journey of the Standards Board for Alternative Investments (SBAI), which was formerly known as Hedge Fund Standards Board, and its mission to establish industry-wide standards. Thomas takes us back to the pressure faced by the hedge fund industry during the financial crisis, the birth of the SBAI, and the importance of transparency and collaboration in improving industry practices. You'll be privy to an insightful conversation about investor education, regulatory challenges, and the future of the financial services industry. Listen in!
Conversation with Jane Buchan, CEO, Martlet Asset Management
In this episode Bill welcomes esteemed guest Jane Buchan, a prominent advocate for diversity and a pioneer in the alternative finance space. They discuss the significance of diversification and demographic adaptation in risk management, the shift from traditional to decentralized finance, and the future trajectories within this field. Jane also shares her notable career experiences, such as co-founding PAAMCO and her association with the Financial Data Professional Institute, lending her expertise to talk about operational efficiency, alpha generation, and the data science challenges in financial markets. Listen in!
Conversation with Tony Davidow, Senior Alternatives Investment Strategist, Franklin Templeton
In this episode Bill and guest Tony Davidow, author of Goals-Based Investing: A Visionary Framework for Wealth Management, discuss the evolving landscape of investing and the significance of adapting to it. Together, they examine relevant topics including the impact of inflation on investment strategies, the trend of consolidation, the importance of diversification, and much more! Throughout their discussion, Tony emphasizes the value of education on alternative investments, access to world-class managers, and the incorporation of private credit and real estate in retirement portfolios. Listen in!
Conversation with Christoph Knaack, CEO, Preqin
In this episode, Bill speaks with the CEO at Preqin, Christoph Knaack, about the private capital industry, including challenges and strengths of balancing asset holding with realizing value. They explore topics such as transparency, secondaries, and the denominator effect, as well as the need for education, regulation, and technology. Christoph also shares insights from Preqin which focuses on alternative assets, while discussing the evolving industry and its growth potential.
Conversation with Tracy Vegro, CEO, The Chartered Institute for Securities & Investment (The CISI)
In this episode, Tracy Vegro, a prominent figure in the financial services sector, joins Bill to discuss the significance of relevance, inclusion, and certainty in an uncertain world. The conversation covers integrity, ethics, culture, collaboration, and global economic development. Tracy shares insights on careers, digitization, AI, legal and regulatory fields, diversity, and the role of professional bodies.
Conversation with Christine Bourron, Founder, Pi-eX
In this episode, Bill interviews Christine Bourron, the founder of Pi-eX, a company that tracks the public auction market data in the art industry. The episode covers various topics, including fractionalization, NFTs, investing in art, and the democratization of access to products. Christine outlines Pi-eX’s methodology for creating an auction market index and the challenges of investing in art.
Convestion with Randy Cohen, Senior Lecturer, Harvard Business School
In this episode, Bill catches up with Randy Cohen, a seasoned educator who has taught investments and alts at Harvard Business School for 25 years. Randy dives into the current state of education and how the pace of technological change is disrupting the job market, leading to stress on educational institutions to keep up with new demands. He also explores the use of AI technology in education and recommends a book that predicted the invention of the iPad - Amazon Unbound by Jeff Bezos. This insightful discussion easily shifts to his thoughts on entrepreneurship and how private equity can add value to public markets. Listen in!
CAIA - Educational Alpha - https://caia.org/content/educational-alpha-podcast
HBS - Alternative Investments course - https://online.hbs.edu/courses/alternative-investments/
Dangerous Vision Podcast - https://www.mabvi.org/resources/dangerous-vision/
Field X course - https://www.hbs.edu/coursecatalog/6333.html
Conversation with Stacy Havener, Founder and CEO of Havener Capital
In this episode, Bill catches up with Stacy Havener, founder and CEO of Havener Capital. They discuss the importance of storytelling in the asset management industry and how it can shift the focus from asset gathering to creating value for clients while also diving into how the biases, norms, and outdated ways of thinking can be the antagonist in a story and how it's crucial to understand the client's hopes and dreams. Listen in!
Conversation with Stuart MacDonald, Chairman of Aaro Capital & Managing Partner at Bride Valley Partners
In this episode, Bill catches up with industry titan, Stuart MacDonald, Chairman of Aaro Capital. Stuart’s wealth of experience from over 30 years across top-tier global investment companies; his deep expertise in capital raising across alternative investment management and bankable technologies; his service on varied non-profit boards, and hosting the award-winning alternative investment radio show, The Naked Short Club, makes for an insightful and fascinating conversation. Listen in!
Conversation with Fiona Frick, Founder and Managing Partner, Circe Invest
In this episode, Bill talks with Fiona Frick, founder of Circe Invest and expert on investment allocation and sustainability issues. With over 30 years of experience in asset management, including 12 years as a CEO, Fiona is recognized by the financial industry as one of the most influential women in European finance. Dedicated to creating bridges between the finance industry, sustainability, and academia, she is a respected speaker on economics, financial markets, investment allocation, and the growth of sustainable finance. Listen in!
Conversation with Hossein Kazemi, PhD, CFA, Professor of Finance, Isenberg School of Management, University of Massachusetts and Senior Advisor, CAIA Association and FDP Institute
In this episode, Bill sits down with colleague Hossein Kazemi, Professor of Finance at the University of Massachusetts and Senior Advisor to CAIA Association and the Financial Data Professional Institute, to understand the new chatbot from OpenAI that is inspiring awe, fear, and stunts – ChatGPT. Hossein defines what the “G”, the “P”, and the “T” stand for, and the power and limitations of the tool that is even more advanced than we think. Listen in!
Conversation with David Lee Kuo Chuen, Professor, Singapore University of Social Sciences (SUSS)
In this episode, Bill catches up with David Lee Kuo Chuen, professor of social sciences at Singapore University whose professional career could be described as a “diverse portfolio”. From his early days as a hedge fund manager, to researching bitcoin, crypto, and blockchain technology, to an educator of fintech and social impact, David’s career spans decades of continuous movement toward the forefront of investment and technology. Listen in!
Conversation with Mario Therrien, CFA , Head of Investment Funds and External Management at Caisse de dépôt et placement du Québec (CDPQ)
In this episode, Bill talks with Mario Therrien, Head of Investment Funds and External Management at CDPQ, a global investment group based in Montréal. The conversation spans from Mario’s insight on how working with a pension fund provides him with a deeper sense of the impact of generating alpha. Mario expresses how he strives to leave the industry in a better place than when he started. Listen in!
Conversation with Jennifer Murphy, CFA, founder and CEO of Runa Digital Assets, LLC and Alex Botte, CFA, CAIA, Head of Client & Portfolio Solutions at Runa Digital Assets, LLC
In this episode, Bill catches up with two guests from the digital assets space, Jennifer Murphy, Founder & CEO of Runa Digital Assets and Alex Botte, Head of Client & Portfolio Solutions at Runa. It’s no secret that the evolution of the “Web” has transformed our world. Its first phase, Web 1, opened the unprecedented availability of information, and Web 2’s interactive social and mobile applications created some of the world’s most powerful networks and most valuable companies. Listen in to hear how Jennifer and Alex believe digital assets to be the start of Web3.
Conversation with Stefania Di Bartolomeo, Founder, Physis Investment
In this episode, Bill hears from Stefania Di Bartolomeo, Founder of Physis Investment and self-described “Quant Humanist”. Early on, Stefania became the youngest impact investing fund manager in Europe. Since then, she has worked to fill the need for a “different” level of transparency to answer the next “big question” – How do we measure the impact of money on the planet? Listen in!
Conversation with Dale Favors, Managing Partner, Adaptive Growth Leadership
In this episode, Bill chats with one of his professional mentors, Dale Favors, Managing Partner for Adaptive Growth Leadership. The two discuss everything from developing leaders who build diverse teams, to the effect of culture and leadership on business growth. Listen in to learn more on how education comes with experience, exposure, and most importantly, access.
Conversation with Dr. Ashby Monk, Researcher on long-term investing at Addepar and Stanford University
In this episode, Bill talks with Ashby Monk, whom he describes as a “rock-star” in the industry. Their intriguing discussion breaks down Ashby’s recently co-authored paper the Investor Identity: The Ultimate Driver of Returns. This one is a real “behind the curtain” peek at the argument being made about institutional investors’ “identity” being the leading driver of returns within a portfolio. Listen in!
Conversation with Jaclyn Foroughi, CAIA, CFA, Cofounder and Managing Partner of Brazen Impact
In this episode, Bill meets up with CAIA Member, Jaclyn Foroughi, cofounder and managing partner of Brazen Impact and a lecturer in management at Stanford Graduate School of Business. The two dig deeper into the distinct difference between the often-confused terms of impact and ESG, as well as her passion and perspective on what the next generation stands to inherit - beyond money. Listen in!
Conversation with Brian Portnoy, CFA, Founder & CEO, Shaping Wealth
In this episode, Bill ponders the changing of the guard within the investment landscape – a generational shift among investment professionals, the emergence of a new investor, and the impending tremendous transfer of wealth to come. He is joined by Brian Portnoy, Founder and CEO of Shaping Wealth, and a leading expert on the psychology of money. Fascinating discussion on money, minds, and markets. Listen in!
Conversation with Dick Pfister, CAIA, Founder & CEO, AlphaCore
In this episode, Bill talks with one of the earliest CAIA designation adopters, Dick Pfister, Founder and CEO of AlphaCore. Pfister’s storied career in finance began as a floor trader at the Chicago Mercantile Exchange and has taken a remarkable path that may just parallel the evolution of the industry and client expectations of alternative investments on portfolio outcomes. Listen in.
Conversation with Dr. Margaret Cullen, Founder & Principal, Think Governance, Ltd.
In this episode, Bill welcomes Dr. Margaret Cullen to the discussion about all things governance. A preeminent person in the field of governance in Ireland, Dr. Cullen brings fascinating insight into the world of corporate and investment fund administration. Listen in.
Conversation with Robert J. Rubinstein, founder, and CEO of TBLI Group
In this episode, Bill catches up with Robert Rubinstein, social entrepreneur and driving force behind TBLI Capital – the world’s leading impact investing authority and network focused on education, advising, and connecting investors. Listen in and hear what Robert means when he says, “I have full confidence in the greed of people”.
Conversation with Troy Prince, CAIA, founder, and CEO, Wall Street Bound, Inc.
In this episode, Bill chats with Troy Prince, CEO and Founder of Wall Street Bound – a New York City-based nonprofit finance education and training organization. A Wall Street veteran, Troy’s idea to support diverse and underrepresented talent discover careers in the financial services industry took hold over 15 years ago! Hear more about its impact and other defining moments like meeting Warren Buffet, the book he credits with igniting his passion for finance, and why he was determined to learn multiple languages. Listen in!
Conversation with Dr. Bronwyn King, Founder, and CEO of Tobacco Free Portfolios
In this episode, Bill talks with a tireless champion for tobacco-free investment, Dr. Bronwyn King. An Australian radiation oncologist, Bronwyn made the horrifying discovery in 2010 that her pension money was being invested in big tobacco. In that moment, she realized that she was working hard to help people suffering from the effects of tobacco use, while investing in the very products that were responsible for their pain. She just couldn’t let that be. Listen in to hear how she started Tobacco-Free Portfolios, a non-profit aiming to eliminate tobacco from investment portfolios globally.