Show notes
Checkout Flux 4.0 here: https://www.flux.live/flux4/index.html Noah Kann is 22, running his third firm, and managing capital raised from some of the wealthiest families in America. On this episode of Odds on Open, Ethan Kho sits down with the co-CEO of Venari Asset Management to unpack what a 22-year-old hedge fund manager knows that 20-year Wall Street veterans miss: why running a hedge fund is the least sexy business in finance, why compliance and a well-written PPM are an emerging manager's competitive advantage, and why complacency, not inexperience, is the real driver of alpha decay. Noah walks through his path from buying HCA at $15 during the COVID drawdown at 16, to a leveraged crypto trading firm at 17, to launching SageTech Capital at 19, and explains how behavioral finance and studying past cycles like the Great Depression substitute for market reps he hasn't lived through.The conversation then moves into Venari's macro discretionary playbook: trading government intervention and defense spending, a top-down process that turns a geopolitical thesis into a position, non-consensus indicators like data-center HVAC suppliers, and how the firm handles crowded trades and momentum with hard stops, max drawdown limits, and disciplined profit-taking. Noah breaks down the multi-strategy structure across long/short equity, LEAPS options, and ETF baskets, explains why mindfulness is the single most important risk control for a discretionary macro fund, and shares what family offices actually diligence when an emerging manager raises capital — stewardship, lockups, and the next generation. The episode closes on what people miss about Jane Street, SIG, and WorldQuant, hiring for rate of improvement over credentials, pod-shop culture, and why differentiated inputs produce differentiated returns. Essential listening for hedge fund analysts, PMs, quants, allocators, emerging managers, and MFE and MBA students building an edge in liquid markets.
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