Masters in Business

How to Think About Alternatives with JPMorgan's Alternative Asset Management CIO Paul Zummo

62 snips
Dec 6, 2025
Paul Zummo, Chief Investment Officer at J.P. Morgan Alternative Asset Management, shares his extensive expertise in hedge funds and alternative investments. He discusses his '30 Pearls of Investment Wisdom,' emphasizing the importance of culture and process over narratives in investing. Zummo also highlights the rise of alternatives in today's market, regional opportunities in Japan and the Middle East, and the unique dynamics of shorting versus long investing. His insights on balancing courage with caution make for a captivating listen for aspiring investors.
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ANECDOTE

Humble Startup Within A Mega Bank

  • Paul Zummo recounts launching JP Morgan's alternatives group with just $7.4 million and building infrastructure from scratch.
  • He describes early education efforts and building research and technology tools that underpinned later growth.
INSIGHT

Culture Is The Ultimate Differentiator

  • Culture sits at the heart of long-term success and can be the difference between survival and failure for funds.
  • Zummo credits team, respectful challenge, and leadership as core drivers of his group's longevity.
ADVICE

Prioritize Process Over Stories

  • Do buy the investment process rather than chasing a specific portfolio or story.
  • Prioritize robustness of process because positions and narratives inevitably change.
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