Alternative Universe

Mammoth
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Alternative Universe is a podcast for financial advisors, fund managers, and those who want to navigate the diverse landscape of alternative investments and explore opportunities that lie beyond the conventional. Brought to you by Mammothtechnology.com.

  1. 04/03/2024

    Helping Startup Employees Navigate Stock Options with Dave Thornton

    Episode 016: Startup employees often receive stock options as part of their compensation package, offering them the opportunity for financial gain and a stake in the company's future. However, many employees are unaware of the complexities and challenges associated with stock options. They leave money on the table by abandoning their expiring stock options unexercised. In this episode of Alternative Universe, Steve talks with Dave Thornton, Co-Founder, CEO, and Chief Investment Officer at Vested. Having spent a large part of his career as a serial entrepreneur, Dave’s most notable accomplishments include the founding and successful sale of PatientFinder, and his collaboration with Emilio Seijo, a Principal Quantitative Strategist at Vested, in creating a real-time illiquid asset pricing model. Dave also spent time building the systems at a hedge fund within Citigroup and worked as a Program Manager at Microsoft. Dave talks with Steve about the challenges faced by startup employees when exercising their stock options. He shares how Vested helps employees understand and navigate their stock options, allowing them to unlock the potential value of their equity. Join us as we discuss: [02:41] - How Dave got started in stock options. [06:12] - The origin of Vested. [10:21] - How Vested evaluates opportunities. [15:25] - The challenge facing public markets today. [19:13] - Pros and cons of liquidation plans. [21:25] - Vested's approach to serving investors. [26:54] - Vested's strategy to access top brand VCs. Key Takeaways Vested empowers startup employees to capitalize on their hard-earned equity, primarily by providing funding to help exercise stock options. Seventy-six percent of people abandon their expiring stock options, indicating a lack of knowledge, support, and resources to exercise them. This results in missed opportunities for wealth creation. Vested aims to address the challenges and limitations of accessing venture capital by unlocking the potential of employee stock options and providing a more inclusive and accessible investment opportunity. Quotes "In your employee stock option plan, there is a provision that says when you leave for whatever reason, you have 90 days after you leave within which you have to exercise your vested stock options, or else they go up and smoke." ~ Dave Thornton "VC has been notoriously hard to access for several reasons. One is that to get into the best brand-name VCs, you usually need to be able to write a really big ticket, and that's if the VC is even still open for subscription. The other is that even for people who can access venture capital managers they like, VCs are known to be a high-octane asset class." ~ Dave Thornton Links  Dave Thornton on LinkedIn Dave Thornton Email Vested Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    30 min

  2. 03/26/2024

    How to Maximize Retirement Income with Jack Sharry

    In this episode of Alternative Universe, Steve talks with Jack Sharry, EVP & Chief Growth Officer at LifeYield. Throughout his career, Jack has interacted with innovators, leaders, and disruptors who share his passion for combining human and digital advice. His background includes senior leadership roles at Morgan Stanley, Putnam, and Virtus. Jack contributes to numerous industry boards, publications, and organizations, advocating for practices and technology that provide more comprehensive access to financial advice, better investor outcomes, and individual retirement security through tax-efficient decumulation planning, social security optimization, and annuities. Jack talks with Steve about how to maximize retirement income. Jack emphasizes the shift towards solutions-oriented approaches in financial planning and the need to integrate tax optimization into portfolio management. They also touch on the future trends in the industry, including the importance of multi-account, tax-smart management, and the role of alternatives in improving outcomes for clients. Join us as we discuss: [01:38] - How Jack got started in financial services. [08:29] - Jack's secret weapon for giving advice. [12:31] - How the wholesaling industry has changed over time. [16:54] - Managing taxes and social security to improve client outcomes. [18:55] - The benefits of optimizing social security strategies for clients. [20:51] - Jack's outlook on the future of the industry. [24:20] - Jack's key takeaways. Key Takeaways Listening is a crucial skill in the financial services industry. By listening to clients' pain points and concerns, advisors can better understand their needs and provide tailored solutions. The industry is moving towards a solutions-oriented approach, integrating elements like equities, ETFs, alternatives, annuities, and tax optimization to improve client outcomes. The industry's future lies in platforms and ecosystems that coordinate and integrate different elements of financial planning, including tax optimization, risk management, and social security planning. Taxes are a significant cost for investors, and managing them can improve outcomes significantly.  Integrating tax optimization and risk management in the alternative space is a powerful combination that can improve client outcomes. Quotes "We help the advisor help the client avoid paying unnecessary taxes. We do it across the household; it's multi-account and tied into risk. Social security is another factor to be considered. That's how to maximize retirement income." ~ Jack Sharry "Our industry is moving toward a multi-account, household-level portfolio management schema. And if you're going to improve outcomes, it's all around managing cost, risk, tax, and social security." ~ Jack Sharry "The biggest single cost that an investor incurs over the course of their lifetime is taxes. So, if you can manage taxes, we improve outcome by 33%." ~ Jack Sharry Links  Jack Sharry on LinkedIn Jack Sharry on Twitter LifeYield Wealth Tech on Deck Podcast Money Management Institute Morgan Stanley Putnam Investments Rich Dad Poor Dad Babson College Edmund Murphy Empower EY Tiburon CEO Summits Chip Roame Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    29 min

  3. 03/19/2024

    Applying Practical Wisdom in Investment Partnership with John Candeto

    Episode 014: Built on the bedrock of practical wisdom and a long-term perspective, Phronesis Fund believes in forging genuine partnerships rather than chasing fads. This commitment allows them to do more than invest. It's about building a foundation for shared success, thoughtful partnerships, flexible investment strategies, and a financial future as unique and enduring as the client. In this episode of Alternative Universe, Steve is joined by John Candeto, Founder and Managing Partner of Phronesis Fund. John shares his journey from operator to investor and explains how his background in building businesses has shaped his investing approach. He discusses his investment philosophy and the importance of practical wisdom in long-term investing. John also shares his insights on risk management, the power of curiosity and capability, and the power law in investing. Join us as we discuss: [01:42] - How Phronesis Fund got its name. [02:23] - What investment partnership means to John. [05:27] - How Phronesis Fund finds the best partners. [07:44] - The flexibility to invest in public and private companies. [11:20] - How John qualifies potential partners. [13:36] - The economy of time. [18:00] - How curiosity relates to your ability to serve others. [19:51] - The power law in venture capital. Key Takeaways Phronesis Fund is built on the principles of practical wisdom and long-term thinking. It focuses on serving partners rather than trying to be all things to all people. Phronesis Fund's structure allows for flexibility and concentration in investments, with a higher bar for private investments due to the operational intensity involved. Time is the only asset we cannot get more of. Balancing work and personal life to maximize fulfillment and serve others effectively is important. Quotes "We're not trying to be all things, all people. We're trying to be things where we can apply practical wisdom in a very long, biased, long duration, slow-moving, thoughtful partnership." ~ John Candeto "Whatever your job is, it's to serve your clients, serve your customers, and serve your partners. If you believe that, what those you serve really need from you is the intersection of what you're curious about and capable of." ~ John Candeto "The only asset you can't get more of is time. We don't even know how much of it we have. It can't be a game of 'spend all my time on this thing so that later I can do that thing.' It's got to be much more of a game of trade-offs and balance." ~ John Candeto Links  John Candeto on LinkedIn John Candeto on Twitter John Candeto Email John Candeto Portal Phronesis Fund Wynton Marsalis Merrill Lynch Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    27 min

  4. 02/27/2024

    Creating a Michelin-Star Client Experience with Kyle Van Pelt

    Episode 013: For years, advisors have relied on many third-party tools to solve specific client needs. However, this fragmented approach often leads to a disjointed user experience, with advisors juggling multiple logins and navigating different interfaces. Therefore, firms need a platform that allows them to take control of their data and innovation timelines. By centralizing data into one place, firms can create their unique Michelin-star experience for advisors and their clients. In this episode of Alternative Universe, Steve talks with Kyle Van Pelt, CEO at Milemarker. They discuss how advisory firms can create a unique and streamlined client experience. Kyle emphasizes the importance of using best-of-breed tools for solving client problems while centralizing the data into one platform the firm owns. The conversation also touches on the challenges and opportunities presented by the growing demand for alternative investments and the evolving expectations of the next generation of clients. Join us as we discuss: [03:01] - The complexity of wealth management and the need for specialized tools. [04:24] - What it takes to develop specialized tools for wealth management. [06:24] - The opportunity for RIAs to create a specialized client experience. [07:34] - How Milemarker creates a Michelin-star client experience. [11:05] - How Milemarker centralizes data. [14:40] - How small firms can compete with big names in the industry. [17:08] - Investing in alternative investments and the challenges it brings. [22:24] - The most underserved client demographics in financial services. [24:34] - The changing expectations of the younger generation. [27:26] - The changing approach to wealth and spending. [28:25] - The importance of work-life balance. [34:52] - Kyle's key takeaways. Key Takeaways Milemarker allows advisory firms to centralize data from best-of-breed tools, creating a unique and streamlined experience for advisors and clients. Wealth management firms should take control of their data and innovation timelines to create a unique client experience. The integration of alternative investments presents new challenges for wealth management firms but also opportunities for growth and differentiation. Quotes  "At Milemarker, we're going to take all the data from the best-of-breed tools. We're going to centralize it into one place that the firm owns. So stop trying to get these other third-party tools to integrate as you want them to. And stop waiting on their roadmaps to meet your roadmap, but have them integrate to you." ~ Kyle Van Pelt "If you're an RIA or you own your firm, you should absolutely own your data, and you should be able to own and control your own roadmap and your innovation. I think that's a huge trend that we're seeing in the industry, and it's one that you take advantage of." ~ Kyle Van Pelt Links  Kyle Van Pelt on LinkedIn Kyle Van Pelt on Twitter Milemarker Michael Kitces LifeYield Joel Bruckenstein Bob Veres T3 Conferences Altruist Joe Duran Joshua Brown Die With Zero Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    38 min

  5. 02/20/2024

    A Financial Advisor's Journey into Energy Entrepreneurship with Jordan Strebeck

    Episode 012: In this episode of Alternative Universe, Steve is joined by Jordan Strebeck, Managing Partner at Fortress Energy. Jordan is a proud West Texan, Red Raider, father, and husband. He studied agriculture, economics, and personal finance at Texas Tech University and later attended Harvard Business School on the Frisk Fellowship. Before co-founding Fortress, he was the Vice President of Finance & Business Development at Piedra Resources and Rock River Minerals, both long-time independent Permian Basin energy companies. Jordan shares his journey in the oil and gas industry and how he found his passion for mineral and royalty interests. He discusses the importance of timing and the challenges and rewards of being an entrepreneur. Jordan also explains the concept of mineral and royalty interests and how his company navigated the market during the COVID-19 pandemic. With a focus on aligning incentives and building strong relationships, Fortress Energy continues to thrive in the alternative investment landscape. Join us as we discuss:  [01:49] - How Jordan got into Harvard Business School. [03:32] - Jordan's most memorable experiences in Boston. [06:20] - The why and how of Jordan's move into financial services. [13:12] - Jordan's life after Harvard Business School. [17:43] - Jordan's motivation for building Fortress Energy. [20:33] - The people who have helped Jordan in his career. [22:07] - The importance of having a supportive spouse in entrepreneurship. [26:17] - The joys and challenges of parenting four children in different stages of life. [28:06] - Navigating the challenges of the energy industry during the pandemic. [33:18] - Buying and owning mineral and royalty interests. [38:46] - The structure of Fortress Energy's funds. [43:19] - Jordan's bourbon collection. Key Takeaways Building a successful business requires timing, perseverance, and adapting to changing market conditions. Mineral and royalty interests offer an asymmetry in a risk-return profile and provide opportunities for excess alpha without excess beta. Investing in mineral interests provides the potential for a low-risk asset and the potential for both fixed-income-like characteristics and equity-like upside. Family support and a strong sense of purpose can provide the emotional and psychological stability needed to navigate the challenges of entrepreneurship. Quotes "If we're not doing this so that people's lives can be changed, not just ours but our team's, we probably got our incentives a bit backward." ~ Jordan Strebeck "Timing's everything. The timing of crashes in a commodity business is very important." ~ Jordan Strebeck "From an entrepreneur standpoint, if your soul and your family are solid, then the stuff above it is no longer life or death. There's not a gun pointed at your head. And that's when you're going to function at your best." ~ Jordan Strebeck Links  Jordan Strebeck on LinkedIn Jordan Strebeck on Twitter Fortress Energy Harvard Business School Texas Tech University Vickie Hampton Evensky & Katz John Salter Deena B. (Katz) Evensky Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    49 min

  6. 02/13/2024

    The Intersection Between Law and Alternatives with Cassandra Borchers

    Episode 011: In this episode of Alternative Universe, Steve talks with Cassandra Borchers, Investment Management Partner and Chair of the Blockchain & Cryptocurrencies group at Thompson Hine. Cassandra's practice has focused primarily on securities, investment capital, cryptocurrency and blockchain, corporate representation and governance, counseling mutual funds, ETFs, and closed-end interval funds. She has assisted companies in securities offerings, including mutual funds, commodity pools, private equity, fund formation, registration, mergers, and reorganizations. Cassandra talks with Steve about the intersection of law and alternative investments. She discusses the evolving regulatory space and the importance of compliance in alternative investments. Cassandra also delves into the growing presence of cryptocurrencies and emphasizes the significance of technology advancements, such as tokenization and blockchain, in shaping the future of alternative investments. Join us as we discuss: [02:15] - How Cassandra got into the alternative space. [05:34] - The challenges facing fund managers in alternative investments. [07:32] - The growing interest in cryptocurrencies. [10:03] - Overview of Thompson Hine and its investment management group. [12:54] - Thompson Hine's innovative approach to helping clients start funds. [16:03] - Misconceptions in private investments. [19:28] - How regulators protect mainstream investors. [22:39] - The transition from registered investment advisor to fund manager. [26:59] - Secondary markets and their regulatory advancements. [30:43] - The potential for redefining accredited investors. Key Takeaways The regulation of cryptocurrency is expanding and evolving worldwide. The approval of Spot Bitcoin ETFs marks a new era of the acceptance of crypto as a mainstream investment. Tokenization offers new opportunities for investors. Compliance is crucial in the alternative investment space, and having a strong compliance team and legal advisors is essential for navigating the complex regulatory landscape. Technology advancements, such as AI and blockchain, are revolutionizing the industry by improving efficiency, enabling secondary markets, and enhancing investor experiences. Quotes "The regulations have expanded in all sorts of ways. You need to have a strong compliance team, legal advisors, and groups like Mammoth to make sure that you're properly serving your clients." ~ Cassandra Borchers "Alternatives are not just in the private fund markets. There are a lot of optionalities out there, depending on the type of investor or advisor you are and who your clients are. There are ways to get people exposure." ~ Cassandra Borchers "Crypto is here to stay. Regulation is expanding and evolving here in the US, and there's a lot of movement going on everywhere. Bitcoin is definitely not going away, and we're moving into a new era." ~ Cassandra Borchers Links  Cassandra Borchers on LinkedIn Cassandra Borchers Email Thompson Hine LLP Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    35 min

  7. 02/06/2024

    Building Successful Startups with Fractional Hires with Praveen Ghanta

    Episode 010: Building a successful business is often a multifaceted journey, demanding strategic decisions and resourceful approaches. For startups, managing operational complexity requires a keen understanding of growth strategies, revenue models, and investment considerations. Savvy investors, however, are turning their attention to niche startups powered by fractional work.  In this episode of Alternative Universe, Steve talks with Praveen Ghanta, Founder and CEO of fraction. Praveen shares his entrepreneurial journey, from his early days in the dot-com bubble to building successful startups in the fintech industry. He discusses fractional work and how it can be a cost-effective solution for businesses. Their conversation also covers the changing landscape of startup funding, the value of profitability, and the potential of niche markets in the private markets space. Join us as we discuss:  [01:53] - Praveen's background and journey into fintech. [02:33] - Praveen's first startup and its acquisition. [06:21] - The need for transparency in private markets. [08:20] - Lessons learned from a failed startup. [11:25] - Praveen's reasons for bootstrapping. [15:58] - The benefits of bootstrapping and customer funding. [20:25] - The concept behind the creation of fraction. [24:43] - The cost savings of fractional workforces. [28:14] - Increasing profitability and margins in business. [32:17] - The value of investing in niche tech companies. Key Takeaways Startups with a clear revenue model can have more options and flexibility in their growth strategies. Fractional work can be a cost-effective solution for businesses, allowing them to access specialized expertise part-time. Fractional work allows for long-term relationships with experts, leading to knowledge transfer and consistent support for the business. Investing in niche markets and companies with a clear path to profitability can be a lower-risk and more realistic approach than chasing unicorn startups. Quotes "Being bootstrapped, what's your funding source? Your customers are your funding source. So, therefore, you've got to meet their needs and grow and adapt with them." ~ Praveen Ghanta "I tried to start a startup where I didn't have a sales function. I did a hundred sales calls myself. I tried to chase down leads and I realized, that even if the software might be good, this is really hard." ~ Praveen Ghanta "For investors that are thinking about investing in startups, rather than going after those players that are trying to make horizontal, scalable tech, there are other tech investments that you might make that are substantially low risk because they're operating companies that are either close to or on their way to profitability that are in niches." ~ Praveen Ghanta Links  Praveen Ghanta on LinkedIn fraction SS&C Technologies Portfolio Risk Analytics | Orion Risk Intelligence Nitrogen Wealth Eric Clarke Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    38 min

  8. 01/30/2024

    A Neurosurgeon's Journey into Private Investments with Matt McGirt

    Episode 009: Surgeons and high-income professionals often seek investment opportunities to maximize wealth. While traditional investment strategies may provide steady growth, they often lack the potential for higher returns. Private investments, however, have the potential for high growth and give access to sectors not available on public markets. The challenge lies in finding deals that are well-vetted and trustworthy. In this episode of Alternative Universe, Steve talks with Matt McGirt, Founder & General Partner at Mammoth. Matt shares his journey of investing in alternative assets and his challenges in finding private investment opportunities aligned with his expertise and risk tolerance. He also discusses the need for a platform like Mammoth Technology that provides a menu of private investment options with a formalized diligence process, allowing investors and their advisors to make informed decisions. Join us as we discuss: [01:36] - Matt's background as a neurosurgeon. [04:24] - Matt's early experience working with a financial advisor. [06:28] - The evolution of Matt's investment strategy. [10:37] - The untapped growth in private investments. [15:04] - Reasons why clients switch investor firms or financial advisors. [20:04] - How private markets are growing and offer true diversification. [23:52] - How Mammoth fills the unmet needs of investors and fund managers. [28:20] - Matt's experience on national TV. Key Takeaways Saving and investing early in one’s career is important. Physicians need to work with a financial advisor who understands their unique needs. Surgeons and high-income professionals seek alternative investment opportunities to maximize their wealth. There’s a need for access to healthcare investments and private investment opportunities that align with one's expertise and risk tolerance. Technology platforms like Mammoth are bridging the gap between investors and private placement deals by offering a menu of private investment options with a formalized diligence process. Quotes "I immediately saw value in any product that can bring private placement deals to an average RIA who can't provide those with great security or diligence. That's why I got excited about the Mammoth tech product." ~ Matt McGirt "In my community, no one had access to a healthcare investment. My access to a menu of options that had some diligence that I trusted did not exist for me or my colleagues. It's a massively underserved market, and as an industry, there's an untapped growth service line there as well." ~ Matt McGirt "It's amazing how many clients will move to new investor firms or new financial advisors, not based on how well or how diversified a public strategy investment strategy was, but the quality and quantity of private deals." ~ Matt McGirt Links  Matt on LinkedIn Johns Hopkins University BlackRock Connect with our hosts Mammoth Steve on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Google Podcast Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.

    34 min
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About

Alternative Universe is a podcast for financial advisors, fund managers, and those who want to navigate the diverse landscape of alternative investments and explore opportunities that lie beyond the conventional. Brought to you by Mammothtechnology.com.

Information

  • Creator
    Mammoth
  • Years Active
    2023 - 2024
  • Episodes
    16
  • Rating
    Clean
  • Copyright
    Copyright © Mammoth Admin & Tech, LLC