Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

Annie Duke – The Power of Quitting (Capital Allocators, EP.273) Oct 03, 2022

Show notes

Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie's background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It's called Quit: The Power of Knowing When to Walk Away, and I'm going on record predicting it will be a best-seller in short order. Our conversation covers Annie's compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train.

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

[REPLAY] Annie Duke - Improving Decision Making [Capital Allocators, EP.39] Oct 03, 2022

Show notes

Annie Duke is a renown public speaker and decision strategist. For two decades, she was one of the top poker players in the world, including winning a World Series of Poker bracelet and the $2 million winner-take-all WSOP Tournament of Champions. Her study of the science of smart decision-making began with a National Science Foundation Fellowship, which she used study Cognitive Psychology at the University of Pennsylvania. Among her charity work and television appearances, Annie was a runner-up to Joan Rivers on Celebrity Apprentice, during which she raised $700,000 for Refugees International. She is a natural teacher and storyteller with an active mind that constantly searches for accurate truth. I highly recommend Annie's new book, Thinking in Bets, which comes out this week. In her life after poker, she is a featured speaker, writes a newsletter and a blog, and advises companies on improving their decision-making process. Have a look at her website, annieduke.com, for more information. Our conversation discusses Annie's path from an Ivy League education to professional poker, the nature of a bet, how we form beliefs, why we make bad decisions, and what we can do to improve our decision-making process. Towards the end, we also talk about bankroll management, poker faces, and advice she would give the President on how to make better decisions. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

JUST RELEASED: Thoma Bravo on Private Equity Deals, EP.02 Sep 28, 2022

Show notes

Our second episode of Private Equity Deals released this morning. I'm joined by Scott Crabill, a long-time partner at Thoma Bravo, to discuss their take private purchase of RealPage. Search for Private Equity Deals on your favorite podcast platform and subscribe.

Listen to Thoma Bravo on Private Equity Deals

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Matt Brown – Tidal Wave of Capital for Alternatives from Retail (Capital Allocators, EP.272) Sep 26, 2022

Show notes

Matt Brown is the CEO of CAIS, the leading investment platform that connects independent financial advisors with managers in alternative strategies. Matt was a guest on the show last year discussing his path and the business, and that conversation is replayed in the feed. Since that time, CAIS and the broader movement of private wealth into alternatives have accelerated rapidly. I caught up with Matt to get his perspective on the tidal wave of capital coming into the space ahead of CAIS' inaugural Alternative Investment Summit, a three-day event bringing together senior leaders from the alternative asset management and independent financial advisor communities on October 17-19 in Los Angeles. Our conversation covers the size of the private wealth market, key drivers of the adoption of alternatives, the characteristics of managers and products that receive flows, advice for those who would like to participate, and where capital is flowing today. We then turn to CAIS' company strategy, including deploying a substantial capital raise, upgrading its technology, expanding the team, and building custom solutions for advisors. We close with Matt's views on the future of CAIS.

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

[REPLAY] Matt Brown – Democratization of Alternatives at CAIS (Capital Allocators, EP.214) Sep 26, 2022

Show notes

Matt Brown is the Founder CEO of CAIS, a leading alternative investment platform on which thousands of financial advisors have invested over $12 billion in alternatives across private equity, private credit, hedge funds, and real estate. Our conversation covers Matt's background as both a financial advisor and distributor of alternatives that collectively led to the idea behind CAIS. We discuss the development of a two-sided platform, structural features for both financial advisors and managers, and challenges along the way. We then turn to the wave of capital coming from this community and what it means for investors. Lastly, we discuss Matt's perspective on leadership and the future of CAIS.

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Adam Wyden - ADW Capital (Manager Meetings, EP.37) Sep 22, 2022

Show notes

On today's Manager Meeting, Savneet Signh interviews Adam Wyden. Savneet is the President and CEO of PAR Technology Corp, a $1.5 billion market cap public technology company, the Chairman of CoVenture, and a past guest on Capital Allocators earlier this year, sharing his unique perspectives as a successful operator and investor. Adam is the founder and Managing Partner of ADW Capital, a $350 million concentrated, small cap, long-biased fund he launched with $0.5 million in 2011. ADW's largest position is PAR Technology. Their conversation covers the launch of ADW, the evolution of the fund's strategy from activism to quality, research process, lessons learned, and opportunities going forward. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Friends Reunion 2 – Five Allocators Riff on Investing with Meredith Jenkins, Casey Whalen, Brett Barth, Jon Harris, and Ted Seides (Capital Allocators, EP.271) Sep 19, 2022

Show notes

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.

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

SPECIAL ANNOUNCEMENT: Private Equity Deals Podcast Sep 15, 2022

Show notes

I'm excited to share the first episode of a new podcast called Private Equity Deals. Much like Capital Allocators, we'll share investment conversations that previously occurred only behind closed doors. In each episode, we discuss an individual private market deal with a manager to learn about the companies, deal dynamics, and ownership that make private equity a force in institutional portfolios and the global economy. The conversations also shed light on how each firm goes about their craft. The first season of Private Equity Deals consists of eight episodes with some of the top private equity managers, released every other week on Wednesdays. We've shared the first on this feed, a conversation with Pete Stavros, Co-Head of KKR's U.S. private equity business, about a recently exited portfolio company, C.H.I. Overhead Doors. If you like what you hear, please subscribe to Private Equity Deals on your favorite podcast platform, and as always you can keep up to date and join our mailing list at capitalallocators.com.

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Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270) Sep 12, 2022

Show notes

Greg Lippmann is the co-founder and Chief Investment Officer of LibreMax, an $8 billion asset management firm specializing in structured products. Greg co-founded LibreMax in 2010 after a long tenure at Deutsche Bank focused on the space. He was one of the originators and the literal epicenter of the subprime mortgage short position during the financial crisis. Michael Lewis featured Greg in The Big Short and Ryan Gosling played him in the movie based on the book. Our conversation covers Greg's background, story of the subprime short, structured product market, and launching LibreMax. We discuss his investment strategy, research process, portfolio construction, trading, competitive landscape, and market outlook. We close with Greg's experience being portrayed by a Hollywood star on the big screen.

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

Ted Seides – Insights on investing and podcasting (Capital Allocators, EP.269) Sep 05, 2022

Show notes

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 Show Notes

(3:11) Capital Allocators Mission (5:53) Ted's background (10:16) Outperformance in the GFC (13:25) Insights in first book (16:40) Making Capital Allocators a success (19:41) Importance of contrarianism (23:26) Conviction for retail investors (29:54) Views on Buffett (35:02) Understanding digital assets (39:40) Themes for the next ten years (42:00) Thinking for the long-term (45:29) Summary of Ted's bet (54:20) Closing questions

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