In this episode of FEG’s Insight Bridge Podcast, Greg Dowling chats with Dave Thomas, founder of Atalan Capital Partners. They discuss the challenges and opportunities in the hedge fund industry, the impact of structural and cyclical headwinds and Atalan's valuation-based investment approach. Dave also shares his insights on emerging trends like generative AI and European defense spending, and why he believes Atalan’s long-short methodology may be especially beneficial today.

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In this episode of the FEG Insight Bridge Podcast, Greg Dowling sits down with Cheryl Brandon and Kamal Toor, the founders and managing partners of Kinterra Capital. They discuss the transformative impact of AI on the mining industry and the critical role of essential minerals like copper, nickel, magnetite, and manganese in today’s and tomorrow’s economy. Cheryl and Kamal share their insights on using private equity strategies to access development stage projects, the importance of “friendshoring” to secure critical supply chains, and their commitment to strong environmental practices. Throughout the episode, they offer valuable perspectives on navigating geopolitical factors, mitigating risks, and the essential yet sometimes underappreciated role of specific minerals in the ongoing expansion of clean energy.

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In this episode of the FEG Insight Bridge Podcast, Greg Dowling sits down with Jack O'Callahan, a member of the legendary 1980 "Miracle on Ice" U.S. Olympic hockey team. Jack shares his incredible journey from playing street hockey in Boston to becoming part of perhaps the greatest upsets in sports history. He recounts the intense preparation and team dynamics that led to the victory over the Soviet Union, an event famously dramatized in the Disney movie "Miracle". Jack also discusses his transition from the Olympics to the NHL and his eventual move into the investment business. Throughout the episode, Jack offers valuable insights on leadership, teamwork, and the importance of integrity, both on and off the ice.

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In this episode of the FEG Insight Bridge Podcast, Greg Dowling sits down with Ali Akay, Founder and CIO of Carrhae Capital and experienced emerging markets investor. Ali shares his journey from central bank consultant to founder of a successful investment firm, embodying his personal mantra, "Struggling, I emerge." His perspective on macroeconomic factors, political and currency risks, and the benefits of country and currency diversification provide a roadmap for navigating the complexities and considerable opportunities inherent in these markets.

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In March’s episode of the FEG Insight Bridge Podcast, Greg Dowling talks to Jason Fowler about what it takes to develop the mindset of a winner. From his devastating motocross injury as a teenager to his path to overcoming obstacles, to his success as an adaptive sports champion, coach and mentor, Jason’s search for his “true north” can help and inspire all of us. Jason believes that a combination of factors is common to all successful initiatives with: the need for physical health, clear vision, the ability to adapt thought processes to life’s inevitable ruts, and an accountability coach.

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In the February episode of the FEG Insight Bridge Podcast, Malabar Investments Advisors Sumeet Nagar and Akshay Mansukhani join FEG CIO Greg Dowling in an in-depth discussion. This month they analyze the differentiating quality of the Indian market versus other emerging markets and the importance - and benefit - of a comprehensive understanding of market liquidity. A history of entrepreneurial spirit, low-cost structure and an attractive mix of domestic and offshore capital have combined to make Indian private markets worthy of attention.

Tune in for this in-depth discussion of the opportunities and risks within India's evolving and growing private markets.

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Discover a fresh perspective: Ben Inker of GMO examines market trends and potential investment strategies for 2025.

On this episode of the FEG Insight Bridge Podcast, we are joined by Ben Inker, Co-Head of Asset Allocation and Portfolio Manager at GMO, in a conversation exploring market trends and investment strategies for 2025. Ben and FEG CIO Greg Dowling discuss the impact of market concentration, the role of quality and value in portfolios, and the effects of passive investing. Ben provides insights into the performance of U.S. large cap growth stocks, the state of Japanese small caps, and the potential importance of diversification in uncertain times. Ben also shares his career journey at GMO, highlighting lessons learned from industry leaders like Jeremy Grantham and David Swenson.

Tune in for key insights on market concentration and the evolving dynamics of today's investment landscape.

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On this episode of the FEG Insight Bridge Podcast, CIO Greg Dowling welcomes Max Belmont, Portfolio Manager and Senior Research Analyst at First Eagle Investments. Max discusses the growing interest in gold amid global economic uncertainties, exploring its role as a potential hedge against inflation and currency devaluation. The discussion also covers the dynamics of gold mining investments, the impact of central bank policies, and the comparison between gold and digital assets like Bitcoin.

Tune in for key insights on the enduring allure of gold and exploration of its strategic importance in today's investment landscape.

Key Takeaways

• Gold is prized as a potential safe haven due to its stability and limited supply. Unlike other commodities, gold does not corrode or degrade, maintaining its value over long periods. This makes it a potential hedge against economic instability and currency devaluation.
• The historical context of gold, including its role during periods of hyperinflation and economic turmoil, has influenced its perception as a stable investment. Central banks have shifted from being net sellers to net buyers of gold, especially after the 2008 financial crisis and recent geopolitical tensions, such as the Russia-Ukraine conflict.
• While both gold and cryptocurrencies like Bitcoin are seen as alternatives to traditional financial assets, they behave differently. Gold is a "risk-off" asset, providing stability during market downturns, whereas Bitcoin is more volatile and behaves like a "risk-on" asset, similar to growth stocks.
• First Eagle's approach to investing in gold includes holding physical gold and investing in gold mining companies. The investment strategy focuses on valuation, resilience, duration, and optionality to ensure a margin of safety and long-term value.

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On this episode of the FEG Insight Bridge Podcast, CIO Greg Dowling welcomes Howard Smith, Partner at Indus Capital Partners and Portfolio Manager for the Indus Japan Strategies. Howard shares his extensive experience investing in Japan, discussing the country’s economic resurgence, corporate reforms, and strategic positioning as an alternative to China. The conversation covers Japan’s role in high-tech industries like semiconductors and robotics, the impact of Abe’s three arrows policy, and the evolving landscape of corporate governance and M&A in Japan. They also delve into the yen carry trade unwind and its global implications, as well as the potential takeover of Seven & I Holdings by Canadian company Couche-Tard.

Tune in for key insights on Japan’s economic transformation and investment potential.

Key Takeaways:

• Japan is experiencing renewed interest from investors after decades of stagnation. This resurgence is driven by corporate reforms, a strong manufacturing base, and Japan’s strategic positioning as an alternative to China.
• Japan offers significant opportunities in high-tech industries such as semiconductors and robotics. The country benefits from lower valuations compared to Western markets and plays a crucial role in the global tech supply chain.
• Japan’s corporate governance has improved, with increased board independence and better capital allocation. The potential takeover of Seven & I Holdings by Couche Tard highlights Japan’s evolving openness to foreign investment and corporate control.
• The yen carry trade unwind caused significant market volatility. Additionally, Japan’s high public debt levels are sustainable due to low interest rates and the majority of debt being held by the central bank. However, the terms of trade and reliance on energy imports pose ongoing risks.

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On this episode of the FEG Insight Bridge Podcast, CIO Greg Dowling welcomes Oliver Moses, Managing Partner of WindRose Health Investors. Moses shares his journey into healthcare investing and the evolution of private equity's role in the sector. The two discuss the rapid growth of healthcare, post-COVID challenges like labor shortages, and how technology, including AI, is driving efficiency. Moses also addresses criticisms of private equity in healthcare and highlights WindRose's investments, including a case study on AI nurse assistant Eleanor. The episode wraps up with a look at Moses’ personal mission to use investment strategy to improve and provide free healthcare access for 30,000 children annually in Liberia through Haven Care.

Tune in for key insights on healthcare's future and private equity's role in shaping it.

Key Takeaways

• Healthcare is a rapidly growing sector facing significant challenges such as reimbursement risks, labor shortages, and rising costs.
• AI has the potential to significantly improve efficiency and reduce costs in healthcare, as demonstrated by applications like AI-driven revenue cycle management and a large language model nurse, named Eleanor.
• Post-COVID, healthcare companies face significant labor shortages and cost challenges, highlighting the need for innovative solutions to improve efficiency and manage expenses.

You can find every episode of FEG Insight Bridge podcasts in one place and sign up to receive our other publications here.