The Clockwork CIO

In conversation with Cy Jacobs, Co-founder, 36ONE Asset Management.

Cy co-founded 36ONE Asset Management in 2004 with Steven Liptz. It has grown to become South Africa's largest hedge fund manager.

All of its South African-focused mandates (both hedge and long only) have outperformed their benchmarks over all time periods since inception. The long-only fund has won multiple awards and has been ranked #1 in the domestic equity institutional fund category over multiple time periods.

Cy started his career at HSBC Simpson McKie, where he became senior portfolio manager.

In conversation with Bob Elliott, CEO, CIO and Co-founder, Unlimited.

Bob was formerly at Bridgewater Associates, where he spent a decade building the research team, which he headed up, working closely with Ray Dalio. He was also a member of the Investment Committee.

In 2022, Bob co-founded Unlimited with Bruce McNevin, Professor of Economics, New York University.

Unlimited uses machine learning to create low-cost index replications of 2&20 style alternative investments. Its first product, $HFND ETF, was the fastest growing independent active ETF launch of 2022.

In 2023, Unlimited launched its Agile strategy, which shares many of the same desirable features of a multi-manager fund but with lower costs and better liquidity terms.

As any smart macro investor knows, finding one’s edge in the market and getting investments right more than wrong, consistently over time, is crucial.

As Bob points out in this episode: “The humility to diversify is probably the biggest investment lesson that I’ve had.”

Bob has a great story. I hope you enjoy the episode!

In conversation with Wayne Yu, Founder, CEO & CIO, BCK Capital Management.

BCK runs a global special situations (aka event-driven) hedge fund strategy targeting investments in companies that are undergoing transformative change.

After graduating from University of Chicago Law School, Wayne joined Wachtel Limpton Rosen and Katz, one of the premier law firms for corporate work in the US. It was here that Wayne learned and observed first hand, the machinations of corporate deals; this was the late 90s, a boom time for M&A.

Wayne then set to work applying his legal expertise in finance, joining Ken Griffin's Citadel where he became head of its event-driven business for the Americas; a role he held between 2002 and 2008. A stint at Société Générale then followed, before Wayne spun out the strategy in 2015, establishing Stamford Connecticut-based BCK with a $50 million strategic investment.

In conversation with Steve Meyer, CEO of PPR Capital Management, A private equity real estate firm that invests

Prior to joining PPR in February 20203, Steve enjoyed a 29-year career at SEI, where he built their IMS division from scratch, becoming the largest of SEI's business groups.

During this episode, Steve talks about the way he lead and built a successful team at SEI, and how he is now looking to transfer - and adapt - those skills to build the next chapter of growth at PPR.

In conversation with Dave Iben, CIO and Founder, Kopernik Global Investors. Kopernik is a $6billion investment firm that seeks out deep value investments in under-represented regions and sectors.

Dave has had a highly successful career. This was recognized as such last May when he won the Fund Manager Lifetime Achievement Award 2023 at the London Value Investor Conference; past winners have included Seth Klarmann and Joel Greenblatt.

Dave's career started at Farmers Group before he went on to co-found Tradewinds Global Investors in 1998.

Prior to Kopernik, Dave managed the $2.7 billion Global Value Long/Short Equity portfolio at Vinik Asset Management.

Episode 11 of The Clockwork CIO is now live, featuring Christian Melby, Partner and CIO at Summa Equity.

Summa Equity, established in 2016, is one of Europe’s leading mid-market private equity firms, whose investment strategy focuses on companies in industries supported by megatrends within three themes: Resource Efficiency, Changing Demographics,

During the show Christian discusses:

·      Nurturing talent and the importance of trusting in systems and processes

·      Encouraging the team to find their voice and become effective decision makers

·      Finding inspiration in other industry leaders including Nicolai Tangen, CEO of Norges Bank Investment Management which manages the world’s largest SWF (the “Oil Fund”)

·      Why the key to good leadership is based on the foundations of trust and credibility

·      Whether in good times or bad, maintain a steady course: “Keep calm and carry on”

·      Self-reflection and the benefit of using leadership coaches to improve both as a person and a leader

Here’s a quote I liked:

“When I manage teams I try to foster a culture where I let everyone, from the most junior to the most senior, approach making decisions…creating that path to becoming good decision makers is very important.”

Episode 10 of The Clockwork CIO is now live, featuring Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Management, an SEC registered investment advisor based in Chapel Hill, North Carolina. Mark is also the Managing Partner of Morgan Creek Digital, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets.

Next year will be the 20th anniversary of Morgan Creek, which has successfully implemented the Endowment Model in its investment process, and which today manages approximately $2 billion in discretionary and non-discretionary assets.

Mark is a well-known and highly respected figure in the alternative assets industry, having plied his craft as an institutional allocator for many years before establishing Morgan Creek. He was Senior Investment Director for the University of Notre Dame Investment Office, his alma mater, before moving on to become CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina, during the years 1998 to 2004.

Mark is a big thinker and has an endless curiosity. One cannot fail to enjoy his enthusiasm, which comes across so clearly during this highly entertaining episode. It is fair to say, Mark is never short of an idea, or funny anecdote, to share. Which just goes to show that good leaders can still have a great sense of humour!

During the show Mark talks about:

• Being a big picture, ideas type leader whose roots are firmly embedded as a value investor

• Recognizing one’s blind spots – if you’re not a growth investor, outsource it to someone who is and who can implement big ideas at the individual company level

• Self-knowledge and being a good synthesizer – vital when you want people to follow your lead

• Build teams like an asset allocation exercise; find the best people to compensate for your own weaknesses, get the right combination of talent

• Why being a great CIO also requires being a salesperson

• Overcoming challenges/mistakes: Recognize it. Accept it. Learn from it. Forget it. Michael Jordan missed over 19,000 shots

• Judging the quality of investment ideas by the quality of its detractors

• The importance of personal innovation and his excitement as a venture capitalist in the digital asset space

Episode 9 of The Clockwork CIO is now live, featuring Anne Glover, Chief Executive and Co-founder of Amadeus Capital Partners, a London-based global technology investor.

Anne has been a venture capitalist for over 30 years and has been investing in emerging markets for 15 years.

A former Chairman of the British Private Equity and Venture Capital Association and Invest Europe, Anne was appointed Non-Executive Director of the Court of the Bank of England in 2018 and in 2019 became a member of the Investment Committee of Yale Corporation.

Anne co-founded Amadeus Capital with Hermann Hauser in 1997. The VC firm is regarded as one of the UK’s leading technology investors, where it seeks out opportunities to provide early stage and growth capital to companies spanning AI and machine learning, digital health and medical technology, cybersecurity to name but a few.

During this episode Anne discusses:

• How moving to America first opened her eyes to truly appreciate the concept of entrepreneurship

• How her scientific training at Cambridge University equipped Anne with the skills to take an evidenced-based approach to investing; always be armed with the facts, even in softer issues

• Why leadership is about inspiring people to follow you, and to believe in your mission

• Overcoming the initial challenges and skepticism that Anne and Hermann would be successful partners – three decades later, and the firm is as vibrant as ever

• Attention to detail to drive the highest standards possible – something that investors have come to appreciate in the quality of Amadeus Capital’s reporting

• Calculated risk taking, using mountaineering by way of analogy

Here’s a quote I liked:

“Leadership is about creating ‘followship’. If you don’t have other people engaged and believing in the direction you are going in, it’s a waste of time.”

Episode 8 of The Clockwork CIO is now live, featuring Vania Schlogel, Founder and Managing Partner of Atwater Capital, an LA-based Media and Entertainment focused private equity firm.

Vania grew up in Boise, Idaho; a state that she still enjoys going back to visit and experience its wide open spaces, in contrast to the hustle and bustle of city life.

Integrity was instilled by Vania’s mother at an early age, while her father’s ability to break the ice and put people at ease imbued Vania with a sense of doing good by people. Equipped with her Fisher-Price desk next to her father, Vania watched how he did business and communicated to people and knew that one day she would

After graduating summa cum laude from UCLA, began her professional career at Goldman Sachs in London and LA, and later joined KKR where she was asked to start its growth equity division. Vania’s experience, prior to founding Atwater Capital, also includes

Vania’s influence can be seen by the number of board positions she

Vania is a highly engaging, principled leader whose enthusiasm and joy working with her team – not to mention the many creative minds she gets to engage with in Media & Entertainment - is clear to see.   

During this episode Vania discusses:

 · Learning how to receive direct feedback from her basketball coach – if you don’t put in the work, don’t expect the success

·  The importance of personal accountability

·  Her early professional experience of building human relationships when her boss at Goldman Sachs entrusted her to go and do a roadshow in the UAE (her boss had a schedule conflict!)

·  The need for civil discourse where different opinions can be shared and challenged, respectfully, to get to the right outcome

·  Why leadership is about flexibility – listen but at the same time be willing to give tough feedback

·  Building a culture of respect at Atwater where people are relaxed and accessible

·  The most successful executives are those who take on feedback

Episode 7 of The Clockwork CIO is now live and it’s a fantastic insight into how senior female executives have had to fight tor their right to achieve their ambitions. My guest is the indomitable

It is just one of many memorable quotes from Irene, whose passion and commitment to treating people with respect, honesty and trust acts as a clarion call to all those who have experienced

This is something Irene has personally confronted head-on during her career, with one notable anecdote she recalls on a trading floor, which I encourage you to listen to.

During this episode Irene talks about:

·      The need to be resilient to counter negative bias in the finance industry, where she has seen numerous senior women leave because of terrible experiences with higher ranking male colleagues

·      Her experience growing up in Montevideo in Uruguay watching soap operas with her grandmother, going on to study computer science before deciding to work in finance and achieve her goal of becoming a commodities trader

·      Dealing with constant pushbacks, not getting any interviews for 18 months before finally getting the chance to join Noble Resources in Singapore

·      Why micromanagement is the worst thing any good leader can do

·      Empathy and focusing on the team goal, not on titles and hierarchies

·      Building a nexus of familiarity, honesty and trust

·      Empowering people is the key to building long-term relationships. They become invaluable to the business and won’t want to leave