Imagination, Volatility, and the Pursuit of Alpha

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(00:03:00) - (First question) - His view of the state of private credit in capital markets

(00:06:56) - The notion of vol washing and why it’s important to understand 

(00:09:04) - What the worst case domino effects of vol washing could be 

(00:12:21) - Arriving at a place where JP Morgan could borrow so much at the fund level

(00:14:20) - Lessons learned from the worst trade he made 

(00:16:53) - What could happen in the world of private credit in the next few years and how the bigger players tend to benefit 

(00:19:29) - Thoughts on the world of venture capital right now  

(00:21:13) - The time he was at the peak of his power as an investor

(00:24:03) - From being new at something to incredibly successful seemingly overnight

(00:26:42) - What kinds of alpha he believes exists and which ones he’s skeptical about

(00:29:30) - Thoughts on income share agreements 

(00:31:24) - Why there aren’t more initiatives for new talent to trade their student loans for future earnings 

(00:33:13) - The power of EQ over IQ and why it’s important for investor success

(00:35:49) - Whether or not now is a good time to get into the field of capital markets

(00:37:54) - Key tenants to know when learning credit investing specifically 

(00:40:09) - Things people misunderstand about the power of volatility 

(00:42:39) - Ways he managed to stretch his own imagination effectively  

(00:48:06) - The natural inclination to be short volatility 

(00:49:24) - Incorporating long volatility into his portfolio and life  

(00:52:20) - Thoughts on synergy in relationships  

(00:53:25) - Goal orientation as a concept in investing and career success

(00:55:48) - Other interesting lessons learned about teamwork and performance from sports

(00:57:50) - The roles of the multiple coaches that sit in for an NBA team

(00:59:42) - The kindest thing anyone has ever done for him