Past Performers - by InvestOrama Orama

Discover the untold truths of the private equity world in this eye-opening episode, featuring Ludovic Phalippou, a renowned professor of financial economics at Oxford University Saïd Business School. Unpack the complex realities of private equity, from misconceptions about past performance to the intricacies of fee structures. Ludovic, known as the "bete noire" of private equity, alongside host George Aliferis, delves deep into the industry's practices, educational challenges, and the urgent need for clearer regulation.



On YouTube: https://youtu.be/WKSWrjssSAM

REFERENCES
▶️The Book: Private Equity Laid Bare https://www.amazon.co.uk/gp/product/B08T7D4ZQ2?ie=UTF8&psc=1&linkCode=sl1&tag=pelaidbare21-21&linkId=5a158a6c37f97026d9c4da65bfd68a8d&language=en_GB&ref_=as_li_ss_tl
▶️The Website: https://pelaidbare.com/
▶️ Follow Ludovic on Linkedin: https://www.linkedin.com/in/ludovic-phalippou-5488b147/

ABOUT THE AUTHOR
Ludovic specialises in private equity and asset management.
Ludovic is the author of the bestseller 'Private Equity Laid Bare', and professor of Financial Economics at Saïd Business School, University of Oxford. He specialises in private market investments with a focus on fee tracking, interest alignment, and return benchmarking.
Named as one of 'The 40 Most Outstanding Business School Profs Under 40 in the World' in 2014, and as one of the 20 most influential individuals in private equity in Europe in 2016, Ludovic has strong links with senior practitioners in the industry, routinely speaks at practitioner conferences, and appears in the media internationally. Ludovic’s research papers have been widely cited in academia, in the press, and in regulatory circles.
Ludovic's paper 'How alternative are private markets?' is one of three 2018 recipients of the Jack Treynor Prize, sponsored by the Q-Group. The Treynor Prize recognises superior academic working papers with potential applications in the fields of investment management and financial markets.
Ludovic achieved a degree in Economics from Toulouse School of Economics; a Master in Economics and a Master in Mathematical Finance both from the University of Southern California; and a PhD in Finance from INSEAD.

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AFFILIATE LINK
What I use for editing: https://get.descript.com/1ldhm44pyr0p

TIMESTAMP

00:00 Teaser
00:26 Introducing Ludovic Phalippou: The Private Equity "Bete Noire"?
01:38 Is it Barbarians at the Gate
03:45 The Complex World of Private Equity Returns
04:54 Education in Private Equity: Bridging the Gap
07:02 The Misleading Metrics of Private Equity Performance
12:49 The Challenge of Teaching Private Equity Authentically
16:11 The Importance of Critical Thinking in Private Equity Education
20:13 Advocating for a Balanced Perspective in Private Equity
22:03 Unpacking the Realities of Private Equity
22:51 The Misconceptions and Myths of Private Equity Performance
23:49 The Academic Challenge in Private Equity Education
24:38 The Impact of Practitioners in Academia on Private Equity Understanding
25:16 The Need for a Shift in Private Equity Education
26:58 Personal Anecdotes Highlighting the Importance of Education in Private Equity
30:24 Misleading Financial Representations and the Need for Regulation
34:38 The Complex World of Private Equity Fees Explained
39:54 Concluding Thoughts on the Future of Private Equity Education

We uncover the massive impact Jack Bogle, the titan of the investing industry, had in reshaping the investing landscapes for the better, with Eric Balchunas author of the book 'The Bogle Effect.' From revolutionizing low-cost index investing, the birth of the RIA movement, to setting the stage for the future of asset management – learn how Bogle has truly changed the game and continues to influence trends today.

Watch it on YouTube: https://pod.link/1511595070

REFERENCES
▶️The book: The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillionshttps://www.amazon.com/Bogle-Effect-Vanguard-Investors-Trillions/dp/1637740719
▶️ Follow Eric on Twitter: https://twitter.com/EricBalchunas

ABOUT THE AUTHOR
ERIC BALCHUNAS is a senior ETF analyst at Bloomberg, where he has over a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs.
You can find his articles here: http://www.bloomberg.com/authors/ADUgYkp2OlE/eric-balchunas

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AFFILIATE LINK
What I use for editing: https://get.descript.com/1ldhm44pyr0p

TIMESTAMPS
0:00 Eric Balchunas
00:38 Who is Jack Bogle?
01:12 The Bogle Effect and its Impact on the Industry
01:28 The Spread of Passive Investment in Europe
02:50 The Story Behind the Book 'The Bogle Effect'
04:27 The Trillions Saved by Bogle's Approach
06:30 The Impact of Vanguard and Bogle on Other Funds
07:25 Bogle's Vision and Legacy
11:04 The Contrast Between Bogle and Wall Street
14:47 The Rise of Index Funds and the Role of Vanguard
15:44 The Long Road to Low-Cost Index Funds
20:10 The Long Road of Investment
20:54 The Impact of Bogle's Persistence
21:20 The Evolution of Investment Culture
21:43 The Challenges of Changing the System
22:48 The Birth of the RIA Movement
24:12 The Shift in Advisor Payment Models
26:03 The Influence of Behavior and Philosophy
26:25 The Power of Staying the Course
26:55 The Concept of 'Enough' and its Impact
32:08 The Vanguard Brand and its Impact
37:53 The Future of Asset Management
40:35 The Legacy of Bogle

A conversation with Gregory Zuckerman, an award-winning writer for The Wall Street Journal and author of "The Man Who Solved Wall Street". We dive deep into the world of quant investing, exploring the journey of renowned mathematician, investor, and Founder of Renaissance Technologies, Jim Simons, together with his extraordinary team. 



Watch it on YouTube https://youtu.be/_5JkBUeLOLQ
REFERENCES
▶️The book: https://www.waterstones.com/book/the-man-who-solved-the-market/gregory-zuckerman/9780241309735
▶️Greg's website: https://www.gregoryzuckerman.com/
▶️ Follow Greg on Twitter: https://twitter.com/gzuckerman?

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TIMESTAMPS
00:00 Introducing Greg Zuckerman
02:19 Jim Simons: The Man Behind the Quant Revolution
04:00 Jim Simons' Management Skills
05:19 The Uniqueness of Jim Simons' Investment Approach
06:35 The Importance of Limiting Fund Size
09:37 The Human Element in Quantitative Investing
14:56 The Role of Data in Quantitative Investing
19:09 The Current State of Quantitative Investing
19:23 A Definition of Quants from Billions
22:26 Is AI the Future of Quantitative Investing or just a Variation
29:41 Beyond Investing The Importance of Systematizing Decision-Making
37:11 Conclusion: An Amazing Book for Everyone Interested in Quant, But Also Extraordinary Human Achievements

George Aliferis sits down with Trym Riksen, Head of Portfolio Management at Gabler, to debunk the myths surrounding private equity. They dive into the narrative that private equity offers high returns with low volatility and discuss the reality behind these claims. Trym provides insights into the limitations of private equity data, and the challenges of comparing it to listed assets They also explore the influence of marketing and the democratization of private equity. An eye-opening discussion that separates fact from fiction in the world of private equity.

Watch it on YouTube: https://youtu.be/a0Ag6D0erP0

LINKS
▶️Trym on Linkedin: https://www.linkedin.com/in/trym-riksen-6580952/
▶️The CEM Benchmarks: https://www.cembenchmarking.com/
▶️Ludovic Phalippou's book: https://www.amazon.co.uk/Private-Equity-Laid-Ludovic-Phalippou/dp/B08T7D4ZQ2
▶️Meb Faber study on CalPers: https://mebfaber.com/2023/11/08/should-calpers-fire-everyone-and-just-buy-some-etfs/
▶️Gabler: https://gabler.no/
▶️Spreadsheet with an example of IRR:https://docs.google.com/spreadsheets/d/1qS-CeTR4V5LdC4ti51IOFIBU1sc-adeG2Zf-i_X4RRU/edit?usp=sharing

TIMESTAMPS
00:00 Private Equity Marketing with Trym Riksen
00:55 Discussion on Blackstone's Holiday Video
01:49 The Founding Myth: The Yale Endowment returns
03:15 The misleading nature of Private Equity return figures
06:23 The reality of Private Equity volatility
14:00 The truth about Private Equity diversification
17:11 Private Equity's power of influence
24:48 The role of advisors in Private Equity
29:21 Thoughts on the democratization of Private Equity
31:36 Conclusion and final thoughts

IMPORTANT NOTE: There are risks associated with investing in securities.
Investing in stocks, bonds, exchange-traded funds, mutual funds, and money market funds involve risk of loss. Loss of principal is possible. Some high-risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including greater volatility and political, economic and currency risks and differences in accounting methods.
A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.

Ever wondered what it would be like to own a fraction of a masterpiece artwork? I've delved into the world of art investment and explored the intriguing proposition offered by Masterworks. They claim to outperform the market and have an impressive track record. Find out if it's too good to be true.

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CHAPTERS
00:00 Introduction to Art Ownership and Masterworks
01:59 Masterworks' Strategy and Approach
04:38 Comparing Masterworks to Other Asset Classes
06:05 Understanding Masterworks' Performance
07:25 Dispersion and Portfolio Considerations
08:43 Long-term Considerations and Risks
10:38 Masterworks' Marketing and Influence
11:00 Thoughts on the Democratization of Alternative Assets

Limitless: Beyond the mind-blowing investment results from Eddie Morra (Bradley Cooper) when he's on NZT, could he manage a fund that we’d invest in?

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KEY FINANCIAL CONCEPTS
1. Quantitative Trading: This refers to using algorithms and quantitative analysis to make trading decisions based on market signals.
2. High-Frequency Trading: It is a form of quantitative trading that involves executing trades at very high speeds, taking advantage of small price discrepancies in the market.
3. Fundamental Research: This involves conducting an in-depth analysis of a company's financials, industry trends, and other factors to determine its value and potential for investment.
4. Behavioral Finance: This field studies how investor psychology and emotions impact financial decisions and market behaviour.

PUBLIC FIGURES
1. Jim Simons: A mathematician who founded Renaissance Technologies, a hedge fund known for its use of quantitative trading strategies.
2. Robert Shiller: A Nobel Prize-winning economist known for his work on behavioural finance and the impact of narratives on market behaviour.
3. ARK Fund Management: Tech-focused fund management company headed by Cathie Wood

ABOUT THE MOVIE
Limitless is a 2011 American science-fiction thriller film directed by Neil Burger, written by Leslie Dixon and featuring Bradley Cooper. Eddie, an aspiring writer, tries a new drug that allows him to make the most of his cognitive abilities.

TIMESTAMPS
00:00 Introduction to Limitless and Eddie Morra
00:20 Eddie's Transformation and Newfound Abilities
00:42 Eddie's Investment Strategy
03:24 The Power of Eddie's Brain and Its Implications
04:03 Questioning Eddie's Strategy and Motives
04:59 Investing in Eddie Morra: A Risky Proposition?
05:34 Real-Life Equivalent of Eddie's Strategy: ARK Fund Management
06:12 Investing in the Fund Management Company, Not the Fund
06:17 Conclusion and Invitation for Discussion