Investing In Integrity

In this episode of Investing In Integrity, Ross Overline speaks with Mike Mayo, Managing Director and head of U.S. large-cap bank research at Wells Fargo Securities. He has spent 30 years as a bank analyst and is the author of “Exile on Wall Street: One Analyst’s Fight to Save the Big Banks From Themselves.”

Mike's influence extends beyond traditional research roles, as he was one of the few analysts who foresaw the 2008 global financial crisis and subsequently testified on its causes to the Financial Crisis Inquiry Commission in 2010. His contributions to the field have earned him widespread recognition, including accolades such as the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment Practice from the CFA Institute.

Mike shares his background and journey into the finance industry, highlighting the challenges he has faced and the importance of staying true to his values. He emphasizes the importance of isolation, initiative, and impact in his work. Together, Ross and Mike discuss the isolation felt by finance professionals and students and how to overcome it, accountability in the financial industry, and leadership in finance. 

In this episode of Investing In Integrity, Ross Overline revisits our all-time favorite episode with Richard Davis, the former Chairman and CEO at US Bank. Richard sits on several boards including Wells Fargo, MasterCard, Dow Chemical Mayo Clinic, and the Advisory Board of Scholars of Finance. A giant figure in the banking industry, Richard is renowned for his financial know-how and excellent leadership.

Richard has now retired from the financial industry having left a lasting legacy, he steered US Bank through the financial crisis of 2008, winning the coveted award “Banker of the year”, selected by American Banker and was the chosen "2010 Executive of the Year" by the Twin Cities Business Journal.

In this episode, Richard shares his rise from bank teller to CEO of one of the biggest banks in America. He touches on leading the U.S. Bank through the Great Recession and his support of employees and customers through social unrest in the 2010s.

His insightful, pointed commentary on why “we shouldn’t set goals, but directions,” or why we should always be the person to “take the next hardest assignment, not promotion,” is relevant to students and professionals alike. Considered a co-founder, Richard was one of the first supporters of Scholars of Finance. 

In this episode of Investing In Integrity, Ross Overline speaks with Diana Pagliarini, the Executive Vice President and General Auditor at State Street Corporation. Diana has 32 years of experience in the banking industry and 14 years in board-visible roles. Her leadership and ability to execute strategic plans leads to improved processes, functions, and departments while influencing policy changes and risk practices at an enterprise level.

Diana’s role at State Street involves managing and developing the company-wide corporate audit plan, ensuring risk is appropriately governed. To maintain independence, a critical component of the General Auditor Role, she has a direct reporting line to the Board of Directors Examining and Audit Committee. 

State Street is a global leader across investment servicing, markets and financing, and investment management.

Risk and auditing is about managing risks, maintaining transparency, identifying vulnerabilities, and driving compliance. With risks, there are layers of security that only authorized people should have access to. The higher the risk the more security features and layers of security are built into the architecture of the vault access. Auditors have to look at everything from people to processes and technology to know the risk. If it is a risk for State Street, it’s something Diana and her team are auditing.

In her role, Diana also values the importance of character and integrity in leadership and emphasizes self-awareness and self-care, as well as owning your mistakes and showing up, especially during difficult times. Integrity and credibility are significant currencies in leadership. Demonstrating this during challenging times can lead to further opportunities. Also, being willing to ask “What do you need?” and “How can I help?” is a great way to show leadership and build a rapport with your seniors. 

In this episode of Investing In Integrity, Ross Overline speaks with Winter Mead, the founder and CEO of investment firm Coolwater Capital, focusing on emerging managers and technology investments. 

Winter has previously helped build and invest an evergreen fund at SAP, a publicly listed enterprise software company, where he co-founded the LP transparency movement called #OpenLP. Winter also worked as a private equity and venture capital investor at a large multi-family office in San Francisco. He is also the author of How To Raise A Venture Capital Fund.

Winter’s prowess goes beyond finance as he founded and operates the Coolwater Academy, which trains, builds, and scales emerging managers. Winter and Coolwater have positively impacted over 240 emerging managers over the last four years.

A common struggle for emerging managers in today's market is fundraising, but seeking out capital is just one of the many challenges they face. Winter and Coolwater prioritize a holistic approach when it comes to the Coolwater Academy. They help emerging managers with operations, transparency, and building strong foundations for long-term success. 

Coolwater supports the growth and commercialization of early next-generation technologies and innovation. They aim to be a legacy platform that supports the launch of emerging investors and helps them succeed in the industry. By doing so, they contribute to the development of technology, innovation, and the mitigation of early risks in the venture capital and growth investing ecosystem. Coolwater has helped launch over 200 funds, and in turn, they've invested into over 5,000 companies.

In this episode of Investing In Integrity, our CEO, Ross Overline has a conversation with Katie Lawler, the EVP and Global Chief Ethics Officer at US Bank. Having started her career as a labor and employment attorney, Katie has spent close to twenty-two years with US Bank, working in legal, human resources, and ethics roles.

Katie's role at US Bank involves balancing culture and compliance. She focuses on building systems, structures, and processes to ensure every employee acts with high integrity. Unlike a typical Chief Ethics and Compliance Officer, her role is distinct from regulatory compliance.

Financial services are fundamentally based on trust, requiring high levels of integrity. Recognizing the broader impact of financial services on various aspects of the economy highlights the importance of ethical practices in this industry.

In this episode of Investing In Integrity, Ross Overline has an enlightening conversation with Trae Stephens, Partner at Founders Fund and Co-Founder of three companies, Anduril, Sol, and Pursuit. 

Join us as we delve into the world of venture capital, Trae's background in the intelligence community, his work at Palantir, and his co-founded companies. In this episode, he shares the importance of purpose-driven leadership in finance and the moral gray zones of investing. With book recommendations and advice for young listeners, this podcast is a must-listen for those seeking fulfillment beyond financial success.

Trae provides examples of companies Founders Fund has invested in, such as Facebook, SpaceX, and Palantir. They then dive into Trae's co-founded companies, Anduril Industries and Sol. Anduril is a defense technology company focused on building autonomous platforms for national security purposes. They discuss the importance of technology in the defense industry and the need for a just and ethical approach to warfare.

Trae also shares his perspective on moral gray zones in investing, stating that he prefers to avoid investing in things that may lead to bad behaviors or addiction – even if they may be profitable. Highlighting the risks associated with investing, particularly the temptation of greed and the importance of finding contentment and gratitude to counteract it.

Aligning with our mission, Trae notes his perspective on leadership in finance and investing. He emphasizes the importance of having a mission-focused approach and ensuring that the work being done positively impacts humanity. He believes a deeper purpose and value should drive financial outcomes.

In this episode of Investing In Integrity, Ross Overline has an insightful conversation with Tory Reiss, a 3x Founder of Fintech startups.

Tory shares his journey from a promising career at Microsoft to the thrilling world of startups, describing how his desire for personal growth and making a significant impact led him to Silicon Valley.

Embarking on a startup journey often feels like a leap into the unknown. However, such bold moves can bring great rewards. Driven by personal challenges, Tory ventured into creating solutions that not only addressed his problems but also responded to wider needs.

Balancing curiosity, imagination, and execution is essential in both business and personal life. Tory highlights the importance of having a clear personal mission statement to guide decisions.

Tory also dives into the power and importance of conscious leadership with confidence and openness and details how integrating principles like emotional intelligence, mental health, and spirituality into leadership can enhance personal and interpersonal health and success.

In this episode of Investing In Integrity, Ross Overline has an insightful conversation with Chris Larsen, a well-known personality driving innovation in the financial system. Chris is the Executive Chairman and Co-Founder of Ripple.

Chris co-founded Ripple to use blockchain technology and digital assets to enable financial institutions to send money across borders, instantly, reliably, and for fractions of a penny. Before Ripple, Chris co-founded and served as CEO of Prosper, a peer-to-peer lending marketplace, and E-Loan, one of America's first online mortgage lending service providers and now a publicly traded online lender.

Chris reflects on Ripple's three-year battle with the SEC, grateful for the positive outcome while acknowledging the vital role the SEC plays in preventing fraud. He critically assesses the SEC's approach to crypto regulation, asserting that their power play has unintentionally pushed crypto innovators offshore, causing harm to the industry. Chris sheds light on a legal precedent that distinguishes cryptocurrencies like XRP as commodities, emphasizing its significance in shaping the regulatory landscape of the industry.

Chris and Ross delve into the challenges posed by climate change, and those affecting San Francisco. The conversation explores the various initiatives designed to tackle these challenges, shedding light on the critical role of public finance in this context.

In this episode of Investing in Integrity, Doug Kimmelman recounts his journey from a New Jersey upbringing to a leading role in the finance industry. He describes his transition from pre-med at Stanford to economics, where he discovered a passion for stock options and entrepreneurship. He then goes into detail about the founding of Energy Capital Partners (ECP), and how it has grown into a prominent private equity firm over two decades. 

Doug emphasizes the importance of cultivating a respectful and empowering culture at ECP. He discusses the role of inclusivity in corporate culture and the significant impact of individual interactions. His advice to young professionals includes engaging in philanthropy and community service as tools for personal growth, alongside a balanced approach to energy investment that considers reliability, cost, and environmental impact.

Addressing the finance industry's challenges, Doug underscores the value of humility and character in both personal and professional realms. He confronts the industry's negative stereotypes and stresses the need for ethical leadership.

The episode then delves into the ECP-Bridgepoint merger, with a particular focus on how cultural alignment and sustainable growth are being addressed. Furthermore, Doug discusses his strategies for maintaining mental and physical health. He also expresses his support for Scholars of Finance, highlighting the significant role the organization plays in fostering ethical leadership within the finance sector.

We encourage our listeners to tune in for valuable insights from Doug's vast experience. His knowledge is a vital resource for finance professionals at all career levels, offering practical guidance from a seasoned industry expert.

In this episode of "Investing In Integrity", Ross Overline has an enlightening conversation with Greg Shell, an incredibly articulate and deep thinker. Greg is a partner in Sustainability Investing within Goldman Sachs Asset Management and serves as Head of the Inclusive Growth Strategy.

Greg's journey in the investment field spans over 25 years, primarily in public equity as an analyst and portfolio manager. He observed that markets efficiently generate societal benefits when functioning well, but often fail to distribute these benefits equitably. Greg also highlights the importance of private capital in solving social issues, traditionally left to the non-profit and public sectors.

In his role at Goldman Sachs, Greg focuses on impact investing, a type of sustainable investing that uses private equity to invest in companies addressing societal challenges, with a dual focus on environmental and social issues. Greg shares the role of impact investing in rectifying inequalities in capitalism, advocating for a system where opportunity and prosperity are more equitably distributed.

As the conversation draws to a close, Greg shares how capitalism, as an evolving socio-economic system, is neither bad nor perfect in its current form. However, its adaptability and potential for improvement are key strengths. According to Greg, the future of capitalism involves large companies systematically providing value for all stakeholders, returning to core economic wisdom while evolving to meet modern challenges.