Inside the Rope with David Clark David Clark

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.

In this episode of Inside the Rope, David is joined by Elizabeth Burton, a managing director and client investment strategist at Goldman Sachs Asset Management. Based in New York, Elizabeth shares her extensive background in finance, transitioning from a Chief Investment Officer for the state of Hawaii to her current role at Goldman Sachs. She provides insights into the current investment landscape, focusing on the differences in asset allocation between institutional and smaller investors, and also discusses the unique advantages smaller investors hold. Elizabeth also highlights Goldman Sachs' perspective on preferred asset classes and asset allocation strategies in today's dynamic market.

Elizabeth Burton is the Managing Director and Client Investment Strategist, Goldman Sachs. Previously Elizabeth was Chief Investment Officer of the Employees’ Retirement System of the State of Hawaii (“HIERS”), where she oversaw $19 billion in pension fund assets.

In this episode David interviews Armen Panossian, co-CEO and head of Performing Credit at Oaktree Capital Management, known for its successful management of distressed debt. Armen outlines his background in finance and his journey at Oaktree since joining the firm in 2007. He discusses Oaktree's foundation in 1995, its investment philosophy emphasising risk control, and its focus on credit investment. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities.

The conversation also highlights the differences between performing and non-performing credit, with the former involving financially stable borrowers and the latter involving distressed entities that may offer enhanced returns. Despite current economic stability, Armen highlights a significant need for tailored capital solutions, especially in sectors like real estate and healthcare. He concludes by discussing potential economic shifts and the importance of prudent investment strategies to navigate uncertain financial landscapes.

In this episode of "Inside the Rope," host David Clark welcomes back Tim Carleton, Chief Investment Officer at Auscap Asset Management, to discuss his fund's performance and investment strategy. The Auscap Long Short Fund has achieved a notable compound annual growth rate of 16.1% since its inception (December 2012 to March 2024). During the episode, Tim shares his perspectives on various investment topics, including challenges and opportunities in the current market, his cautious approach toward sectors like China and iron ore, and his strategies for managing assets like the Charter Hall retail REIT.

Tim also discusses the impact of AI on the market and his views on cryptocurrencies, maintaining a cautious stance on Bitcoin. He highlights the potential of sectors like healthcare, specifically addressing how emerging drugs like GLP-1s could affect companies like ResMed. Additionally, he touches upon the importance of not over-leveraging in investments and the role of cash as a strategic asset. The episode concludes with Tim promoting the Mirabelle Foundation, a charity supporting children affected by parental drug abuse.

Tim founded Auscap Asset Management in 2012. He has 20 years’ experience in the financial services industry. From 2007 to 2011 he was an Executive Director at Goldman Sachs where he was responsible for managing an Australian equities long/short portfolio using Proprietary funds. Prior to 2007 he worked at Macquarie Bank within the Investment Banking Group.

In this episode of "Inside the Rope," David chats with Amy Pham, Fund Manager at Pengana, about the changing world of property investment as interest rates change and more people work from home. They dive into how these changes are affecting properties in Australia, especially offices, and compare it to what's happening around the world.

Amy highlights the trends in industrial and retail properties, why data centres are becoming hot spots for investors, and why it's important to consider environmental, social, and governance (ESG) factors when making investment choices. Amy shares her own story, from her early days using math as a strength as a Vietnamese refugee to becoming an expert in econometrics, adding a personal touch to her professional insights.

They also talk about the different kinds of assets you can invest in, how changes in interest rates impact property investments, and the difference between investing in listed properties (like shares) and unlisted equivalents.

Amy has over 25 years of property funds management experience. Prior to joining Pengana she worked at Charter Hall/Folkestone for 6 years, managing a high conviction AREIT strategy. This team won several industry awards including Financial Standards Property Fund Manager of the Year 2019, Money Management/Lonsec Australian Property Securities Fund Manager of the Year 2018, and Financial Standards Property Fund Manager of the Year 2017.

Amy has held several senior positions including head of property securities at IAG and portfolio manager at Deutsche Asset Management and Perpetual Funds Management. She began her career as a quantitative analyst at Legal & General in 1994.

Amy holds a Bachelor and Honours degree in Economics from the University of New England and University of California Davis.