Capital Allocators – Inside the Institutional Investment Industry

Mike Freno, Chairman & CEO of Barings, leads a $400 billion global investment firm with a rich history. He discusses his journey from accounting to investment leadership and the strategic evolution of Barings through acquisitions. Freno emphasizes the synergy between insurance ownership and asset management, revealing how long-term thinking shapes decision-making. He also shares personal insights about leadership, including the importance of swift decisions and the lessons learned from mentors that highlight teamwork and humility.

Michael Leffell is the Managing Member of Portage Partners and Founder of 10 East, an investment platform for sophisticated investors. In this discussion, he shares his unconventional journey from law to finance, highlighting key experiences that shaped his career. Leffell emphasizes the importance of adaptability and disciplined decision-making. He also dives into enhancing investment research capabilities, effective communication in investment write-ups, and the innovative edge that 10 East provides in connecting investors to private market opportunities.

Richard Sandler, Mike Milken's attorney since 1983 and author of 'Witness to a Prosecution,' delves into the misconceptions surrounding Milken's infamous plea deal. He challenges the belief that Milken engaged in insider trading, instead revealing the complexities behind the prosecution led by Rudy Giuliani. Sandler sheds light on the harsh realities of government investigations, the evolution of Milken's legacy in finance, and the implications of the RICO Act, all while advocating for a more nuanced understanding of financial misconduct and justice.

Michael Milken, a legendary financier and philanthropist known for pioneering the high-yield bond market, shares his insights on democratizing access to capital. He reflects on his childhood curiosity that shaped his career and discusses the importance of human capital in finance. Milken emphasizes the intersection of investment strategies with societal impacts, highlighting his philanthropic efforts in education and cancer research. He explores future trends in private equity and health investments, underlining technology's role in improving outcomes.

Michael Mauboussin, Head of Consilient Research at Counterpoint Global, delves into pattern recognition in investment decision-making. He discusses how this skill can guide market analysis but has its limits. The conversation shifts to the evolving nature of public markets, exploring factors like the decline in public companies and the influence of private equity. Mauboussin emphasizes the importance of understanding historical performance and cognitive biases while highlighting that a small number of firms drive most market wealth creation.

Michael Mauboussin, Director of Research at BlueMountain Capital and a decision-making expert, dives into the paradox of skill in active management versus passive strategies. He discusses the impact of team dynamics and market volatility on investment decisions. Enriching the conversation, Mauboussin shares insights from data analysis in sports, revealing psychological biases that affect outcomes. He also touches on innovative research at the Santa Fe Institute and the complexities of navigating low volatility in the market, providing listeners with a multifaceted view of capital allocation.

Magnus Grimeland, CEO and founder of Antler and co-founder of Zalora, dives into his remarkable journey from a rural Norwegian farm to spearheading a global startup platform. He discusses the rigorous selection process for early-stage entrepreneurs and the essential traits of successful founders, such as resilience and grit. Magnus also shares insights on the innovative strategies Antler employs to support entrepreneurs and the importance of personal growth in investment success, all while emphasizing the need for a values-driven approach to business.

Brad Jacobs, a career CEO and founder of Jacobs Private Equity, shares his expertise on leadership and management. He discusses his successful roll-up strategy that created seven multibillion-dollar companies and the importance of measurable goals. Brad delves into effective delegation, crafting engaging 'electric meetings,' and leveraging M&A opportunities. He also reflects on the intersection of meditation and entrepreneurship, highlighting its role in enhancing creativity and decision-making. His insights offer a valuable playbook for aspiring leaders.

Ron Biscardi, CEO of iConnections, talks about the massive Global Alts conference, the top capital introduction event in the industry. He highlights the staggering 15,000 one-on-one meetings that happen there, showcasing collaboration over competition. Ron dives into how iConnections enhances networking through technology and organized events, backed by major sponsors like Goldman Sachs. He also shares insights on emerging venture capital trends and the upcoming transition to a new venue in Miami, promising an even better experience for attendees.

Sanjay Ayer, a portfolio manager at WCM Investment Management, guides the firm's research with a unique investment mindset. He delves into self-discovery and the balance of confidence and doubt in decision-making. The discussion covers the importance of feedback loops and structured time management for continuous improvement. Ayer emphasizes team dynamics over individual goals to enhance performance and shares his journey towards appreciating the role of culture in driving success. Listeners can expect inspiring insights and valuable lessons from his professional growth.