In this episode of Behind the Numbers, host Dave Bookbinder sits down with David Van Adelsberg and Bart Houlahan from Irrational Capital to explore the game-changing role of human capital in business valuation and investment strategies.
Irrational Capital is at the forefront of quantifying the employer-employee relationship’s impact on a company's equity value. David and Bart introduce the human capital factor, a groundbreaking investment metric independently validated by leading financial institutions like J.P. Morgan.
✅ The science behind the human capital factor and why it matters to investors
✅ How intrinsic motivators—pride, trust, appreciation—drive stock performance
✅ The rigorous validation process that links employee engagement to financial returns
✅ The shift in investment strategies to integrate human capital metrics
Join us for this fascinating discussion on how people truly are a company’s most valuable asset—not just in words, but in measurable financial impact.
🔹 Listen now and rethink the way you value human capital!
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David Van Adelsberg is a Founding Partner and CEO of Irrational Capital LLC, the investment research and development firm that has discovered and quantified the Human Capital Factor® and is enabling investable access for investors.
Previously, David’s team led the rapid growth of a large-scale, international finance firm. Prior to that he co-founded and led Context Capital Partners, the alternative asset sponsorship firm. Earlier in his career, David was Managing Director of Scudder Kemper Investments private equity and venture group and CEO of the European division of the training and strategy firm Forum Corporation prior to its sale to Pearson. David began his career at IBM where he held business development roles and was part of the teams that established several new, large-scale businesses.
Bart Houlahan became a Partner at Irrational Capital in 2023. Irrational Capital has identified and quantified the Human Capital Factor®, a new investment factor (like Growth or Value) that is connected to future equity value creation. The Company currently offers three ETF’s traded on the NYSE (HAPI, HAPS, HAPY). Bart joined the firm to launch the Human Capital Factor® Ratings System, providing companies detailed benchmarking on their Human Capital Factor® with actionable insights on how they can align their corporate culture with equity value creation.
Prior to Irrational Capital, Bart co-founded B Lab in 2006, the non-profit organization behind the B Corporation movement. B Lab is working to build a movement of people using business as a force for good by certifying leading sustainable businesses (Certified B Corporations) and encouraging other companies to follow by using B Lab’s tools. There are now more than 9,000 Certified B Corporations in 102 countries and 162 industries. More than 350,000 businesses have used B Lab’s B Impact Assessment to manage their social and environmental performance, and the organization has passed legislation in 56 jurisdictions creating a new legally-recognized corporate form, the Benefit Corporation. Prior to B Lab, Bart was President and one of the original partners of AND 1, a $250 MM basketball footwear and apparel company. At its peak, AND 1 was the second largest basketball company in the world with distribution in 82 countries. The company also scaled an entertainment business, the AND 1 Mix Tape, that included a global tour, videogame, and television show.
Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.
Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.
He’s on a mission to change the conversation about how the accounting world recognizes the value of people’s contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company’s most valuable asset.”
Dave’s book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions.
He’s also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.
🔸 Grab Dave’s Books: The New ROI: Return on Individuals | The NEW ROI: Going Behind The Numbers | A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know
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🔸 Check out www.NEWROI.com for more.
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