Business

Odds on Open

Conversations with leading thinkers on trading and investing.
Hosted by Ethan Kho.
Produced by Patrick Kho.

Latest Episodes:

Venture Capitalist Avik Ashar: VC Is How Asia’s Richest Future-Proof Their Businesses Jul 08, 2025

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If venture capital underperforms the public markets, is it still worth the investment? For Avik Ashar, the answer is yes—but not for the reasons you think. Avik, a Principal at Riverwalk Holdings, an India-focused VC firm, argues that most people misunderstand how venture capital works and how to fairly evaluate VC fund performance.Venture capital, he explains, isn’t just about chasing unicorns or short-term IRRs. It’s a strategic investment tool, especially in Asia, used by family offices and conglomerates not only for returns but also for M&A, R&D, and market expansion. In markets like India, venture capital is helping industrial groups future-proof their businesses while tapping into innovation. He also highlights how India’s maturing public markets and mutual fund sector are making early-stage investing and startup exits far more viable than in places like Southeast Asia, where liquidity is still limited.He breaks down:– Why VC returns vs public markets often look misleading—unless you know how to analyze them– How family offices in India are using venture funding for strategic acquisitions– Why M&A is finally taking off in Asia—and what that means for founders– The key differences between venture capital in India, Southeast Asia, and the U.S.– Why India’s public markets are becoming a critical exit path– How startup exits work in markets without strong IPO pipelines– Why Southeast Asia’s VC boom from 2014–2018 underperformed– What Gen Z needs to understand about building in a noisy, AI-native world– How venture capital vs private equity differs in terms of outcomes, strategy, and timelinesHe also shares an important reminder for our age of endless short-form content: “The most expensive thing you can give today isn’t your time—it’s your attention.”00:00 Intro00:33 Why invest in venture capital?01:01 How venture returns work03:01 Venture as an R&D and acquisition pipeline04:11 The outlier nature of VC returns05:11 Why family offices invest in venture05:52 Examples of conglomerate acquisitions in India09:43 Differences in VC ecosystems: US, Singapore, and India16:29 Do family-backed VCs perform better in India?16:50 Riverwalk Holdings’ experience in India18:22 Maturity of India’s financial ecosystem for startups23:59 Where will venture gains come from?27:51 Indian conglomerates embracing startups28:52 Challenges of building companies in Asia30:22 Advice for young people in an uncertain world32:44 Tech’s share of the US market cap38:04 Staying focused amidst noise40:57 Advice for recent graduates42:24 Outro

Venture Capitalist Guy Horowitz: Some of the Best Founders are Assholes Jun 10, 2025

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Is venture capital dead? Not for Guy Horowitz, who boasts 20+ years in the VC ecosystem, holding the title of partner at firms like DTCP, 33N, and ESH.vc. In this episode of Build to Last, we unpack the changing face of early-stage investing and startup funding—from the 2000s hardware boom to the rise of software unicorns, and now the new frontier: AI-first companies. Guy shares battle-tested insights on identifying founder-market fit, navigating VC cycles, and why understanding capital formation is just as important as finding the next big tech innovation.We also dive into the future of work, education, and the middle class. What happens when generative AI and automation replace white-collar jobs faster than traditional schools can adapt? What happens when AI agents arrive at desks, offices, and boardrooms? With three kids of his own, Guy reflects on raising future-proof talent and what young people today really need to succeed in a world defined by machine learning, venture-backed disruption, and rapid technological change. Spoiler: it's not just about coding bootcamps—it's about curiosity, adaptability, and a willingness to learn from people who aren’t like you.Some key takeaways:– How venture capital has changed in the past two decades– Why "great ideas" don’t matter without the right founders– What makes a great startup exit– The question top VCs like Guy Horowitz ask before writing a check– What NOT to say in a pitch meeting– How DTCP became a breakout fund backed by Deutsche Telekom– Why today’s job market is rigged (and how you can stand out anyway)– Whether AI will make human investors obsolete– Why most white-collar jobs are more automatable than we think– Is now a good time to start a fund? Guy’s honest take– Advice for young people unsure about their futureAlso in this episode, we discuss how to identify REAL startup talent (even if they’re mean) and what makes a great VC (beyond capital). Subscribe for more conversations with founders, builders, and leaders.#venturecapital #investing #ai 00:00 Podcast Intro 00:43 How venture capital has changed 01:55 Guy’s early career at Gemini 05:46 Lessons from being cocky too early 09:15 What makes a great VC investor 12:49 How Guy evaluates founders 18:54 What not to say in a pitch 21:38 The story behind DTCP 27:08 Fundraising success and growth 30:11 Is venture capital dead? 36:41 Raising kids in the AI age 43:44 What happens to the middle class?51:12 Advice to young people 52:42 Outro

Goodnotes COO Minh Tran: Schools That Ignore AI Will Fall Behind May 20, 2025

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How will AI affect education? Minh Tran has a lot to say about the future of learning in the age of large language models (LLMs) and generative AI. As the COO of GoodNotes—one of the world’s leading AI-powered note-taking apps—he’s at the forefront of how AI is changing the education system. For Minh, the future of learning is already here: “We need to rethink WHAT we teach, not just HOW we teach,” he says.Before working in edtech, Minh was the Executive Director at Education First, the global learning company. He also founded Bloom Academy in Hong Kong, literally building a K–12 school FROM SCRATCH during COVID. With experience in both traditional and startup education organizations, Minh shares why AI-first schools are better positioned to thrive, while schools that don’t adapt to AI will fall behind.Some key takeaways:– How Minh started a school from scratch during the pandemic– What today’s students *actually* need to learn in an AI-first world– Why most schools are failing to adapt to ChatGPT and generative AI tools– How Goodnotes became a tech unicorn through remote-first culture– How Goodnotes is winning the tech talent war through flexible work arrangements– The importance of mentorship– How to find a mentor– Why AI experimentation, curiosity, and play are key to raising future-ready kids– How to pivot from education to tech (and how others can break into tech from different industries)– What Gen Z can offer senior leaders at the workplaceWe also dive into Minh’s advice for young people chasing unconventional careers and the secret to building a career with impact. He emphasizes this: put in the hours, and if you’re privileged enough to follow your passion, just do it.Subscribe for more conversations with founders, builders, and leaders.

Quant Researcher and YouTuber Dimitri Bianco: Your Finance Degree is Worthless May 13, 2025

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Is a finance degree still worth it if you want to become a quant? In this week’s Build to Last episode, quant researcher and YouTuber Dmitri Bianco explains why he calls his own finance undergrad “a big mistake” — and why most quant roles today demand far more math, statistics, and programming than students realize. (The short answer to that first question is: no.)Dmitri shares how he went from a misguided finance major to Head of Quantitative Research at Agora Data, a fintech company — after being rejected from top financial engineering programs and racking up $160K in student debt. He now runs a YouTube channel with nearly 60,000 subscribers, where he shares real insights on quant careers, financial engineering, and navigating the industry.breaks down how the world of finance is evolving, and how new grads can break in. A few key takeaways:— Why most finance degrees don’t prepare you for quant roles— How buy-side firms use prestige to exploit junior talent— Why the traditional finance hiring model is broken— How passion and problem-solving beat credentials in quant interviews— Practical advice for students entering quant and finance roles today— What makes a company a great place to work in quant finance— Why career satisfaction matters more than titles or payHe also shares thoughts on AI’s impact on quant careers, what it’s like being a YouTuber with a dedicated hate page (yes, really), and how to build a career you can be proud of (even in a tight job market).#QuantFinance #FinancialEngineering #financejobs Check out Dimitri's channel: https://www.youtube.com/c/dimitribianco

Investment Migration Expert Krista Victorio: You Can Buy a Passport (Legally) May 06, 2025

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A second passport isn’t just for shady billionaires or globalist elites — it’s actually a legal, fast-growing strategy used by thousands of wealthy families to unlock global freedom. It’s also the core of a booming global industry that Krista Victorio, Partner at Orience, knows inside and out.On this episode of Build to Last, Krista explains how citizenship-by-investment works — and why families from China, Russia, the Philippines, and (most surprisingly!) the United States are buying their way into second passports more than ever before. She also shares how Orience, an investment migration firm, is capitalizing on the rising demand for global mobility. For Krista, investment migration is one of the few ways you can “diversify the accident of birth.” In the episode, she breaks down:- How different programs work — from Caribbean citizenship schemes and one-time-payment Maltese passports to Golden Visas in Europe and the U.S. EB-5 visa- Why investment migration is exploding post-COVID- What wealthy people *really* want from a second passport (Hint: it’s not just taxes)- The top programs in Portugal, Spain, Greece, Malta, and more- Why the traditional career ladder is dead- Why more young people should rethink in an increasingly challenging job market

$1M+ Consultant Davide Sola: For True Success, "Think in Generations, Not Quarters" Apr 29, 2025

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At no other point in history the #corporate and #academic worlds been so deeply at odds. The former sees the latter as useless bureaucrat over-thinkers, while the latter sees the former as money-driven opportunists placing profit over principle. But Dr. Davide Sola is rallying against this. His experience spans both the #boardroom and the #classroom. Early into his #career, he worked at #McKinsey while simultaneously enrolled as a #Enterprise #Economics PhD student at the University of Torino. "There’s this idea that academic means rigorous but irrelevant. I don’t believe that. You can be both," he says. The mission to bring #academia and #corporate closer together is still something Davide continues today, now almost two decades since his time at McKinsey and Torino. He's currently the #CEO of Strategy in Action ("a strategy solution built to give C-Suite [executives] what they need") and a #business professor at ESCP Europe.Speaking with Ethan on the Build to Last podcast, he discusses the future of #consulting, how to #scale, and the #strategy behind a generations-lasting business.

After Years as a Startup Advisor, Illai Gescheit Says Kindness Is Edge Apr 24, 2025

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The startup world is dog eat dog. “Move fast and break things,” so goes the Silicon Valley adage. For Illai Gescheit, this does not have to be the case: “You can still move fast and break things and be a kind person as well,” he says. The unconventional mantra is plastered on his LinkedIn headline. “Kindness is my strategy,” it reads. Indeed, it’s a practice that Illai must commit to in his day-to-day work as a startup advisor. He’s one of the founders of Gescheit & Partners — a global multi-stage venture advisory firm working with bold, visionary and resilient founders. Through Gescheit & Partners, Illai actively nurtures startup founders through the firm’s venture equity firm. He also serves on the boards of Atlas Capital and Barka Fund. Illai shares with Ethan lessons from years as a serial entrepreneur, and in the past working as a Venture Partner at Siemens Energy Ventures and Entrepreneur-in-Residence at BP. On this episode of Build to Last, Illai shares his first journey into the tech industry, the difference between corporate hires and startup hires, and (of course) why kindness is a great business strategy.

How Ryan Manuel Built an AI Startup Turning Policy Into Alpha Apr 15, 2025

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We live in a world of noise. Signals are in abundance. There is too much data, too much fuzz and fluff that makes decision-making a real challenge. It’s issues like these that founder Ryan Manuel is trying to solve. As the founder and CEO of Bilby, his main goal is to use AI and machine learning to automate regulatory and government analysis, turning fuzzy policy signals into real, actionable insight for traders and investors. Ryan’s regulatory analysis software covers the regions where government policy is the most nebulous, like China and India. Prior to his foray into the startup world, Ryan was also an Associate Professor at the University of Hong Kong and a Rhodes Scholar at Oxford University.

On the Build to Last podcast, Ryan discusses with Ethan some key trends in AI: how AI is redefining the startup playbook, his expert opinion on Chinese vs. American AI, and “it’s never been a better time to be nimble…” to be the “little guy.” He also shares his views on what young people should do to achieve success.

How Silicon Sands’ Seth Dobrin Is Investing in a Future Where AI Is Used Responsibly Apr 01, 2025

Show notes

Every week, it seems that there’s always a new set of questions we’re pondering when it comes to AI: How will AI reshape the job market? How close are we to Artificial General Intelligence? Dr. Seth Dobrin, a General Partner at One Infinity Ventures and the founder of Silicon Sands, is here to give some clarity on these issues. What sets Seth apart in the world of AI investing is his commitment to building tech responsibly. Through Silicon Sands (which is a venture studio under One Infinity), Seth only backs startups that deliver strong returns while meeting top ethical standards.

In an AI space saturated with techno-optimists and accelerationists, Seth has a number of controversial opinions: that LLM capabilities are fully maxed out and that small tech companies are the future of AI industry. On the most recent episode of Build to Last, he discusses with Ethan these hot takes, and where the world is headed.

From Author to Publisher: How Dhira Vidhea Built Indonesia’s First Digital Literary Agency Mar 25, 2025

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Growing up, Dhira Vidhea loved to read and write. She’d devour John Green’s books as a teenager, and eventually wrote her own book titled “The Boy Who Broke In My Window” at age 13. “I always wanted to be an author,” she says. “That was my dream.” But publishing manuscript wasn’t as easy as she first anticipated: None of the literary agents she sent her book to wanted to work with her.

From one challenge, a business opportunity arose. Dhira went on to start TinLit, which first started as Indonesia’s Wattpad-like online writing platform, and later evolved to connect the platform’s top authors to traditional publishers. Through TinLit, she’s created a community of over 10,000 active users and realized the dreams of so many independent writers. On the Build to Last podcast, she and Ethan discuss how the publishing industry is evolving, the latest book trends, and the importance of being “delulu” to achieve your dreams.

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