Inside the Rope with David Clark David Clark

In this episode of Inside the Rope, David interviews Adrian McKenzie, founder and partner of Five V Capital, an Australian private equity firm focused on the mid-sized market in Australia and New Zealand that boasts a remarkable internal rate of return. David highlights Adrian's notable career, including his tenure at CVC Capital Partners, where he was the youngest ever partner and board member. Adrian shares insights from his vast experience, including both successful investments as well as challenges, such as CVC’s investment in Nine Media Group.
Adrian discusses his journey from Glasgow to London and New York, detailing his early career in investment banking and his eventual transition to private equity. He reflects on the evolution of the private equity industry and the strategies that have driven success at Five V. Adrian emphasises the importance of aligning with business owners and investing in companies with strong growth potential.

The conversation delves into Five V's mid-market focus, targeting companies with earnings between $7-30 million and enterprise values ranging from $50-300 million. Adrian explains the firm's hands-on approach, collaborating closely with management teams to drive value and achieve growth. He also introduces the Horizons product, which offers investors access to mid-market private equity with quarterly liquidity, aiming to provide strong returns with greater flexibility.

Adrian shares examples of portfolio companies, such as Sea to Summit and Biopak, and discusses the significant opportunities in the mid-market space driven by intergenerational wealth transfer.

In this episode of Inside The Rope, David welcomes Dan Ariely, a globally renowned expert in behavioural economics. Dan is a professor of psychology and behavioural economics at Duke University, and in this episode he shares his insights into the irrational ways in which people make decisions and how understanding these behaviours can improve financial decisions, motivation, health, and end-of-life care.

Dan begins by discussing his unique personal story, including the origins of his distinctive half-beard, which he grew after a severe burn injury. With the main focus of the conversation delving into the field of behavioural economics, contrasting it with traditional economics. Dan explains how behavioural economics examines the systematic mistakes people make due to inherent biases, and its practical applications in addressing financial, motivational, and health-related issues.

David and Dan also discuss common irrational behaviours in financial decision-making, such as evaluating money relative to other expenditures. With Dan offering suggestions on how to create good financial habits whilst automating decisions to prevent emotional reactions to market fluctuations.

Looking to the future, Dan also discusses his ongoing work, including projects aimed at improving end-of-life care and integrating human capital considerations into investment strategies. He mentions his latest book on misinformation, "Misbelief," and his involvement in the TV show "The Irrational."

In the concluding part of Inside The Rope's series on artificial intelligence, the focus shifts to the financial implications of AI. The episode explores how AI is poised to revolutionise investment markets, identifying potential winners and losers, and debating whether this surge is a bubble reminiscent of the dot-com era. The experts discuss the transformative potential of AI across various industries and the significant opportunities it presents for businesses globally.
The discussion also touches on the practical aspects of investing in AI, from direct investment in startups to understanding the broader impact on large corporations like Microsoft and Google. The conversation highlights the dual aspects of AI as a tool for operational efficiency and a disruptor capable of creating entirely new business models.
Part 3 also addresses the challenges and risks associated with AI, such as ethical considerations, the potential for job displacement, and the societal impacts of automation and machine learning. The speakers provide insights on how to strategically navigate the evolving landscape of AI investments, emphasising the importance of understanding AI's capabilities and limitations.
This final episode rounds out the discussion on AI's role in modern business and investment and encourages listeners to consider how AI might influence their strategic decisions in the future.

In episode 2 of Inside The Rope’s series on Artificial Intelligence, the discussion pivots to the revolutionary scope of generative AI and its deep societal impacts. This episode explores how AI is unlocking unprecedented potential in software development, enabling anyone to code and vastly expanding the pool of potential developers globally. It also tackles the productivity enhancements brought about by AI tools like GitHub Copilot, which significantly speed up the coding process.

However, the conversation doesn't shy away from the tougher questions: What about job displacement and the ethical dilemmas AI introduces? With AI's ability to automate complex tasks, the panel of guests discuss the inevitable job transitions and the broader implications for the workforce.

The guests also delve into concerns over AI-generated misinformation, such as deepfakes, and the urgent need for robust regulatory frameworks. Balancing the excitement of AI's capabilities with caution, this episode provides a comprehensive look at the challenges and opportunities presented by AI in our modern world.

Join us as we navigate the complex landscape of artificial intelligence and its impact on society.

In episode 1 of a 3-part series on artificial intelligence, David is joined by multiple guests to define what Artificial Intelligence is, and the implications it poses on our future.

David and guests discuss how models like ChatGPT operate, and how unlike traditional AI systems that are designed for specific tasks, ChatGPT represents a shift towards Artificial Generative Intelligence (AGI), capable of analysing massive datasets and generating new content. This marks a significant advancement from Artificial Narrow Intelligence (ANI), which is limited to singular, defined tasks.

Part 1 discusses how these language models, by analysing extensive text data, can mimic human-like text generation without actual consciousness or understanding. They operate by mathematical representations of language, which raises questions about the nature of intelligence and human uniqueness in language abilities.

The episode also touches on societal and economic impacts, such as potential job displacement paralleling historical shifts brought about by technologies like the steam engine and the internet. However, also suggests that AI could lead to new kinds of jobs, highlighting the dual nature of technological progress.
The series aims to give listeners a clearer understanding of AI's impact on economic growth and the broader existential questions that this technology raises.

In this episode of Inside the Rope, David interviews Greg Mauro, founder of Learn Capital. The episode focuses on Mauro's venture capital fund, highlighting its emphasis on educational investments and some of the well-known companies Greg has invested in. Greg shares his transition from a tech entrepreneur to a significant figure in venture capital, underlining his extensive experience in technology and entrepreneurial investments. The conversation also covers his ownership stake in Powder Mountain, the U.S.'s largest ski field, alongside notable tech entrepreneur Reid Hastings, offering insights into Greg's diverse commercial interests. Additionally, Greg discusses his impactful role in the educational sector through his investments, aiming to transform educational outcomes with technology.

Greg Mauro is the Founder & Managing Partner at Learn Capital and oversees the investing practice of the firm. Greg previously managed an affiliate of Founders Fund and co-founded several venture-backed startups used by millions across the education, wireless, and media sectors. Greg has helped lead Learn investments in companies such as Coursera, Udemy, General Assembly, OnDeck, Ascent, Wave Neuro, and MindPortal. Greg is the co-founder of Edmodo, the world's largest social network for learning with over 100M users. Greg also helped incubate and co-found Higher Ground Education, the world's largest Montessori operator, where he serves on the board and is the largest investor. Greg has served on the board of NewGlobe — where Learn is also the largest investor — as the company has grown from serving one school to over 8,000, transforming the lives of over 3M students across Africa and India.