Alternative Universe

Episode 016: Startup employees often receive stock options as part of their compensation package, offering them the opportunity for financial gain and a stake in the company's future. However, many employees are unaware of the complexities and challenges associated with stock options. They leave money on the table by abandoning their expiring stock options unexercised.

In this episode of Alternative Universe, Steve talks with Dave Thornton, Co-Founder, CEO, and Chief Investment Officer at Vested. Having spent a large part of his career as a serial entrepreneur, Dave’s most notable accomplishments include the founding and successful sale of PatientFinder, and his collaboration with Emilio Seijo, a Principal Quantitative Strategist at Vested, in creating a real-time illiquid asset pricing model. Dave also spent time building the systems at a hedge fund within Citigroup and worked as a Program Manager at Microsoft.

Dave talks with Steve about the challenges faced by startup employees when exercising their stock options. He shares how Vested helps employees understand and navigate their stock options, allowing them to unlock the potential value of their equity.

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Key Takeaways

Quotes

"In your employee stock option plan, there is a provision that says when you leave for whatever reason, you have 90 days after you leave within which you have to exercise your vested stock options, or else they go up and smoke." ~ Dave Thornton

"VC has been notoriously hard to access for several reasons. One is that to get into the best brand-name VCs, you usually need to be able to write a really big ticket, and that's if the VC is even still open for subscription. The other is that even for people who can access venture capital managers they like, VCs are known to be a high-octane asset class." ~ Dave Thornton

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All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

In this episode of Alternative Universe, Steve talks with Jack Sharry, EVP & Chief Growth Officer at LifeYield. Throughout his career, Jack has interacted with innovators, leaders, and disruptors who share his passion for combining human and digital advice. His background includes senior leadership roles at Morgan Stanley, Putnam, and Virtus. Jack contributes to numerous industry boards, publications, and organizations, advocating for practices and technology that provide more comprehensive access to financial advice, better investor outcomes, and individual retirement security through tax-efficient decumulation planning, social security optimization, and annuities.

Jack talks with Steve about how to maximize retirement income. Jack emphasizes the shift towards solutions-oriented approaches in financial planning and the need to integrate tax optimization into portfolio management. They also touch on the future trends in the industry, including the importance of multi-account, tax-smart management, and the role of alternatives in improving outcomes for clients.

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Key Takeaways

Quotes

"We help the advisor help the client avoid paying unnecessary taxes. We do it across the household; it's multi-account and tied into risk. Social security is another factor to be considered. That's how to maximize retirement income." ~ Jack Sharry

"Our industry is moving toward a multi-account, household-level portfolio management schema. And if you're going to improve outcomes, it's all around managing cost, risk, tax, and social security." ~ Jack Sharry

"The biggest single cost that an investor incurs over the course of their lifetime is taxes. So, if you can manage taxes, we improve outcome by 33%." ~ Jack Sharry

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All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 014: Built on the bedrock of practical wisdom and a long-term perspective, Phronesis Fund believes in forging genuine partnerships rather than chasing fads. This commitment allows them to do more than invest. It's about building a foundation for shared success, thoughtful partnerships, flexible investment strategies, and a financial future as unique and enduring as the client.

In this episode of Alternative Universe, Steve is joined by John Candeto, Founder and Managing Partner of Phronesis Fund. John shares his journey from operator to investor and explains how his background in building businesses has shaped his investing approach. He discusses his investment philosophy and the importance of practical wisdom in long-term investing. John also shares his insights on risk management, the power of curiosity and capability, and the power law in investing.

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Key Takeaways

Quotes

"We're not trying to be all things, all people. We're trying to be things where we can apply practical wisdom in a very long, biased, long duration, slow-moving, thoughtful partnership." ~ John Candeto

"Whatever your job is, it's to serve your clients, serve your customers, and serve your partners. If you believe that, what those you serve really need from you is the intersection of what you're curious about and capable of." ~ John Candeto

"The only asset you can't get more of is time. We don't even know how much of it we have. It can't be a game of 'spend all my time on this thing so that later I can do that thing.' It's got to be much more of a game of trade-offs and balance." ~ John Candeto

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All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 013: For years, advisors have relied on many third-party tools to solve specific client needs. However, this fragmented approach often leads to a disjointed user experience, with advisors juggling multiple logins and navigating different interfaces. Therefore, firms need a platform that allows them to take control of their data and innovation timelines. By centralizing data into one place, firms can create their unique Michelin-star experience for advisors and their clients.

In this episode of Alternative Universe, Steve talks with Kyle Van Pelt, CEO at Milemarker. They discuss how advisory firms can create a unique and streamlined client experience. Kyle emphasizes the importance of using best-of-breed tools for solving client problems while centralizing the data into one platform the firm owns. The conversation also touches on the challenges and opportunities presented by the growing demand for alternative investments and the evolving expectations of the next generation of clients.

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Key Takeaways

Quotes

 "At Milemarker, we're going to take all the data from the best-of-breed tools. We're going to centralize it into one place that the firm owns. So stop trying to get these other third-party tools to integrate as you want them to. And stop waiting on their roadmaps to meet your roadmap, but have them integrate to you." ~ Kyle Van Pelt

"If you're an RIA or you own your firm, you should absolutely own your data, and you should be able to own and control your own roadmap and your innovation. I think that's a huge trend that we're seeing in the industry, and it's one that you take advantage of." ~ Kyle Van Pelt

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All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 012: In this episode of Alternative Universe, Steve is joined by Jordan Strebeck, Managing Partner at Fortress Energy. Jordan is a proud West Texan, Red Raider, father, and husband. He studied agriculture, economics, and personal finance at Texas Tech University and later attended Harvard Business School on the Frisk Fellowship. Before co-founding Fortress, he was the Vice President of Finance & Business Development at Piedra Resources and Rock River Minerals, both long-time independent Permian Basin energy companies.

Jordan shares his journey in the oil and gas industry and how he found his passion for mineral and royalty interests. He discusses the importance of timing and the challenges and rewards of being an entrepreneur. Jordan also explains the concept of mineral and royalty interests and how his company navigated the market during the COVID-19 pandemic. With a focus on aligning incentives and building strong relationships, Fortress Energy continues to thrive in the alternative investment landscape.

Join us as we discuss: 

[01:49] - How Jordan got into Harvard Business School.

[03:32] - Jordan's most memorable experiences in Boston.

[06:20] - The why and how of Jordan's move into financial services.

[13:12] - Jordan's life after Harvard Business School.

[17:43] - Jordan's motivation for building Fortress Energy.

[20:33] - The people who have helped Jordan in his career.

[22:07] - The importance of having a supportive spouse in entrepreneurship.

[26:17] - The joys and challenges of parenting four children in different stages of life.

[28:06] - Navigating the challenges of the energy industry during the pandemic.

[33:18] - Buying and owning mineral and royalty interests.

[38:46] - The structure of Fortress Energy's funds.

[43:19] - Jordan's bourbon collection.

Key Takeaways

Quotes

"If we're not doing this so that people's lives can be changed, not just ours but our team's, we probably got our incentives a bit backward." ~ Jordan Strebeck

"Timing's everything. The timing of crashes in a commodity business is very important." ~ Jordan Strebeck

"From an entrepreneur standpoint, if your soul and your family are solid, then the stuff above it is no longer life or death. There's not a gun pointed at your head. And that's when you're going to function at your best." ~ Jordan Strebeck

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 011: In this episode of Alternative Universe, Steve talks with Cassandra Borchers, Investment Management Partner and Chair of the Blockchain & Cryptocurrencies group at Thompson Hine. Cassandra's practice has focused primarily on securities, investment capital, cryptocurrency and blockchain, corporate representation and governance, counseling mutual funds, ETFs, and closed-end interval funds. She has assisted companies in securities offerings, including mutual funds, commodity pools, private equity, fund formation, registration, mergers, and reorganizations.

Cassandra talks with Steve about the intersection of law and alternative investments. She discusses the evolving regulatory space and the importance of compliance in alternative investments. Cassandra also delves into the growing presence of cryptocurrencies and emphasizes the significance of technology advancements, such as tokenization and blockchain, in shaping the future of alternative investments.

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Key Takeaways

Quotes

"The regulations have expanded in all sorts of ways. You need to have a strong compliance team, legal advisors, and groups like Mammoth to make sure that you're properly serving your clients." ~ Cassandra Borchers

"Alternatives are not just in the private fund markets. There are a lot of optionalities out there, depending on the type of investor or advisor you are and who your clients are. There are ways to get people exposure." ~ Cassandra Borchers

"Crypto is here to stay. Regulation is expanding and evolving here in the US, and there's a lot of movement going on everywhere. Bitcoin is definitely not going away, and we're moving into a new era." ~ Cassandra Borchers

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 010: Building a successful business is often a multifaceted journey, demanding strategic decisions and resourceful approaches. For startups, managing operational complexity requires a keen understanding of growth strategies, revenue models, and investment considerations. Savvy investors, however, are turning their attention to niche startups powered by fractional work. 

In this episode of Alternative Universe, Steve talks with Praveen Ghanta, Founder and CEO of fraction. Praveen shares his entrepreneurial journey, from his early days in the dot-com bubble to building successful startups in the fintech industry. He discusses fractional work and how it can be a cost-effective solution for businesses. Their conversation also covers the changing landscape of startup funding, the value of profitability, and the potential of niche markets in the private markets space.

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Key Takeaways

Quotes

"Being bootstrapped, what's your funding source? Your customers are your funding source. So, therefore, you've got to meet their needs and grow and adapt with them." ~ Praveen Ghanta

"I tried to start a startup where I didn't have a sales function. I did a hundred sales calls myself. I tried to chase down leads and I realized, that even if the software might be good, this is really hard." ~ Praveen Ghanta

"For investors that are thinking about investing in startups, rather than going after those players that are trying to make horizontal, scalable tech, there are other tech investments that you might make that are substantially low risk because they're operating companies that are either close to or on their way to profitability that are in niches." ~ Praveen Ghanta

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 009: Surgeons and high-income professionals often seek investment opportunities to maximize wealth. While traditional investment strategies may provide steady growth, they often lack the potential for higher returns. Private investments, however, have the potential for high growth and give access to sectors not available on public markets. The challenge lies in finding deals that are well-vetted and trustworthy.

In this episode of Alternative Universe, Steve talks with Matt McGirt, Founder & General Partner at Mammoth. Matt shares his journey of investing in alternative assets and his challenges in finding private investment opportunities aligned with his expertise and risk tolerance. He also discusses the need for a platform like Mammoth Technology that provides a menu of private investment options with a formalized diligence process, allowing investors and their advisors to make informed decisions.

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Key Takeaways

Quotes

"I immediately saw value in any product that can bring private placement deals to an average RIA who can't provide those with great security or diligence. That's why I got excited about the Mammoth tech product." ~ Matt McGirt

"In my community, no one had access to a healthcare investment. My access to a menu of options that had some diligence that I trusted did not exist for me or my colleagues. It's a massively underserved market, and as an industry, there's an untapped growth service line there as well." ~ Matt McGirt

"It's amazing how many clients will move to new investor firms or new financial advisors, not based on how well or how diversified a public strategy investment strategy was, but the quality and quantity of private deals." ~ Matt McGirt

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 008: Integrating alternative investments into the advisor's toolkit allows for greater diversification and access to innovative companies. By leveraging technology and streamlining the investment process, advisors can better serve their clients and participate in the legacy-building process of supporting impactful investments.

In this episode of Alternative Universe, Steve is joined by Kim Mackrill, CEO of Mammoth Technology. Kim shares her origin story, from working in the nonprofit sector to starting her marketing firm and eventually diving into alternative investments. She discusses how Mammoth is working to provide a seamless and streamlined experience for advisors and fund managers, from fund formation to investor onboarding and ongoing management.

Join us as we discuss:

[02:18] - Kim's backstory and how she got involved with Mammoth Technology.

[11:55] - The importance of improving advisor experience.

[13:35] - Kim's first experience with alternative investments.

[19:58] - Why creating a seamless, streamlined experience for investors is important.

[24:01] - How Mammoth provides a complete technology solution.

[26:48] - The hurdles financial advisors face in incorporating alternative investments.

[34:11] - The potential for collaboration between fund managers and financial advisors.

[39:40] - Streamlining the alternative investment process for clients.

Key Takeaways

Quotes

"It is a high priority for the very best firms out there and for the very best technology firms to make everyone all the way up and down the value stack of advice enjoy the process. That's the pinnacle of great work. And happy work is happy advisors, happy team members, and happy clients." ~ Kim Mackrill

"If you cannot control and own your experience, then you are essentially selling something that belongs to someone else." ~ Kim Mackrill

"We are really hopeful about how fund managers and financial advisors can work together, not just because it's good for them and their firms or even just because it's good for the investor, but because we think that the vast majority of innovation is happening inside of these private companies right now." ~ Kim Mackrill

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

Episode 007: Private credit offers a unique value proposition, presenting investors and borrowers with compelling opportunities. Operating outside the confines of the traditional banking system, private credit lenders possess greater flexibility and agility in crafting solutions tailored to the specific needs of businesses. This advantage allows for a more dynamic and adaptable approach to credit provision, offering mutually beneficial outcomes for borrowers and investors.

In this episode of Alternative Universe, Steve talks with Jamie Shulman, Co-Founder and Fund Manager at Meriwether Group Capital. With 27 years of experience in commercial banking, Jamie has dedicated his career to helping entrepreneurs and founders realize their dreams. Jamie's diverse experience in management, mentorship, and strategic business planning for growing companies makes him an invaluable and trusted advisor, going far beyond the boundaries of traditional lending. His successes have come from ensuring exceptional service to clients while providing employees an engaging and rewarding workplace, leading to top-tier results for shareholders.

Jamie talks with Steve about private credit and the opportunities it presents. He shares how Meriwether Group Capital provides capital to quality businesses that fall outside the box of traditional banks. Jamie also discusses the impact of the current economic climate on private credit and the opportunities it presents for lenders.

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Key Takeaways

Quotes

"I'm always happy to be a resource. If you have a potential borrower and are unsure what to do with or where to send them, start with me." ~ Jamie Shulman

"Even if you don't think I can do the loan, I'm happy to invest 30 minutes. If I can't do it, I probably know someone who can. If that helps you as the advisor solidify your relationship, well then, it's win-win." ~ Jamie Shulman

"Private credit is in a good space. It's not without risk, but the return is worth it on an adjusted risk basis." ~ Jamie Shulman

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Disclosure

All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.