Tag: Investment Strategies

Feature Image Ep 22
Improving Alpha: Shivaram Rajgopal on Ways to Eliminate Governance Disengagement and Zombie Organizations

Improving Alpha: Shivaram Rajgopal on Ways to Eliminate Governance Disengagement and Zombie Organizations

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If you are a CEO at a large public company, who do you speak with when concerned about strategy, formulation of innovative ideas, or even execution of a plan to scale your business investments? Many believe that unless there’s a large activist event or news story, decision-making is solely your own. Is there a way to bring back active governance and drive engagement from board members and investors?

In this latest installment of the Improving Alpha: Innovation in Investing, ESG, and Technology podcast Michael Oliver Weinberg and Shivaram, Rajgopal, Roy Bernard Kester and T.W. Byrnes Professor of Accounting and Auditing; Chair of the Accounting Division, Columbia University explore the challenges in corporate governance. Shivaram goes into what makes governance so difficult, the impact of corporate boards on the direction of governance, and why governance can be imagined as a slow-burning background fire that isn’t significant enough to spark investor attention.

Additional Shivaram highlights include: 

  • his early background as a chartered accountant and what led him to Columbia Business School.
  • where do CEOs go if they want to improve their strategy, execution and formulation in governance, especially when it seems there’s no one on the other side listening outside of an activist event.
  • why are companies in the S&P 1500 becoming zombies (in the economic sense), and getting capital that they don’t deserve instead of someone making the hard decisions to kick out of the index.
  • what is the right timeframe to hold an investment in today’s market and is private equity superior to public equity to optimize long-term performance.
  • how can the carrot and stick theory help governance when looking at board structures.
  • what is causing the Japanese markets to model our investment texts (decades later), and why is this so important to governance.
  • When looking at Europe, where are the European Uber, Amazon, Microsoft, Google, or Tesla, and how the governance code impacts their innovation.
  • And more!

Resources:

Connect with Shivaram Rajgopal:

Connect with Michael Oliver Weinberg: 

About Our Guest:

Shiva Rajgopal is the Roy Bernard Kester and T.W. Byrnes Professor of Accounting and Auditing at Columbia Business School. He has also been a faculty member at the Duke University, Emory University and the University of Washington. Professor Rajgopal’s research interests span financial reporting, earnings quality, fraud, executive compensation and corporate culture.  His research is frequently cited in the popular press, including The Wall Street Journal, The New York Times, Bloomberg, Fortune, Forbes, Financial Times, Business Week, and the Economist. He teaches fundamental analysis of financial statements for investors, managers and entrepreneurs and a PhD seminar on accounting regulation.

 

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Feature Image Ep 23 (1)
Improving Alpha: TC Wilson on Advancing the Practice of Good Medicine through Better Asset Allocation Strategies

Improving Alpha: TC Wilson on Advancing the Practice of Good Medicine through Better Asset Allocation Strategies

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Today there’s tremendous focus around the practice of good medicine, the advancement of healthcare innovations, and positive patient outcomes. One company that embodies these characteristics and provides services to the healthcare industry is The Doctor’s Company. The Doctors Company began in 1976 during a crisis period in medical malpractice claims that were skyrocketing. Formed out of historic legislation for the time, and starting with only 450 members this organization has grown to over 90,000 members.

As the nation’s largest physician-owned medical malpractice insurance company it takes a steady hand and solid grasp of the balancing that needs to occur in both the underwriting and asset allocation areas of the business. 

Join Michael Oliver Weinberg, host, Improving Alpha Podcast, as he sits down with TC Wilson, Chief Investment Officer, The Doctors Company. Learn more about TC’s journey and the balancing of investments and underwriting to help generate alpha. 

TC highlights the following: 

  • the generation of alpha opportunities across US investment grade and non-traditional investments and how they differ from an endowment or foundation.
  • how he’s looking at private credit and private equity and where the innovation and creativity lie today.
  • how The Doctors Company integrates ESG considerations and supports California’s climate and carbon initiatives in asset allocation strategies, governance, monitoring, and due diligence.
  • what does the organization known as California Organized Investment Network, (COIN) do for environmental benefits in California?
  • how does the challenging regulatory environment impact TC’s diversification strategies in managing his shop? Does he believe that they might be getting penalized prematurely for other players’ bad market moves?
  • steps for identifying red flags in investment strategies and culture.
  • And more

Resources:

Connect with TC Wilson:

Connect with Michael Oliver Weinberg: 

About Our Guest:

Chief Investment Officer and Senior Vice President TC Wilson joined The Doctors Company as its first Chief Investment Officer in 2017. Mr. Wilson is responsible for the development, management, and oversight of the company’s strategic investment program. He also ensures that overall investment and growth objectives are met in support of the company’s underwriting profile and operating results. He contributes to The Doctors Company’s strategic growth plan as it relates to investment review and assessment of new partnerships and opportunities. On a day-to-day basis, Mr. Wilson oversees the company’s investment portfolio with the goal of preserving and growing surplus. He also serves as Chairman of The Doctors Company’s 401(k) Committee. Prior to joining The Doctors Company, Mr. Wilson served as Head of Institutional Consulting for The Optimal Service Group (OSG), an investment consultant that specializes in investment advice to the medical malpractice industry. At OSG, he was the lead investment consultant to The Doctors Company from 2000 through 2017. Mr. Wilson has nearly 30 years of investment and consulting experience, including his initial five-year stint with one of the nation’s leading benefits consulting firms in Richmond, Virginia.

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Feature Image Ep 20
Improving Alpha: Olivier Toubia and the Dark Side of Artificial Intelligence

Improving Alpha: Olivier Toubia and the Dark Side of Artificial Intelligence

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In an age of artificial intelligence, (AI) many allocators are realizing that humans alone, or software alone, can’t match or exceed the gains that occur when software and human expertise combine. Layer that into the ability of generative AI to do something better, faster, and more cheaply, and investors can begin to see a game-changing impact on business operations.

Join Michael Oliver Weinberg, host of the Improving Alpha: Innovation in Investing ESG, and Technology podcast and Olivier Toubia, Glaubinger Professor of Business Marketing Division, Columbia Business School, for a deep dive into how modern advancements, particularly generative AI, are reshaping the landscape of allocation strategies and more. Olivier shares his journey from early beginnings in math and engineering to the evolution of data science and how new analytical techniques (machine learning, natural language processing, and large language models), can be leveraged to better understand humans and optimize business operations.

 Further highlights that Olivier shares: 

  • the +20 years of thought leadership and insight around innovation that went into his Columbia Business School course, Foundations of Innovation.
  • what are some of the granular applications for artificial intelligence as it relates to Wall Street and other allocators.
  • the training of artificial intelligence models and the output guardrails that get included in human stereotypes.
  • can we remove human biases from training data when humans are tagging or labeling data that may be aligned to political affiliations, education, personal experiences, or more?
  • emerging research of brainstorming with generative artificial intelligence and what is happening with screening or rating of the ideas that are pulled through brainstorming.
  • And more

Resources:

Connect with Olivier Toubia:

Olivier Toubia is the Glaubinger Professor of Business at Columbia Business School. His research focuses on various aspects of innovation, including preference measurement and idea generation. Specifically, he combines methods from social sciences and data science, to study human processes such as motivation, choice, and creativity. He currently serves as the Editor-in-Chief at the journal Marketing Science. He teaches a course on Foundations of Innovation and the core marketing course. He received his MS in Operations Research and PhD in Marketing from MIT.

Connect with Michael Oliver Weinberg: 

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Feature Image Ep 19
Improving Alpha: David Teten on the Future of VC Models, Tools for Improving Alpha and the Portfolio Diversification Game

Improving Alpha: David Teten on the Future of VC Models, Tools for Improving Alpha and the Portfolio Diversification Game

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The portfolio diversification game takes a ton of time, energy, effort, and even during the best of times companies that you might be super bullish about can flame out, just as easily as those that are near death, can suddenly rebound. This is certainly the case in areas of venture capital (VC) or angel investing. In our latest episode of the Improving Alpha podcast, host Michael Oliver Weinberg is joined by David Teten, Venture Partner, Coolwater Capital to discuss thoughts on becoming a serial builder of venture capital firms, how investment tools being used to generate alpha are evolving, and more.

Listen as David shares his journey from the early days as an investment banker to becoming a key player in building and scaling venture capital firms, emphasizing the pivotal role of technology and strategic asset allocation in modern investment practices.

Further highlights: 

  • why strategic allocators give money to investors, and why the answer is not as simple as the generation of alpha.
  • what is so attractive about alternative VC models and could it be a way for VC investors to get a larger part of the investment pie?
  • what sort of challenges exist today for VCs in achieving investment goals, and why Warren Buffet quotes like, “You should invest when there’s blood in the water”, don’t paint the full metaphoric picture for this type of investor.
  • are family offices overestimating their competencies and what is one of the biggest secrets (as David sees it) in institutional investing today?
  • macro trends in the VC universe and what is the most disruptive theme impacting investing today.
  • And more.

Resources:

Connect with David Teten:

David Teten is a Venture Partner with Coolwater Capital, known as “Y Combinator for emerging VCs”. Coolwater runs an accelerator for emerging VC fund managers and invests as a limited partner, in general partnerships, in fund management companies, and also directly into startups. He is the Founder of Versatile VC, backing “investment tech” companies which help investors generate alpha and succeed. He is Chair of PEVCTech, a community of private equity and VC funds working to generate alpha by leveraging technology and analytics.

Connect with Michael Oliver Weinberg: 

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Feature Image Ep 18
Improving Alpha: Mazen Jabban on the Dangers of Delegating Away Allocator Innovation

Improving Alpha: Mazen Jabban on the Dangers of Delegating Away Allocator Innovation

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Navigating the world of technology innovations as a chief investment officer or portfolio manager is akin to a thrilling game of high-stakes poker or a graceful tango. Your success hinges on your ability to not just welcome incoming innovations but also effectively implement them, enhancing data transparency, boosting portfolio returns, and more.

In this episode of the Improving Alpha podcast, Michael Oliver Weinberg is joined by Mazen Jabban, Chairman & CEO, Vidrio Financial. Mazen details his journey on what led him to create Vidrio Financial, and how allocators should look at the paradigm shifts occurring in innovations across the investment community. 

Mazen further highlights: 

  • how the revolutionary impact of artificial intelligence and large language models (LLM) could shape the landscape for institutional investors.
  • the continued significance of transparency within the GP-LP relationship and the transformative influence of technology on these dialogues.
  • the investment for allocators to dedicate resources towards purchasing or constructing infrastructure to enhance data management practices..
  • how can institutional investors successfully implement a comprehensive portfolio strategy when faced with segmented teams spanning private equity, real estate, and hedge funds, each with their unique risk, data, and performance methodologies.
  • insights on private credit and the transformative potential of technology advancements for this asset class.
  • And more.

Resources:

Connect with Mazen Jabban:

Mazen Jabban is the Founder, Chairman, and CEO of Vidrio Financial, a New York-based company that provides institutional investors managing alternative investments with investment management solutions on a single platform. He is responsible for setting strategic direction and the firm’s product development roadmap. 

As an entrepreneur at heart, with years of experience in investment strategies, IT systems, management consulting, real estate development, and investment he is always looking for new ways to grow.

Connect with Michael Oliver Weinberg: 

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Feature Image Ep 14
Improving Alpha: Sandro Salsano exploring synergies in investments, philanthropy and deep value strategies

Improving Alpha: Sandro Salsano exploring synergies in investments, philanthropy and deep value strategies

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When it comes to geopolitical risk, company risk, or even balancing the costs of capital with the desire for quick profits, institutional investors are now taking a long-term approach to their future investments. How does this perspective impact the risk-reward dynamic for future returns, and are there sectors that may not be as flashy but offer better opportunities for generating alpha?

To answer these questions and more, Michael Oliver Weinberg, host of the Improving Alpha podcast invited Sandro Salsano, President of the Salsano Group, to get a sense of what he’s seeing in the world of emerging markets, private equity, philanthropy, and more.

Sandro discusses: 

  • the fascinating story behind his family office and Goldman Sachs interactions, and his insights into his innovative global strategies in the realm of private equity, emerging markets, and more.
  • his core sectors and investment horizon, and how they’re delivering alpha and positive cash flows in this market.
  • how he views partnerships with larger institutions to assist in putting capital to work for longer periods of time.
  • his view of the Latin American markets (including Brazil, Mexico, Colombia, and Peru) and how inflation plays a role in his strategic investments across the region.
  • balancing investments across philanthropic ideas and how these moves led him to a seat on the Board of Trustees at the University of San Diego. 
  • how he applies a measure of psychology to investing, and how being humble in life and investing has led to his overall success.
  • And more!

Connect with Michael Oliver Weinberg: 

Connect with Sandro Salsano:

About Sandro Salsano:

Sandro Salsano has been at the forefront of successful initiatives in investments, philanthropy, and education for more than two decades. Forbes called him the Warren Buffett of Central America on its cover and one of the world’s most iconic visionary and financial titans. The World Economic Forum named him Young Global Leader for his exceptional vision, courage, and influence to drive positive change in the world. In 2014 he formalized his philanthropy by co-founding the Salsano Shahani Foundation to focus on education. He is a Chairman of Global Dignity, a Member of the Judging Academy for the World’s Best School Prize, a Partner of the Tent Partnership for Refugees, a Member of the Academy for Global Teacher Prize, a Steering Committee member of 1640 Society, and pledged his support to TerraCarta. Sandro is President of Salsano Group, a multi-billion dollar private conglomerate holding company investing in private equity, real estate, and technology globally and he is President of Salsano Family Office. Sandro serves as a Trustee for the University of San Diego California and is on the Investment Committee for the Endowment of the University. A graduate of Bocconi University Milan with full grades, he also studied at Harvard, Oxford, and Princeton University. He and his wife Johanna have been married since 2014 and have two children.

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Vidrio Yt Feature Ep 5
Improving Alpha: Greg Steinmetz on History’s Indispensable Asset Owners

Improving Alpha: Greg Steinmetz on History’s Indispensable Asset Owners

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When considering some of the richest people in history, you may immediately think about names like Buffet, Vanderbilt, Carnegie, Rockefeller and more. However, there are two others that could be pulled from the pages of history that helped to shape the financial landscape that investors navigate today. They are Jacob Fugger and Jay Gould.

In this episode, Michael Oliver Weinberg, co-founder, Improving Alpha Podcast Series, is joined by Greg Steinmetz, Author & Securities Analyst, Ruane, Cunniff and Goldfarb to discuss his latest research into the world of Fugger and Gould and how that research shaped Greg’s books, The Richest Man Who Ever Lived and American Rascal: How Jay Gould Built Wall Street’s Biggest Fortune.

Greg discusses: 

  • How did Jacob Fugger’s calculated wealth of $400 billion make him indispensable to the Pope and Habsburg family.
  • How can allocators today learn the importance of due diligence by reviewing the cold-blooded calculations that Fugger used to evaluate his business and those of his competitors.
  • Did Fugger’s fortune survive the periods of extreme market volatility through today.
  • Switching to Jay Gould, how have lessons of the past, like buyer beware, be applied to a Madoff discussion or even cryptocurrency.
  • Why don’t we hear more about the Gould legacy in comparison to those of Vanderbilt, Carnegie or Rockefeller.
  • And more

Resources:

Connect with Greg Steinmetz:

About Our Guest:

Greg Steinmetz is an analyst for the New York City money manager Ruane, Cunniff & Goldfarb, which manages the Sequoia Fund mutual fund. They invest in public equities across a variety of sectors based on deep fundamental research. Greg has written two books: American Rascal: How Jay Gould Built America’s Biggest Fortune (Simon & Schuster, 2022) and The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger (Simon & Schuster. August, 2015). Before joining Ruane, Cunniff, Greg was a reporter and editor with The Wall Street Journal.

Connect with Michael Oliver Weinberg: 

To learn more about our host visit: https://www.vidrio.com/blog/improving-alpha-podcast-gregsteinmetz-richestman

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.