Upside Capture

U.S. stocks have dominated global markets for more than a decade, and many portfolios have drifted out of balance as a result. Sean O'Hara, president of Pacer ETFs, argues that the standard fix of buying a broad, market-cap-weighted international index brings exposures investors may not intend to own, from a heavy weight in banks to sectors with little growth behind them.

Host David Stubbs sits down with O'Hara to unpack two alternative lenses on international equities, one built on free cash flow yield and the other on patent value as a measure of innovation. They discuss why free cash flow is difficult to shape through accounting, how patent value is assessed across jurisdictions, where each approach can sit alongside traditional international exposure, and where O'Hara believes the ETF industry may be going too far.

Learn more about Pacer ETFs at pacerets.com.

Learn more about AlphaCore Wealth Advisory at alphacore.com.

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Private equity's reputation was built on leverage. Alisa Wood, co-CEO of KKR's evergreen private equity business, argues the returns now come from something much harder to copy — running better companies.

Alisa joins host David Stubbs to explain why the wide performance gap between managers makes selection "the who, not the what," and where she sees operational value creation today. All views and figures are Wood's own and are not a recommendation or an offer to invest.

In this episode, we discuss:

• Wood's "the who, not the what" case for manager selection

• KKR's global investing approach and where Wood sees opportunity

• Germany and Japan examples in operational value creation

• How to frame AI, exits, and evergreen structures

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

At the start of the year, markets were preparing for central banks to cut rates. Instead, the Fed, the European Central Bank, and the Bank of Japan are all raising them, and much of that reversal traces back to the war in Iran and the disruption of shipping through the Strait of Hormuz.

Host David Stubbs is joined by Stephanie Flanders, Head of Economics and Government at Bloomberg, host of the Trumponomics podcast, and former BBC economics editor, to unpack how a single supply shock reshaped the outlook for inflation and interest rates, and why she believes the steady backdrop of the 2010s has given way to a world defined by recurring shocks from geopolitics and climate change. 

They also discuss the "many-lateral" alliances forming in place of old trade relationships, why AI's productivity gains may arrive more gradually than many expect, the uneasy status quo between the US and China, and the UK's tight fiscal position ahead of its budget. The conversation closes on a question more governments may soon face: how to fund public spending if AI erodes the labor-based tax revenue they depend on.

Visit Us:  https://alphacore.com/ 

Stephanie Flanders at Bloomberg: https://www.bloomberg.com/ 

Trumponomics Podcast: https://www.bloomberg.com/stephanomics 

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Bond yields are climbing, headlines are warning of a bubble, and inflation fear is everywhere. Chris Watling, founder and chief market strategist of Longview Economics, sees a different story underneath it, an economy that's stronger and broader than the panic suggests, where rising yields track improving growth rather than looming crisis.

Host David Stubbs sits down with Watling for a wide-ranging conversation on U.S. growth and the AI capex cycle, why he reads the current backdrop as a disinflationary boom, the corporate sector's unusual strength, and the historical framework from Charles Kindleberger for what actually ends a bull market. They also cover Europe and Japan, the dollar, gold versus industrial metals, and the hidden risks worth watching.

Chris Watling's research is available at longvieweconomics.com. 

Learn more about AlphaCore Wealth Advisory at alphacore.com. 

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Policy used to be background noise. Now it's the thing moving markets.

On today’s episode our host David Stubbs is joined by Jason Cole, Head of Government Affairs at Future Standard and a veteran of more than a decade on Capitol Hill, to unpack why executive action has eclipsed the legislative process. It starts with tariffs, where razor-thin majorities have made presidential authority the tool of choice.

From there the conversation moves through strategic competition with China, the market risk of politicized favoritism, energy shocks out of Ukraine and the Middle East, and new Fed chair Kevin Warsh's push for price stability. Cole closes on a $38 trillion debt, why divided government after the midterms likely means gridlock over reform, and the three things — a rebuilding tariff wall, a quieter Fed, and fast-moving AI policy — he's watching most closely.

• Why the tariff wall is being rebuilt through new legal authorities even after the Supreme Court struck it down — and what that means for trade, inflation, and supply chains

• How industrial policy and government ownership stakes distort markets, and why the risk of favoritism could cut both ways after the midterms

• Why divided government may be the only path to a $38 trillion debt problem — and why gridlock pushes even more policy through executive action

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Private equity's reputation was built on leverage.

Alisa Wood, co-CEO of KKR's evergreen private equity business, argues the returns now come from something much harder to copy — running better companies. She joins host David Stubbs to explain why the wide performance gap between managers makes selection "the who, not the what," and where she sees operational value creation today. All views and figures are Wood's own and are not a recommendation or an offer to invest.

In this episode, we discuss:

- Wood's "the who, not the what" case for manager selection

- KKR's global investing approach and where Wood sees opportunity

- Germany and Japan examples in operational value creation

- How to frame AI, exits, and evergreen structures

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Biotech is the only venture category where the regulator, not the market, decides which products win. That single fact reshapes everything about how capital gets deployed into the sector.

In the final episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs and co-host Dave Engel are joined by Court Turner, partner at Liz Capital and one of San Diego's most respected life sciences investors. Turner has spent twenty-five years refusing to choose between investing and operating, founding and leading multiple biotech companies through acquisition — Synthorx to Sanofi, Rodeo Therapeutics to Amgen, and RQx Pharmaceuticals to Genentech — while investing across the sector and teaching drug discovery at SDSU.

The conversation covers where biotech sits after a brutal five-year cycle, why the early stage market still has not recovered even as capital returns, what AI can and cannot actually do inside drug development, and how the coming patent cliff creates the opening that early stage biotech exists to fill.

• Why the FDA, not the market, is the arbiter of value in biotech — and how that changes risk at every milestone

• Where AI genuinely moves the needle in drug development, and why it struggles at the discovery stage

• Turner's prediction that institutional LPs will retreat from venture, and private wealth will take their place

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

What does it take to write the first check into nuclear energy, de-extinction science, or orbital manufacturing years before anyone else sees the opportunity?

In this episode Adam Draper joins David Stubbs and Dave Engel to share his playbook for investing in deep tech before the market catches on. As the founder and managing partner of Boost VC, Adam explains Boost VC's "first check into deep tech" strategy, how he evaluates founders on character and ambition, and why founder empathy shapes his investment approach.

Draper also shares stories behind investments like Radiant Nuclear and Colossal Biosciences, discusses his optimism-driven philosophy, emerging opportunities in longevity and ocean tech, and offers practical advice for founders navigating the pressures of building transformative companies.

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security.

This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore’s express prior written consent.

Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Venture returns have never been more concentrated, and the gap between the top funds and everyone else keeps widening. 

In the second episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs and co-host Dave Engel are joined by guest Carter Reum, co-founder of M13, a roughly $1.3 billion venture firm built around an operator-led model that pairs capital with hands-on support for founders. Reum explains how his own operating background shaped M13's approach, why the democratization of company-building is forcing ventures to evolve, and how the firm's Propulsion platform puts experienced operators alongside portfolio companies at the moments that matter most. 

The conversation also covers M13's shift from consumer and app-layer bets toward infrastructure and AI, including regulated areas like healthcare, and why fund size, dilution, and concentration shape long-term returns more than many investors realize.

• How an operator-led "value add" model works in practice — and where it can create tension with founders

• Why fund size, dilution, and concentration matter more to venture returns than most investors realize

• Reum's framework for liquidity in an illiquid asset class, and his three guiding principles: invest early, invest concentrated, and seek 10% chances at 100X

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore's express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.

Venture capital can be one of the most powerful asset classes in a portfolio, and one of the easiest to get wrong.

 In this first episode of a four-part Upside Capture mini-series on venture capital, host David Stubbs, Chief Investment Strategist at AlphaCore Wealth Advisory, is joined by co-host Dave Engel, AlphaCore's Head of Venture Capital, and guest Samir Kaji, who spent two decades at Silicon Valley Bank and First Republic advising more than 700 venture firms before founding Allocate, the private markets investment platform. 

Samir explains how the market has split into a barbell of roughly twenty large multi-stage platforms and thousands of emerging seed managers, why companies are staying private far longer, and how secondaries have become a permanent feature of private markets. The conversation also covers how AI is reshaping both portfolios and the infrastructure behind private investing, and what individual investors should weigh before entering the asset class.

Join us as we discuss:

• Why roughly 80% of venture investments return little to nothing — and what separates an investable approach from a costly one

• How the venture market has bifurcated, why firms stay private longer, and what that means for liquidity and the rise of secondaries

• A practical framework for individual investors: pace across vintages, understand your liquidity needs, and always ask why a deal has reached you

Article Referenced in Episode: LINK

Disclaimer: This podcast is being provided for informational purposes only and does not constitute an offer or solicitation, and should not be considered tax, legal, or accounting advice. The information represents the current views and opinions of the speakers as of the date of this podcast, and there is no guarantee that any opinions will prove to be accurate, or any forecasts made will come to pass. No obligation is undertaken to update any information, data, or material contained herein. This communication is not recommending the purchase, sale or hold of any security. This presentation and the information contained herein may not be reproduced, in whole or in part, in any format without AlphaCore's express prior written consent. Certain information contained herein has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, AlphaCore does not assume any responsibility for the accuracy or completeness of the information, which is based on matters as they exist as of the date of this podcast and not as of any future date. Before embarking on any investment program, you should carefully consider the risks and suitability of a strategy based on your own investment objectives and financial position.