The Clockwork CIO

In conversation with Karsten Langer, Managing Partner, Riverside Europe

In conversation with Paul Podolsky, Founder, Kate Capital

In conversation with Anthony Lawler, CEO & CIO, Cadwyn Capital

In conversation with Alyx Wood, Co-founder & CIO, Kernow Asset Management. Kernow Asset Management is a London (and Cornwall) based contrarian hedge fund that focuses exclusively on All-cap UK Equities.

In conversation with Cy Jacobs, Co-founder, 36ONE Asset Management. Cy co-founded 36ONE Asset Management in 2004 with Steven Liptz. It has grown to become South Africa's largest hedge fund manager. All of its South African-focused mandates (both hedge and long only) have outperformed their benchmarks over all time periods since inception. The long-only fund has won multiple awards and has been ranked #1 in the domestic equity institutional fund category over multiple time periods. Cy started his career at HSBC Simpson McKie, where he became senior portfolio manager.

In conversation with Bob Elliott, CEO, CIO and Co-founder, Unlimited. Bob was formerly at Bridgewater Associates, where he spent a decade building the research team, which he headed up, working closely with Ray Dalio. He was also a member of the Investment Committee. In 2022, Bob co-founded Unlimited with Bruce McNevin, Professor of Economics, New York University. Unlimited uses machine learning to create low-cost index replications of 2&20 style alternative investments. Its first product, $HFND ETF, was the fastest growing independent active ETF launch of 2022. In 2023, Unlimited launched its Agile strategy, which shares many of the same desirable features of a multi-manager fund but with lower costs and better liquidity terms. As any smart macro investor knows, finding one’s edge in the market and getting investments right more than wrong, consistently over time, is crucial. As Bob points out in this episode: “The humility to diversify is probably the biggest investment lesson that I’ve had.” Bob has a great story. I hope you enjoy the episode!

In conversation with Wayne Yu, Founder, CEO & CIO, BCK Capital Management. BCK runs a global special situations (aka event-driven) hedge fund strategy targeting investments in companies that are undergoing transformative change. After graduating from University of Chicago Law School, Wayne joined Wachtel Limpton Rosen and Katz, one of the premier law firms for corporate work in the US. It was here that Wayne learned and observed first hand, the machinations of corporate deals; this was the late 90s, a boom time for M&A. Wayne then set to work applying his legal expertise in finance, joining Ken Griffin's Citadel where he became head of its event-driven business for the Americas; a role he held between 2002 and 2008. A stint at Société Générale then followed, before Wayne spun out the strategy in 2015, establishing Stamford Connecticut-based BCK with a $50 million strategic investment.

In conversation with Steve Meyer, CEO of PPR Capital Management, A private equity real estate firm that invests primarily in distressed assets and mortgages, as well as residential and commercial real estate, across the United States. Prior to joining PPR in February 20203, Steve enjoyed a 29-year career at SEI, where he built their IMS division from scratch, becoming the largest of SEI's business groups. During this episode, Steve talks about the way he lead and built a successful team at SEI, and how he is now looking to transfer - and adapt - those skills to build the next chapter of growth at PPR.

In conversation with Dave Iben, CIO and Founder, Kopernik Global Investors. Kopernik is a $6billion investment firm that seeks out deep value investments in under-represented regions and sectors. Dave has had a highly successful career. This was recognized as such last May when he won the Fund Manager Lifetime Achievement Award 2023 at the London Value Investor Conference; past winners have included Seth Klarmann and Joel Greenblatt. Dave's career started at Farmers Group before he went on to co-found Tradewinds Global Investors in 1998. Prior to Kopernik, Dave managed the $2.7 billion Global Value Long/Short Equity portfolio at Vinik Asset Management.

Episode 11 of The Clockwork CIO is now live, featuring Christian Melby, Partner and CIO at Summa Equity. Summa Equity, established in 2016, is one of Europe’s leading mid-market private equity firms, whose investment strategy focuses on companies in industries supported by megatrends within three themes: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. During the show Christian discusses: ·      Nurturing talent and the importance of trusting in systems and processes ·      Encouraging the team to find their voice and become effective decision makers ·      Finding inspiration in other industry leaders including Nicolai Tangen, CEO of Norges Bank Investment Management which manages the world’s largest SWF (the “Oil Fund”) ·      Why the key to good leadership is based on the foundations of trust and credibility ·      Whether in good times or bad, maintain a steady course: “Keep calm and carry on” ·      Self-reflection and the benefit of using leadership coaches to improve both as a person and a leader Here’s a quote I liked: “When I manage teams I try to foster a culture where I let everyone, from the most junior to the most senior, approach making decisions…creating that path to becoming good decision makers is very important.”

Episode 10 of The Clockwork CIO is now live, featuring Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, an SEC registered investment advisor based in Chapel Hill, North Carolina. Mark is also the Managing Partner of Morgan Creek Digital, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets. Next year will be the 20th anniversary of Morgan Creek, which has successfully implemented the Endowment Model in its investment process, and which today manages approximately $2 billion in discretionary and non-discretionary assets. Mark is a well-known and highly respected figure in the alternative assets industry, having plied his craft as an institutional allocator for many years before establishing Morgan Creek. He was Senior Investment Director for the University of Notre Dame Investment Office, his alma mater, before moving on to become CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina, during the years 1998 to 2004. Mark is a big thinker and has an endless curiosity. One cannot fail to enjoy his enthusiasm, which comes across so clearly during this highly entertaining episode. It is fair to say, Mark is never short of an idea, or funny anecdote, to share. Which just goes to show that good leaders can still have a great sense of humour! During the show Mark talks about: • Being a big picture, ideas type leader whose roots are firmly embedded as a value investor • Recognizing one’s blind spots – if you’re not a growth investor, outsource it to someone who is and who can implement big ideas at the individual company level • Self-knowledge and being a good synthesizer – vital when you want people to follow your lead • Build teams like an asset allocation exercise; find the best people to compensate for your own weaknesses, get the right combination of talent • Why being a great CIO also requires being a salesperson • Overcoming challenges/mistakes: Recognize it. Accept it. Learn from it. Forget it. Michael Jordan missed over 19,000 shots • Judging the quality of investment ideas by the quality of its detractors • The importance of personal innovation and his excitement as a venture capitalist in the digital asset space

Episode 9 of The Clockwork CIO is now live, featuring Anne Glover, Chief Executive and Co-founder of Amadeus Capital Partners, a London-based global technology investor. Anne has been a venture capitalist for over 30 years and has been investing in emerging markets for 15 years. A former Chairman of the British Private Equity and Venture Capital Association and Invest Europe, Anne was appointed Non-Executive Director of the Court of the Bank of England in 2018 and in 2019 became a member of the Investment Committee of Yale Corporation. Anne co-founded Amadeus Capital with Hermann Hauser in 1997. The VC firm is regarded as one of the UK’s leading technology investors, where it seeks out opportunities to provide early stage and growth capital to companies spanning AI and machine learning, digital health and medical technology, cybersecurity to name but a few. During this episode Anne discusses: • How moving to America first opened her eyes to truly appreciate the concept of entrepreneurship • How her scientific training at Cambridge University equipped Anne with the skills to take an evidenced-based approach to investing; always be armed with the facts, even in softer issues • Why leadership is about inspiring people to follow you, and to believe in your mission • Overcoming the initial challenges and skepticism that Anne and Hermann would be successful partners – three decades later, and the firm is as vibrant as ever • Attention to detail to drive the highest standards possible – something that investors have come to appreciate in the quality of Amadeus Capital’s reporting • Calculated risk taking, using mountaineering by way of analogy Here’s a quote I liked: “Leadership is about creating ‘followship’. If you don’t have other people engaged and believing in the direction you are going in, it’s a waste of time.”

Episode 8 of The Clockwork CIO is now live, featuring Vania Schlogel, Founder and Managing Partner of Atwater Capital, an LA-based Media and Entertainment focused private equity firm. Vania grew up in Boise, Idaho; a state that she still enjoys going back to visit and experience its wide open spaces, in contrast to the hustle and bustle of city life. Integrity was instilled by Vania’s mother at an early age, while her father’s ability to break the ice and put people at ease imbued Vania with a sense of doing good by people. Equipped with her Fisher-Price desk next to her father, Vania watched how he did business and communicated to people and knew that one day she would go into business. After graduating summa cum laude from UCLA, began her professional career at Goldman Sachs in London and LA, and later joined KKR where she was asked to start its growth equity division. Vania’s experience, prior to founding Atwater Capital, also includes a period as Chief Investment Officer at Roc Nation, founded by Jay Z (Shawn Carter). Vania’s influence can be seen by the number of board positions she has, including Chairwoman of the board at LEONINE Studios, and board representations at Mediawan, wiip Productions and BMG. Vania is a highly engaging, principled leader whose enthusiasm and joy working with her team – not to mention the many creative minds she gets to engage with in Media & Entertainment - is clear to see.    During this episode Vania discusses:  · Learning how to receive direct feedback from her basketball coach – if you don’t put in the work, don’t expect the success ·  The importance of personal accountability ·  Her early professional experience of building human relationships when her boss at Goldman Sachs entrusted her to go and do a roadshow in the UAE (her boss had a schedule conflict!) ·  The need for civil discourse where different opinions can be shared and challenged, respectfully, to get to the right outcome ·  Why leadership is about flexibility – listen but at the same time be willing to give tough feedback ·  Building a culture of respect at Atwater where people are relaxed and accessible ·  The most successful executives are those who take on feedback  

Episode 7 of The Clockwork CIO is now live and it’s a fantastic insight into how senior female executives have had to fight tor their right to achieve their ambitions. My guest is the indomitable Irene Perdomo, who at one point during our conversation exclaims, “The FCA should ban micromanagement!” It is just one of many memorable quotes from Irene, whose passion and commitment to treating people with respect, honesty and trust acts as a clarion call to all those who have experienced negativity and unfair bias in their investment management careers. This is something Irene has personally confronted head-on during her career, with one notable anecdote she recalls on a trading floor, which I encourage you to listen to. During this episode Irene talks about: ·      The need to be resilient to counter negative bias in the finance industry, where she has seen numerous senior women leave because of terrible experiences with higher ranking male colleagues ·      Her experience growing up in Montevideo in Uruguay watching soap operas with her grandmother, going on to study computer science before deciding to work in finance and achieve her goal of becoming a commodities trader ·      Dealing with constant pushbacks, not getting any interviews for 18 months before finally getting the chance to join Noble Resources in Singapore ·      Why micromanagement is the worst thing any good leader can do ·      Empathy and focusing on the team goal, not on titles and hierarchies ·      Building a nexus of familiarity, honesty and trust ·      Empowering people is the key to building long-term relationships. They become invaluable to the business and won’t want to leave

Episode 6 features Kieran Cavanna, Chief Investment Officer and Co-Founder of Old Farm Partners, a New York-based investment firm that uses a hybrid platform to invest in hedge fund managers and co-investments. Kieran began his career as a senior analyst at KPMG before moving on to Titan Advisors where he learned to cut his teeth under co-founders George Fox and Tom Holliday, becoming Head of Research. In 2013, Kieran moved to Soros Fund Management, where he worked with Scott Bessent as Head of the External Manager Selection Team. It was here that Kieran met Nishi Shah, with whom he went on to establish Old Farm Partners in 2016. During this episode we discuss: Importance of being intellectually honest and to ‘know thyself’, which involves recognizing that we all have behavioral biases.  A willingness to embrace alternative views – one person’s idea is everyone’s idea. This is key to building long-term harmony and success. Reading an article about John Malone, CEO of TCI, and being inspired at the age of 12…as well as by Greek myths that his mother would read to him growing up The relentless search for new ideas and being humble enough to know that you will inevitably miss/overlook great managers now and then. Learning from George Fox and Tom Holliday, the two founders of Titan Advisors, and being allowed to make mistakes: good leaders do not chastize their people.   Be as authentic as possible. You can’t fake it. Learning from George Soros protégé, Scott Bessent, the investment process of combining hedge fund investing with co-investing. 

Michael Steed is the Founder and Managing Partner of Paladin Capital Group and serves as Chairman of the Paladin Cyber Fund, Paladin Cyber Fund II and Paladin III Investment Committees. Mike started his professional career as a lawyer in Los Angeles. In 1981, he headed to Washington DC where he served as Special Counsel to the Chairman, and as the National Director, of the Democratic National Committee (DNC). Under the presidency of Ronald Reagan, Mike was in a unique position to learn the skills needed to negotiate with the Republicans, find common ground in matters of policy disagreement and put one's differences aside; it was an age when polite discourse still meant something. Mike took inspiration from great men such as Chuck Manatt and Tip O'Neill (47th speaker of the US House of Representatives) and by observing the quality of people that Reagan surrounded himself with, Mike applied the same philosophy to building an exceptional team when he founded Paladin Capital Group in April 2001. As a cybersecurity-focused VC firm, Paladin soon found the world had changed when, in September that same year, the terrible attack on the World Trade Center took place. If ever there was a need for calm and steady leadership in the early stages of running a new firm, this was it. Mike has since gone on to turn Paladin into one of the world's pre-eminent cybersecurity VC investors. As you will hear during this discussion, Mike is a fascinating individual. His experiences of meeting world leaders during the 80s have helped him construct a wide lens through which to develop an investment and leadership style where the art of negotiation, respect and empathy ring true.

In this latest episode I discuss leadership with Justus Parmar, CEO and Founder of Fortuna Investments, an award-winning VC firm. One of its areas of investment, currently, is in the fast evolving Space Tech space, having recently invested in Starfighters Space, led by industry veteran Rick Svetkoff. On this episode Justus discusses: Important lessons learned at a young age where he found himself working at Wendys to support his family Compounding time and energy to develop a winning mindset - win more days than you lose Sliding door moment working as a bank teller and getting noticed by an investment professional who encouraged him to do his securities exams; Justus listened and pounced on the opportunity, joining a brokerage firm, before moving on to Macquarie where he thrived The importance of unwavering conviction. You only get a few big opportunities in life. This led to Justus taking the plunge and setting up Fortuna Investments Taking risks and being okay with failure Why Space Tech is well on its way to becoming a trillion dollar industry

Praveen Sahay is the Founder and Managing Director of Boston-based impact investment firm, WAVE Equity Partners. Praveen has had an incredible career, one which has seen his role change from nuclear physicist to UN Armed Forces Battalion Commander and now, today, a VC investor with a focus on tech-enabled sustainability.

On this episode I discuss leadership with Michael Harris, President at Quest Partners, a New York-based quant fund. Michael highlights the challenge of determining how much time each to spend thinking about the strategic path of the company versus day-to-day business issues and during our discussion he talks about: Intellectual humility and understanding the strength of your ideas, combined with transparent collaboration Self-awareness, self-regulation, motivation, empathy and social skills are the building blocks of being a good leader The importance of his maternal grandfather and why he was an inspirational leader Learning leadership under the guidance of Mark Hawley at Dean Witter and Bob Murray at Morgan Stanley Giving back and inspiring the next generation of talent via his university lecture series The importance of not losing one's cool in a high stress situation How meditation plays a role in maintaining perspective within Quest Partners I hope you enjoy the episode!

Before establishing Runa Digital Assets, Jennifer was Chief Operating Officer at Western Asset Management, a global investment firm with $475bn in AUM. Prior to this, Jennifer worked at Legg Mason as Chief Administrative Officer and as President and CEO of Legg Mason Capital Management. On this first episode, Jennifer shares an array of fascinating insights and anecdotes on various aspects of how she has developed her leadership style and philosophy including: Mentorship and leadership development Jennifer's approach to building high-performing teams A summer studying in Japan - broadening one's mind and the importance of understanding sub-context in interactions Strategies for empowering team members and encouraging collaboration and innovation Investment outlook for the digital asset landscape