In this episode, Bill speaks with Jennifer Fonstad, seasoned venture investor and co-founder of Owl Capital. With nearly 30 years in venture capital, Jennifer shares her journey from Bain and Harvard Business School to investing in companies like SpaceX, Tesla, and Chime. They examine the evolving landscape of early-stage VC, the value of diverse teams, and the unique community-driven model at Owl Capital. Jennifer also discusses the firm's long-term, evergreen funding approach backed by family ...
Jun 04, 2025•36 min•Season 3Ep. 17
In this episode, Bill welcomes Eoin Motherway, a seasoned finance professional whose career spans investment banking, fund accounting, and digital asset management. Eoin recounts his path from chartered accountant to head of a major asset management platform, and now, to a portfolio career bridging TradFi and DeFi. They explore the impact of regulatory change, the rise of tokenization, and the increasing intersection of technology and finance. Eoin also shares insights on board governance, finan...
May 28, 2025•40 min•Season 3Ep. 16
In this episode, Bill sits down with Annelise Osborne, author of From Hoodies to Suits and a veteran in both traditional finance and the evolving digital asset space. Annelise shares her journey from commercial real estate and structured finance at Moody’s to becoming a leading voice in blockchain innovation. They explore the institutional adoption of crypto, the role of blockchain in transforming back-office operations, and the shifting attitudes of younger generations toward investing. The dis...
May 21, 2025•38 min•Season 3Ep. 15
In this episode, Bill speaks with Jon Caplis, founder and CEO of PivotalPath, to explore how his firm is redefining hedge fund transparency and trust for institutional investors. Jon walks through his career path—from early hedge fund experience to founding PivotalPath—and the core challenges investors face when accessing reliable hedge fund data. They examine the systemic flaws in commercial databases, the necessity of strategy-level insight, and the foundational importance of data integrity, r...
May 14, 2025•44 min•Season 3Ep. 14
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 als...
May 07, 2025•51 min•Season 3Ep. 13
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 manage...
Apr 30, 2025•49 min•Season 3Ep. 12
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 conflic...
Apr 23, 2025•44 min•Season 3Ep. 11
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...
Apr 16, 2025•38 min•Season 3Ep. 10
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 t...
Apr 09, 2025•41 min•Season 3Ep. 9
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 inv...
Apr 02, 2025•38 min•Season 3Ep. 8
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 man...
Mar 26, 2025•40 min•Season 3Ep. 7
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 d...
Mar 19, 2025•39 min•Season 3Ep. 6
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 uni...
Mar 12, 2025•37 min•Season 3Ep. 5
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 emotiona...
Mar 05, 2025•39 min•Season 3Ep. 4
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 transparen...
Feb 26, 2025•36 min•Season 3Ep. 3
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 th...
Feb 19, 2025•41 min•Season 3Ep. 2
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...
Feb 12, 2025•47 min•Season 3Ep. 1
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. ...
Dec 18, 2024•43 min•Season 2Ep. 40
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 i...
Dec 11, 2024•49 min•Season 2Ep. 39
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...
Dec 04, 2024•43 min•Season 2Ep. 38
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 com...
Nov 27, 2024•35 min•Season 2Ep. 37
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 lon...
Nov 20, 2024•37 min•Season 2Ep. 36
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...
Nov 13, 2024•35 min•Season 2Ep. 35
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 ac...
Nov 06, 2024•40 min•Season 2Ep. 34
In this episode, host Bill Kelly welcomes Scott McMunn, CEO of the Loan Market Association (LMA), to discuss the dynamic shifts in private credit and the significant role that trade associations play in today’s financial landscape. Scott shares his career journey from asset management to leading the LMA, highlighting the challenges and opportunities in the evolving loan markets. The conversation dives into the growth of private credit, the influence of non-bank financial intermediaries, and the ...
Oct 30, 2024•47 min•Season 2Ep. 33
In this episode, host Bill Kelly welcomes Aishah Ahmad, Board member at the Financial Alliance for Women and former Deputy Governor of the Central Bank of Nigeria, to discuss diverse topics including innovation, regulation, climate action, and female leadership shedding light on the financial landscape in Africa. Aishah shares her fascinating career in finance and transition into regulatory roles, in a conversation rich with lessons on perseverance, leadership, and the future of finance in emerg...
Oct 23, 2024•37 min•Season 2Ep. 32
In this episode, Bill welcomes Keith Black, a longtime colleague and cryptocurrency expert, to discuss the rapidly evolving world of digital assets. Keith shares insights from his extensive career, including his early work in commodity derivatives, hedge funds, and institutional consulting, as well as his role in the Chartered Alternative Investment Analyst (CAIA) Association. The conversation dives into Keith's move toward digital assets and cryptocurrencies, highlighting key topics such as the...
Oct 16, 2024•34 min•Season 2Ep. 31
In this episode, host Bill Kelly welcomes Nell Mackenzie, a financial journalist with a diverse background, including a 20-year career as a professional actress and time spent trading crude oil on the NYMEX floor. Nell shares her unique journey from acting to financial journalism, highlighting the formative experiences that led her to cover the dynamic world of hedge funds. Listen in!
Oct 09, 2024•40 min•Season 2Ep. 30
In this episode, host Bill Kelly sits down with Melissa Ma, Co-Founder and Managing Partner of Asia Alternatives, to explore the evolving landscape of private equity in Asia. Melissa shares her journey from Goldman Sachs to co-founding Asia Alternatives, providing deep insights into the firm’s strategic focus on Asia's private equity markets. The discussion covers the significance of demographics, geopolitical risks, and the role of technology in shaping investment strategies. Listen in!...
Oct 02, 2024•41 min•Season 2Ep. 29
In this episode, host Bill Kelly welcomes Jeff Schafer, an expert in impact investing, to discuss the evolving landscape of alternative investments and the significant potential of Africa as an investment destination. Jeff shares his journey from traditional finance to a focus on impact investing, emphasizing the importance of aligning financial returns with social good. Listen in!
Sep 25, 2024•38 min•Season 2Ep. 28
