What's the Alternative? Meet the Manager

Host Shana Orczyk Sissel kicks off season four of What’s the Alternative? (a Wealthies Awards finalist) with Clark Edlund, Partner at CAZ Investments, to explain GP stakes, buying an ownership interest in an alternative asset manager to access “house” economics (management fees, carried interest, balance sheet) rather than only LP fund returns. The episode breaks down common private market terms and fee mechanics (management fees on committed vs deployed capital, preferred return/hurdles, catch-up, high watermark, and American vs European waterfalls) and why alignment and underwriting matter. They discuss diversification benefits across strategies and vintages, structural realities like slow capital calls and illiquidity, evolving liquidity tools, and the need for advisors to document liquidity expectations.

Key takeaways:

• GP stakes invest in asset management firms, capturing firm-level economics across past, present, and future vintages.
• GP vs. LP economics differ materially: LPs pay management fees; GPs receive fees plus potential carry and balance sheet returns.
• Understanding waterfalls (American vs. European), pref/hurdles, and catch-up provisions is critical to evaluating incentives and alignment.
• GP stakes can offer broad private-markets diversification and mitigate vintage timing, but require comfort with illiquidity and slow deployment.
• Advisors should set expectations, document liquidity budgets (e.g., in an IPS), and compare performance using metrics appropriate to the structure (IRR/MOIC vs. evergreen reporting).

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Connect with us!

• Clark Edlund on LinkedIn
• CAZ Investments
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

Join host Shana Orczyk Sissel, Founder & CEO of Banríon Capital Management, as she sits down with Erik Ogard, Founder of BufferLabs, for a deep dive into Buffer ETFs — what they are, how they work, and when they can make sense in a portfolio. Erik breaks down the options mechanics behind these products, explains the risks and opportunities, and shares how active management and better analytics can improve outcomes for advisors and investors.

Key takeaways:

• Buffer ETFs offer defined downside protection and capped upside but are more complex than marketing suggests. Know the mechanics before you invest.
• These products are built from options strategies (put spreads, call options); understanding the Greeks (Delta, Theta, Gamma) is critical to managing behavior over time.
• Performance can deviate before expiration; active monitoring and dynamic management can improve results versus static laddered approaches.
• Advisors must educate clients transparently about trade-offs and set realistic expectations to avoid misunderstood risk exposures.

Listen now to learn how BufferLabs approaches engineering and managing Buffer ETFs, and why complexity demands expertise.

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Connect with us!

• Erik Ogard on LinkedIn
• BufferLabs
• BufferLABS US Equity Dynamic Buffer ETF (BFLB)
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

In this episode of What's the Alternative? host Shana Orczyk Sissel sits down with Corey Hoffstein Co-Founder and Chief Investment Officer of Newfound Research, to demystify return stacking, a modern evolution of Portable Alpha that layers diversifying strategies onto existing portfolios using capital‑efficient instruments. They contrast long‑run diversification benefits with the short‑term pain clients feel, and explain how modest, well‑structured stacks can preserve core allocations while improving risk‑adjusted outcomes.

Corey and Shana walk through the role of leverage, practical implementation choices, and sensible sizing heuristics to minimize client friction. The conversation delivers actionable guidance on designing stacks that enhance diversification without triggering performance anxiety, plus perspectives on where this trend is headed in wealth management.

Key takeaways:

• Return stacking lets you add diversifying exposures via leverage and derivatives without cutting core holdings.
• Prudently used leverage can be a diversification tool, not just a risk amplifier. 
• Practical sizing: modest, diversified stacks tend to balance benefits and client acceptance.
• Designing for behavioral time, reducing visible short‑term pain, is crucial to keeping clients invested in statistically sound strategies.

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Connect with us!

• Corey Hoffstein on LinkedIn
• Corey Hoffstein on X
• Newfound Research
• Return Stacked ETFs
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

Investing involves risk of loss. Past performance does not guarantee future results.

In this episode of What’s the Alternative? host Shana Orczyk Sissel sits down with Michael Marone, Co-Founder & Co-Chief Investment Officer at Crescent Rock Capital, a global equity long-short hedge fund manager.

They dive deep into the realities of running a long-short strategy in today’s market—how to think about shorting in a world structurally tilted against short sellers, why “boring” ideas often make the best shorts, and how shifts in market structure, AI, small caps, and deglobalization are reshaping the opportunity set for active managers and allocators.

Whether you’re an advisor, allocator, or sophisticated individual investor, this conversation offers a practical framework for evaluating hedge funds, understanding risk, and positioning portfolios in a changing world.

Key Takeaways:

• Why effective shorting often comes from “boring,” fundamentally sound companies facing marginal deterioration—not flashy frauds or meme names.
• How changes in market structure, including the rise of passive investing, have created both headwinds and unique opportunities for active long-short managers.
• Why small caps may be one of the ripest areas for active management, and how to think about quality, liquidity, and selectivity in that space.
• How to assess whether “AI is a bubble” by comparing today’s leaders to the dot-com era, and what deglobalization really means for global equity opportunities.

If you’re an advisor or investor looking to better understand hedge funds, long-short equity, and how alternatives fit into modern portfolios, this episode is for you.

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Connect with us!

• Michael Marone on LinkedIn
•  Crescent Rock Capital Management
• Shana Orczyk Sissel on LinkedIn
•  Banríon Capital Management

Investing involves risk of loss. Past performance does not guarantee future results.

In this episode, host Shana Orczyk Sissel sits down with John Lidington, Portfolio Manager at Man Numeric, to explore the evolving world of liquid private equity—an innovative way that seeks to capture private equity–style returns through public markets.

John shares how Man Numeric’s liquid private equity strategy bridges the gap between public and private markets, offering investors access to private equity–like exposure without the high fees, illiquidity, or lock-up periods of traditional PE funds.

Key Takeaways:

• How liquid private equity works—and how public equities can be used to seek exposure to certain private equity characteristics.
• The quantitative and fundamental factors that drive Man Numeric’s approach to identifying companies with private equity–like characteristics.
• Why more companies are choosing to stay private longer, and what that means for public market investors.
• How investors can gain private equity exposure without high fees, illiquidity, or long lock-up periods.
• Practical insights into building diversified portfolios that capture the benefits of both public and private market dynamics.

Watch now to learn how the boundaries between public and private markets are blurring—and what that means for the future of investing.

Connect with us!

• John Lidington, CFA on LinkedIn
• KraneShares Man Buyout Beta Index ETF
• Man Group Alternatives Website
• Shana Orczyk Sissel on LinkedIn
• Banríon Capital Management

Investing involves risk of loss. Past performance does not guarantee future results.

In this episode of "What's the Alternative," host Shana Sissel sits down with Mario Valente, Portfolio Manager and Deputy Chief Investment Officer at Stansberry Asset Management, to explore the evolving landscape of private credit. Together, they discuss how this asset class has grown significantly since the financial crisis, filling the capital void left by traditional banks. Unlike public credit, private credit offers unique challenges and opportunities, emphasizing the critical importance of manager selection and thorough due diligence.

Mario shares insights on the diverse market of private credit, from senior secured loans to niche sectors like B2B SaaS and innovative healthcare. He highlights how effective management can enhance returns through careful loan structuring and why selecting niche managers with operational expertise is essential. Additionally, the conversation addresses how interest rates impact private credit, with managers leveraging their unique positions to maintain stable returns regardless of market fluctuations.

Key Takeaways:

• Growth of Private Credit: This asset class has become an essential capital provider, particularly for markets often overlooked by traditional banks.
• Crucial Manager Selection: Choosing the right managers with relevant expertise is vital for successful investments in private credit.
• Interest Rate Resilience: Private credit can offer stability and consistent returns, even amidst changing interest rates.
• Niche Market Opportunities: Targeting specific sectors can lead to diverse and lucrative investment strategies.

Join us for this insightful discussion and subscribe to our podcast for more expert insights!

Connect with us!

• Mario Valente, CFA on LinkedIn
• Stansberry Asset Management
• Shana Orczyk Sissel on LinkedIn
• Banríon Capital Management

In this episode of What’s the Alternative, host Shana Orczyk Sissel sits down with Bob Elliott, Founder, CEO & CIO of Unlimited Funds, to unpack the true potential of alternative investments for advisors and investors. They cover hedge fund fees, the rise and struggles of liquid alternatives, global macro and managed futures, hedge fund replication challenges, and Unlimited Funds’ HFND flagship — plus upcoming launches like liquid venture capital. If you want practical guidance on how alternatives can improve portfolio diversification and how to access low-cost, diversified strategies, this episode is for you.

Key takeaways:

• Traditional hedge funds often charge high fees that can erode net returns; low-cost alternatives are increasingly viable.
• The liquid alternatives category has grown rapidly but faces significant structural and classification challenges.
• Alternatives (global macro, managed futures, etc.) offer true diversification when understood and implemented correctly.
• Accurately tracking hedge fund positions is difficult but essential for replicating exposures and assessing risk.
• Advisors should evaluate how alternative strategies fit within overall portfolio construction, focusing on cost, diversification, and implementation.

Connect with us!

• Bob Elliott on LinkedIn
• Bob Elliott on X
• Unlimited Funds Website
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Banríon Capital Management

In this episode of 'What's the Alternative?', Shana Orczyk Sissel, founder and CEO of Banrion Capital Management, chats with Jeremy Schwartz, Global Chief Investment Officer at WisdomTree. They delve into their groundbreaking collaboration—a cutting-edge ETF model that blends traditional investments with innovative alternatives. Discover how a 60/40 portfolio can be supercharged with a 20% allocation to alternatives through the concept of return stacking. The discussion highlights the strategic use of leverage, the benefits of WisdomTree's open architecture approach, and the pivotal role of Quorus in seamless model implementation.

The conversation between Shana and Jeremy provides valuable insights into how innovative approaches and collaborations can redefine the world of alternative investments. To learn more about WisdomTree and their offerings, interested parties can reach out to the contacts provided in the show notes.

Key Takeaways:

• Return  Stacking: WisdomTree's  approach to integrating alternative investments allows for enhanced return  potential without compromising core equity positions.
• Understanding Leverage: Leverage, if used intelligently, can be a powerful tool in portfolio management, providing ample opportunity for gains.
• Diversification through Alternatives:  Incorporating a well-selected mix of alternative investments can diversify  a portfolio, reduce risk, and enhance returns.
• Efficient Implementation: Collaborations with platforms like Quorus make it easier for advisors to  integrate and manage complex investment models efficiently.

Connect with us!

• Jeremy Schwartz on LinkedIn
•  WisdomTree Website
• Quorus Website
• Shana Orczyk Sissel on LinkedIn
• Banríon Capital Management

Join Shana Orczyk Sissel, founder and CEO of Banríon Capital Management, as she discusses the ins and outs of structured notes and buffer funds with Vinay Tolia, CEO of Marine Layer Advisors. In this episode of 'What's the Alternative Podcast,' learn about the growing trend of defined outcome vehicles in the investment space, including their complexities, risks, and proper uses. Discover how Vinay's background as a derivatives trader provides unique insights into optimizing structured notes for clients, and why younger advisors might have a different view on these products compared to older generations. This episode is a must-watch for advisors looking to understand the nuances of structured notes and buffer funds to better serve their clients. –

Key Takeaways:

• The evolution and efficiency improvements in structured notes and buffer funds.
• Key differences between calendar offerings and custom offerings.
• Important questions advisors should ask when considering structured products.
• The impact of leverage and understanding risk in defined outcome investing.

Connect with us!

Vinay Tolia on LinkedIn

Marine Layer Advisors Website

Shana Orczyk Sissel on LinkedIn

 Banríon Capital Management

Private credit is growing faster than ever, and in this episode of 'What's the Alternative?', Shana Orczyk Sissel sits down with John Sateri from The Gladstone Companies to uncover why. From small companies transitioning to market leaders to the intricacies of private credit, this conversation dives deep into an exciting and evolving sector.

Shana and John discuss his extensive background, the evolution of Gladstone since his start in 2007, and the unique advantages of private credit as opposed to traditional banking models. They break down the benefits and limitations of interval funds and BDCs, as well as the significance of understanding due diligence in this investment space. Tune in to gain insights on why private credit could be the key sector to watch in the coming years.

Key takeaways:

• ·Understanding interval funds and their advantages in the market.
• The hands-on approach required in private credit investing.
• How private credit is displacing traditional banking capital.

Connect with us!

• John Sateri on LinkedIn
• The Gladstone Companies Website
•  Gladstone Alternative Income Fund Website
•  Shana Orczyk Sissel on LinkedIn
• Banríon Capital Management