In today's episode, Bill speaks with CAIA Member Brian Digney, an expert in operational due diligence and a true advocate for enhancing the transparency and professionalism within the industry. Throughout, Brian shares intriguing anecdotes and observations, drawing on real-life scenarios and peppered with past experiences. They delve into the significance of operational plumbing within the industry, the rise of illiquid investments, and the vital role that operational due diligence plays in detecting trends and risks. Moreover, Brian explores the delicate balance between risk and reward, outlining the key factors that institutional investors consider when partnering with emerging managers. Listen in!