Loading...

Follow The Investor's Field Guide on Feedspot

Continue with Google
Continue with Facebook
or

Valid

My guest this week is Stephanie Cohen, who is the chief strategy officer for Goldman Sachs and a member of their management committee. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. 

We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. I really enjoyed her perspective on how a big, established firm like Goldman can balance innovation with improving existing businesses. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:15 – (First Question) –  Motives on both sides for doing M&A

3:26 – Most difficult deal she worked on

4:50 – Biggest value add she brought from her seat on the Fiat deal

5:59 – Biggest changes since she started to today

8:31 – Smartest ways for companies who want to be acquired to be prepared

10:14 – Best M&A banker she’s seen

11:13 – What should businesses looking to make an acquisition be thinking about

15:16 – What does a strategy from her perspective mean

17:16 – Tension between innovation and change

19:46 – Difference between bottom-up and top-down components of strategy

22:15 – Exploration vs exploitation

26:28 – Submission process within accelerate

29:37 – Next step after you see a good idea

31:05 – Her take on FinTech and Industrials and their collision

35:15 – Lessons from elite early stage investors

37:21 – The origins of the LAUNCH program

40:06 – Important pieces beyond just the capital

42:42 – How they market to women starting business

44:56 – Lessons that she has learned about narrative and communications

47:07 – How she handles developing talent internally

49:28 – Managing her time

59:28 – Biggest concerns about OKR’s?

52:09 – Kindest thing anyone has done for Stephanie

53:07 – Kids in the area of competing

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is Josh Wolfe, co-founder and managing partner at Lux Capital. I had Josh on the podcast last year which was one of the most popular episodes in the shows history. This is a continuation of our ongoing conversation about investing in the frontiers of technology. My favorite thing about Josh and the way that he invests is the mosaic that he and his team at Lux are constantly building to understand the world and where new companies may fit in. We cover a crazy variety of topics from business model innovation, roles of a CEO, the military, the death of privacy, and arrows of human progress. Please enjoy round two with Josh Wolfe.

Show Notes

1:22 – (First Question) –Ability to tackle massive scale problems

4:05 – Key roles of leaders and his checklist for evaluating them

5:55 – Common traits among founders that make them incredible storytellers and leaders

10:22 – The concept of ill-liquidity

14:53 – Thoughts on the types of companies going public

16:41 – Most innovative business models

19:14 – Advice for LP’s

23:51 – Common devil

            24:01 – The True Believer: Thoughts on the Nature of Mass Movements

25:09 – Big internal debates at his firm, starting with price discipline

28:45 – The value debate internally

33:34 – CRISPR from an investment standpoint

36:50 – Edge cases they are looking at

46:52 – How they target ideas in a single concept

            50:01 – The Coast of Utopia: Voyage, Shipwreck, Salvage

51:04 – New theses that they chase

56:31 – Recent adventure with special operations guys

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is Katherine Collins, who is the head of sustainable investing at Putnam Investments, a portfolio manager on two of Putnam’s sustainable investing funds, and the author of the book The Nature of Investing: Resilient Investment Strategies through Biomimicry.

Our conversation is on the ins and outs of ESG and impact investing, a young but increasingly common topic in the investing world. This is challenging ground for me as a quant, because the data available is so new and limited—so Katherine’s perspective was very helpful as we continue to learn. Given the importance of this topic, I’m also searching for more guests with both positive and negative views on the role of ESG in an investing framework, and welcome suggestions for future guests. Please enjoy my conversation with Katherine Collins.

Show Notes

1:29 – (First Question) –Mechanical vs human judgement processes

4:21 – ESG, and the non-utility portion of it.

7:11 – Data behind the objective function that is different from returns

12:34 – What are the most interesting data sets

16:04 – How does she determine what factors to target

19:31 – Why do we know that diversity of experience/opinion/background is good for a company

21:30 – The social vertical and how it plays into her investing system and better returns

            25:51 – Corporate Sustainability: First Evidence on Materiality

27:00 – Environmental factors and the issues that jump to mind

29:48 – Importance of signing the UNPRI and is it just box checking

32:33 – Data for companies on the solution oriented companies

34:53 – Why doesn’t the market recognize the Alpha

36:17 – LP interest in ESG investing

38:25 – How other groups of investors approach ESG

40:03 – Best practices at business making an impact in ESG

44:01 – Unique or interesting tactics in environmental

46:33 – Who is the biggest opponent or position in opposition of ESG

47:37 – Most interesting edge

48:20 – Playbook for business managers thinking about social for the first time

49:59 – Measurements vs principles/values

51:21 – Advice to quants trying to use ESG in how they gather data

53:04 – Most memorable encounter with a company through the lens of ESG

53:53 – Where to learn more about ESG

54:50 – How much role regulation plays in the future of business sustainability

56:30 – Any more lessons from her research into natural systems

57:05 – Kindest thing anyone has done for her

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Show Notes

0:00 – (First Question) – What does it take to earn transformational returns

3:28 – How he deals with LPs, especially given the volatility of the market he invests in

9:11 – Why LPs have to think about the other investors in a fund

10:02 – How Geoffrey got interested in the Iraqi market

15:00 – Factors he was considering when exploring Iraq

            15:38 – Harvey Sawikin Podcast Episode

18:05 – Visiting companies in Iraq

21:15 – Most memorable meeting with a company on his first trip

26:03 – Size and nature of Iraqi market when he first got interested

29:29 – A specific allocator in Iraq

33:22 – Does price reflect the work over there

36:36 – What does he perceive as his role in the changes to Iraq’s equity market

38:57 – How do Iraqi equities look today compared to when he started and is the opportunity still interesting

42:59 – How businesses perceive him now that the market has opened up more

46:13 – Scale of potential return and where it comes from

48:36 – Advice for younger aspiring investors exploring frontier markets

52:01 – Kindest thing anyone has done for Geoffrey

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is Brian Singerman, a partner at the venture capital firm Founders Fund. Founder’s Fund is widely considered one of the top VC firms and its partners are known to have diverse investment strategies.

Brian invests across industries and focuses on backing exceptional founders. You’ll hear right off the bat that he cares about moat, market, and strong execution. I love his point that the only way to become a good investor is to do a lot of investing. He describes himself an investor who uses his gut a lot, which took me a while to get used to in our conversation. But I have to say that at the end of this episode I felt refreshed and generally excited to keep putting in reps in my own way, both in the podcast and the quant research settings. I hope you enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notesd

1:28 – (First Question) – What Brian looks for when evaluating companies

2:38 – What a moat looks like in investing

3:11 – Most memorable initial moat

4:17 – How he evaluates a potential market

5:28 – Attributes they look for in founders

6:24 – Most significant technological changes and how they have impacted his investment strategy

8:57 – The sourcing of his deals

13:00 – Qualities he likes at various stages of deal sourcing

13:46 – How he evaluates the teams he may fund

15:17 – His take on the pricing landscape for deals

16:13 – How he allocates his time as a board member

17:16 – Thoughts on long term stock exchange

18:26 – How much research does he do on an industry in order to stay on top of his investments

20:10 – Outside information he follows

21:20 –  Other investors he’s learned a lot from

23:12 – What values does Peter Thiel instill in the partners

24:05 – Process of StemCentrics

26:03 – Other places holding his interest today

26:57 – His interest in e-sports

31:44 – Interactions with LP’s

32:51 – What they look for in recruiting new partners

34:32 – How geography impacts the opportunity for new ideas

36:24 – Opportunities in public companies and other investment types

37:57 – Aspects of overseeing a startup venture

39:26 – Kindest thing anyone has done for him

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today’s conversation is a mix of several of his research pieces, but focuses on the sources of alpha.

The framing of the conversation is the brilliant question “who is on the other side” of a given trade. If you are buying, who is selling, and why? Knowing the answer to this question is one key to understanding where excess return comes from. As is usual with Michael, we also explore tons of other interesting ideas that will serve as food for thought. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:23 – (First Question) – An outline of the syllabus for the course he teaches

4:02 – What are smart people missing when it comes to decision making

5:33 – Why Michael went down the path of defining major investing concepts

            7:41 – On the impossibility of informational inefficient markets

9:14 – Beware behavioral finance

12:03 – What are the behavioral errors that people can take advantage of in a trade

15:14 – Timing opportunities

            17:25 – Modest Proposal Podcast Episode

17:47 – Where the analytical edge comes from

21:16 – Is there an advantage to exhibit time arbitrage

23:53 – Technical arbitrage

29:34 – What impact do flows into ETFs play on the market

32:25 – Informational edge and how you source that edge

36:39 – Biggest changes that he has seen on the buy side

43:18 –  How would Michael apply this as a sports GM

48:35 – His views on stock buybacks

            51:02 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

52:55 – EBIT to EBITDA paper

            54:43 – What Does a PE Multiple Mean?

59:28 – The concept of benign myths

1:02:06 – What the future holds of Michael

            1:04:17 – The Myth of Capitalism: Monopolies and the Death of Competition

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is with Annie Duke, and the topic of our discussion is how to improve decision making.

We break decisions down into their component parts: values, beliefs, decisions, randomness, and outcomes. After diving into each, we discuss how to make better decisions, how to work in group settings, and how to harness power of tribes and identity to improve our behavior.

Annie has thought about this as much as anyone, and her various tricks for getting us to think in probabilities and to stop evaluating decisions based on outcomes that have been tainted by randomness will be useful for anyone listening.

Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:23 – (First Question) – Why people don’t take the best investing advice

2:11 – Investing tribes

            4:21 – Jay Van Bavel twitter

6:34 – Rule setting as a way of crafting an investment strategy

11:13 – How much control do we have in choosing our values  

15:52 – Anatomy of a decision

19:28 – Her concept of resulting

26:47 –  How beliefs impact your decision making

34:28 – Tact’s for making the best decision

42:40 – Ego and decision making

47:06 – People who are exceptional at changing their decision making

48:18 – How often do people who change their decision making, stick with the rules of the game

            50:07 – Finite and Infinite Games

50:28 – Psychology of making decision that involves other people

59:20 –  Never close doors on other people

1:01:57 – Best decision that Annie made

1:04:24 – Kindest thing anyone has done for Annie

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is unique and so requires a short story.

I met our guest Michael Mayer because of twitter. I followed and enjoyed one of several pseudonymous accounts that he maintains to experiment with ideas. His various accounts have wide followings.

I think many of the best accounts on twitter are anonymous or pseudonymous, and I’ve always made a point to get to know the ones I like best. As it turns out, Michael was also an entrepreneur. He’d been building a new company and was raising a small amount of outside capital.

I didn’t invest personally, in part because he raised it so quickly after I spoke with him. Ever since, I’ve gotten to know him better and followed his company, Bottomless, with interest. You know that I am always hyper transparent about any potential conflicts of interest, so its worth noting that while I am not an investor in this company, I expect to be at some point in the future.

The topic of our conversation is both his social media activity and his company. I am a coffee fanatic, and the problem he is solving is one I live. I order a weekly bag of coffee beans but I often have too much coffee or run out. Bottomless solves this by shipping you a simple scale which you keep wherever you store your coffee, connect to your wifi, and set your bag of coffee on. It automatically orders new coffee for you at the right time. Thus the name: Bottomless. If you like the conversation, check out bottomless.com

With this podcast, all I’m really trying to do is find, meet, and learn from interesting people. Michael certainly qualifies. I hope you enjoy this unique episode.

Show Notes

2:06 – (First Question) – Why he writes under a pseudonym online

2:58 – Positive impacts of writing this way

3:45 – His background

5:02 – Habits he improved upon

7:03 – Where did his exploration into technology and start-ups come from

            7:33 – Algorithms to Live By: The Computer Science of Human Decisions

10:32 – Elements of business that interest him most

13:26 – Building social capital vs the current state of education

17:06 – What information does he like to consume

            18:17 – Zero to One: Notes on Startups, or How to Build the Future

            18:34 – Jerry Neumann blog Reaction Wheel | Podcast episode

            18:39 – Kevin Simler’s blog  Melting Asphalt| Podcast Episode

21:01 – Why the current education system is busted

22:54 – Formation of his business

24:04 – Importance of making things legible

25:54 – On demand delivery vs subscription business models

30:16 – Early day in developing the scale for his business

33:50 – What he learned about coffee roasters

35:29 – thoughts on supplier power

36:17 – The customer relationship

39:50 – Best objections to his business

41:58 – Biggest operational/emotional challenges

42:56 – Best moment

44:39 – Time at Y combinator

46:28 – His unique co-founder story

49:47 – Marketing strategies and acquisition costs

51:37 – The idea of a commercial loop

53:27 – Discarded ideas, such as spaced repetition social networks

57:38 – Having a long-term plan vs reformatting a business into success

1:00:35 – What works on twitter based on his experience

1:03:09 – Most controversial opinion

1:05:59 – Kindest thing anyone has done

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Peter is a geopolitical strategist who combines expertise in demography, economics, energy, politics, technology, and security to assess an uncertain future. Before founding his own strategy firm, Peter helped develop the analytical models for Stratfor, one of the world’s premier private intelligence companies.  

I came across Peter via his books the Accidental Superpower and the Absent Superpower. We discuss America’s changing place in the world and four additional countries poised to do well in the future. Spoiler alert: he believes the U.S. is particularly well positioned.  

While we don’t discuss equity markets per se, all of what we talk about will obviously impact companies across the world for the remainder of our careers. Please enjoy our conversation. 

Show Notes 

1:32 – (First Question) – His model of the world  

4:05 – What makes for a strategically advantaged country 

5:35 – History of the Bretton Woods agreement and the order that it created 

8:47 – The security apparatus that has made globalization of manufacturing possible 

12:04 – The US’s pullback from being the naval police of global trade 

12:08 – The Absent Superpower: The Shale Revolution and a World Without America 

14:57 – How energy has played into America’s disinterest abroad 

21:52 – Moving towards global disorder 

24:55 – Characterizing factors that will impact countries in any collapse 

27:38 – How this manifest in physical conflict 

32:44 – How the new world order will end the ease of innovation we are accustomed to today 

34:13 – What gets the US to reengage before this new world order 

38:08 – Demographics that make a country prepared for this, Japan as an example 

40:57 – A look at China 

43:59 – What the story is about Argentina 

45:52 – How North America fares based on their geography and relationships 

49:50 – The trader wars that are currently ongoing 

52:17 – US political system 

56:15 – Most important policy issues moving forward 

58:27 – His view on American infrastructure 

1:00:33 – Technologies that interest him the most 

1:02:55 – What he is watching most closely in his research, starting with media 

1:05:59 – What are and should be the countries of the future 

1:06:55 – Kindest thing anyone has done for Peter 

1:07:32 – Favorite places he’s been 

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning.

We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:08 – (First Question) – History of financial planning/advice model

5:26 – Fee changes in the 1970’s

10:01 – The start of the AUM model

10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors

            11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors

18:20 – Why are humans still dominating the space

23:58 – Future of advisor fees

32:50 – Viability of the human driven flat fee model

37:50 – The dominance of flat fee models

43:13 – What services are financial advisors offering to justify their fees

47:17 – Dimensions to divide potential customers

52:20 – Exciting updates on the investment side that will help differentiate managers

55:37 – Any investment function beyond the basics that is intriguing to him

58:45 – Most interesting problems to be solved on the investing and non-investing sides

1:04:52 – Advice for young advisors

1:09:24 – How does he invest his own money

1:11:31 – Kindest thing anyone has done for Michael

Read Full Article

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview