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The Wall Street Lab

Updated 4 days ago

Business
Careers
Investing
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The Wall Street Lab is a podcast that explores the world of finance from an insider perspective. The hosts, Lukasz Musialski and Leo Severino, interview top financial professionals in the fields of private equity, hedge funds, investment banking, mergers and acquisitions, asset management, venture capital, management consulting, trading and many more. The themes range from investment related topics, financial markets and news, career development in finance, favorite books, personal habits, just to name a few.

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The Wall Street Lab is a podcast that explores the world of finance from an insider perspective. The hosts, Lukasz Musialski and Leo Severino, interview top financial professionals in the fields of private equity, hedge funds, investment banking, mergers and acquisitions, asset management, venture capital, management consulting, trading and many more. The themes range from investment related topics, financial markets and news, career development in finance, favorite books, personal habits, just to name a few.

iTunes Ratings

33 Ratings
Average Ratings
31
1
1
0
0

Fantastic interview with Dan Rasmussen

By Derivatives Trader - May 08 2019
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Great job!

1 ep in, great

By NCR Veteran Ranger - Oct 31 2017
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Only listened to the CFA (how to pass podcast), but great show!

iTunes Ratings

33 Ratings
Average Ratings
31
1
1
0
0

Fantastic interview with Dan Rasmussen

By Derivatives Trader - May 08 2019
Read more
Great job!

1 ep in, great

By NCR Veteran Ranger - Oct 31 2017
Read more
Only listened to the CFA (how to pass podcast), but great show!
Cover image of The Wall Street Lab

The Wall Street Lab

Latest release on Jan 24, 2020

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The Wall Street Lab is a podcast that explores the world of finance from an insider perspective. The hosts, Lukasz Musialski and Leo Severino, interview top financial professionals in the fields of private equity, hedge funds, investment banking, mergers and acquisitions, asset management, venture capital, management consulting, trading and many more. The themes range from investment related topics, financial markets and news, career development in finance, favorite books, personal habits, just to name a few.

Rank #1: #10 Ian Morgan - How to get into Investment Banking

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Ian Morgan is a former Managing Director at Société Générale who, after over 20 years as an investment banker, decided to become an entrepreneur in order to follow his passion. He is now an  executive coach who provides a tailored coaching service designed specifically for finance industry professionals, in the fields of leadership, career management and interviewing. He is passionate about helping individuals reach new levels of achievement and performance. for the full show notes go to:   If the interview was valuable to you, make sure to take a few seconds to leave us a 5-Star review on iTunes.   [5:00] Ian’s background and all the projects he is involved with at the moment [6:30] What made Ian quit his job as a Managing Director at a large Investment Bank to start running his own business. [8:45] Ian describes his experience in resigning from his position as an MD and what the first day of running his own business felt like. [11:15] What do successful candidates do that unsuccessful candidates generally do not? [15:00] Cover letter writing strategies [16:50] Ian shares his thought on networking best practices [18:30] Practical skills for the job hunt if you did not major in business and finance. [21:40] Is it too late to start a career in investment banking if you are in your late 20’s / early 30’s? [23:50] Understanding the fact that interviewers also have cognitive biases and use that to our advantage during an interview [25:50] The danger of trying to sound smarter that you really are during an interview [27:50] Is it ok to answer an interview question with “I don’t know”? [29:50] How much is too much when it comes to preparing for an interview? [31:50] How do I accelerate my career at an investment bank, once I have a foot in the door? [34:20] The performance formula [36:50] Daily routines and habits that can help you become more productive at work [41:30] Ways to avoid distractions at work [44:10] The importance of reading; Ian’s book recommendations [47:50] The importance of a “glass half-full” attitude [49:10] Where you can find out more about Ian Morgan’s work   Stay tuned! Luke & Leo

Apr 06 2017

52mins

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Rank #2: #29 Dan Rasmussen - Disrupting Private Equity

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Dan Rasmussen is the Founder and Portfolio Manager at Verdad, a hedge fund that attempts to replicate privately-equity like returns through investments in publicly listed highly leveraged micro-caps. Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan graduated from Harvard summa cum laude and Phi Beta Kappa and received an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America’s Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list. In the episode we talked about: Replicating private equity with public equities Average private equity deal structures now and then Leverage buyout transaction structures in US and Asia Controlling for risk and bankruptcy probability United States vs Japan market for equities Doing research in quantitive investing Difference of running big and small funds The relationship between interest rates and equities Why is Dan bearish on VC Properties of small cap companies Private equity in emerging markets Do MBAs make better CEOs? As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!   Find out more at    Luke, Leo & Andy

May 03 2019

45mins

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Rank #3: #31 Joseph Lau – How to Become a Financial Modelling World Champion

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This week’s episode is a treat to all of the excel geeks out there. We are delighted to share the conversation we had with Joseph Lau, the only 2-time Financial Modelling World Champion at the ModelOff competition. We cover many interesting topics, ranging from his experience competing at the ModelOff competition, common mistakes people make in financial modelling, and tips on how to excel (pun intended) at financial modelling. Besides being a World Champion in his spare time, Joseph is a Director of Project Finance at the Commonwealth Bank of Australia. He is also a Co-founder of Spreadsheet Advantage, which is an Excel add-in designed to help excel users and developers increase their productivity. Joseph has a bachelor’s degree in Computer Science and Mathematics, a master’s degree in Applied Finance and a PhD in Pure Math.   The topics discussed include: 03:00 – Joseph’s background 04:50 – Requirements for excelling at financial modelling 05:30 –How Joseph got involved in the ModelOff competition 06:15 – How does the ModelOff competition work 10:30 – Joseph’s preparation to compete 12:00 – Joseph’s experience competing at the ModelOff finals 13:00 – How has become a financial modelling world champion changed Joseph’s career 15:15 – Joseph’s tips on how to excel at financial modelling 17:50 – Areas in finance that requires strong financial modelling knowledge 19:00 – How to correct modelling errors 20:00 – The future of financial modelling 21:30 – How Joseph goes about training people in financial modelling 22:45 – Common mistakes in modelling 25:00 – Why Joseph retired from competing 27:15 – Why was Joseph nicknamed Fine Wine As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at https://www.thewallstreetlab.com/ Luke, Leo & Andy

May 30 2019

29mins

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Rank #4: #19 Jane Coffey - Financial Careers, Asset Management and Behavioral Finance

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Jane Coffey is an experienced financial professional and an executive coach. She has extensive experience in asset management having been the head of equities and executive director as well as an investment professional across various well respected institutions. She is also heavily involved with the CFA institute in the UK. In our conversation with Jane we discussed various aspects of financial careers, asset management and behavioural finance. Here are a few topics we have discussed: How to get into investment banking / asset management How ESG affects the investment environment How to find a finance career that will fit you Investment banking vs asset management How to get early financial experience How to build out a network in the financial world How to make the next step in your financial career properly What differentiates a good fund manager from a great fund manager? Which education is right for you in the asset management space How has the asset management industry changed over the last 30 years As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at  Luke & Leo

Apr 12 2018

53mins

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Rank #5: #02 Oliver Schebela, CFA – Private Equity Fund Investing

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Oliver Schebela, CFA is the Head of Private Equity Solutions of Bethmann Bank, a traditional German private bank, wholly owned by ABN AMRO. Prior to this, he spent 7 years at FERI Trust, where he started as a Private Equity Manager and worked his way up to Head of Private Equity. In his earlier days (he is still very young), he worked at Credit Suisse and at Commerzbank. For the full show notes and to subscribe go to:   This is a special episode for us. Not necessarily for the great conversation we had with Oliver, but for what it means to this journey Luke and I have embarked on. Back in the day when starting The Wall Street Lab was just an idea, we used to grab coffee and talk about who could potentially be guests on the podcast. Oliver was really the first person we thought about! So having the opportunity to actually interview him serves as validation that our idea was really worth pursuing. As you will notice from the interview, Oliver is a very down to earth, extremely competent and experienced private equity fund manager. During our conversation, we touch on topics such as the difference between direct and fund of fund private equity investing, the pros and cons of working for large companies versus smaller boutiques, his experience studying for the CFA exams, things he looks at when interviewing candidates to work for him, to name a few. We really hope you enjoy this conversation with Oliver. If you do, make sure rate us on iTunes and follow us on the various social media platforms.   Please see the show notes below: The difference between private and public equity [03:30] The difference between direct and indirect private equity investments [04:50] How Oliver started in finance [07:00] The importance of combining theory and practice when starting your career in finance [08:00] The early days of private equity in Germany [10:00] The pros and cons of working for a large company when compared to boutiques [12:30] Different ways to get into private equity [14:30] How Oliver selects private equity fund managers [16:30] How he is able to read through fund marketing pitches and extract important information from private equity managers [20:00] The differences between investing for institutional clients versus investing for high net worth individuals [22:00] Oliver’s view on the illiquidity premium received by private equity funds [27:00] Oliver’s opinion on the best way to get a head start in private equity [31:15] What Oliver looks at when interviewing people to work for him [35:30] Oliver’s experience studying for the CFA exams and receiving his charter [40:10] His opinion on the importance of having a CFA charter in asset management [42:05] Oliver’s suggestion on how to prepare for the CFA exams [44:00] What daily activity would he outsource, if he had the chance to [46:50] Who are Oliver’s role models [48:10] Oliver’s view on the importance of having a mentor [49:30] Oliver’s favorite book [50:55] For more information and to subscribe to our newsletter please visit: www.thewallstreetlab.com

Dec 15 2016

55mins

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Rank #6: #11 [Special] How to Pass the CFA Exams

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Most of you are familiar with the CFA designation – the one that makes you lose at least 3 Springs of your life (if you are lucky), your friendships and sometimes your partner. The one that makes you, according to CFA Institute’s statistics, read 8,914 pages of material, study 3,865 equations and take 18 hours of examinations. It is true that studying for it can be a very daunting and time consuming task. But if you are really interested in it (and I am not here trying to convince you to become a CFA charterholder – although I think it is a great thing to do if you are passionate about finance), I think you are going to get a lot out of this episode. For the full show notes go to:   I have been asked many times over the years about tips and tricks on how to improve your chances of passing the CFA exams. So, in this special episode in which we decided to be the ones doing all the talking, Luke and I put together a list 18 points that may improve your chances of being more successful in studying for the CFA exams. I must say that the combination of the points shared during this podcast made a huge difference in my studying attitude and I like to think they have positively influenced my results. Please note, however, that these are tactics that have worked well for me, and may not work so well for others, so pick whatever idea you like most and try to implement it to your mindset. Also, here is a spoiler alert – if you are looking for tactics and/or ideas on how to tackle specific CFA curriculum material, you will not find any of it here. There are plenty of resources online for that. If you listened to the episode and still have any questions, feel free to send us an e-mail at and we will do our best to answer any questions you may have. Also, while we are at it, If the interview was valuable to you, make sure to take a few seconds to leave us a 5-Star review on iTunes. Stay tuned! Luke & Leo

Apr 20 2017

47mins

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Rank #7: #27 Joern Czech - Alternative Investments, Investment Banking and Entrepreneurship in Finance

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Joern Czech is the Co-Founder and Manager of IANUA Market Limited, an Alternative Investment platform and intelligence hub, founded in 2018. They simplify Alternative Investing for professional investors, co-invest with them into curated investment opportunities. Joern’s career started in Trading for a local German bank before he moved into Institutional Sales for Deutsche Bank and Goldman Sachs. Just before founding IANUA, Joern was a partner and Head of Business Development and Investor Relations at a London-based Hedge Fund called SCIO Capital LLP. In this episode we talk about the financial crisis and the credit crunch, we provide insights into the Alternative Investment market, especially the latest developments of the hunt for yield and increase complexity. Joern is telling us about the difference of Entrepreneurship in finance vs. Investment Banking, he is sharing great career advice and tips on how to strengthen yourself against stress, how to be mindful and the benefits of meditation.   0:00 -  4:25 Intro 4:25 - 12:10 Learnings over a long career, the credit crunch experience 12:10 - 22:08 Intro into Alternative Investments and the market, Ianua as a company and the business model behind it and how technology helps to scale the startup in finance 22:08 - 26:52 Being an entrepreneur in the financial industry, career and networking advice 26:52 - 34:57 Deep dive into Alternative Investments: lower yields and increased complexity, risks and threats of the markets, especially politics 34:57 - end Some last advice, tips on how to deal with stress through mindfulness   More information at

Mar 28 2019

40mins

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Rank #8: #33 David Salem - A Deep Dive into Capital Allocation

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#33 David Salem - A Deep Dive into Capital Allocation   This interview is a true master class for anyone interested in capital allocation and manager selection. We had the great pleasure to speak to David Salem, the Co-Chairman of New Providence Asset Management, a firm that provides investment office solutions for endowments, foundations and family offices. David is also a contributor to Epsilon Theory, an online community in which he writes extremely thoughtful articles about investment management and combines it with his passion for the game of baseball.   Before assuming his current post, David served as a Managing Partner at Windhorse Capital Management, which merged with New Providence in 2018. For almost two decades before that, David served as the Founding President and CIO for the Investment Fund for Foundations (TIFF), a non-profit investment cooperative that managed over $8bn on behalf of more than 700 endowed charities by the time he left. We discuss many different topics during our conversation, which includes the Yale Model, which then became known as the Endowment Model and why David thinks it may be dangerous for institutions to try to replicate it. We also discuss David’s framework for selecting money managers, what his due diligence process looks like and what he focuses on when meeting a money manager for the very first time.   The topics discussed include: 02:00 – David’s background 06:00 – David’s opinion what it takes to become a great investor 10:00 – The Endowment Model and why David thinks it may be dangerous for institutions to try to replicate it 16:00 – How does David thinks about diversification, as well as his thoughts on how to design an investment program 24:00 – David’s thoughts on how one should account for human biases in the measurement of risk tolerance 33:00 – David’s thoughts on Private Equity and crypto currencies 39:00 – David’s personal process on how to select investment managers 43:00 – Characteristics David looks for (and seeks to avoid) in vetting money managers 49:00 – How does David prepare for a first meeting with a money manager, and what he spends the first meeting on 55:00 – What David thinks about the use of Investment Committee in making investment decisions 59:00 – How does David decide on how when to part ways with managers he has invested in 62:00 – David’s thoughts on mentorship   Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.    As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!   Luke, Leo & Andy

Jul 05 2019

1hr 8mins

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Rank #9: #04 Brian Tomlinson, CMT - Fixed Income Investing with a Global Portfolio Manager

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Brian Tomlinson, CMT is currently a Global Fixed Income Portfolio Manager at Allianz Global Investors. Prior to joining AllianzGI, he spent 7 years at Pimco as a Portfolio Manager. He also worked at other companies well known to most of us, such as Merrill Lynch, Citi Bank, Dresdner Bank and IBM. for the full shownotes and more go: to:   If you are one of those who think fixed income is boing, I can almost guarantee you that you will change your mind after listening to our conversation with Brian. Not only is he extremely good at what he does – and you will hear that when he walks us through the thought process that lead him to position his portfolio to take advantage of both a possible Brexit vote and the Trump election – but he is also very good at making seemingly difficult concepts, such as the effect of negative interest rates in society, very accessible to everyone. “If you really want to make money, it is not the money that drives you, it is winning and the desire to be right” Brian Tomlinson" The Information contained in this episode is as of November 2016.  Now, to the show notes: The importance of having an elevator speech [02:00] How Brian’s grandfather influenced his decision to get into finance [03:20] Brian’s early interest in currencies, interest rates and hedge funds [06:00] Brian’s initial disappointment about what is taught at universities [06:35] Brian’s view of the global financial markets [07:25] How he deals with fear and pain in trading [08:20] Trading in, out and around currency positions [11:50] The importance of understanding correlations for traders and portfolio managers [13:00] How does Brian deal with volatility in his portfolio [14:10] What Brian looks at to gauge where future volatility is likely to go [16:00] The importance of being a self-learner and having a mentor [18:30] How to size trades in which you have a low conviction [22:10] How he taught his son Texas Hold’em Poker when he was 6-years old as a way to learn probability [23:17] How Brian positioned his portfolio to profit from a possible Brexit vote [25:00] His experience on the day Trump was elected [28:45] Brian’s advice for university students [31:00] Brian’s view of Quantitative Easing and negative interest rates [33:15] Brian’s view on the current US economic cycle [37:10] Qualities he looks for when hiring people to work for him [40:40] Brian’s thoughts on mentorship [43:00] What makes fixed income exciting, even in a low interest rate environment [44:15] His view on the CFA and other financial designations [48:30] Brian’s career advice to young professionals [49:30] Brian’s book recommendations [53:00]  If you have any thoughts on how we can make the podcast more valuable to you, e-mail us at  Make sure to sign up to our newsletter. We promise not to spam you! Find out more at

Jan 12 2017

1hr 1min

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Rank #10: #35 Gerard Tong - The unromantic truth about becoming a trader

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If you always wanted to have a real and unromantic view on what it takes to be a trader, this is the episode for you. Gerard is Principle at Epitrain, a financial markets, business, and project management training company. He also teaches Trading courses at the National University of Singapore, one of Asia’s most prestigious universities and Singapore Management University. Gerard has been in the realms of trading since 1992, the very early days of trading in Singapore. In the past 25 years, from open outcry to electronic trading, he has seen it all.  With his company he is working closely with universities, large banks, hedge funds, and financial institutions to train their people, help them make the right hires and much more.   Gerard, in his straight and unapologetic manner gave us very interesting insights into financial markets and trading more specifically. He also gave us the harsh truth about being in trading and what it takes to get into trading. We talk about his own experiences, stories from the markets, what he learned about skill and mindset throughout the years and what it really takes to succeed in financial markets.   Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.   You can find out more about Gerard at http://www.epitrain.com or add Gerard on LinkedIn.   He also recommends the book “The old man and the sea” and believes there are two interpretations of the book. And only with one you’ll be successful in Trading. Do reach out to us or him to let us know your interpretation.   1:40 What is Gerard’s background? 5:05 How do you make sure to win more often than you loose? 9:25 What do you do when the premises of your trade are broken? 11:45 what is the difference between trading and investing? And what is the difference between technical and fundamental analysis? 14:35: What makes people trade? 15:10 The unromantic part about trading! 20:10 What skills do you need as a trader? 26:10 How do you test and learn those skills? 31:05 How important is a university degree for trading? A hedge fund hiring example 36:25 What skills are important in an algorithmic trading world? 38:05 Do you have tips for people that want to get into algorithmic trading? 39:50 Algorithmic trading 42:30 last words and Challenge   As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Luke, Leo & Andy

Aug 02 2019

45mins

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Rank #11: #18 Prof. Oliver Gottschalg - Private Equity Research, Performance Persistence and Data Acquisition

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Prof. Oliver Gottschalg is one of the leading researchers in private equity space. He is a an associate professor at HEC Paris but also among other things he is a co-founder and head of research at Peracs, a firm providing analytics and research on private equity investments. In our conversation with Prof Gottschalg we discussed various aspects of private equity as an asset class, performance measurements in the space as well as various other related topics. Here are a few items we have touched on: How to measure performance of private equity funds How does bridging affect private equity fund performance How to start a career in private equity How to clean up private equity performance data? Performance persistence in private equity Do big private equity funds outperform smaller private equity funds? What are some public market equivalents of private equity Co-investment opportunities in private equity Is performance of private equity funds based on value created? How value is created in private equity What makes a good GP and LP As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at    Luke, Leo & Andy

Mar 28 2018

55mins

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Rank #12: #14 Dan Kemp - Using Behavioral Finance to Make Better Investment Decisions

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Dan Kemp is the Chief Investment Officer for the EMEA region at Morningstar Investment Management. Dan has a very interesting background. For instance, he holds a BA in Theology at Kings College in London - we spend quite a bit of time talking about how his non-business background has helped him in his investment career. Prior to joining Morningstar Investment Management, he was a Founder and Partner at Albemarle Street Partners, an investment advisory firm that assists advisors in client risk profiling, fund research, portfolio construction and asset allocation. Prior to that, he was a Multi-Asset Fund of Funds manager at Saltus Partners. We touch on a wide range of topics such as how to prevent buying at a high and selling at a low, the importance of having an investment process in place that allows for other team members to poke holes at your ideas, while at the same time avoiding Groupthink. Dan was also kind enough to share some of his productivity tricks, what he looks for when hiring a candidate for a job, his favorite behavioral finance books, and much more. As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!  For the full show notes go to:

Jun 01 2017

1hr 3mins

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Rank #13: #23 Peter Schwicht - Asset Management, Megatrends, ESG Investing, Financial Research and Regulation

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Peter Schwicht is the former CEO of JP Morgan Asset Management EMEA. He held various positions in JP Morgan over the years including being the head of trading for JP Morgan Germany. Currently he is sitting on the board of many companies and continuing to share his expertize. In the interview, we touch on many topics such as: Megatrends in Asset management as well as ESG investing and how regulation impacts the asset management industry. More of the topics we cover in the interview are: Megatrends in asset management The raise of passive asset management Perspective on ESG investing and social responsibility of financial managers Active vs passive asset management What can you learn from financial crisis How does regulation and governance affect the asset management space What impact will MIFID have on asset management What is the future of research in asset management Small vs big asset management firms in today’s world Career advice for getting into asset management How to find a mentor As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at  Luke, Leo & Andy

Jun 07 2018

46mins

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Rank #14: #07 Steven Gerbel - Merger Arbitrage Hedge Fund Investing

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Steven Gerbel is the Founder and Chief Investment Officer at Chicago Capital Management, a US-based merger arbitrage hedge fund. Steven has over 20 years of experience in hedge funds focused on merger arbitrage and convertible arbitrage markets. Prior to founding Chicago Capital Management, Steven was a general partner at First Capital Management LP, a Chicago-based hedge fund focused on merger and convertible arbitrage, value investing, and distressed markets. Prior to this, Steven traded commodities on the Mid-American Commodities Exchange at the Chicago Board of Trade. He holds a bachelor of science in economics degree from DePaul University. For the full Show notes go to:  In this wide ranging conversation, Steve shares some valuable information for those who aspire to become a hedge fund manager. We touched on a variety of topics, such as the current state of the merger arbitrage industry in the US. Here is how he explained why he believes the merger arb market is bullish: “For years, merger arb spreads have been effectively priced at three times the risk free rate. And with interest rates going down, our spreads have been contracted and now with interest rates seeming to have bottomed here in the United states, that will cause our profit margin to expend at a rate of three, an if we get some inflation on top of that and an expanding economy, there could be a great wave of merger arb transactions coming in the very near future” As a manager that focuses on mergers in the financial sector, Steven explained in a very simplistic way the reason why he thinks there will be a wave of mergers in the banking sector in the foreseeable future: “Why do you we have just under 8000 banks in the United States? If you walk down the street in New York, you see banks in almost every corner in expensive real estate. It just doesn’t make sense. In this electronic environment, less and less people go to their branch office every day to deposit their checks or to get their cash, we all use ATMs.”  We talked about his greatest trading loss and what he learned from it:  “I learned my lesson that despite the fact that we had good information and that our information was ultimately right, if the regulators go against you, you lose” On the topic hiring, he mentioned how much he values honesty in people, as he believes he can teach anyone the tools they need to succeed as a merger arb trader, but one thing he cannot teach them is honesty: “I am looking for character; I am not really as hung up on credentials” Finally, he gives a valuable piece of advice to aspiring hedge fund managers who are just starting out: “Find the smartest person in the segment of the market they are interested in send them their resume and then I would call them every day and drive them absolutely nuts. Let them know that you are ready to dedicate your life to serving them” And this is just the tip of the iceberg! As always, if you like what you hear, make sure to sign up to our newsletter and share the podcast with anyone you think might benefit from the information. And, if you want to be really cool, please leave us a 5-Star review on iTunes. The next episode will come out on March 9th, in which we interview Dr. Thomas Bloch, the co-founder of the FinTech robo-advisor company Vaamo.  To follow us go to:   And now, the show notes: 02:37 – What is Merger Arbitrage hedge fund strategy 04:40 – Do you speculate on mergers? “Buy and hope” 05:40 – What is the biggest risk of merger arbitrage strategy? 07:20 – How do you mitigate these risks? 08:10 – Mistakes that Steve made on the way 09:40 – How Steve became a hedge fund manager 11:05 – Analogy of flying a plane and investing in merger arbitrage strategy 13:04 – How long does it take from an investment idea to the actual trade happening? 14:50 – Current market landscape for merger arbitrage 18:40 – Steve on economic business cycles and crisis 21:10 – On the increase in inflows of capital across the merger arbitrage strategy 24:05 – Liquid alternatives fund 24:48 – Restrictions on mutual fund trades and limitations 25:25 – What Steve is looking for when looking at a potential candidate 29:00 – Piece of advice to graduates 31:10 – Who did Steven look up to ? 29:50 – 30-second elevator speech 34:15 – Steven’s daily routines and on being engaged 37:50 – If you don’t love what you are doing you will not make it in the financial markets 39:00 – How does Steve deal psychologically with big loses 41:50 – Steve’s favorite books 43:00 – The most important thing about getting into the hedge fund industry and who you are competing against

Feb 23 2017

40mins

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Rank #15: #09 Alexander Doll - CEO of Barclays Germany Perspective on Investment Banking and M&A

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Alexander Doll is the CEO of Barclays Germany and the Head of Banking for Germany, Austria and Switzerland. Prior to his role at Barclays, Mr. Doll served as a Managing Director of Financial Advisory Business at Lazard.  Mr. Doll joined Lazard after eight years with UBS. His previous experience also includes working for Lehman Brothers in New York and Frankfurt. For the full show notes please go to: http://www.thewallstreetlab.com/ Have you asked yourself what the best-case scenario for your career would be? I mean, if everything goes extremely well – you get along with your colleagues, you become a well-known and recognized expert in your field, you are being nicely rewarded financially for what you do - what would that look like for you? Will you be a CEO of a company? Or perhaps a successful investor or run your own business? Regardless of what your answer is, there is one thing we can agree on - to get there, you are going to work extremely hard at it. You must master multiple skills, not only on the technical side of your craft, but also your interpersonal abilities. And, as we have heard from so many previous guests on our podcast, you are going to have to truly love what you do – “do it for the love of the game”, as Steven Gerbel said. There is one thing that all guests on our show have in common – they have achieved a level of “success” that most of us can only dream of. We believe that, whenever you have a chance to talk to someone who has “been there”, regardless of the field they are in, we should all stop and listen, as we all stand to learn something new from them. In fact, there is nothing stopping any of us from finding someone we admire and asking for 30 minutes of their attention. These overachievers are usually genuinely nice people who are more than willing to share their wisdom with eager souls looking to grow in their careers. This is exactly what Luke and I do with our interviews – the only difference is that we bring our audio recorder with us. Maybe all you are missing is an audio recorder! Today is one of those days when we tell ourselves – “we are so glad to have recorded this”. In this wide-ranging conversation, you will get a glimpse at what it is like to be the regional CEO of a global investment bank. You will soon realize that you cannot climb the corporate later at an investment bank if you are not both good with the numbers, but most importantly, good with clients. Mr. Doll also tells us the differences between the M&A markets in Europe vs. the US, what he looks at when interviewing job candidates, and much more. And now to the show notes! 1:40 How Mr Doll explains what he does 2:30 The story of how Mr doll started out in finance 04:45 How does Mr Doll's typical day look like 06:25 current developments in the M&A markets 07:50 differences between the investment banking environment in US and EU 09:54 What is the most important aspect when analysing an M&A deal? 11:40 Specialization, industry experts and their role in investment banking 12:55 What has changed the most since Mr Doll started out in investment banking? 14:30 How does Mr Doll deal with the information overload 16:20 News outlets that Mr Doll follows 16:50 Three pieces of advice to the younger self 18:50 Favourite mistake 19:20 A person who shaped Mr Dolls life 20:25 on mentorship 21:50 on importance of education and designations 23:00 Outside of work what takes the majority of your time? 24:50 If you could… What book would you make employees at your company read? 25:25 Daily Routines? 26:02 What questions would you ask in a job interview? 26:30 What is something that you believe to be true that most people do not believe to be true? 28:00 Is there anything you would like to leave our audience with?   If the interview was valuable to you, make sure to take a few seconds to leave us a 5-Star review on iTunes. Stay tuned! Luke & Leo P.S: Our next episode will come out on March 6th, in which we cover the topic of interview preparation and career development with Ian Morgan, a former Managing Director of Société Générale turned executive coach focused on helping professionals succeed in the financial services industry.

Mar 23 2017

30mins

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Rank #16: #15 Jack Schwager - Market Wizards, Market Efficiency and What Makes a Great Trader

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Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books including the Market Wizards series. Mr. Schwager is one of the founders of Fund Seeder. Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities. Guess who is back! We are so excited to bring to you the second season of The Wall Street Lab podcast! To kick off the season we are bringing you the interview with probably one of the most knowledgable people in trading and futures Jack Schwager. Through dozens of interviews and years of work experience in trading Mr. Schwager is probably the best person to tell us about what makes a great trader. We have learned a lot from his experience and we hope you will as well. Other topics we have discussed in our conversation include What traits do the best traders and investment managers have in common Fundamental vs technical analysis and how it changed with technology What changed in the futures markets over the last 30 years What are the arguments for market efficiency not working What makes traders lose money What motivates the top traders What are the worst pieces of advice given about trading As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Luke & Leo

Feb 15 2018

49mins

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Rank #17: #24 Kerstin Eichmann & Moritz Jungmann - Corporate Venture Capital, Machine Economy and the Future of Energy

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Kerstin Eichmann and Moritz Jungmann are a part of the Innogy Innovation Hub which is the corporate venture capital arm of Innogy.
The Innogy Innovation Hub and Innogy Ventures are funded by Innogy SE, a leading German energy company with revenue of around €43 billion (2017), more than 42,000 employees and activities in 16 countries across Europe. Innogy Innovation Hub, is looking to drive game-changing ideas that can revolutionise an existing business model or industry permanently. The key focus areas of IIH include: ‘Machine Economy’, ‘Smart & Connected’, ‘Disruptive Digital’ and ‘Cyber Ventures’.  In our conversation, we talked about the difference between corporate venture capital and regular VC funds, the emerging machine economy and what it means for business, as well as how startups are integrated into the activities of the sponsor company behind the CVC. More of the topics we cover in the interview are: How does corporate venture capital differ from typical venture capital How does your activity with start-ups tie into the activity of Innogy as a whole Machine economy and how will it change business as we know it Why should start-up chose a CVC over a regular VC investment Areas of Focus: ‘Machine Economy’, ‘Smart & Connected’, ‘Disruptive Digital’ and ‘Cyber Ventures’ How to start a career in corporate venture capital and what skills to acquire As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at  Luke, Leo & Andy

Jun 21 2018

39mins

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Rank #18: #16 Carl Richards - Wealth Management Behavioral Finance and Simplifying Financial Concepts

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Carl Richards has a financial wealth management background and has been working for some of the largest financial institutions out there in various advisory roles. He is best known for being a creator of the Sketch Guy column, appearing weekly in the New York Times since 2010. Carl has also featured on Marketplace Money, Oprah.com and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money.   In our conversation with Carl we discussed various aspects of behavioural finance and wealth management. Here are a few topics we have discussed:   What problems are plaguing the wealth management industry How carl advised clients in wealth management How to explain difficult finance concepts in a simple way Mutual funds vs individual investing Behavioural finance and how people typically react to various market situations Why are people so bad at picking their investments The raise of Robo-advisors and how they disrupt the financial advisors market. What would Carl advise to people looking to get into the wealth management field     As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!   Find out more at Luke & Leo

Mar 01 2018

50mins

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Rank #19: #34 Paul Smith - President and CEO of the CFA Institute

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This week, we had the pleasure to speak to the current (as of July 2019) CEO of the CFA Institute, Paul Smith. In our conversation, we cover some of Paul’s challenges in running the CFA Institute during his almost 5-year tenure, the future of the investment management industry, his vision for the organization, why he thinks it is important to have a mandatory Continuing Professional Development requirement for CFA Charterholders, as well as why he thinks young professionals interested in in investment management should strive to become CFA Charterholders. For more visit:

Jul 18 2019

47mins

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Rank #20: #12 Joerg de Vries-Hippen - Equity Research and Portfolio Management with Allianz Global Investors' CIO of European Equities

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Jörg de Vries-Hippen is the CIO for European Equities at Allianz Global Investors. He has built his career within AGI and has been part of the organization for 25 years since he finished his M.B.A. degree from the Universit of Mannheim in Germany. In this interview, we cover a wide range of topics such as the skills needed to succeed as a portfolio manager, the importance of both technical knowledge and the communication skills to be able to sell the story to prospective clients, how he handles uncertainty as a central part of his job as a CIO, what he looks for when hiring equity analysist and fund managers, and much more! For the full show notes go to:  If the interview was valuable to you, make sure to take a few seconds to leave us a 5-Star review on iTunes.     [04:00] The importance of being flexible to change with your organization over time [05:00] The difference between working in finance today when compared to 25 years ago [06:15] What does it mean to build your career “the hard way” [08:00] How long it takes to become a portfolio manager [09:45] How we should be using technologies to make us better portfolio managers [10:30] The importance of analytical vs. communication skills for an equity analyst/portfolio manager [13:30] How does Jörg separate the signal from the noise as a portfolio manager [16:30] How does Jörg deal with making prediction mistakes [18:30] Jörg’s opinion on the current European equity markets [20:00] The importance of being predictable, rather than following the current trend [23:00] What to look at when looking at individual investments [25:30] Jörg’s opinion on the impact of technology in the asset management industry in the near future [27:00] What Jörg looks at when hiring an equity analyst or a fund manager [30:00] His opinion on the importance of education and financial designations [32:00] The career advice Jörg gives to his own children If the interview was valuable to you, make sure to take a few seconds to leave us a 5-Star review on iTunes. Stay tuned!

May 04 2017

36mins

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Episode #42 Jorge Tavio - The Data that Powers Financial Markets

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Jorge Tavio is the Market Development Director, Wealth EMEA for Refinitiv. Refinitiv is one of the largest market data providers on the planet with more than 40,000 clients in 190 countries. In his current role Jorge is leading the wealth market development team in EMEA. He and his team are connecting the dots between new technology, regulation, new business models and innovative customer experiences. His previous roles included being the Head of Partners and Digital Innovation Continental Europe and several Specialist roles within Refinitiv (former Thomson Reuters). The episode was recorded in July 2019 With over 20 years of experience in the financial data industry we dig into the history of delivering market data and how the business changed over the years. We learn how market data helps financial institutions to make decisions and powers financial markets. Jorge shares with us the latest trends in technology, the big challenges of all industries, especially the wealth industry and his thoughts on hiring and learning.  Jorge’s profile: Refinitiv: As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on Apple Podcasts or wherever you get your podcasts from. Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.  Luke, Leo & Andy

Jan 24 2020

33mins

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#41 Christina Qi - High Frequency Trading, Hedge Funds, and Women in Finance

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Christina Qi serves as Founding Partner at Domeyard LP, among the longest running HFT hedge funds in the world, and CEO of Databento, a unified data discovery platform. She started Domeyard 8 years ago with $1000 in savings. Domeyard trades up to $1 billion USD per day. Her company’s story has been featured on the front page of Forbes and Nikkei, and quoted in the Wall Street Journal, Bloomberg, CNN, NBC, and the Financial Times. Christina is a contributor to the World Economic Forum’s research on AI in finance. She is a visiting lecturer at MIT, including Nobel Laureate Robert Merton’s “Retirement Finance” class since 2014, and and alongside President Emerita Susan Hockfield and Dean David Schmittlein in 2019. Christina teaches Domeyard’s case study at Harvard Business School and other universities. Christina was elected as a Member of the MIT Corporation, MIT’s Board of Trustees. She was elected Co-Chair of the Board of Invest in Girls in 2019. Christina also sits on the Board of Directors of The Financial Executives Alliance (FEA) Hedge Fund Group, drives entrepreneurship efforts at the MIT Sloan Boston Alumni Association (MIT SBAA), and serves on U.S. Non-Profit Boards Committee of 100 Women in Finance. Her work in finance earned her a spot on the Forbes 30 Under 30 and Boston Business Journal 40 Under 40 lists. She holds an S.B. in Management Science from MIT and is a CAIA Charterholder. Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.  We speak about High Frequency Trading, (Alternative) Market Data, the difference between High Frequency Trading and Quantitative Finance, the use of technology, Giving back and philanthropic efforts like Invest in Girls or 100 Women in Finance. Christina also shares her tips for Time Management, Life, Career and how to make people stay.

Jan 09 2020

48mins

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#40 Uwe Wystup - Quantitative Finance and Exotic Options

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Uwe Wystup is the founder and Managing Director of MathFinance, a quantitative finance advisory firm. They specialize in the development of state-of-the art models for trading, sales and risk management. Their focus is on FX options, the volatility surface and structured derivatives. Uwe is also a Professor of Financial Option Price Modeling at the University of Antwerp, Honorary Professor at Frankfurt School of Finance & Management, was a Visiting Professor at Carnegie Mellon University, where he holds a Ph.D. in Mathematical Finance. Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.  Are you interested in the difference between Plain Vanilla and Exotic Options? Or the difference between Finance and Quantitative Finance? And of course what skills you need to land a job in quantitative finance? Uwe explains the science behind exotic options valuations, how quantitative models get developed and improved upon. Learn how brokers, treasurers, and hedge funds interact in financial markets.

Dec 17 2019

47mins

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#39 Markus Koch - Telling the Stories of Wall Street

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Markus Koch is a German Wall Street journalist and entrepreneur. He started trading friends & families money very early and had 70k€ debt at age 17. He then paid back the money by working at Bear Sterns before starting his own journalism company. Markus acted as Economic Advisor for the Web-Series “We, the economy”, produced by Microsoft Co-Founder Paul Allen and was part of the Introduction of the Hollywood-Blockbuster Wall Street, Money never Sleeps” in Germany. What does Star Wars, Jazz, or Casanova have to do with Finance? Markus brings Wall Street to retail investors. This interview provides a very honest and open insight into Wall Street from an Insider’s perspective. Markus shares his opinion on many different topics, ranging from Trading to Politics. We talk about how Markus lost his teachers’ money, started at Wall Street while sleeping on his boss’s couch. We talk about the stories that drive the stock market and what drives Markus to educate retail investors about finance. Markus gives insights into Trading and the traditions of the NYSE trading floor over the years.

Nov 29 2019

46mins

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#38 Andreas Lukic - Angel Investing and Venture Capital

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Andreas Lukic is the Managing Partner of ValueNet Capital Partners, a Private Equity Firm based in Frankfurt. He is also the honorary Chairman of the Business Angels FrankfurtRheinmain e.V., one of the biggest Angel Investor networks of Europe where he engages to grow the Frankfurt Angel and Venture Capital ecosystem. Andreas has worked in Private Equity, Venture Capital and has been an Angel Investor himself for many years. We spend a lot of time talking about the difference in Angel Investing, Venture Capital, and Private Equity. We also talk about how the investment process changes in all of the areas and what to watch out for when investing in startups. Other topics we get into are the differences and success factors of a good ecosystem for startups with some examples from Singapore and Frankfurt.

Oct 03 2019

58mins

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#37 Mark Yusko – (Part 2) CEO and CIO of Morgan Creek Capital Management

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PART 2 - Mark Yusko is the Founder, CEO and Chief Investment Officer at Morgan Creek Capital Management, a company that provides investment management services to institutions and wealthy families. Prior to forming Morgan Creek, Mark was the President, Chief Investment Officer and Founder of UNC Management Company, the endowment investment office for the University of North Carolina at Chapel Hill. Prior to that, Mark was the Senior Investment Officer for the University of Notre Dame Investment office, where he joined as an Assistant Investment Officer in October of 2003. We spend a lot of time talking about asset allocation, manager selection, and portfolio construction, which are topics Mark is a true expert in. We also spend time discussing what Mark thinks makes a great investor, why he spends so much of his time putting his ideas into paper and sharing it with the world, and why he thinks institutions should include cryptocurrencies in their diversified portfolio. This interview was broken down into two parts. The first leg of the interview was published two weeks ago. This is the second part of our two-part interview, so check out the first part of the interview, which was released 2 weeks ago. As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on Apple Podcasts or wherever fine podcasts are published!! Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.  Luke, Leo & Andy

Sep 19 2019

54mins

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#36 Mark Yusko – CEO and CIO of Morgan Creek Capital Management (Part 1)

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Mark Yusko is the Founder, CEO and Chief Investment Officer at Morgan Creek Capital Management, a company that provides investment management services to institutions and wealthy families. Prior to forming Morgan Creek, Mark was the President, Chief Investment Officer and Founder of UNC Management Company, the endowment investment office for the University of North Carolina at Chapel Hill. Prior to that, Mark was the Senior Investment Officer for the university of Notre Dame Investment office, where he joined as an Assistant Investment Officer in October of 2003. We spend a lot of time talking about asset allocation, manager selection and portfolio construction, which are topics Mark is a true expert in. We also spend time discussing what Mark thinks makes a great investor, why he spends so much of his time putting his ideas into paper and sharing it with the world, and why he thinks institutions should include cryptocurrencies in their diversified portfolio. This interview was broken down into two parts, so stay tuned for the second leg of the interview, which will be published in 2 weeks. 02:00 – Mark’s Background and his series of “happy accidents” 08:30 – Science Training and why he thinks it is a good background to have for investment professionals 12:00 – Lessons learned from Notre Dame and North Carolina 18:30 – Mark’s view on the endowment model 24:30 – Access vs. Capacity in Venture Capital 29:00 – How much GP Commitment is too much? 33:00 – How Mark assesses new investment managers This is the first part of our two-part interview. If you like the conversation, check out the second part of the interview, which will be released in 2 weeks (or if you are reading this in the future, you can just go to the very next episode and you will be able to listen to our next conversation). As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on Apple podcasts or wherever fine podcasts are published!! Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.  Luke, Leo & Andy

Sep 05 2019

41mins

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#35 Gerard Tong - The unromantic truth about becoming a trader

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If you always wanted to have a real and unromantic view on what it takes to be a trader, this is the episode for you. Gerard is Principle at Epitrain, a financial markets, business, and project management training company. He also teaches Trading courses at the National University of Singapore, one of Asia’s most prestigious universities and Singapore Management University. Gerard has been in the realms of trading since 1992, the very early days of trading in Singapore. In the past 25 years, from open outcry to electronic trading, he has seen it all.  With his company he is working closely with universities, large banks, hedge funds, and financial institutions to train their people, help them make the right hires and much more.   Gerard, in his straight and unapologetic manner gave us very interesting insights into financial markets and trading more specifically. He also gave us the harsh truth about being in trading and what it takes to get into trading. We talk about his own experiences, stories from the markets, what he learned about skill and mindset throughout the years and what it really takes to succeed in financial markets.   Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.   You can find out more about Gerard at http://www.epitrain.com or add Gerard on LinkedIn.   He also recommends the book “The old man and the sea” and believes there are two interpretations of the book. And only with one you’ll be successful in Trading. Do reach out to us or him to let us know your interpretation.   1:40 What is Gerard’s background? 5:05 How do you make sure to win more often than you loose? 9:25 What do you do when the premises of your trade are broken? 11:45 what is the difference between trading and investing? And what is the difference between technical and fundamental analysis? 14:35: What makes people trade? 15:10 The unromantic part about trading! 20:10 What skills do you need as a trader? 26:10 How do you test and learn those skills? 31:05 How important is a university degree for trading? A hedge fund hiring example 36:25 What skills are important in an algorithmic trading world? 38:05 Do you have tips for people that want to get into algorithmic trading? 39:50 Algorithmic trading 42:30 last words and Challenge   As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Luke, Leo & Andy

Aug 02 2019

45mins

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#34 Paul Smith - President and CEO of the CFA Institute

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This week, we had the pleasure to speak to the current (as of July 2019) CEO of the CFA Institute, Paul Smith. In our conversation, we cover some of Paul’s challenges in running the CFA Institute during his almost 5-year tenure, the future of the investment management industry, his vision for the organization, why he thinks it is important to have a mandatory Continuing Professional Development requirement for CFA Charterholders, as well as why he thinks young professionals interested in in investment management should strive to become CFA Charterholders. For more visit:

Jul 18 2019

47mins

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#33 David Salem - A Deep Dive into Capital Allocation

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#33 David Salem - A Deep Dive into Capital Allocation   This interview is a true master class for anyone interested in capital allocation and manager selection. We had the great pleasure to speak to David Salem, the Co-Chairman of New Providence Asset Management, a firm that provides investment office solutions for endowments, foundations and family offices. David is also a contributor to Epsilon Theory, an online community in which he writes extremely thoughtful articles about investment management and combines it with his passion for the game of baseball.   Before assuming his current post, David served as a Managing Partner at Windhorse Capital Management, which merged with New Providence in 2018. For almost two decades before that, David served as the Founding President and CIO for the Investment Fund for Foundations (TIFF), a non-profit investment cooperative that managed over $8bn on behalf of more than 700 endowed charities by the time he left. We discuss many different topics during our conversation, which includes the Yale Model, which then became known as the Endowment Model and why David thinks it may be dangerous for institutions to try to replicate it. We also discuss David’s framework for selecting money managers, what his due diligence process looks like and what he focuses on when meeting a money manager for the very first time.   The topics discussed include: 02:00 – David’s background 06:00 – David’s opinion what it takes to become a great investor 10:00 – The Endowment Model and why David thinks it may be dangerous for institutions to try to replicate it 16:00 – How does David thinks about diversification, as well as his thoughts on how to design an investment program 24:00 – David’s thoughts on how one should account for human biases in the measurement of risk tolerance 33:00 – David’s thoughts on Private Equity and crypto currencies 39:00 – David’s personal process on how to select investment managers 43:00 – Characteristics David looks for (and seeks to avoid) in vetting money managers 49:00 – How does David prepare for a first meeting with a money manager, and what he spends the first meeting on 55:00 – What David thinks about the use of Investment Committee in making investment decisions 59:00 – How does David decide on how when to part ways with managers he has invested in 62:00 – David’s thoughts on mentorship   Please keep in mind this is not investment advice. Full disclaimer at the end of the podcast.    As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!   Luke, Leo & Andy

Jul 05 2019

1hr 8mins

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#32 Iven Kurz – Passive Dynamic Investing

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We had the pleasure to chat with Iven Kurz, founder and CEO of Evergreen GmbH. Evergreen is a German retirement focused Robo advisor. Before founding his own company, Iven was a total return fund manager for two of the biggest German Private Banks. The total return investing style Iven uses is called Passive Dynamic Investing, which is based on the Black-Scholes Option Pricing Theory and he used for many years. We dive deep into the weeds of this investment form and see why it is being used for retirement saving. Please keep in mind this is not investment advice full disclaimer at the end of the podcast.   The topics discussed include: 03:00 - investment philosophies 04:30 - How Iven got into Total Return investing 07:00 - portfolio insurance investing and what is passive dynamic investing (PDI) 12:30 - deep dive into PDI and Option Pricing theory 17:30 - what is the goal of PDI 23:55 - how does risk work in PDI? 26:40 - PDI for retirement planning and risk 29:00 - risk budgets 32:00 - predicting returns for PDI Investing 35:25 - about long-short total return investing 37:30 - What Evergreen does 40:50 What Evergreen does differently 43:30 - costs and risk premium for robo-advisors 47:20 - PDI and black swan events 50:15 - closing questions   As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at https://www.thewallstreetlab.com/ Luke, Leo & Andy

Jun 13 2019

54mins

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#31 Joseph Lau – How to Become a Financial Modelling World Champion

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This week’s episode is a treat to all of the excel geeks out there. We are delighted to share the conversation we had with Joseph Lau, the only 2-time Financial Modelling World Champion at the ModelOff competition. We cover many interesting topics, ranging from his experience competing at the ModelOff competition, common mistakes people make in financial modelling, and tips on how to excel (pun intended) at financial modelling. Besides being a World Champion in his spare time, Joseph is a Director of Project Finance at the Commonwealth Bank of Australia. He is also a Co-founder of Spreadsheet Advantage, which is an Excel add-in designed to help excel users and developers increase their productivity. Joseph has a bachelor’s degree in Computer Science and Mathematics, a master’s degree in Applied Finance and a PhD in Pure Math.   The topics discussed include: 03:00 – Joseph’s background 04:50 – Requirements for excelling at financial modelling 05:30 –How Joseph got involved in the ModelOff competition 06:15 – How does the ModelOff competition work 10:30 – Joseph’s preparation to compete 12:00 – Joseph’s experience competing at the ModelOff finals 13:00 – How has become a financial modelling world champion changed Joseph’s career 15:15 – Joseph’s tips on how to excel at financial modelling 17:50 – Areas in finance that requires strong financial modelling knowledge 19:00 – How to correct modelling errors 20:00 – The future of financial modelling 21:30 – How Joseph goes about training people in financial modelling 22:45 – Common mistakes in modelling 25:00 – Why Joseph retired from competing 27:15 – Why was Joseph nicknamed Fine Wine As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at https://www.thewallstreetlab.com/ Luke, Leo & Andy

May 30 2019

29mins

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#30 Charlie Eaton - Pioneering the Placement Agent Industry

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This week we are talking about the placement agent business in the alternative investments space. We could not have imagined finding a better person to discuss this topic with than Charles “Charlie” Eaton, the Founder of Eaton Partners and one of the pioneers of the whole industry. Charlie founded Eaton Partners in 1983 as one of the first and now one of the largest placement agents in the world. Eaton Partners was acquired by Stifel Financial in 2016. According to Eaton Partners’ website, it has been widely recognized as the world’s leading placement agent. Since the firm’s founding in 1983, they have participated in raising over $100 billion of institutional capital across more than 125 highly differentiated investment funds, including private equity, private credit, real estate, real assets and hedge funds. Eaton Partners currently employs over 80 professionals in nine offices worldwide. We speak about the early days at Eaton Partners and how Charlie was able to experience first hand how the industry has evolved over the years. He discusses his “simple” formula for selecting fund managers and shares his views on what he thinks are attributes of successful fund managers. Charlie discusses how Eaton Partners is able to connect supply from fund managers and demand from investors, the increase in competition amongst investment managers and the challenge of partnering with the likely winners. He discusses how Eaton Partners has always been willing to make bets on first-time fund managers and how that has led to very successful fundraises over the years. The topics discussed include: 10:00 – the early days of the placement agent industry 16:00 – Charlie’s simple rules for selecting fund managers 18:00 – lessons learned from fundraising missteps 24:00 – The current state of the placement agent industry 27:00 – the impact of the Global Financial Crisis on the Eaton Partners 29:00 – Eaton’s early decision to open an office in Mainland China 33:00 – Stifel Financials’ acquisition 35:00 – Balancing the interests of GPs and LPs 40:00 – challenges of raising capital 47:00 – Taking risks and betting on 1st-time funds 51:00 – Characteristics of successful money managers 53:00 – The future of the Placement industry As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at https://www.thewallstreetlab.com/ Luke, Leo & Andy

May 17 2019

55mins

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#29 Dan Rasmussen - Disrupting Private Equity

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Dan Rasmussen is the Founder and Portfolio Manager at Verdad, a hedge fund that attempts to replicate privately-equity like returns through investments in publicly listed highly leveraged micro-caps. Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan graduated from Harvard summa cum laude and Phi Beta Kappa and received an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America’s Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list. In the episode we talked about: Replicating private equity with public equities Average private equity deal structures now and then Leverage buyout transaction structures in US and Asia Controlling for risk and bankruptcy probability United States vs Japan market for equities Doing research in quantitive investing Difference of running big and small funds The relationship between interest rates and equities Why is Dan bearish on VC Properties of small cap companies Private equity in emerging markets Do MBAs make better CEOs? As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes!   Find out more at    Luke, Leo & Andy

May 03 2019

45mins

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#28 Otavio Costa - Global Macro Hedge Fund Research, Economic Indicators and Business Cycle

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Otavio Costa has been an analyst on Crescat’s investment team for more than five years with a focus on global cross-asset research. “Tavi” built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. His research has been featured multiple times in financial publications such as Bloomberg, The Wall Street Journal. Tavi is a native of São Paulo, Brazil and is fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and in international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in finance and a minor in Spanish. The topics discussed include: What it is like to be a global macro analyst What Otavio pays attention to when building macro models What economic indicators Otavio uses The current state of the business cycle Otavio’s view on the US equities market China, Brazil and precious metals What steps Otavio took early in his career to learn his trade Recommendations on how to stay sharp and informed   As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on Apple Podcasts!   Find out more at    Luke, Leo & Andy

Apr 18 2019

1hr 2mins

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#27 Joern Czech - Alternative Investments, Investment Banking and Entrepreneurship in Finance

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Joern Czech is the Co-Founder and Manager of IANUA Market Limited, an Alternative Investment platform and intelligence hub, founded in 2018. They simplify Alternative Investing for professional investors, co-invest with them into curated investment opportunities. Joern’s career started in Trading for a local German bank before he moved into Institutional Sales for Deutsche Bank and Goldman Sachs. Just before founding IANUA, Joern was a partner and Head of Business Development and Investor Relations at a London-based Hedge Fund called SCIO Capital LLP. In this episode we talk about the financial crisis and the credit crunch, we provide insights into the Alternative Investment market, especially the latest developments of the hunt for yield and increase complexity. Joern is telling us about the difference of Entrepreneurship in finance vs. Investment Banking, he is sharing great career advice and tips on how to strengthen yourself against stress, how to be mindful and the benefits of meditation.   0:00 -  4:25 Intro 4:25 - 12:10 Learnings over a long career, the credit crunch experience 12:10 - 22:08 Intro into Alternative Investments and the market, Ianua as a company and the business model behind it and how technology helps to scale the startup in finance 22:08 - 26:52 Being an entrepreneur in the financial industry, career and networking advice 26:52 - 34:57 Deep dive into Alternative Investments: lower yields and increased complexity, risks and threats of the markets, especially politics 34:57 - end Some last advice, tips on how to deal with stress through mindfulness   More information at

Mar 28 2019

40mins

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#26 Tobias Schulz - Venture Capital, Market Trends, German VC Ecosystem, Portfolio Management and How to Become a VC

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Tobias Schulz is an Investment Manager at HTGF. High-Tech Gründerfonds is one of Europe’s biggest venture capital groups and an early stage seed investor focused on high potential high-tech start-ups. Before joining HTGF Tobias has worked as an entrepreneur and has experience in the private equity industry. In the episode we talked about the following topics: How to manage a big portfolio of Startups The venture capital market trends Europe vs US VC market How do startups scale? How do VC investment managers make decisions How do you get a job as a VC Differences between working for PE and VC

Mar 14 2019

38mins

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#25 Michael John Lytle - ETF Business, Fixed Income, CDS and the Financial Crisis

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Michael John (‘MJ’) Lytle is the CEO of Tabula Investment Management, a provider of fixed income ETFs. Tabula aims to bring investors precise credit exposure. He also was a founding partner of Source, a ETF Provider, which as of 2017 is part of Invesco. He also was a founding partner of Source, a ETF Provider, which as of 2017 is part of Invesco. At Source we was the Chief Development Officer, with specific responsibility for marketing and broader involvement in product creation and design. MJ was also part of Morgan Stanley and BlackRock.    We talk about a vide variety of topics, including the startup industry, the ETF business, in particular the Fixed Income and Credit ETF business. We deep dive into CDS and the financial crisis and last MJ leaves us with some final tips.    TWSL MJ Lytle Intro & Application tips 0 - 12:10   12:10 - 19:53  Startups, VC, Europe vs. Silicon Valley   19:53 - 27:36 Going deep into ETFs and the ETF Business - the buyers perspective   27:36 - 40:19 Building an ETF startup - the sellers perspective, Credit/ Fixed Income ETFs, The Europe Fixed Income Market and deep dive into bonds   40:19 - 52:35  Deep dive into credit markets and CDS; excourse to the financial crisis and what is different today   52:35 - end About making mistakes, books and final tips

Feb 28 2019

59mins

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Update: End of Season II

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We are taking a little breather! Season 2 of The Wall Street Lab podcast is coming to an end. As much as we regret not being part of your commute for the next 3 months, we look back to the interviews we conducted in Season 2 with great satisfaction. As in Season 1, the focus was in finding great guests to share their insights with us about their niche in the finance world with you, which this season included hedge funds, private equity, artificial intelligence, shipping finance, corporate VC, just to name a few. We hope to continue to do that when we return with Season 3 in October 2018. If you have any particular topics or specific guests you think would be interesting to have on the show, don’t hesitate to contact us at contact@thewallstreetlab.com As always, if you like the show, please take a few seconds to heave us 5-star review on iTunes, as it really helps us reaching greater audiences. Stay tuned and enjoy your Summer/Winter! Luke, Andy & Leo

Jul 06 2018

2mins

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#24 Kerstin Eichmann & Moritz Jungmann - Corporate Venture Capital, Machine Economy and the Future of Energy

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Kerstin Eichmann and Moritz Jungmann are a part of the Innogy Innovation Hub which is the corporate venture capital arm of Innogy.
The Innogy Innovation Hub and Innogy Ventures are funded by Innogy SE, a leading German energy company with revenue of around €43 billion (2017), more than 42,000 employees and activities in 16 countries across Europe. Innogy Innovation Hub, is looking to drive game-changing ideas that can revolutionise an existing business model or industry permanently. The key focus areas of IIH include: ‘Machine Economy’, ‘Smart & Connected’, ‘Disruptive Digital’ and ‘Cyber Ventures’.  In our conversation, we talked about the difference between corporate venture capital and regular VC funds, the emerging machine economy and what it means for business, as well as how startups are integrated into the activities of the sponsor company behind the CVC. More of the topics we cover in the interview are: How does corporate venture capital differ from typical venture capital How does your activity with start-ups tie into the activity of Innogy as a whole Machine economy and how will it change business as we know it Why should start-up chose a CVC over a regular VC investment Areas of Focus: ‘Machine Economy’, ‘Smart & Connected’, ‘Disruptive Digital’ and ‘Cyber Ventures’ How to start a career in corporate venture capital and what skills to acquire As always, make sure you share the podcast with anyone you think might benefit from the information. And don’t forget to leave us a 5-Star review on iTunes! Find out more at  Luke, Leo & Andy

Jun 21 2018

39mins

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iTunes Ratings

33 Ratings
Average Ratings
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Fantastic interview with Dan Rasmussen

By Derivatives Trader - May 08 2019
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Great job!

1 ep in, great

By NCR Veteran Ranger - Oct 31 2017
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Only listened to the CFA (how to pass podcast), but great show!