Undertone

Sebastian Mallaby

Apr 18, 2024

Sebastian Mallaby, CFR fellow, delves into business journalism, EMH, private vs public markets, liquidity premium, investor specialization, VC vs hedge funds, decision making at the Fed, Powell's role, and Fed's political independence in an insightful discussion.

01:15:07

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Sebastian Mallaby

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Quick takeaways

Building trust and relationships with industry insiders enhances the quality and accuracy of business books.

Journalism experience can provide a solid foundation for a successful career in investment writing.

Asset management evolves in response to technology and market dynamics, emphasizing adaptability and caution in exploring new areas.

Deep dives

The Importance of Deep Research and Trust in Business Writing

Conducting in-depth research and fostering trust with industry insiders are key factors in producing high-quality business books. By dedicating years to projects and ensuring access to key figures, authors like Sebastian Malaby create accurate and insightful works. Building relationships based on trust, seeking feedback, and correcting errors contribute to the credibility and depth of the final product.

Proper Management Consulting and PE Shops

00:51

The Influence of Journalism on Investing and Misunderstandings in Finance

02:46

Innovating Hedge Fund Strategies vs. Venture Capital Practices

02:26

Evolution of Venture Capital in Tech Industry

01:17

Introduction

3min

From Journalism to Investments: Building Credibility and Knowledge

4min

Exploring Perspectives on the Efficient Market Hypothesis and Market Evolution

4min

Private Markets vs Public Markets: Inefficiencies and Incentives

8min

Evolution of Asset Management and Corporate Structures

27min

Exploring Originality and Innovation in Elite VC and Hedge Fund Firms

3min

Navigating Challenges in Implementing Unconventional Policies

17min

Unraveling Historical Pathways

8min

Sebastian Mallaby is the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations (CFR). Mallaby contributes to a variety of publications, including Foreign Affairs, the Atlantic, the Washington Post, and the Financial Times, where he spent two years as a contributing editor. He’s the author of many of my favorite business books of all time including The Power Law on the history of Venture Capital, More Money Than God on the history of Hedge Funds, and The Man Who Knew: The Life and Times of Alan Greenspan, which is one of my favorite biographies ever in any category.

Episode transcript

Timestamps

(0:00:00) Intro

(0:00:57) Business journalism

(0:04:11) Journalists as investors

(0:06:24) Most misunderstood part of the economy

(0:07:34) EMH

(0:11:49) Private v public markets

(0:17:27) Liquidity premium

(0:20:13) New asset management models

(0:26:12) Investor specialization

(0:37:42) Firm culture vs outlier talent