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Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals.

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Timestamps

00:00 Introduction and Personal Insights on Investing

00:43 Guest Introduction and Fund Background

00:55 Fund Growth and Milestones

02:41 Challenges and Turning Points

03:20 Marketing and Investor Relations

07:41 Economic Considerations and Fund Management

10:51 Investment Philosophy and Strategy

27:08 Podcasting and Public Engagement

28:55 Transparency in Investment Strategies

29:41 Audience Growth and Distribution

31:03 Pitching Ideas and Raising Capital

32:20 Investment Minimums and Investor Relations

33:37 Marketing and Outreach Strategies

36:57 Switching to Jefferies and Other Service Providers

42:57 Strategic Investment from Cannell Capital

51:54 Hiring an Analyst and Future Plans

55:19 Managing Fund Capacity and Performance

58:40 Conclusion and Contact Information

This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax

Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets.

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Timestamps

00:00 Intro

01:43 Q4 Crypto Volatility

06:21 A Disappointing Year for Crypto Bulls

10:29 Taking Advantage of Extreme Volatility

12:50 Triple Barrier Risk Management

15:43 $REMX

16:26 Responsible Leverage

17:17 Is the 4-Year Cycle Over

21:55 Early Days Pit Trading

24:16 Building Electronic Exchange Technology

26:38 CEO of NYMEX Europe and NYMEX IPO

27:24 Move to FINRA

28:43 Building and Selling a Volatility Hedge Fund

29:15 Burn the Boats

32:14 Joining Monarq

37:14 Differences Between Crypto Fund Managers and TradFi

39:17 Institutional Adoption of Crypto Hedge Funds

44:27 Can Crypto Strategies Scale to Meet the Demand?

47:19 The Crypto TradFi Collision

49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds

54:13 Hyper Liquid and Other Market Improvements in Crypto

59:26 Will TradFi Take Over Crypto?

01:01:31 Digital Asset Treasuries

01:08:46 The Next Stage for Monarq

This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

James Wang, General Partner at Creative Ventures and author of “What You Need to Know About AI” joins Other People’s Money to discuss the most pressing issues facing venture capital right now including: VC’s collision with public markets, the “RIAifaction” of VC firms, and the reality that there is still too much dry powder propping up venture valuations. Wang also discusses the difficulty of judging VC funds off of typical metrics like MOIC and TVPI, especially when the fund is still in the middle of its life cycle. Wang closes the podcast with his views on AI as expressed in his new book and the reasons why he believes many are being distracted by first-order effects.

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Timestamps

00:00 Intro

01:22 The Collision of Public and Private Markets

04:13 Venture Capital is Following the Same Path as Other Asset Classes

05:52 Venture's Shifting Role in Portfolios

13:36 Venture Capital Emerging Managers

18:39 Corporate Venture Capital

20:58 The Most Active Venture LPs

22:45 Sovereign Wealth Funds and Strategic Venture

26:56 RIAs and Private Wealth as the Next Source of Capital

31:58 The Emergence of Star Athletes and Actors as VCs

33:41 Most VCs Don't Add Value to Portfolio Companies

35:31 Comparing VC Funds: The Metrics That Lie

43:32 Sneaky VC Marketing Tricks and Marketing Materials

48:33 Reference Checks and Speaking with Founders

50:17 The Dry Powder Bubble

57:41 What You Need to Know About AI

59:47 Tracking AI Progress

01:03:42 The Politics of AI

01:07:32 The Next Stage of Training AI Models

This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm

Fundamental long-short equity investing has been in decline with fewer new fund launches and dwindling assets, but David Stemerman, CEO, CIO and Co-founder of CenterBook Partners believes data clearly shows these investors still have significant investing skill. He argues that single manger hedge fund data collected using alpha capture can be used to construct new portfolios and strategies that will be more attractive for institutional investors. Through a combination of direct payments, data sharing, and partnering with single managers on custom strategies he believes that that alpha capture can revitalize single manager hedge funds. Not all alpha capture strategies are made equal though and one of the biggest problems he is trying to solve is convincing managers and their LPs that alpha capture can be done without harming the returns of the manager.

Read the white paper: https://www.centerbook.com/ACPaper

Become a CenterBook Partners partner fund: https://www.centerbook.com/contributors

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Timestamps

00:00 Intro

00:40 Fiscal.ai

01:34 Single Manager & Tiger Cub Origins

02:45 Fundamental Long Short Equity Under Pressure

07:21 History of Alpha Capture

09:07 Responsible Alpha Capture

16:40 Fiscal.ai

17:58 Why Don’t Managers Adapt to Allocator Demands?

26:48 CenterBook's Current Alpha Capture Strategy

33:14 How Do You Manage External Partners?

35:38 Reactions From LPs at Partner Funds

39:46 Types of Allocators Are Interested in Alpha Capture?

41:53 Types of Managers Partnering with CenterBook

43:04 Is Alpha Theory a Requirement?

46:03 Scale Limits for CenterBook

48:39 Do Most Managers Have Skill?

53:15 Active Extension: The Future of Active Management?

01:03:13 Timeline for Single Manager Active Extensions

This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm

Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness.

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Timestamps

00:00 Intro

00:27 Fiscal AI

01:16 The Difference Between Quant and Systematic Investing

03:18 Can Market Bubbles Be Measured?

05:05 Is Market Timing a Good Bet?

09:31 Evolving Risk Premia and Market Inefficiencies

16:41 Fiscal AI

18:20 Beginnings in Investment Management

23:04 Licensing Indexes to Other Managers

27:35 Providing Education Materials

31:26 Moving Into Asset Management

36:47 Evolving into Current Strategies

40:06 Thinking About the Investment Product Wrapper

43:11 Asset Management vs Investment Management

47:27 Solving Behavioral Finance Problems and Market Problems

51:28 Different Ways of Using Leverage

52:41 Knowing Your Client Base Isn’t Institutional

55:45 Content Creation and Brand Building

59:27 Growing an Audience: What Financial Content Goes Viral?

01:04:27 Dealing with Compliance and Education

01:07:22 How To Read and Interpret Quantitative Research as a Normie

01:12:22 How Is AI Being Used by Quants?

01:15:48 Conclusion

This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

Anatoly Crachilov, CEO and Co-Founder of Nickel Digital Asset Management, joins Other People’s Money to discuss why crypto is the perfect asset class for the multi-manager pod shop model. He also explains how Nickel is taking a “West Berlin” approach to partnering with external traders compared to the “East Berlin” approach of many traditional pod shops where non-competes and strict control of IP is the norm. He also discusses why 2025 has been a difficult year for crypto traders, how their team is managing the choppy markets, and how scaled up pods and incubation stage pods managed the extreme volatility in October.

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Timestamps

00:00 Intro

00:38 CAIA.nxt

01:24 Multi-Manager Origin Story

03:12 No Central Book or Alpha Capture

04:32 Expanding Number of Pods

06:15 Technology Enabled Growth

10:09 Onboarding a New Pod

14:38 Benefits of Crypto's Infinite Divisibility

15:58 CAIA.nxt

16:54 Determining the Scalability of Strategies

18:03 Minimum & Maximum Pod Sizes at Scale

18:33 Measuring Risk Adjusted Returns

20:34 Pod Compensation and Fund Level Fees

24:43 Winning the War for Talent

29:29 Pods Can Be Independent Prop Shops and Single Managers

35:03 Demand for Crypto Multi-Manager Funds

39:02 Reducing Risk in Crypto with 3rd Party Settlement & Custodians

46:08 Crypto Still Has Low Liquidity

49:41 The Cost of Poor Trade Execution in Crypto

53:16 Current Environment for Crypto

58:22 Risk Management Adjustments in a Choppy Year

01:02:04 Different Testing Environments for New Pods

01:06:30 What Happens When a Scaled Pod Has a Drawdown?

01:09:35 Conclusion

Derek Pilecki’s hedge fund Gator Capital has outperformed the S&P 500, compounding at over 22% since inception while focusing exclusively on financial sector stocks. In this interview Derek discusses why he thinks recent concern in the financial sector is overblown, how he has grown his firm’s assets to over $300m, and why he believes that good performance is simply not enough to grow a successful hedge fund. Derek also discusses how he manages his mutual fund alongside his hedge fund and why he doesn’t see the vehicles as competing but serving two separate investor bases.

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This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.

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This is a special previously unaired bonus episode of OPM with one of my most popular guests @hfreflection where we dive into the important topic of hedge fund compensation, with a particular focus on analysts and the investment team. How a hedge fund founder structures compensation and incentives for the investment team has a huge impact on the way investment research gets done. It can influence whether ideas are shared or hoarded and whether preventing mistakes is rewarded equally with finding new ideas. We also discuss when analysts should get points and how founders should deal with the reality that all analysts have different ideas about what they want their career path to look like.

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This Other People’s Money episode is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax

Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.

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An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation