Billion Dollar Backstory

In this episode I discuss: Why different is better than better (even in the investment industry where we love to rank and chart errrthing) If you want to lean into what makes you different, you need to go to the edges. You need to get radical.  The Bain study that reveals: 80% of executives think their company's offerings are differentiated but only 10% of their customers agree How to create a category of one What differentiation is and what it is not Why you must be brave enough to attract and repel  Want More Help With Storytelling? +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth: https://www.stacyhavener.com/subscribe + To get more storytelling help and listen to stories of the people behind the portfolios, subscribe to Billion Dollar Backstory on Apple Podcasts, Google Podcasts, Spotify, or wherever you listen to podcasts.  - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

Bob Dorsey is the co-founder and Vice Chairman of Ultimus Fund Solutions. In this episode, Bob and I discuss:His backstory: from butcher markets to financial marketsWhy FinTech is a people business How the root of solving problems doesn’t differ based on your industryHow to keep a “people first” culture as you scaleAn important lesson he learned about complacency from an old TV commercialAdvice for people who are contemplating an angel investment venture or private equityMore About Bob DorseyBob has over 35 years of mutual fund industry experience. Prior to co-founding Ultimus in 1999, he was President of Countrywide Fund Services, Inc. (formerly MGF Service Corp.), a registered transfer agent and mutual fund service provider. Prior to Countrywide, Bob was the Assistant Controller and Tax Manager at Carlisle Enterprises, Inc. He began his career in the tax department of Arthur Andersen’s Cincinnati office. He is a graduate of Christian Brothers University and a Certified Public Accountant (Inactive).Resources mentioned in this episode:Book: On Fire: The 7 Choices to Ignite a Radically Inspired Life by John O’Leary - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

As Managing Director and Head of UniFi by CAIA™, Aaron Filbeck oversees content and product strategy for the UniFi by CAIA™ Program. In this episode, Aaron and I discuss:His backstory: from wanting to be an architect to becoming a Director at CAIAWhy the world needs an association like CAIA / Who CAIA is forCAIA’s research on qualitative vs quantitative due diligence (AKA culture eats Sharpe ratio for breakfast)Why allocators and asset managers fail to communicateThe key questions managers can ask to identify their own differentiatorsHow the alt space has expanded from just hedge funds to many other types of strategiesWhy the fascination with 60/40 allocation is misguidedMore About Aaron FilbeckAaron’s work has been published by Oxford University Press and The Journal of Investing, and covers topics such as ESG/sustainable investing, liquid alternatives, commodities, and asset pricing/factor investing. He is a frequent writer and speaker on these topics. Aaron is also an adjunct professor and serves on multiple advisory boards for Penn State University.Resources mentioned in this episode:Book: Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think by Hans Rosling - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

UK’s award-winning fund manager Simon Evan-Cook was a senior member of the Premier Miton Multi Asset team, which managed over $5B. He’s now establishing the Downing Fox Fund Range at Downing LLP in London. In this episode, Simon and I discuss:His backstory: from taking a load of jobs he disliked to discovering a love for writing, which brought him to the investment industryWhy the world would need another fund, let alone a fund of fundsThe power of nicheWhy you must be disagreeable to excelWhat role qualitative plays in his research processHis flexibly dogmatic approach to assessing a fundProof that authenticity works in asset managementAdvice for boutiques on their journeyMore About Simon Evan-CookSimon also writes on investment (and beyond), including a monthly column for Citywire Magazine and his investment blog on Medium.com. Outside of work, he enjoys spending time with his family and dog, devouring movies and books, and superficially damaging European golf courses. Resources mentioned in this episode:Book: Any Human Heart by William BoydBook: Range: Why Generalists Triumph in a Specialized World by David EpsteinArticle: Investors: The one thing separating excellent from competentArticle: Should you invest with Han Solo or C-3PO?Article: Should you invest with Indiana Jones?Article: Should you invest with Butch Cassidy & The Sundance Kid - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

As a partner at Lane Clarke and Peacock, a UK consulting firm advising on $300B, Dan Mikulskis helps wealth managers and pension funds make better decisions. He meets with hundreds of asset managers every year. Get perspectives from the other side of the table and the other side of the pond.   In this episode, Dan and I discuss:His backstory: From growing up in a family of mathematicians, to investment consulting, to writing and podcastingThe communication gap between fund managers and allocators — and his advice to bridge that gapHow founders and fund managers can get more comfortable sharing authenticallyHis shift in perspective on storytelling — and what type of stories we need more of How allocators influence the future for boutiquesMore About Dan MikulskisAt LCP, Dan currently advises 4 of the largest 30 pension schemes in the UK. He is a member of LCP’s Responsible Investment team, leading thinking around how to invest for Net Zero. Dan also co-hosts LCP’s weekly investment podcast, Investment Uncut, and edits LCP’s investment magazine, Vista. Resources mentioned in this episode:Book: Open: An Autobiography by Andre Agassi - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

James Fletcher is an experienced Emerging Markets portfolio manager. He's the CEO and founder of Ethos Investment Management, a $100M boutique EM fund. In this episode, James Fletcher and I discuss:James’ backstory: From 9 years old sitting on his grandpa’s lap reading the Wall Street Journal, to living in Brazil falling in love with emerging markets, to running Ethos Investment Management and Young Investors SocietyThe importance of culture and how it changes conversations with investorsHow James finds companies in emerging markets growing 10XThe power of people and story to win clients - even in the investment industryHow changing one student’s life inspired James to run a non-profit serving over 70 countriesThe fulfillment of entrepreneurship despite the laundry list of challengesMore About James Fletcher Prior to founding Ethos Investment Management, James was the Director & Senior PM of the EM SMID Cap fund at APG Asset Management, where he managed a ~$1.2B portfolio based in Hong Kong, one of the largest EM SMID cap funds in the world. APG is the largest pension fund manager in the Netherlands and a global leader in ESG investing. Before that, James was the Lead PM at Kayne Anderson Rudnick’s EM Small Cap fund (ticker VIESX), a Morningstar 5-Star rated fund and a Senior Analyst at Westwood Global Investments from 2005-2013. James is a CFA charterholder.  James is also the founder of the global non-profit, Young Investors Society (www.yis.org), a non-profit that teaches financial literacy and investment principles to high school students. As of March 2023, Young Investors Society serves over 1,700 high schools in 71 countries and over 10,000 students per year.  James has an undergraduate degree in Finance from Brigham Young University and is fluent in Portuguese and proficient in Spanish and has lived in Brazil and Hong Kong.  Resources mentioned in this episode:Volunteer Opportunity: Young Investors SocietyBook: How Will You Measure Your Life? by Clayton M. Christensen and James Allworth - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

Ron Carson is an icon in the independent advisor space. He's the CEO and founder of the $20B Carson Group, a platform that serves over 44K families through their advisory network, including 135 partner firms and 35 Carson Wealth locations. In this episode, Ron and I discuss:Ron’s backstory: The heartbreaking moment that veered him from his predetermined path as a small town Nebraska farmer to the world of financeHis adventures in entrepreneurship, sometimes a bit illegal (but we’re not judging)How his mom’s death and overworking took a toll on his mental healthThe rewards of switching from a fear-based mentality to an abundance mentalityHis drive to make an impact, solve world hunger, improve mental wellness, and help others find their freedom3 important things to consider as you scale: Taking care of your client, taking care of your community, and profitabilityAttracting a target market whose values and passions align with yours: from helping farmers invest to taking on Carson Group clients who make a charitable impactMore About Ron CarsonRon is actively involved in charitable giving and his personal mission is to “do the greatest amount of good for the greatest number of people.” He has:Co-founded the Dreamweaver Foundation with his wife, Jeanie, a non-profit organization dedicated to fulfilling end-of-life dreams for seniors with terminal illnessLed the charges at Carson Group to provide 600,000+ meals to children in Kenya through work with No Hungry ChildrenFounded the American Charitable Foundation, a foundation established for a more efficient disposition of charitable assetsServed as President of the Child Saving InstituteEstablished a global partnership with charity: water and Global CoalitionHis journey of finding freedom in his own personal life has ignited a profound mission to help others find their freedom.Resources mentioned in this episode:Book: The Infinite Game by Simon SinekBook: Outwitting the Devil by Napoleon Hill - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

Dr. Daniel Crosby is a psychologist, behavioral finance expert, and New York Times bestselling author who helps organizations understand the intersection of mind and markets.In this episode, Dr. Daniel Crosby and I discuss:There are fewer Chief Behavioral Officers than people who have walked on the moon… so what the heck is a Chief Behavioral Officer?Daniel’s backstory: How he combined his familiarity with financial advising (his dad was an advisor!) with his love of psychology to break away from counseling and get into behavioral finance The science of why storytelling works:How our energy efficient, metabolically expensive brains transform complicated decisions into easier questionsYuri Hassan’s research on brain scans and storytellingAre highly intelligent humans like Nobel Prize winners immune to the powers of storytelling?Are people buying a fund or are they hiring a human?CAIA’s research study on qualitative vs quantitative due diligenceA research study on hiring biasesCialdini's 6 Principles of InfluenceThe science behind authenticity and how it helps us connect with people How Daniel’s authentic story about his struggle with Diet Coke went viral and got retweeted by Elon Musk Is storytelling manipulative?What qualities a successful salesperson needs (brace yourself for this one)Resources mentioned in this episode:Report: CAIA’s report on qualitative due diligence vs quantitative due due diligencePodcast: Standard Deviations | EP144 with Stacy Havener - The Power of a Story Book: Personal Benchmark: Integrating Behavioral Finance and Investment Management by Charles Widger and Daniel Crosby Book: Man's Search for Meaning by Viktor E. Frankl - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

Why you need to work on your backstory, the theory behind the backstory framework, how to use the framework, and common mistakes to avoid. I cover the 5 most frequently asked questions about backstory:What is your backstory and why should we care?What is the theory behind storytelling?What makes a good backstory?Does storytelling actually work in the investment biz (Spoiler: Yes, it does)What are the biggest mistakes people make in storytelling? - - -Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

Words matter in a numbers-driven industry. I'm your host, Stacy Havener, founder of Havener Capital, and I've raised over $8B that has led to $30B for investment boutiques... against the odds. How did I do this? Storytelling. Tune in as I interview stories of founders, portfolio managers, and investors who have launched, seeded, and scaled billion dollar businesses. Discover strategies that can help you turn your stories into sales. Get actionable tips I wish I received when I started my entrepreneurial journey over a decade ago. Tune in for the inspo, stay for the stories, then go and tell yours.