In episode 234 we welcome our guest, Harin de Silva, president and portfolio manager for the Wells Fargo Asset Management Analytic Investors team. In today’s episode, we’re talking factors and long/short investing.
We discuss factors as anything that can help explain return, and the all-important task of assigning weights to factors in portfolio construction. We get into short selling, and some of the challenges that need to be carefully navigated, from risk management to asymmetric return distributions, to the cost of borrow.
As we wind down, we cover the appetite institutions have for factor investing and how they seem to be a lot more interested in general, however, they’re less willing to pay for strategies they can get cheaply.
All this and more in episode 234 with Harin de Silva.
In episode 233 we welcome our guest, Lisa Rich, managing partner of Hemisphere Ventures and founder and COO of Xplore. In today’s episode, we’re talking about tech and the front lines of space exploration.
Lisa walks through her background as an entrepreneur, and her transition as an investor with Hemisphere Ventures as she saw the emerging case for frontier technology. We talk through some interesting case studies of a few portfolio companies, from Axiom Space, building the world’s first commercial space station, to PlanetIQ, focusing on satellite-borne, state-of-the-art sensors to collect data to improve weather forecasting, space weather prediction, and climate analytics. We then jump into her own space company, Xplore.
We chat about space as a service and commercial capabilities, as well as development of their spacecraft, Xcraft. We dive into milestones that include working with NASA on version 4.0 of the Xcraft, planned to travel to the solar gravity lens focal region as the fastest spacecraft ever built in human history.
All this and more in episode 233 with Lisa Rich.
In episode 232 we welcome our guest, Luis Perez, Founder of Remoov. In today’s episode, we’re getting organized. We’re talking about taking the work off your hands of removing all of that unwanted clutter.
We discuss the idea that was prompted by the observation of inefficiency in the college move-in, move-out process. Luis took it upon himself to store outgoing students’ items over the summer, and sell them to incoming students in the fall. He found a market and traction, and today he’s running and growing this model with Remoov. We discuss operations and trying to find efficiency in this capital intensive business through technology and innovative processes.
We get into the logistics of entering new markets and targeting demographics such as baby-boomers that are likely to be downsizing. We talk about how the COVID pandemic has impacted the business, and the ‘on-your-feet’ thinking that led to Remoov opportunistically connecting with downsizing businesses.
All this and more in episode 232 with Luis Perez.
In episode 231, we welcome our guest, Julian Klymochko, founder and CEO of Accelerate Financial Technologies. In today’s episode, we’re talking liquid alts and democratizing alternative strategies that have been tapped by the world’s largest institutions for decades.
We get into the current state of liquid alts and hedge funds, and the standardization and commoditization that has come with increased competition. We talk about merger arbitrage. Julian offers a story about a 2014 trade that went awry when he was running his first hedge fund, adding color to some of the mechanics and risks inherent in the strategy.
We key in on private equity, dig into the lack of mark-to-market appraisal of holdings, and how this strategy can be replicated in public markets. As we wind down, we discuss the opportunity in the future for flows to work their way from complex, high fee alternatives, into low-cost liquid alts.
All this and more in episode 231 with Julian Klymochko.
In episode 230 we welcome our guest, Ryan Lupberger, Co-Founder and CEO of Cleancult. In today’s episode, we’re talking cleaning. Sustainable cleaning products to be exact.
We talk about Cleancult’s origin story, zero waste packaging, and products that actually work. We discuss getting involved with Parallel 18, a Puerto Rican accelerator that was essential to network building, and tapping into the strong pharma, science, and the R&D community that Puerto Rico has to offer.
We dig into the journey of iterations on product and packaging, and the ‘aha’ moment and decision to offer soap refills in milk cartons, the challenge that idea posed, and the custom machinery and technology that helped make that a reality.
All this and more in episode 230 with Ryan Lupberger.
In episode 229 we welcome our guest, Evan Brandoff, Co-Founder and CEO of LeagueSide. In today’s episode, we’re talking about targeted, local marketing through youth sports organizations.
Marketing through youth sports has been going on for a long time, many have played on teams with local sponsors, or have noticed a favorite local business sponsoring a team. Evan talks about evolving that model to offer automated execution through a technology platform that delivers sponsorship of local youth sports to regional and national brands.
We discuss the “aha” moment that led to the founding of LeagueSide, and the evolution of the business. We get into the impact COVID has had on the viability of youth sports leagues, and some of the tactics they are using to navigate these difficult times from a business standpoint and to support youth sports.
All this and more in episode 229 with Evan Brandoff.
In today’s episode of the Cambria Fund Profile Series, Meb discusses the Cambria Tail Risk ETF (TAIL).
Meb walks through the S&P 500’s move from it’s all time high on February 14th 2020 to it’s recent low on March 23rd 2020 that resulted in a decline of 33.7% in just 20 days.
He poses the question: “Is there any way an investor might have been able to mitigate this decline in his or her portfolio?”
He then makes the case for the Cambria Tail Risk ETF (TAIL), a fund engineered to help guard against significant market drawdowns.
As the episode winds down, Meb poses this scenario:
“Is the stock market back on solid footing today? No one has a crystal ball. If I told you a year ago, that unemployment would jump from low single digits around 4% to over 15% today, that Fed interest rates would fall from 2.5% to near zero today, that gold would be up massively, stock volatility would be up, and oil would crash down over 50%, and yet, despite all of this, stocks are up. Would you believe me? Most would not.”
All this and more in this Cambria Fund Profile Series episode, featuring the Cambria Tail Risk ETF (TAIL).
In episode 228 we welcome our guest, Danilo Santiago, founding partner of Rational Investment Methodology. In today’s episode, we’re talking stocks and investment process.
We take a deep dive into Danilo’s fundamental process that is, to a large extent, automated by programs he developed over many years. We chat about circle of competence, and why Rational focuses on a quasi-static group of about 60 companies, and has done so for over a decade.
We even walk through a case study, and talk about how Danilo thinks about the long and short side of his book.
All this and more in episode 228 with Danilo Santiago
In episode 227 we welcome our guest, Alex Smereczniak, Co-Founder and CEO of 2ULaundry. In today’s episode, we’re talking about re-thinking the laundry and dry cleaning business.
Alex cut his teeth in the business with a student-run startup at Wake Forest. We get into what he saw with existing startup models trying to scale the laundry business, and why he thought the model needed to be approached in an entirely different way.
We discuss scaling the business and 2ULaundry’s differentiating factors of pick up and delivery scheduling, vertical integration, and launching in markets where there is little competition, but room to scale.
As the conversation winds down, we cover what 2ULaundry has done to navigate during the COVID-19 pandemic.
All this and more in episode 227 with Alex Smereczniak.
In episode 226 we welcome our guest, Vineer Bhansali, CIO of LongTail Alpha. In today’s episode, we’re talking current markets and tail risk hedging.
We get into what has been going on in markets, and talk about asymmetric portfolio construction. We discuss recent market liquidity, and how it is the worst Vineer has seen in his career.
We cover tail risk hedging, and walk through some examples of how to implement, and how different techniques fare in various environments.
All this and more in episode 226 with Vineer Bhansali.
In episode 225 we welcome our guest, Eric Crittenden. In today’s episode, we’re talking managed futures and trend following.
We get into investor behavior, and the challenges of getting people to allocate to managed futures, despite the data that shows they should. Eric has come up with a creative way to re-frame the conversation around managed futures to help investors break through, and deepen their understanding.
We even walk through Standpoint’s managed futures process. We cover portfolio construction and what the allocation looks like right now.
All this and more in episode 225 with Eric Crittenden.
In episode 224 we welcome our guest, Eric Kinariwala, Founder and CEO of Capsule. In today’s episode, we’re talking disruption of the $425 billion pharmacy industry.
We hear about the experience that sparked the idea for Capsule. We cover the state of the industry, and the feedback Eric received about the poor experience friends and doctors are having with the current pharmacy model.
We then dig into the company, delivering an easier and better way for people to get and manage medications, and the customer experience that is inspired by a loving and overbearing mother.
All this and more in episode 224 with Eric Kinariwala.
In episode 223 we welcome our guest, Steven Jorgenson, Managing General partner of Starbridge Venture Capital. Strap in and let your imagination run wild…In today’s episode, we’re talking about the space industry.
We cover the space economy. There’s a lot more to it than just the launch sector. We dig into microgravity, and the opportunity it offers research and development. We chat about terrestrial market applications, and we even walk through a few investments in the portfolio.
If that isn’t enough, Steven lays out a timeline for the space industry over the next decade and beyond; it may leave you feeling that we’ll be living a sci-fi novel in the not too distant future.
All this and more in episode 223 with Steven Jorgenson.
In episode 222 we welcome our guest, Dakin Sloss of Prime Movers Lab. In today’s episode, we’re talking venture capital and investing in breakthrough scientific startups.
We get into the way Prime Movers Lab thinks about its place in the venture capital ecosystem and why Dakin believes the least useful thing they provide is capital. We talk about assessing entrepreneurs and companies and looking for founders who don’t give up.
Dakin even gives us insight into some of the innovative companies in the portfolio, those executing on ideas from space transit to sustainable aquaponic farming.
All this and more in episode 222 with Dakin Sloss.
In episode 221 we welcome our guest, Chris Davis of Davis Advisors. In today’s episode, we’re talking stocks and investor behavior.
We begin with Chris’s background and transition into some of his early lessons about investing and compound returns. We hit on investor behavior and trying to keep investors behaving in their own best interests.
We discuss current markets, owning durable and resilient businesses, and the thinking behind the fundamental process at Davis. We even get into some thoughts about opportunities in markets today, from financials to energy.
All this and more in episode 221 with Chris Davis.
In episode 220 we welcome our guest, Andrew Beer of Dynamic Beta Investments. In today’s episode, we’re talking hedge funds and replication.
We kick things off with some background that includes Andrew’s start in the industry with Seth Klarman’s Baupost Group in 1994. We discuss replication strategies, what Dynamic Beta is doing to try to outperform hedge fund portfolios, and most importantly, how they are doing it.
We talk about the firm’s equity long/short and managed futures strategies, understanding key hedge fund allocations, and what the funds look like right now. As the conversation winds, down we chat COVID and what the future might look like for liquid alts.
All this and more in episode 220 with Andrew Beer.
In episode 219 we welcome our guest, Sir Paul Collier. In today’s episode, we’re talking economics and capitalism.
We kick things off by covering some instances of the derailment of capitalism. We go all the way back to the mid-1800s to Bradford England’s industrial rise, the ensuing health crisis, and how capitalism responded. We walk forward to talk about the divide between metropolis and provincial cities, and the new class divide.
We discuss psychological and economic issues facing what professor Collier refers to as, “left behind countries.” We then shift to a thoughtful discussion of prescriptions to these problems, and the factors that need to work in harmony to create common purpose.
All this and more in episode 219 with Sir Paul Collier.
In episode 218 we welcome our guest, Adam Karr. In today’s episode, we’re talking stocks and investment process.
We cover Orbis’ investment philosophy, and the relentless focus on companies trading at a discount to intrinsic value through a bottom-up analysis process. Adam offers thoughts on the current environment and why he thinks this looks more like the .com bubble, rather than the aftermath of the global financial crisis.
We get into some of the opportunities in the market today and discuss emphasizing companies with balance sheet strength and thinking in terms of long-term, normalized earnings power.
All this and more in episode 218 with Orbis Investments’ Adam Karr.
In episode 217 we welcome our guest, Mary Wheeler, Founding Managing Director of BioRock Ventures. In today’s episode, we get into biotech and venture capital.
We cover Mary’s deep background that ultimately influenced her investment focus on biotech. We cover her fund, BioRock Ventures, investing in biopharma startups, her core investment criteria, and keeping an eye out for companies serving unmet need areas.
We touch on some key differences between biotech focused VC investing vs. other areas of VC. Mary even shares some insight into a company in her portfolio that has focused resources on potential COVID19 applications.
All this and more in episode 217 with BioRock Ventures’ Mary Wheeler.
In episode 216 we welcome our guest, David Samra, a managing director of Artisan Partners and founding partner of the Artisan Partners International Value Team.
In today’s episode, we discuss David’s background and what led him down the path of value investing. We cover the characteristics that drive Artisan’s framework and investment process.
With the recent market selloff in mind, we walk through some industries that are offering value right now, from travel and leisure to energy, and where Artisan has been deploying cash.
As the conversation winds down, we talk high-level about the asset management industry and deploying value strategies.
All this and more in episode 216 with Artisan Partners’ David Samra.
In episode 215 we welcome our guest, David Chan, COO and a founding team member of FarmTogether. We discuss the FarmTogether platform and making farmland investing more accessible.
We cover farmland as an asset class, some history about the fragmented nature of farmland ownership, and the relatively small 2-3% ownership stake that is in institutional hands. We cover the broad models of farmland ownership, and a real-world example of how a deal actually works on the FarmTogether platform.
As we get deeper into the conversation, we hear some thoughts on sustainability and the role regenerative agriculture can play in reducing agriculture’s carbon footprint.
All this and more in episode 215 with FarmTogether’s David Chan.
In episode 214 we welcome our guest, Jake Gibson, founding partner of Better Tomorrow Ventures.
We discuss startup investing in the world of fintech. We get into some of the opportunities going forward, from disruption in products, user experience and distribution models, to how some non-fintech companies may be able to start leveraging the fintech infrastructure to integrate financial services into other products.
We touch on the next wave of fintech, banking as a service, and a future that may evolve into a far deeper set of automated financial services that greatly reduce friction and improve the experience for the consumer.
Stay tuned to the end to hear some detail about Jake’s new fund, focused on pre-seed and seed stage fintech companies.
All this and more, in episode 214 with Jake Gibson.
In episode 213 we welcome our guest, David Sanderson, founder and CEO of Reelgood. We get into David’s frustrating experience of juggling multiple streaming services and how that ultimately led him to launch Reelgood.
We talk about the buildout of the product and how important data management and processing is to product implementation. Later on, we chat about the bet he and his company made on fragmentation in the streaming market, and one of the greatest challenges he has faced with his company.
Don’t miss this great episode with Reelgood founder and CEO, David Sanderson.
In episode 212 we welcome our guest, Eric Satz, the founder and CEO of AltoIRA.
Eric shares the frustration he experienced trying to make private investments in his retirement account, and how that led him down the path of solving the problem and ultimately the launch of his company, AltoIRA.
We discuss alternative investments and the case for holding them in retirement accounts. We get into the nuts and bolts of how AltoIRA works and where it is going in the future.
As we wind down, we chat about having an understanding what is out of your control and shifting focus to doing your absolute best on what you can control.
All this and more, in episode 212 with Eric Satz.
In episode 211 we welcome our guest, Julie Novack, the CEO and co-founder of PartySlate. We discuss the party planning industry and how PartySlate is bringing something entirely different to the table with its content-rich platform and transparent crediting.
We get into the frustration Julie faced logging hours online trying to plan a high-profile cancer research gala, and how that experience ultimately led to the idea behind her company. We talk about the business model, growth plans, and her experience with startup incubator, Techstars.
Julie even offers thoughts on the future and some major trends she’s seeing take shape in the event planning industry.
All this and more, in episode 211 with Julie Novack.