Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert
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Capital Allocators – Inside the Institutional Investment Industry

Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.

  1. 2D AGO

    Rodrigo Bitar – Overlooked Opportunities in Latin America

    Two weeks ago, James Aitken suggested sharpening your pencil to find specific individual assets that have been beaten down, while Louis-Vincent Gave declared Latin America an attractive place to look. Combining these themes, I reached out to today’s guest, Rodrigo Bitar, Co-founder of 3B1 Partners, to get his perspective on opportunities in the region. Rodrigo was a past guest on the show three years ago, and that conversation is replayed in the feed.   Our conversation this time around covers the investment case for Latin America, 3B1’s experience in Venezuela, lessons learned from operating in high-risk, illiquid markets, the value of bringing capital to the region, the necessity of patience, and a specific individual asset 3B1 is pursuing in Central America.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

    35 min

  2. 2D AGO

    [REPLAY] Rodrigo Bitar – Empty Rooms: Investing in Venezuela

    Original Release Date: 08/29/2022   On today’s show we’ll discuss a classic empty room – an opportunity ignored by most investors. In this case, we dive into the investment case for Venezuela, a non-starter for pretty much every institution because of the country’s autocratic political regime, sanctions, and headline risk. But alongside those known risks are the potential for significant rewards. Rodrigo Bitar is the Co-Founder and Managing Partner of 3B1 Partners, the leading private equity fund making growth investments in Venezuela. 3B1 invests in high-quality companies with leading positions in basic industries, while looking to capture a change in macroeconomic conditions in the country. Our conversation covers Rodrigo’s upbringing in Chile, professional background, and investment opportunity in Venezuela. We discuss Venezuela’s sanctions, economic contraction, and dollarization of the economy. We then turn to investing in the country, including sourcing, due diligence, and an example of a recent transaction. We close with a discussion of the upside and risks to investing in Venezuela. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership  Show Notes (3:18) Rodrigo’s background (6:50) Family dynamics (10:13) Investible assets in Venezuela (12:03) Impact of Russian oil restrictions (13:38) Surviving economic turmoil  (17:27) Private vs. public markets in Venezuela (19:31) Identifying companies  (21:51) Due diligence process  (23:49) Assessing valuations  (25:28) Risks unique to Venezuela  (28:09) Conversations with potential investors (32:05) Closing questions

    35 min

  3. 6D AGO

    WTT: What it Takes to Raise Capital

    No one wants to invest in a small manager. There, I said it. But everyone wants to invest in a great small manager. So how does a small manager try to prove that they’re great? Read Ted’s blog here.

    4 min

  4. APR 21

    Ben Forman – Unlocking Blockchain’s Potential

    Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1.5 billion manager of financial applications of blockchain technology and digital assets across long, arbitrage, venture, and GP seeding strategies. Ben last came on the show in 2022 as part of our Crypto for Institutions mini-series, and that conversation is replayed in the feed.   Our conversation dives into the evolution of blockchain over the past few years, including the industry's "Lehman moment" and subsequent recovery. We discuss Bitcoin, memecoins, the rise of stablecoins as blockchain's killer app, tokenized assets, prediction markets, credit, and the intersection of AI and blockchain technologies. Ben also shares insights into ParaFi’s approach to investing and his long-term vision for building a business in this dynamic industry.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

    59 min

  5. APR 21

    [REPLAY] Ben Forman – Opportunities in DeFi (Crypto for Institutions 2, EP.03)

    Ben Forman is the Founder and Managing Partner of ParaFi Capital, a $1 billion investment and technology firm that focuses on decentralized finance across digital assets, venture equity, and quantitative strategies. Ben launched ParaFi in 2018 after a decade in traditional finance roles across investment banking, credit investing, and private equity at venerable institutions such as Rothschild, TPG, and KKR. Our conversation covers Ben’s background, pivot to crypto, and launch of ParaFi into a bear market. We then discuss opportunities in the world of DeFi, including borrowing and lending, stablecoins, scaling, insurance, governance, and capital allocation. We close with ParaFi’s research and valuation approach, engagement with DeFi protocols, and seeding crypto managers.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership

    1h 14m

  6. APR 14

    Geopolitical Uncertainty – James Aitken, Louis-Vincent Gave, and Marko Papic

    Last week was one of the most volatile in market history. In the last twenty-five years, it’s likely matched only by the pandemic and Global Financial Crisis in the breadth of potential outcomes for the future. In a change from our typical market-insensitive conversations, I was fortunate to gather three of the most insightful thinkers on global macroeconomics and geopolitics on Friday to share their assessment of the changing landscape.   My guests on today’s show are James Aitken, Marko Papic, and Louis-Vincent Gave. James is the founder of Aitken Advisors, Marko is the Macro-Geopolitical Chief Strategist at BCA Research, and Louis is the Co-Founder of Gavekal Research. Each are past guests on the show, and their first appearances are replayed in the feed.   Our conversation explores the shifting landscape of global markets and geopolitics, highlighting their shared belief in the end of U.S. exceptionalism. We dive into the conditions leading into Liberation Day, the motivations of the U.S. and China, and the likely outcome of the tariff wars.    We then turn to the markets, covering the weakening U.S. dollar, rise of non-aligned nations, opportunities emerging in Latin America, Europe, and Asia, U.S. Treasuries and the yield curve, and private markets. We close with thoughts on potential winners and losers while unpacking how allocators can navigate this period of profound change. Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership

    1h 2m

  7. APR 14

    [REPLAY] Louis-Vincent Gave – Macro Consequences of Government Sanctions

    Louis-Vincent Gave is the Founding Partner and CEO of GaveKal, one of the world's leading independent providers of macro research, and GaveKal Capital, a manager of $2.7 billion in assets. Louis launched GaveKal alongside his father in 2000 and has become a go-to source for creative research on global economics and asset allocation, particularly in China. He recently penned CYA as a Guiding Principle, dissecting the consequences of Western government responses to Russia’s invasion of Ukraine. He joined me to discuss the key takeaways.   Our conversation starts with Louis’ background and founding of GaveKal, and turns to the potential second order impacts of freezing reserves, seizing oligarch assets, end of Swiss neutrality, energy prices, and military spending. We close discussing how the situation may affect China.   Learn More‍ Follow Ted on Twitter at @tseides or LinkedIn‍ Subscribe to the mailing list‍ Access Transcript with Premium Membership

    45 min

  8. APR 14

    [REPLAY] Marko Papic – Geopolitical Alpha at Clocktower Group

    Marko Papic is the Chief Strategist at Clocktower Group, where he provides research on geopolitics, macroeconomics, and markets. Marko recently published Geopolitical Alpha: An Investment Framework for Predicting the Future, an imminently readable book with colorful examples of political analysis. Marko’s approach is akin to Moneyball for politics, challenging the orthodoxy of how others traditionally make investment decisions. Our conversation covers Marko’s upbringing, the flaws of most political analysis, and his constraints-based framework. We then turn to the obvious political topic at hand – next week’s U.S. Presidential election. We discuss his views of different possible outcomes on the U.S. equity market, rates, tech stocks, China, private equity, ESG, Europe, and emerging markets.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership

    56 min
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Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.

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