Invest Like the Best with Patrick O'Shaughnessy

Boyd Varty, a seasoned wilderness adventurer, shares his journey of spending 40 days in the African wild. He dives into the emotional and psychological transformations sparked by solitude in nature. Varty recounts thrilling moments, including tracking lions, and reflects on the challenges of isolation. He discusses the significance of mental preparation for such a journey and how this experience could change his perspective on life and connection with others. His insights promise a deeply introspective adventure for listeners.

In this conversation, Gavin Baker, Founder and CIO of Atreides Management, shares insights on navigating investing during bear markets and the COVID-19 impact. He discusses adapting strategies amid volatility and the importance of cash flow metrics. Baker explores the evolving tech landscape, particularly concerns for software companies and recurring revenue. He highlights 'space as a service' and its rising relevance, along with investment opportunities in the metaverse. The discussion touches on embracing chaos as a unique path for opportunity and growth in the market.

D.A. Wallach, former lead singer of Chester French and artist-in-residence at Spotify, shares his journey from music to healthcare investing. He discusses how advancements in personalized medicine and genetic therapies are revolutionizing treatment options. Wallach dives into the potential of CRISPR technology and the ethics surrounding gene editing, as well as the complexities of drug pricing in today's healthcare system. He emphasizes the importance of informed choices in healthcare investments and the transformative role of technology in personal health.

Chad Cascarilla, a seasoned investor who thrived during the global financial crisis, now leads Paxos, a trust company for crypto assets. He discusses the tail risks in today’s markets during the pandemic, emphasizing the need to be aware of lesser-known threats. Lessons from 2008 are highlighted, as well as insights on inflation and the importance of financial strategies that consider a balanced recovery. Chad also explores the unique strengths of the U.S. economy in comparison to others, offering a compelling view on future investment opportunities.

Brent Beshore, a private equity investor with deep expertise in small businesses, discusses the significant challenges that COVID-19 has posed to the sector. He highlights the emotional toll on business owners and explores creative financial solutions to help them survive. Brent also proposes impactful policy measures such as co-paying expenses and suspending payroll taxes. Additionally, he examines opportunities within the private equity landscape, shedding light on balance sheet products and strategies for supporting struggling businesses while aiming for investor returns.

Dan Rasmussen, Partner at Verdad Capital, is a quantitative investment expert who shares invaluable insights about navigating market crises. He discusses his recent study on crisis investing, revealing that predictability often increases during downturns. Dan explains how crises impact bonds, geography, and asset positioning, challenging traditional index investing. He emphasizes a blended factor approach and the significance of momentum, advocating for data-driven strategies that identify opportunities amidst market panic.

Bill Gurley and Chetan Puttagunta, partners at Benchmark Capital, discuss the current landscape of venture capital in light of the coronavirus pandemic. They share insights on how early-stage companies can thrive amidst economic challenges. Entrepreneurs are encouraged to focus on adaptability and strategic cash management, while unique advantages for smaller firms come to light. The duo also reflects on lessons from past downturns and highlights the importance of remote work best practices in this evolving environment.

In this engaging discussion, Bryan Krug from Artisan Partners shares his expertise on corporate credit markets, focusing on high-yield and investment-grade bonds. He examines the recent shifts in the market due to global events and compares today’s environment to past financial crises like 2008. Bryan highlights significant sectors in the high-yield market beyond energy, explains risk pricing, and warns equity investors about key indicators to watch. With insights into upside potential and the loan market, he offers a balanced view of current challenges and opportunities.

Matt Smith and Kobi Platt from Deep Basin Capital join the discussion, bringing sharp insights into the turbulent oil markets. They delve into the recent price war ignited by Russia and Saudi Arabia, exploring its profound impact on U.S. shale producers and broader equity markets. The duo analyzes supply and demand shocks and the challenges facing energy companies. They also discuss the long-term implications for company valuations, stressing the importance of sustainable cash flow over outdated metrics. Get ready for a riveting exploration of the energy sector's future!

In this conversation with Peter Zeihan, an insightful geopolitical analyst and author of "The Disunited Nations," topics span a spectrum of global dynamics. Zeihan discusses the pivotal shifts in U.S. foreign policy and what that means for key countries like Mexico as a future manufacturing powerhouse. He dives into how military and non-military technologies reshape international relations while revealing surprising dependencies, such as Iran and Russia's reliance on U.S. dynamics. Prepare for a fascinating look at the shifting landscapes of power and alliances.