Capital Allocators – Inside the Institutional Investment Industry Adrian Meli – Active Equity Excellence at Eagle (EP.459)
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Sep 15, 2025 Adrian Meli, Co-CIO of Eagle Capital Management, shares his journey from hedge funds to long-only investing. He discusses his early passion for finding value and building a team of like-minded analysts. Meli reflects on the challenges of active management and highlights the growing inefficiencies in public markets. He delves into identifying unique investment opportunities and emphasizes the importance of research and portfolio construction. The conversation also touches on the impact of technological shifts and market cycles on large-cap investments.
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Deal-Hunting Childhood
- Adrian describes growing up hunting deals with his father, from Black Friday to auctions and reselling toys at school.
- That upbringing shaped his thrill for finding rare, high-quality assets that rarely go on sale.
Early Hedge Fund Bootcamp
- Adrian recounts joining a hedge fund in 2002 and learning intensely from field research and meeting CEOs despite being young.
- He credits that unconstrained era for broad exposure across distressed debt, equities, and special situations.
Alpha Pools Shrink With Capital
- As capital and talent flood an area, gross returns compress and net returns decline after fees.
- Adrian saw hedge fund opportunity pools close as competition and fees rose, reducing future return prospects.
