Venture Capital – Improving Alpha:

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

By Improving Alpha | June 17, 2024

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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.

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

By Improving Alpha | February 5, 2024

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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:

Welsh, Carson, Anderson & Stowe

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 release date may not correspond to the recording date.

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

By Improving Alpha | January 8, 2024

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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 release date may not correspond to the recording date.