The Fat Pitch

In this episode, our guest is Luke Oliver, Managing Director and Head of Climate Investments and Head of Strategy at KraneShares. Luke brings his carbon markets expertise to the show as we dive into a discussion about the trillion-dollar world of carbon trading. From tracing its growth over the past decade to projecting its future potential, Luke covers the complexities of this growing market, including how carbon trading has evolved from a niche corner to a global powerhouse with markets in Europe, California, and beyond, driving substantial investment opportunities. Our conversation includes carbon market dynamics, from understanding the nuances of futures trading to exploring the role of carbon pricing in shaping investment strategies. We also highlight the investment opportunities inherent in carbon trading, emphasizing its potential for substantial returns and low correlation with traditional asset classes. Luke outlines strategies for integrating carbon exposure into investment portfolios, drawing attention to the role of carbon ETFs in diversification and risk management. We discuss forecasts, policy implications, and investment implications and uncover the immense potential and opportunities that lie in carbon trading. Whether you're a seasoned investor or a curious observer, this episode offers a comprehensive exploration of one of the most dynamic sectors in today's financial landscape. Recorded April 9, 2024

Nick Rosenthal, Co-CEO of Griffin Capital shares his thoughts about the affordable housing crisis in the United States with a focus on the multifamily sector. The conversation includes the origin of the housing issue, challenges in single-family home production, the shift towards renting, and the impact of factors like increased home prices and stagnant wages. Nick discusses the current state of the multifamily market, the high number of deliveries in 2023 and 2024, challenges in the credit environment, and the importance of timing in real estate development. We talk about the Opportunity Zones program as a potential solution for tax mitigation and its benefits, including gain deferral, tax-free growth, and tax-free income generation while also touching on the pitfalls of OZs, emphasizing the need for due diligence in selecting projects and managers. The conversation wraps up with speculating how the Federal Reserve's role and the uncertainty surrounding future interest rate cuts factor in. RECORDED JAN 27, 2024

Welcome to the Dugout 2024. In this 15-minute segment Paul and Clint have a casual and semi off-the-cuff conversation about topics that range from Paul's upcoming visit to see Clint's Tar Heels play in the Dean Dome to their thoughts on “anyone under 80”. Conversation points include the Federal Reserve rate cuts, cash, employment, America’s spending, the S&P 500, the Magnificent Seven, cyclical fluctuation, playing the long game, old and new prognostications, pundits, and of course a dash of politics. RECORDED JANUARY 19, 2024

In this episode Nick Fusco, co-founder of ApeVue, talks about the dynamic world of private markets. From the rise of credit funds to the evolving landscape of equity valuations, Nick provides a unique perspective on the challenges and opportunities in this often-overlooked sector. Discover the significance of long-duration plays, the role of data on AI models, and the intriguing developments in fund finance. Gain insights into ApeVue’s index benchmarks and how they contribute to a holistic understanding of private market dynamics. Don't miss this conversation that explores the complexities of asset allocation in private markets and the challenges associated with accurately measuring volatility in the space. Is there a fat pitch in private markets? Listen and find out. RECORDED DEC 4, 2023

Introducing the Dugout, a new segment of the podcast where hosts Paul and Clint go one-on-one and talk about what’s going on in the world. In this Dugout episode, Paul and Clint hit on inflation trends, the consumer's spending behavior, the potential impact of the Xi-Biden meeting, and deglobalization. The conversation also includes insights into the manufacturing renaissance, the importance of the CHIPS Act, and the potential for a rebirth of American manufacturing. RECORDED NOV 15, 2023

Chris Nero, Founder and CEO of Bridgeport Financial Technology, brings 34 years of industry expertise to the show, where we discuss the financial markets evolution and the transition from public to private markets and the challenges and nuances of this shift. We cover key aspects such as the importance of education in bridging the gap between public and private markets, the growth of accredited high net worth and ultra high net worth investors in private markets, and the role of additive–not disruptive–technology in facilitating this transition. We talk about trends such as the popularity of private credit and the emergence of feeder structures to provide access to exclusive funds. We also highlight the significance of digitization and single source of truth and what that means for the industry in the long term. In our conversation, Chris emphasizes the importance of understanding the entire life cycle of private markets and private market investments and how it works as being critical in building a digital infrastructure that creates a seamless and transparent experience for advisors and clients alike. RECORDED OCTOBER 27, 2023

Our guest is Chris Pavese, a Wall Street veteran and current President and Chief Investment Officer at Broyhill Asset Management. In this episode, we dive deep into the world of value investing. We discuss whether the tech sector still holds value amidst the AI frenzy and how market dynamics have shifted since the late '90s. We address top-down vs. bottom-up strategies, navigating drawdowns in today's market, and uncovering investment opportunities beyond tech, including a unique take on the online music industry's valuation. Plus, we explore the impact of the ESG craze on stock markets, the fascinating story of tobacco stocks, and the energy industry's current landscape. Don't miss our conversation and insight about catalyst-driven value in a market that has gotten bananas for growth. RECORDED AUGUST 25, 2023

This week Jay Jackson, CEO of Abacus Life, joins us to discuss life insurance policies as an alternative asset class. Jay highlights the evolution of the industry, shedding light on the changes in regulation, growth, and the institutionalization of this market. Jay also explains the potential integration of lifespan data into financial planning and investment strategies, emphasizing that life insurance policies are assets with value, suggesting that it’s crucial for financial advisors and clients to be educated about the options available in this space. The conversation touches on liquidity, returns, and the potential for creating customized investment solutions and an innovative approach to life insurance policies as a unique asset class. Is there a fat pitch here? Tune in and find out. RECORDED AUGUST 4, 2023

Join us for an insightful journey into the world of economics, finance, and policy as we explore the implications of current global events and trends. In this thought-provoking podcast, we delve into the nature of economic inequality, monetary policy, and the role of central banks. Our guest, Hugh Hendry, renowned economist and the Acid Capitalist, challenges prevailing notions about money printing and offers a fresh perspective on where economic challenges and opportunities truly lie. We discuss the potential for a sovereign wealth fund in the US, the impact of China's economic growth, and the intricate dynamics that shape our financial landscape. Tune in to gain a deeper understanding of the forces shaping our economy and discover bold, innovative ideas for a more equitable and prosperous future. RECORDED JULY 26, 2023

Alexander McCaig, Co-Founder & CEO of TARTLE discusses the transformative potential of data in the context of AI and society. McCaig shares his journey and insights into creating a technology that empowers individuals to take ownership of their data and use it as a valuable asset. The conversation delves into the historical significance of data and its evolution in the digital age. McCaig highlights the benefit of shifting from a coercive-based model (where data is used to drive people in their behaviors) to a needs-based model (where individuals are empowered to control and benefit from their own data). He also touches on the broader implications of data ownership and its potential to drive decentralization and democratization. What's the fat pitch in data? Tune in and find out. RECORDED JUNE 30, 2023

This week’s guest is Jack Dreifuss of Impatient Ventures, where he focuses on disruptive companies in the early stages of their growth cycle. In our discussion, Jack shares his views about innovation areas including chip manufacturing, AI-supported manufacturing, innovation on climate sustainability, decarbonization spaces, investing in reshoring U.S. manufacturing, and the future of the workforce. Jack also touches on his interest in local agriculture and commerce and reveals how poker has played a role in his life. Where in the tech and innovation space will you find the next fat pitch? Listen in and decide for yourself. RECORDED JUNE 15, 2023

In this episode, we are joined by Jerry Parker, founder of Chesapeake Capital, former turtle trader, trend follower extraordinaire, and big outlier hunter. Jerry shares his views on letting profits run and taking small losses as being both incredibly profitable and psychologically challenging. We cover bagging big outlier trades, Jerry’s unique views on diversification, and we dig into this trend following philosophy. RECORDED MAY 15, 2023

Meet Mike Melissinos, a successful trend-following trader and fund manager. With years of experience under his belt, Mike shares his invaluable insights into the world of trend following and behavioral finance. In our conversation, we dive deep into trend-following principles, discussing how to identify and capitalize on market trends while minimizing risks. Mike provides a unique perspective on how our behavioral biases can impact our investment decisions and how trend-following can help combat these tendencies. Furthermore, we explore the concept of "fat pitch investing" and why trend following may be considered a fat pitch opportunity. Mike's knowledge and experience provide listeners with a comprehensive understanding of this investment approach and how it can potentially lead to long-term success. Whether you're an experienced investor or just starting your journey, this episode is packed with valuable information to help you navigate the world of trend following and behavioral finance. So tune in and learn from one of the best in the field as we uncover the secrets of fat pitch investing with Mike Melissinos! RECORDED ON MAY 3, 2023

Aaron Dillon, AG Dillon & Co., discusses his passion to help advisors and independent broker-dealers access venture capital assets for their clients. Aaron's experience in private markets, as well as seeing a need to assist RAs and IBDs, led him to become a leader in navigating venture capital opportunities. From Instacart to AI, Aaron believes there is a valuable opportunity in venture capital. Tune in to hear if the next venture is your Fat Pitch. RECORDED APRIL 11, 2023

Brendan Ahern, Chief Investment Officer, KraneShares, uses his extensive knowledge in index methodologies to focus on the emerging market in China, which he proposes has not been properly represented and looks to be full of opportunity. Don’t miss this one as Brendan discusses his investment approach as it relates to China and emerging markets. Is China a Fat Pitch Opportunity? Let’s dive in and you decide. RECORDED JAN 20, 2023

Listen in as we are joined by Mark Yusko, CEO & CIO of Morgan Capital Management, LLC, as he discusses “Innovation as an Asset Class”. Most people think of stocks, bonds, currencies, or commodities when thinking about classical asset classes. And while that's certainly true, those wouldn’t exist without innovation, right? From Bitcoin to AI, there's innovation all around us. What does that mean for the Fat Pitch? RECORDED JAN 20, 2023

Listen in as we are joined by Clark Briner, Founder & Principal of Revere Capital. With a unique background in institutional banking, real estate, private equity, and credit, Clark shares his philosophy of winning and eliminating binary risks. He looks for a high margin of safety and high current yields to provide investors with a fixed-income alternative absolute return strategy. You won’t want to miss this discussion of his experience in institutional banking and the credit space. RECORDED FEB 3, 2023

On this episode we are joined by Tom Holliday, Founder & Chief Investment Officer, HIP Investments. Tom is an expert in niche investments. He touches all kinds of topics like the commodity super cycle, green transition, decentralization, deglobalization, and more. RECORDED FEB 3, 2023

I bet everyone's heard of Ted Williams, one of the greatest baseball players of all time. Ted famously described his approach to hitting as waiting for the fat pitch. What he meant was that he would only swing at pitches that were in the strike zone, and were exactly where he wanted them. In other words, he was willing to be patient and wait for the perfect opportunity to take action. Williams knew that swinging at every pitch, even those outside the strike zone would result in a lower batting average and missed opportunities. But by waiting for the fat pitch, Ted was able to maximize his chances of success. And he certainly achieved extraordinary Hall of Fame results. That philosophy can be applied to many areas of life, including investing where Warren Buffett, the legendary investor and businessman also used the term fat pitch to describe his approach to investing. Just like hitting he believed that the key to successful investing was and is to wait for the right opportunity to come along and wait for the perfect pitch. In Buffett's view, a fat pitch was a rare and undervalued investment opportunity that had the potential to generate significant returns. He would wait patiently and still does for these opportunities to present themselves and then take decisive action when the time was right. Here at the Fat Pitch, every week we're gonna have a chance to chat, Clint and I, with fantastic minds from across the spectrum of investing. We don't know if it's the fat pitch. Perhaps they're gonna suggest to us that it is time for the fat pitch. But I think you're gonna have a lot of fun as we do each week listening and talking to some of these terrific opportunities and we'll find out, is it a fat pitch or a ball outside the strike zone?