Tag: Private Equity

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 24
Improving Alpha: Catherine Ulozas on Innovating a Billion Dollar Endowment

Improving Alpha: Catherine Ulozas on Innovating a Billion Dollar Endowment

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Information overload can occur in even the most skilled institutional investor when considering the amount of managers and intelligence competing for their time and attention. How can a leading endowment CIO or portfolio manager navigate the volume of financial statements, capital calls, risk/reward ratios, and more? How can they mentor junior analysts to find the diamonds in the rough to help generate alpha?

In our latest Improving Alpha podcast, host Michael Oliver Weinberg sits down with Catherine Ulozas, Chief Investment Officer, Senior Vice President, Investment, Drexel University. Catherine shares her extensive background from the early years at ING Direct prioritizing safety in fixed-income investments and how that brought her to the CIO role at Drexel University.

 Additional highlights from Catherine’s podcast interview include: 

  • how is Catherine looking at the endowment risk today, especially in light of increased inflation, increasing spending rates by the university, and more.
  • why was it a critical mission of the endowment to save St. Christopher’s Children’s Hospital in Philadelphia, and how did the $40 million line of credit get paid back in record time.
  • the innovations that her team is making both on an operational level and through advanced analytics.
  • how Drexel’s endowment considers ESG and why Catherine believes the “G” tends to drive a lot of progress across the environment and social aspects of this acronym.
  • positive aspects in real asset investing and the appeal of emerging markets for future asset allocation.
  • how was Drexel able to overcome the deployment challenges of assets in private markets and what are the red flags that her endowment team uncovers when considering investment opportunities.
  • and more

Resources:

Connect with Michael Oliver Weinberg: 

Connect with Catherine Ulozas:

About Catherine Ulozas:

With over 30 years of investment experience, Catherine Ulozas is a senior executive who has managed pools of capital for endowments, insurance companies, the largest US thrift, and a state pension fund. Catherine is the Chief Investment Officer at Drexel University and has continued to improve the Drexel Endowment’s quality and returns, scoring in the top 10% in the Wilshire Consulting Foundations and Endowment Universe for the last 5 years. 

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 15
Improving Alpha: Russ Carson on the ‘lucky accident’ of a career in Venture Capital, Private Equity, and Philanthropy

Improving Alpha: Russ Carson on the ‘lucky accident’ of a career in Venture Capital, Private Equity, and Philanthropy

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Be careful what you wish for, is a critical statement for those entering the field of private equity, and venture capital today. As the industry accelerates, increased government scrutiny, regulation, and a greater need to prove that your business is providing a productive service to society will come into play.

In our latest episode of the Improving Alpha podcast, our host, Michael Oliver Weinberg, sits down with Russell L. Carson, Founder & General Partner of Welsh, Carson, Anderson & Stowe, and Chairman of The Carson Family Charitable Trust. 

Russ explores his own journey in both venture capital and private equity, what led him to create the Carson Family Charitable Trust, succession planning for his business, and why he’s become a student of improving the human condition.

Further highlights include: 

 

  • how his career evolved from managing $5 million in Citibank’s Venture Capital arm to leading his own firm managing over $31 billion in AUM through investments in healthcare and information technology sectors.

  • the objectives and structure of the Carson Family Charitable Trust, and how Russ balances the investments that he’s making today and the returns he can expect to get to zero out the trust by the end of 2050.

  • his involvement in the unique institution, Rockefeller University, and how he’s helping the university with funding solutions to mankind’s largest healthcare mysteries.

  • how he helped to create the New York Genome Center and how the cost to sequence a human genome has declined from $10,000 to $500 in the course of 10 years due to things like Nvidia GPUs, cloud computing, and machine learning.

  • his strategic view of making smaller acquisitions that create a much larger business out of a series of smaller parts and how it has been successfully applied to both healthcare and the information technology space.

  • differences between a public market investor and being a venture capital or private equity investor, and how Welsh, Carson, Anderson & Stowe combine the two disciplines at times.

  • the creative tension between LPs and GPs across the Private Equity industry.

  • the “red flag” of a manager being unfocused in his approach to investing, and how having focus gave Russ a competitive advantage in the sectors that he serves.

  • thoughts on whether we’re getting too far when it comes to AI venture capital investments. Is it overvalued and overhyped?

  • his thoughts on Elon Musk and the impact on our world.

  • And more!

Connect with Michael Oliver Weinberg: 

Connect with Russ Carson:

About Russ Carson:

Russell L. Carson is Chairman of The Carson Family Charitable Trust, a private foundation that he started, along with his immediate family members, in 1991. The foundation is focused on New York City and supports non-profit organizations in the fields of education, poverty, healthcare, medical science, and culture. Mr. Carson is currently Chairman of The Rockefeller University, Chairman of the Partnership for Inner-City Education, co-Chairman of the New York Genome Center, Vice Chairman of the Metropolitan Museum of Art, a Trustee of New York-Presbyterian Hospital, a Director of the National 9/11 Memorial and Museum and a Director of the Coalition for Opportunity in Education. He is also Chairman Emeritus of Columbia Business School and a Trustee Emeritus of Dartmouth College.

Since 1978 Mr. Carson has been a Founding Partner of Welsh, Carson, Anderson & Stowe (WCAS), one of the country’s largest private equity firms. Over the past 38 years, WCAS has raised sixteen institutionally funded limited partnerships with a total capital of approximately $20 billion and has invested in over 250 companies. He led the firm’s healthcare investment practice for many years and is currently the Lead Director of Select Medical Corporation, a NYSE listed owner of long-term acute care hospitals, physical rehabilitation hospitals, and outpatient rehabilitation clinics which was founded by WCAS and the company’s management in 1987.

Mr. Carson attended public high school in Toledo, Ohio prior to receiving a BA degree in Economics from Dartmouth College in 1965 and an MBA from Columbia Business School in 1967. He received an honorary degree from Dartmouth College in 2015. He resides in New York City with his wife Judy and their two children, Cecily and Edward; all family members are Trustees of the foundation and active in its affairs.

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.

Feature Image Ep 13
Improving Alpha: William J. Kelly, CAIA on disrupting data transparency in the institutional markets

Improving Alpha: William J. Kelly, CAIA on disrupting data transparency in the institutional markets

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As institutional investments become increasingly intricate, it is crucial to bring transparency (and perhaps even enlightenment) to both GPs and LPs. Large data sets and the scale of innovative technology shows no signs of decelerating for those seeking alpha. Serving as a cautionary tale for this installment of Improving Alpha, a famous quote by renowned British Economist Ronald H. Coase once said, “ if you torture the data long enough, it will confess to anything”.

Join Michael Oliver Weinberg as he sits down with William (Bill) J. Kelly, CAIA, President & CEO of the CAIA Association, in this captivating episode. In just :40 minutes, Bill shares his insightful perspectives on the ever-increasing regulation of private markets and the importance of data transparency. Dive into the fascinating world of AI and large language models, and explore the latest trends in ESG. Don’t forget to click on the audio play button at the top of this page to uncover even more valuable insights.

Further highlights cover: 

  • a brief overview of CAIA and FDP, explaining their origins and their roles in the alternative investments industry
  • the critical importance of being able to upskill and cross-skill the cast of characters that define the investment process, and how the process has changed over the last 10 years.
  • will artificial intelligence ever be able to build a comprehensive mosaic around cash flow, manager letters, and more.
  • learning what’s on the minds of larger allocators when it comes to increasing regulation by the SEC, and would real opinions be presented better with a ‘truth serum’ cocktail on data transparency.
  • the huge potential of doing well at one pillar of ESG, while simultaneously nuking another pillar. 
  • And more!

Connect with Michael Oliver Weinberg: 

Connect with William (Bill) Kelly:

About William (Bill) Kelly:

William (Bill) J. Kelly, CAIA is the President & CEO of the CAIA Association. Bill has been a frequent industry speaker, writer, and commentator on alternative investment topics around the world since taking the leadership role at the CAIA Association in January 2014. Previously, Bill was the CEO of Boston Partners and one of seven founding partners of the predecessor firm, Boston Partners Asset Management which, prior to a majority interest being sold to Robeco Group in Rotterdam in 2002, was an employee-owned firm. Bill’s career in the institutional asset management space spans over 30 years where he gained extensive managerial experience through successive CFO, COO, and CEO roles. In addition to his current role, Bill is a tireless advocate for shareholder protection and investor education and is currently the Chairman and lead independent director for the Boston Partners Trust Company. He has previously served as an independent director and audit committee chair for ’40 Act Mutual Funds and other financial services firms. He is also currently an Advisory Board Member of the Certified Investment Fund Director Institute which strives to bring the highest levels of professionalism and governance to independent fund directors around the world. A member of the board of the CAIA Association, Bill also represents CAIA in similar capacities via their global partnerships with other associations and global regulators. Bill began his career as an accountant with PwC and is a designated Audit Committee Financial Expert in accordance with SEC rules. 

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 12
Improving Alpha: Paul C. Sohn on targeting the ‘fat pitch’ in institutional investing

Improving Alpha: Paul C. Sohn on targeting the ‘fat pitch’ in institutional investing

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Mastering the timing of investment markets is a formidable challenge that demands unwavering commitment to a well-defined methodology. It entails navigating through risks, optimizing volatility, and steering clear of managers who adopt a reckless “spray and pray” approach. 

Today, allocators must carefully consider the current market cycle, strategically position their incentives, and strike the right balance between liquid and illiquid assets. By embracing this approach, they can shield themselves from the anguish of overallocating in underperforming asset classes.

Join Michael Oliver Weinberg as he engages in a captivating conversation with Paul C. Sohn, Chief Investment Officer at Mont Alto Capital, in the latest episode of the Improving Alpha podcast. Paul provides his front-row insight and expertise on what he has observed over the last 20 years in hedge fund investing, macro portfolio management, and the formation of his family office, Mont Alto Capital. Listen to Paul as he discusses:

  • his background and what strategies he’s specifically leveraging to capitalize on ‘fat pitches’ in institutional investing.
  • his thesis on the Greek recovery trade, what Kyriakos Mitsotakis leadership means for the future of the country, and what the US could learn from his examples.
  • how his family’s timber business influenced Paul’s beliefs on ESG and why ESG in its current form is very similar to child brain thinking.
  • where is private equity allocations moving now that the wind in the sails has died down in comparison to the last decade of returns.
  • if commercial real estate will be a ‘whimper’ or a ‘bang’ in the coming years and does that create an opportunity for distressed buyers.
  • And more!

Connect with Michael Oliver Weinberg: 

Connect with Paul C. Sohn:

About Paul Sohn:

Mont Alto Capital is the family office of Paul Sohn. Paul spent 15 years as a portfolio manager at Soros Fund Management, Kingdon Capital Management, and Duquesne Capital Management. Areas of focus included tech, media, consumer, and macro. Mont Alto Capital seeks out proprietary deal flow in early and growth-stage private companies. Basic investment tenets include a search for asymmetric return profiles, a contrarian desire to be active in areas where other pools of capital are not, and an ability to execute a time arbitrage strategy that can focus on long-term returns. 

Paul Sohn takes an active role in a variety of investment projects. Vertical areas of focus include tech, media, natural resources, intellectual property, and real estate. The portfolio page includes a sample of projects where Paul Sohn has either a founding, board, investment, or advisory role.

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.