The Ben James Smith Podcast — Episode 5 — Alignment: The Difference Between Sharing Upside and Sharing Risk

Welcome back to The Ben James Smith Podcast — where we explore capital, governance, and the principles behind building investment platforms designed to endure.

Today we’re talking about a word that appears in almost every investment presentation…

Yet is rarely examined carefully.

Alignment.

Most managers claim alignment because they share upside.

But sophisticated investors aren’t actually looking for shared upside.

They’re looking for shared consequence.

And the difference between those two ideas is profound.

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