The Education of a Value Investor

My first clinical Trial: 5-ALA & Glioblastoma re-irradiation 23.04.2026 1t 12min

For the first time, investor Guy Spier steps outside the world of finance to share a deeply personal conversation—with the doctors who treated him. Recorded at the University Hospital Münster, this discussion with neurosurgeon Dr. Michael Müther and radiation oncologist Dr. Niklas Pepper explores the frontiers of brain cancer treatment, focusing on glioblastoma and a groundbreaking clinical trial combining 5-ALA (Gliolan®) with radiotherapy. Topics covered: What glioblastoma is and why it’s so difficult to treat The Stupp protocol and why recurrence is common How 5-ALA fluorescence surgery helps surgeons “see” tumors The role and evolution of radiotherapy and re-irradiation A new approach: radiodynamic therapy (5-ALA + radiation) How clinical trials work (Phase I, dose escalation, safety focus) Why patient participation is critical to medical progress The conversation also explores the human side of medicine: Should patients deeply engage with their disease—or not? The role of mindset, movement, and psycho-oncology How doctors balance research, clinical care, and uncertainty This is a rare, candid look at how modern medicine advances—from lab to patient—and the people behind it. Chapters: 00:00 Introduction 03:10 What is glioblastoma? 06:00 5-ALA and fluorescence-guided surgery 12:37 Radiotherapy explained 17:39 Re-irradiation and treatment evolution 23:50 The new clinical trial (radiodynamic therapy) 35:48 How clinical trials work (Phase I, dose escalation) 45:39 Collaboration in cancer research 53:32 Why Germany leads in this field 59:03 Patient involvement in research 01:01:41 The psychology of disease 01:06:32 Final thoughts Transcript to the whole episode is available here: https://aqfd.docsend.com/view/5gbyupsrddq9ieda Disclaimer: Nothing contained herein constitutes or should be construed as medical advice. No representations or warranties are made regarding the accuracy or completeness of the information, and it should not be used as a substitute for consultation with a licensed healthcare provider.

From Data Overload to Data Impact with Ritavan 25.07.2025 1t 6min

In this episode, Guy Spier speaks with Ritavan and Paaras about how businesses can unlock real value through data—not by chasing trends like AI or cloud, but by leveraging data purposefully. Ritavan shares insights from his book Data Impact, discussing how legacy companies often fall into the trap of tech commoditization. Learn how to: - Use data leverage for outsized returns - Prioritize high-impact “leverage tasks” like dynamic pricing - Avoid wasteful tech adoption and focus on differentiation - Apply real-world examples from Walmart, Octopus Energy, Bajaj Finance & more Full transcript available here: https://aqfd.docsend.com/view/sqgp7wsixsgvevsk Contents: (00:00:00) Introductions and First Impressions (00:05:25) Ritavan’s Journey and Cultural Insights (00:17:52) Writing “Data Impact” and Global Examples (00:29:18) Data Strategy for Legacy Businesses (00:41:32) Big Bets and Data as Leverage (00:50:30) Content Strategy and Power Laws

Uncertainty and Enterprise: A conversation with Amar Bhidé 04.04.2025 1t 20min

What happens when a thoughtful investor sits down with a contrarian academic for a free-flowing, two-hour conversation? In this wide-ranging episode, Guy Spier reconnects with his former professor, Amar Bhidé, who’s the Professor of Health Policy at Columbia University Medical Center, for a dialogue that blurs the lines between economics, storytelling, philosophy, and life itself. They begin by reflecting on paths taken—and those deliberately left behind. Professor Bhidé shares how a winding career through finance, policy, and academia has shaped his unconventional views on business education and the role of theory. At the heart of the conversation is a simple but profound distinction: risk versus uncertainty. But this is no dry academic discussion. Instead, it opens into a deeper exploration of how we make decisions, how we explain the world, and why models often fail to capture what matters most. Stories play a starring role—stories in business, in investing, in life. The two explore why narratives move us, how they can deceive, and what they reveal about human nature. From entrepreneurs to generals, from investors to doctors, Professor Bhidé argues that judgment and imagination remain our most vital tools. There are digressions, of course—beautiful ones. Into mythology and scripture, literature and logic. Into why certain minds captivate us, and why what we choose to read says something about how we choose to live. This isn’t a podcast about one big idea—it’s about many. And the spaces between them. It’s about learning to see and finding meaning—quietly, sometimes stubbornly—just beyond the known. Full transcript available here: : https://aqfd.docsend.com/view/g2vwrtr7yiq9cwnp (00:00:00) Setting the Stage: Uncertainty, Progress, and a Life’s Work (00:06:21) A Distinction That Matters (00:14:46) The Power of Plausibility: How Investors Use Stories to Decide (00:22:20) Data Can’t Dream: Why Judgment and Imagination Still Rule (00:28:34) First Principles, Human Realities: Rethinking How We Know (00:47:55) More Than Facts: How Stories Shape Action and Identity (00:55:49) Duty Without Reward: Eastern Philosophy Meets the Business Mind (01:03:27) Happy with Small Takes: Reflections on Power, History, and the Self (01:10:36) Books, Minds, and Conversations That Stay With You

Asset Liability Management & Interest Rate Risk in the Banking Book - Part 4 of 4 13.02.2025 1t 16min

In this conversation between Guy Spier and Eric Schaanning, the discussion revolves around the intricacies of asset-liability management (ALM) and interest rate risk, particularly in the banking sector. Eric shares insights from his experience, explaining key concepts like the economic value of equity (EVE), DV01 (the sensitivity of a bank's net present value to interest rate changes), and various risk management techniques used by banks. The conversation explores how different banks, depending on their lending structures (e.g., fixed-rate vs. floating-rate loans), manage interest rate risk. Eric discusses the role of macro and micro hedging, highlighting that while macro hedging is used to offset risks from a portfolio of loans, micro hedging targets individual debt issuance with specific interest rate swaps. The conversation also touches on the concept of "equity term out," referring to how a bank's equity is handled from an interest rate risk perspective. Guy draws a parallel to value investing and mentions how understanding banking risk management, such as interest rate risk, is valuable for investors, especially when evaluating financial institutions. He mentions the importance of having a clear understanding of how these risks could impact stock prices and the economic health of banks. The discussion ends with reflections on how understanding these concepts can enhance an investor's decision-making, particularly in evaluating the risks and opportunities in the banking sector. Eric emphasizes the importance of thinking about balance sheets over time and how these insights apply not only to banks but also to individuals managing their own finances. Finally, Eric shares resources like LinkedIn and his personal Google site for further learning.

Think smarter, not harder with Howard Marks 23.01.2025 53min

In this engaging podcast, Howard Marks, co-founder of Oaktree Capital, and Guy Spier, founder of Aquamarine Capital, share invaluable investment wisdom with Roi Lipovetzky, a former MBA student and current investment professional at Oakmount Capital. The conversation explores key principles of successful investing, such as mastering market cycles, second-level thinking, risk management, and the importance of long-term, contrarian positions. Howard reflects on his experience through major market events, while Guy emphasizes the need for emotional discipline and unconventional thinking. A key theme in their discussion is the importance of being true to oneself, especially in a world that often values conformity. Both Howard and Guy highlight the value of making independent decisions and staying grounded in one’s own principles, rather than trying to please others or follow popular trends. With years of collective experience, Howard and Guy provide deep insights into the mindset needed for lasting success in investing and life. Full transcript available here: https://aqfd.docsend.com/view/2nv2iqixj8rm7bb7 Contents: (00:00) A Journey of Learning: Insights from Howard Marks, Guy Spier an Roi Lipovetzky (03:20) Focusing on Excellence: Howard Marks on Building Oaktree for the Long Term (07:19) Writing for Investors, Not for Entertainment (18:09) Honesty, Risk and Purpose (27:23) The Value of Fun: Howard Marks on Enjoyment, Work, and Investing (33:38) Risk, Resilience, and Staying True to Your Principles (41:12) Closing Reflections: The Power of Truth and Clarity

Asset Liability Management & Interest Rate Risk in the Banking Book - Part 3 of 4 22.11.2024 56min

In this gripping segment, Eric Schaanning and Guy Spier delve into the complex world of interest rate risk, revealing how seemingly straightforward banking practices can quickly turn into high-stakes dilemmas. Schaanning breaks down how banks forecast deposit behaviours, merging historical trends with expert judgment. He explains that as interest rates fluctuate, customer preferences shift dramatically—rising rates lure them into term deposits for better returns, while declining rates send them back to the safety of site deposits. But the intrigue doesn’t stop there. The duo uncovers the hidden layers of behavioural modelling in assessing credit risk, identifying subtle signals that may indicate a customer’s financial distress. Changes in spending habits and payment timing can serve as critical warning signs, shedding light on the delicate balance banks must maintain to safeguard their portfolios. Spier interjects with essential advice for individuals grappling with financial strain, emphasizing the power of communication and proactive payment management. As the conversation reaches its climax, Schaanning reveals a shocking twist: a seemingly lucrative fixed-rate loan could morph into a devastating loss due to unexpected interest rate spikes. With banks grappling to adapt in an ever-shifting economic landscape, the stakes are higher than ever. This tantalizing cliffhanger sets the stage for their next discussion, where risk management strategies and survival tactics will be put to the test in the face of looming financial uncertainties. Full transcript available here: https://aqfd.docsend.com/view/jtbtn9zjhaebq9eh Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents: (00:00:00) Why banking Regulations Matter: A Dinner Table Explanation (00:08:50) Calculating Net Interest Income with a Simple Example (00:14:22) Fixed vs. Floating Rate Loans: Cash Flow Dynamics (00:22:19) Balance Sheet Management: Shifting Between Income and Capital (00:29:47) Interest Rate Swaps and Market Liquidity (00:37:57) Exploring Risk Measurement and Gap Profiles in Banking (00:40:52) Navigating Liquidity Risk and Redemption Dynamics in Investment Funds (00:48:24) Understanding Interest Rate Risk and Behavioural Modelling in Banking

Asset Liability Management & Interest Rate Risk in the Banking Book - Part 2 of 4 15.11.2024 1t 41min

In this episode, we continue our exploration of financial risk management with Eric Schaanning, a thought leader in the field. Following his dynamic insights from the previous discussion, Eric delves into the intricacies of treasury functions within major banks and their critical role in risk management. Together with Guy Spier, they unravel how a small treasury team, despite its size, manages significant financial risks compared to the larger pool of relationship managers. Listeners will gain a clear understanding of complex concepts like yield curves and risk spreads, as Eric adeptly explains their implications in today's banking landscape. The duo examines the Basel Committee on Banking Supervision (BCBS) scenarios for interest rate shocks, pondering whether current banking models can adequately address extreme interest rate fluctuations. As they venture into discussions on net interest income (NII) and the economic value of equity (EVE), Eric shares his expertise on how these concepts can be applied to personal finance, making the conversation relevant for individuals navigating their own financial landscapes. With an engaging blend of practical knowledge and theoretical insight, this episode offers valuable perspectives that push the boundaries of traditional risk management. Tune in for another captivating dialogue that not only expands your understanding of financial systems but also equips you with practical tools for managing your financial future! Full transcript available here: https://aqfd.docsend.com/view/dyu45ikdqvarwf5p Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents: (00:00:00) Navigating Interest Rate Risks: A Deep Dive into Bank Balance Sheets (00:08:57) Measuring Interest Rate Risk: Insights into NII, EVE, and Bank Profitability (00:17:09) Banking on Transparency: The Impact of Regulatory Frameworks opn Financial Institutions (00:31:18) Gap Risk in Banking: Insights from the Delta EVE Measure and Silicon Valley Bank (00:39:56) From Crisis to Regulation: The Evolution of Interest Rate Risk Management (00:53:52) Balancing Act: Large Banks, Regulation, and Operational Challenges (00:59:21) Bridging Capital and Growth: Perspectives on Modern Banking (01:23:55) Treasury Functions Unveiled: The Backbone of Risk Management in Banking (01:29:02) Understanding Interest Rate Shocks: A Comprehensive Look at the BCBC Scenarios

Asset Liability Management & Interest Rate Risk in the Banking Book - Part 1 of 4 01.11.2024 1t 27min

Eric Schaanning is a dynamic figure in financial risk management, known for his innovative approach to navigating the complexities of market and valuation risk. Leading these critical functions for Nordea Group, Eric blends a wealth of experience with a forward-thinking mindset. His career spans impressive roles, including overseeing risk management for UBS and Credit Suisse in Zurich, where he dealt with the high-stakes world of managing risk across massive deposit and loan portfolios. Full transcript available here: https://aqfd.docsend.com/view/bxtu77b955d6grcy Here's a link to the presentation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007032 Contents: (00:00:00) Asset Liability Management & Interest Rate Risk in the Banking Book (00:06:03) A Case Study in Interest Rate Risk and Asset-Liability Mismatches (00:14:24) Liquidity, Insolvency, and Interest Rate Risk (00:20:15) The Mechanics of Bank Balance Sheets (00:32:24) Bank Balance Sheets, Loan Reporting, and Equity Capital (00:49:28) Exploring the Dynamics of Fractional Reserve Banking, Interest Rate Risk, and Regulatory Frameworks (01:03:30) From Pillar One to Pillar Three: Regulatory Safeguards and Banking Risk

Building a Framework for Business Quality with Simon Kold 18.10.2024 1t 56min

Simon Kold is a Danish entrepreneur and investor who’s making waves in the financial world with his firm, Kold Investments. Before founding Kold Investments, Simon spent over a decade at Novo Holdings, a powerhouse investment firm managing around €150 billion in assets. His approach to investing is anything but ordinary. Simon runs a single-strategy, concentrated public equity firm that focuses on companies with network effects and scale advantages, a strategy that sets him apart from the crowd. He’s all about finding businesses that have the power to grow and dominate in their sectors. Full transcript available here: https://aqfd.docsend.com/view/akcftczb463rhcam Contents: (00:00:01) Stand-Up, Fall Down, Get Back Up: Lessons from Comedy and Life (00:13:47) From Stand-Up to Stocks: The Unlikely Path (00:30:30) Falsification, Not Verification: Rethinking Investment Strategies (00:53:30) Tattooed in Business: The Long-Term Rewards of Relentless Commitment (01:02:57) The Evolving Landscape of Business: Insights on Leadership and Network Effects (01:20:47) Demutualization: Unlocking Hidden Value in Financial Infrastructure (01:26:07) Network Effects, Brand Identity, and the Global Shifts Reshaping Investments (01:37:33) Investing in Relationships: Timing, Goodwill, and Business Success

Building a Robust Investment Strategy: Insights from Tobias Carlisle 18.09.2024 1t 5min

Tobias Carlisle, an Australian investor and founder of Acquirers Funds, LLC, also shares his personal journey—from his beginnings as a corporate advisory lawyer in Australia to his transition into investing inspired by Warren Buffett. His career spans roles as an activist hedge fund analyst and general counsel, leading up to his authorship of Deep Value, Quantitative Value, and Concentrated Investing. Full transcript available here: https://aqfd.docsend.com/view/ziv6die4mhrta2ud Contents: (00:00:01) The Journey from Australia to the States (00:03:20) A Career Start in Law (00:07:01) The Transition to Investing (00:14:46) Exchange traded Funds vs. Mutual Funds (00:27:31) The Important of Risk of Ruin (00:31:12) On Tobias’s Books (00:36:33) The Disciple of Writing (00:45:26) Tobias on His Portfolio Construction (00:58:17) Historical Fictions

Jo Boaler on a visual approach to math, the illusion of knowledge, and differences between UK and US 23.08.2024 51min

Jo Boaler is a British author and Professor of Mathematics Education at Stanford University. Jo is involved in promoting reform mathematics and equitable mathematics classrooms, and thereby fulfils a role of communicating to broader society outside of academics. Beside her new book Math-ish, she is also the author of the books Limitless Mind, The Elephant in the Classroom and other books on learning and education. Jo talks to Guy about visual approaches to teaching maths, covering the role of a growth mindset in learning maths, which can be developed from early on. They also touch on the importance of talent and genes versus the mindset we approach things with and on some barriers in teaching. Full transcript available here: https://aqfd.docsend.com/view/g7uc3eypdnvhz7fr Contents: (00:00) Introduction of Jo Boaler (01:52) Teaching Mathematics: A Visual Approach (10:16) The Illusion of Knowledge (20:33) Developing a Growth Mindset (26:02) Lessons Outside of Mathematics (30:51) Genes vs. Mentality (38:40) Differences Between the UK and the US (43:45) Gender Barriers (48:10) Further Resources

Morgan Housel – Selfish Writing, Fiction vs. Nonfiction, Methods for Connecting Ideas 21.02.2024 1t 15min

Morgan Housel is the New York Times Bestselling author of The Psychology of Money and Same as Ever and a popular finance blogger. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He is also a partner at The Collaborative Fund and serves on the board of directors at Markel. He talks to Guy Spier about the concept of writing for oneself, the slow way to approach reading and how to help the process of connecting ideas. Other topics discussed include skiing, beauties of the United States and the importance of sample size. Full transcript available here: https://aqfd.docsend.com/view/4u4kmcmsm3k8rccq Contents: (00:00:00) The Beauty and the Dangers of Skiing (00:04:58) Insights from Same as Ever (00:09:55) Selfish Writing (00:18:53) Ways to Approach the Writing Process (00:23:17) Inner Scorecard (00:30:45) Connecting Ideas (00:38:18) The Art of Reading Slowly (00:41:31) Fiction vs. Nonfiction (00:52:11) The Importance of Sample Size (00:54:19) Everyone is on their Own Path (00:59:43) Poetry (01:07:15) The United States and New York City

Luca Dellanna on his book Ergodicity, autism, and decision making in our brains. 13.10.2023 1t 17min

Luca Dellanna is a management advisor and an author from Turin, Italy. His books cover topics ranging across management, human behavior, and economics. He talks to Guy Spier about his early career, his research on ergodicity and some topics from his other books, including autism and the difference of decision making and action taking in our brains. Full transcript available here: https://aqfd.docsend.com/view/r5q6w9tq7e2b8aqb Contents: (00:00:00) Introduction (00:07:38) The Concept of Ergodicity (00:14:31) Extrapolation Over Time Horizons (00:21:22) Luck or Skill? (00:24:50) Maximizing the Worst Outcome (00:31:32) Uncertainty and Risk Management (00:39:09) Diversification as a Practical Tool (00:43:09) Personal Knowledge Management Tools (00:48:56) Decision Making vs. Action Taking (00:58:09) Autism and the Idea of the Magnifying Glass (01:02:54) Luca’s Professional Career (01:08:38) The History of Turin

Daniel Simons and Christopher Chabris on their book, social pressure, manifesting, and chess 25.08.2023 1t 32min

Daniel Simons and Christopher Chabris are professors of psychology, both experts in the fields of cognitive science and experimental psychology. They are also known as the co-authors of the famous book The Invisible Gorilla, and the inventors of the homonymous psychological experiment. 12 years from the release of their first book they have partnered again, co-writing Nobody's Fool: Why We Get Taken In and What We Can Do about It. This book illustrates through a series of stories why we fall victim to deception and provides practical tools to help the reader know when to question their beliefs. In this conversation, Simons and Chabris give the listener a taste of their new book. They provide insights on how we can arm ourselves against stories that do not reflect reality and how to improve our ability to realize when we are in front of a critical decision. Topics discussed also include social pressure, manifesting, self-help books, and chess. Full transcript available here: https://aqfd.docsend.com/view/58jfj8tt73uqqajy Contents: (00:00:01) From “The Invisible Gorilla” to “Nobody’s Fool” (00:04:30) When Should We Question Our Intuition? (00:20:29) The Power of a Good Partnership (00:23:54) The Time-Reversal Heuristic (00:31:48) When the Story is Nicer Than Reality (00:49:13) Social Pressure: A Potent Tool (00:55:57) Luxury Goods and the Concept of Familiarity (01:01:00) Manifesting: Is it Harmless? (01:06:53) How to Approach Self-Help Books (01:11:01) The Fields of Psychology (01:19:35) On Chess, Bridge, and Poker

Ben Feder on Video Games, Artificial Intelligence and his VC Firm TIRTA 07.07.2023 1t 11min

Ben Feder is an investor and games executive, currently managing partner at TIRTA Ventures. He is also the author of the book Take Off Your Shoes: One Man's Journey from the Boardroom to Bali and Back. Ben formerly served as the CEO of Take-Two Interactive and was President of International Partnerships for North America at Tencent Games. Ben talks to Guy about his early career in the media industry, the time he was part of the successful takeover of Take-Two Interactive, and his newly launched venture capital firm TIRTA. Some other topics include video games, artificial intelligence, and the world of streaming. Full transcript available here: https://aqfd.docsend.com/view/vst3ch75vk2n2sdv Contents: (00:00:00) Introduction (00:02:19) The Start of a Successful Career (00:08:13) Choosing Between Business School and a Ph.D. (00:11:36) How to Be a Good Leader (00:18:36) The Takeover of Take-Two Interactive (00:26:23) Streamers vs. Owners of Content (00:29:41) Should Authors Self-Publish? (00:38:00) The World of Video Games (00:47:13) Artificial Intelligence as a Productivity Tool (00:55:02) TIRTA’s Place in the Venture Capital Space (00:59:59) Some Thoughts on Psychotherapy (01:03:47) Jewish Identity and Interconnectedness

Christina Patterson on Facing Adversity and Finding Strength 09.06.2023 1t 33min

Christina Patterson is a journalist, writer, broadcaster, and coach. A former columnist at The Independent, today Christina writes for the Daily Mail, Observer Magazine and The Telegraph, and reviews for The Sunday Times. She is also a regular guest on the Sky News press preview. Christina talks to Guy Spier about her books and the journey of her and her family’s life, which effectively inspired them. Other topics include psychotherapy, writing and poetry, as well as the importance of speaking our parents’ mother tongues. Full transcript available here: https://aqfd.docsend.com/view/2qfv9ccrixrjbb5w Contents: (00:00:00) Two Books, One Courageous Author (00:07:12) The Life Behind the Memoir (00:13:23) Why Do We Long for Self-Help Books? (00:25:04) The Discovery of Swedish Roots (00:36:24) Commitment to Truthfulness (00:44:42) Conversation as a Healer (00:50:26) The Dark Side of the Church (00:58:52) Therapy and Alternative Medicine (01:10:01) How to Master Writing (01:20:51) Poetry: The Purest Form of Literary Art (01:23:53) Looking Towards the Future (01:29:30) On the Love for Italy

Lauren Templeton on her Path in Investing, on Becoming Director of Fairfax India and on Working with her Husband 24.04.2023 21min

Lauren Templeton is the founder and CEO of Templeton & Phillips Capital Management. Investing runs in Lauren's blood, as she is the great niece of Sir John Templeton. She reflects on their work together, as well as on the impact of her father on Lauren's journey in investing. Lauren also gives some insight into the perks of working with her husband, Scott Phillips. Transcript available here: https://aqfd.docsend.com/view/z5j2t67cqmbnn7ba

William Green with Guy Spier: Investing Prudently in Perilous Times. 30.03.2023 2t 11min

This is a repost of episode RWH023 of The Investor’s Podcast Network. Please check out the original episode here: https://youtu.be/G1yQcykKYJg If you’d like to hear more of William Green’s interviews on the “Richer, Wiser, Happier” podcast, then please check them out here: https://www.theinvestorspodcast.com/richer-wiser-happier/ We discussed many things that are so relevant to today's environment including - attending the Berkshire Hathaway meeting - the influence of Warren Buffett - stocks like Spotify, Roku, Twilio - investing in China and so much more...

Jeff Henriksen: Learning by Teaching. Gaining the Behavioral Edge in Investing 06.03.2023 23min

Jeff Henriksen is the co-founder and CEO of Thorpe Abbotts Capital, a value oriented hedge fund based in Charlottesville, Virginia. In this short interview, Jeff talks about his experience of attending the executive MBA programme in Oxford, leading to him staying to teach a valuation course to graduates. Other topics include gaining a behavioral edge in investing, and the advantages of a price to book strategy. Transcript is available here: https://aqfd.docsend.com/view/zts7etxhxifcwp86

Sachin Khajuria on His Book, Private Equity, Distressed Investing and Multicultural Backgrounds 09.02.2023 1t 6min

Sachin Khajuria is an investor and the author of the book “Two and Twenty: How the Masters of Private Equity Always Win”. He holds two degrees in Economics from the University of Cambridge. Sachin talks to Guy Spier about his education, career, and the characteristics and future of the private equity world. He also touches on topics such as distressed investing, fee structures, and the importance of a multicultural background. Full transcript available here: https://aqfd.docsend.com/view/m7jv4zsqpfv47nue Contents: (00:00:00) A Career in Private Equity (00:08:11) Elite Education vs. Learning by Doing (00:15:40) How Can Low and High Fee Structures Coexist? (00:24:50) Winner Takes All Structures (00:32:20) On the Inside of the Deals (00:45:12) Distressed Investing: Both Sides of the Coin (00:58:16) Advantages of a Multicultural Identity