Conviction Capital

Yon & Heather introduce Conviction Capital. 

SPACs aren’t dead — they’re just misunderstood.

Louis challenges the conventional view that SPACs are just speculative equity plays, arguing instead that they offer a treasury-backed, fixed-income-like profile with asymmetric upside. From navigating today’s market volatility to the lessons learned post-SPAC boom, this conversation offers a fresh look at how these vehicles can fit into a modern investment strategy.

In this episode of Spark, Yon Perullo sits down with Kamal Suppal, founder of Emerging Markets Alternatives, to explore how smaller investment managers can thrive in a competitive and often biased landscape.

With over two decades of experience across global asset management, Kamal explains the importance of rigorous due diligence, the opportunities market turbulence can create for nimble managers, and why defining a clear niche is critical to winning institutional capital.

From practical advice for GPs to insight on how LPs evaluate new managers, this conversation shines a light on the real work — and real opportunity — behind emerging manager investing.

In this episode of Spark, Heather Beatty of ScopeFour Capital discusses her firm's thematic approach to energy transition and resource efficiency investments in global public equity markets. Heather explains that emissions reduction represents a "multi-decade secular trend" affecting 140 countries and over 5,000 public companies. Learn why buildings contribute 40% to emissions, how two-thirds of necessary climate solutions already exist but need scaling, and why ScopeFour's concentrated portfolio of 30-40 companies is "extremely uncorrelated" with traditional indices. Discover how their investment approach focuses on companies with economically viable solutions, why Japan is an "unrecognized giant in energy efficiency," and how policy changes affect their investment strategy. Heather also shares her personal journey from institutional asset management into climate-focused investing.

In this episode, Yon Perullo sits down with Isaac Stone Fish, CEO of Strategy Risks, for a candid conversation on China’s evolving global role and what it means for investors. From the latest tariff escalation to the CCP’s internal power dynamics, Taiwan tensions, tech decoupling, and hidden risks in U.S. portfolios — this episode is essential listening for allocators, hedge funds, and anyone managing geopolitical risk in real time.

In this episode of Spark, Gary Selz shares insights into Zero Delta Funds, a specialized fund of funds focused on relative value volatility strategies. Gary discusses his unique "Moneyball" approach to selecting volatility traders, risk management philosophy centered on capital preservation, and how his background in electrical engineering shaped his trading career. Explore Zero Delta's methodology for manager selection, their evolving tail hedging strategies, and Gary's perspective on market dynamics. A fascinating look into how a disciplined fund of funds approach can create value in volatile market environments.