In this episode, Bill welcomes Steve Novakovic, Managing Director of Educational Programs for CAIA Association, to discuss the evolving nature of endowment investing, the growing role of total portfolio approaches (TPA), and the shifting responsibilities of asset allocators. Steve shares his journey from working at the Cornell University Investment Office to shaping the CAIA curriculum, emphasizing how events like the global financial crisis and modern portfolio theory shaped his views. They also explore the role of diversification in portfolio construction, the importance of due diligence and manager selection, the rising impact of retail democratization, and the ethical foundation needed to support long-term credibility in the profession. Steve further outlines how CAIA is adapting its curriculum, introducing proprietary ethical principles, and leading with new educational tools like the UniFi platform.
In this episode, Bill welcomes Roger Vincent, founder of Summation Capital, to explore the evolving private equity landscape. Roger shares insights from his 30-year career, including his pivotal role at Cornell’s Endowment and his motivation for creating Summation to deliver institutional-quality private equity access to high-net-worth investors. They address private equity’s shift from an exclusive asset class to a complex industry, the challenges of democratization, the critical role of manager selection, and the importance of fee structures. Roger also discusses the future impact of AI in investment strategies and portfolio construction.
In this episode, Bill welcomes Ruth Yang, Global Head of Private Market Analytics at S&P Global Ratings. Ruth shares her extensive background in credit and leveraged finance, highlighting her unique perspective on the expansion of private credit markets. They explore how private credit has evolved, the role of club deals, rating methodologies, and the growing involvement of high-net-worth investors. Ruth also discusses the impact of documentation quality, the rise of lender-on-lender conflicts, and the critical role of thought leadership and generative AI in shaping the future of private market analytics.
In this episode, Bill welcomes Andre Maciel, founder of Volpe Capital and former leader of SoftBank’s Latin America operations. They explore the evolution of venture capital in the region, from post-dot-com investments to today’s AI-fueled innovations. Andre reflects on his career at J.P. Morgan and SoftBank, the rise of Latin American startups, and the importance of timing in tech investing. The conversation also addresses AI adoption, due diligence in emerging markets, regional challenges like bureaucracy, and the potential for AI to transform inefficiencies. They wrap with insights on regulation, talent, and Brazil’s growing investment ecosystem.
In this episode, Bill sits down with George Aliferis, founder of Orama, host of the Investology podcast, and a fellow CAIA Member, to explore the evolving dynamics of private markets, democratized investing, and the importance of long-term thinking. George shares his unconventional path—from financial markets to filming Michelin-star chefs, and back into fintech content creation. Together, they probe the marketing practices in alternative investing, the pitfalls of liquidity and wrappers, and the critical role of education and governance in a more accessible financial landscape. The episode also features reflections on Swensen-style investing, the challenges of retail access to alts, and whether fractional ownership of wine or art is more hobby than portfolio play.
In this episode, Bill welcomes Fernando De Leon, founder of Leon Capital Group, to explore the intricacies of private capital, real estate investments, and long-term wealth creation. Fernando shares his unique upbringing along the U.S.-Mexico border and how it shaped his approach to business and investment strategy. He discusses his early career at Goldman Sachs, his transition into entrepreneurship, and how he successfully navigated the financial crisis to build a diversified, multi-sector investment firm. The conversation highlights Leon Capital’s evolution from special situations investing to an operator-led model spanning real estate, healthcare, and financial services. Fernando offers insights into his approach to patient capital, the role of alternative investments, and the importance of adapting to market inefficiencies. He also discusses the firm’s recent expansion into fund management via iCapital, as well as the role of technology and data analytics in shaping investment decisions. The episode concludes with a deep dive into Leon Capital’s scholarship program, emphasizing the importance of investing in future generations and staying connected to evolving trends in business and technology.
In this episode, Bill welcomes Independent Directors Council Managing Director Thomas Kim to explore the evolving role of independent fund directors in today’s financial landscape. They discuss the history and growth of the mutual fund industry, the importance of fiduciary responsibilities, and the growing complexities of investment oversight. Tom shares his perspective on how governance has changed since the introduction of the 40 Act, the impact of ETFs, the importance of professional fund management, and the increasing need for financial education for investors. The conversation also touches on the future of asset management, the role of technology and AI in investing, and how independent directors can prepare for the challenges of tomorrow.
In this episode, Bill welcomes Daniel Liebau, an expert in blockchain and decentralized finance, to discuss the evolving world of Decentralized Autonomous Organizations (DAOs). Daniel shares insights into his background in traditional finance and technology, his transition into blockchain research, and his work in the DAO space, including co-authoring a book on the subject. The discussion covers key aspects of DAOs, their governance structures, and real-world applications. If you're looking to deepen your understanding of DAOs and their role in the future of finance, this episode is a must-listen.
In this episode, Bill welcomes James Cheo, Chief Investment Officer for HSBC Global Private Banking and Wealth for Southeast Asia and India. They explore James' journey from his early days at the Monetary Authority of Singapore to his leadership role in asset allocation and wealth management. The discussion traverses crucial themes like intergenerational wealth transitions, democratization of private markets, and the evolving role of technology in investment strategies. James also shares his unique approach to social media, emphasizing mentorship, purpose, and resilience, while reflecting on the enduring legacy of Ratan Tata. Dive into a conversation that blends professional insights with personal wisdom.
In this episode, Bill interviews Monique Frederick, a CFA Charterholder and financial expert passionate about empowering women through financial literacy. Monique shares her journey from a background in computer information systems to a career in wealth management, emphasizing her dedication to educating and guiding women toward financial freedom. They discuss the generational shifts in financial decision-making, the importance of early financial education, and strategies for overcoming emotional and cultural barriers to investing. Monique's book, Embracing Your Money Power: A Woman's Guide to Financial Freedom, serves as a focal point for addressing the gaps in financial literacy and the tools individuals need to achieve financial confidence.
In this episode, Bill is joined by Tom Tull, former CIO of the Employees Retirement System of Texas. Tom shares his journey from a career in the military to becoming a prominent figure in public fund management. They discuss Tom's approach to building teams, redefining public funds as businesses, and the shift toward alternative investments. The conversation explores the challenges of asset allocation in a changing economic landscape, the rise of private markets, and the importance of transparency between LPs and GPs. Tom also provides insights into emerging investment opportunities, international markets, and the evolving role of secondary markets. Don’t miss this engaging discussion about the past, present, and future of asset management.
In this episode, Bill welcomes Andrew Akers, lead quantitative research analyst at PitchBook, to dive deep into private equity and private market replication strategies. Andrew shares his journey from traditional finance to quantitative analysis, discussing the key findings from his seminal paper on private equity replication. The conversation examines the nuances of equity risk premia, operational alpha, and the challenges of building a replicable index for private markets. They also explore the role of machine learning in analyzing patterns within financial data and the growing importance of private markets for high-net-worth investors.
Welcome back to Season three of Educational Alpha! In this first episode, Bill welcomes Harry Markopolos, the renowned financial fraud investigator and whistleblower best known for uncovering the Bernie Madoff Ponzi scheme. Harry shares his journey from portfolio management to forensic finance, detailing his relentless pursuit of exposing fraudulent financial schemes. The conversation covers the challenges he faced in getting the SEC to act on the Madoff case, the inner workings of Ponzi schemes, and how financial professionals failed to conduct proper due diligence. Harry also discusses the systemic weaknesses in financial regulation, the rise of new financial frauds, and the ongoing battle against deceptive investment practices.
In this season finale of Educational Alpha, host Bill Kelly welcomes John Bowman, the incoming CEO of CAIA Association. Reflecting on the evolution of CAIA and their professional journeys, the two explore major themes shaping the investment landscape—diversification, digitization, and democratization. They discuss the organization's transition from Bill's tenure to John's, emphasizing CAIA's mission to educate and advocate for better portfolio construction, transparency, and investor outcomes. Bowman also lays out a roadmap for CAIA's future, highlighting challenges and opportunities within a rapidly evolving financial ecosystem. This conversation is not only a handover of leadership but also a deep dive into the principles driving the Association forward. Listen in!
In this episode, Bill interviews Kenneth Heinz, President of HFR, to explore the evolving landscape of hedge funds. Kenneth shares insights into HFR’s growth from its inception in 1992 to its current position as an industry leader. The conversation delves into hedge fund strategies, performance benchmarking, and the role of transparency in driving trust and innovation. Kenneth also highlights emerging trends such as the rise of pod shop structures, the growing impact of cryptocurrency, and the importance of democratization in investment strategies. Listen in!
In this episode, Bill sits down with David Frazee, a Silicon Valley-based venture capitalist and innovation advocate, to explore the dynamic intersections of venture capital, global entrepreneurship, and the democratization of innovation. David shares his fascinating career journey from high-tech law to investing in groundbreaking startups, many of which have become unicorns. The conversation covers the challenges and opportunities in venture capital, including the evolving dynamics of liquidity, the rise of entrepreneurial ecosystems in emerging markets, and how risk capital drives transformative innovation. Listen in!
In this episode, Bill welcomes Will Goodhart, Chief Executive of CFA UK, for a reflective discussion on leadership, professional evolution, and the challenges of addressing sustainability in finance. Will shares insights from his two-decade-long tenure, including his journey from journalism to leading one of the most respected professional bodies in finance. The conversation dives into the importance of serving end investors, the role of professional bodies in fostering ethical and technical competence, and the urgency of addressing climate change. Listen in!
In this episode, host Bill engages with Brett Christophers, Professor of Human Geography and author, to explore the intersections of private equity, climate investment, and the realities of capitalism in tackling global issues. He delves into the premise of his book, The Price is Wrong, questioning the reliance on private capital to drive decarbonization and assessing the potential limits of profitability in achieving climate goals. Their conversation addresses policy gaps, the importance of long-term investment vehicles, and the role of public versus private sectors in leading sustainable change. Listen in!
In this episode, host Bill Kelly sits down with Yann Robard, founder of Dawson, to explore the evolving dynamics of private equity markets. Yann shares his unique career journey, from a furniture store startup to leading initiatives at the Canada Pension Plan Investment Board, and ultimately founding Dawson. They discuss the rise and development of the private equity secondary market, the evolution of structured liquidity solutions, and the anticipated growth in private markets, and more. Listen in!
In this episode, host Bill Kelly welcomes Jennifer Choi, CEO of ILPA (Institutional Limited Partners Association), to discuss the dynamic landscape of private equity, its governance, and the evolving role of limited partners (LPs). Jennifer shares insights from her extensive career, starting with consulting and private equity emerging markets, to leading ILPA. This conversation provides a deep dive into the mechanisms driving change in private equity and the critical role LPs play in ensuring accountability and governance. Listen in!
