The Wall Street Lab

#110 - The Human Side of Dealmaking with Rohan Doctor, Louisa AI

Rohan Doctor, founder and CEO of Louisa AI, joins The Wall Street Lab to discuss relationship intelligence, trust, and how complex institutional business actually gets done. Before founding Louisa, Rohan spent 17 years at Goldman Sachs, including a decade as a managing director. In this episode, Andi and Rohan discuss how senior banking relationships are built, why CRM systems often fail to capture the real "who knows who" inside an organization, and how AI can help financial institutions connect the right relationships, mandates, and timing without replacing the human trust at the center of dealmaking. Key Topics and Timestamps: What Louisa AI does and why "who knows who" matters in finance [00:00:11 - 00:02:57] The Goldman Sachs origin story: systematizing serendipity with data [00:02:57 - 00:04:32] Bank Solutions in Hong Kong and why institutional business depends on relationships [00:04:32 - 00:08:31] Why CRM data goes stale and why relationship data is hard to capture manually [00:08:31 - 00:10:12] How Rohan manually mapped banks, stakeholders, needs, constraints, and transaction ideas [00:10:12 - 00:15:38] Finding the internal "Sherpa" who can navigate a large client organization [00:15:38 - 00:18:20] Warm introductions, trust bridges, and why relationship-led business is different from cold outreach [00:18:20 - 00:22:15] Building rapport quickly, listening well, and showing what is in it for the client [00:22:15 - 00:27:05] The three ingredients of a deal: right relationship, right mandate, and right time [00:27:05 - 00:29:10] How Louisa uses AI to identify opportunities, relationship paths, and who should pick up the phone [00:29:10 - 00:33:45] Why AI adoption in large financial institutions is slow, and how business and technology teams make decisions [00:33:45 - 00:38:05] Trust versus price and deal terms in banking and relationship-led enterprise sales [00:38:05 - 00:41:15] Relationships as career capital, firm capital, and a way to make your own luck [00:41:15 - 00:44:45] Links mentioned / referenced: Rohan Doctor on LinkedIn: https://www.linkedin.com/in/rohan-doctor-17310713/ Louisa AI: https://louisa.ai/ About Louisa AI: https://louisa.ai/about_louisa/ Louisa AI press: https://louisa.ai/press/ CNBC on Louisa spinning out of Goldman Sachs: https://www.cnbc.com/2023/05/12/goldman-sachs-ai-corporate-social-media-startup.html You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

• Transcript

#109 - A Deep Dive into Hedge Fund Replication with Andrew Beer, DBi

Andrew Beer, co-founder and managing member of Dynamic Beta Investments (DBi), joins The Wall Street Lab for a deep dive into hedge fund replication, managed futures, and liquid alternatives. Andrew started his hedge fund career at Baupost, working for Seth Klarman, before co-founding investment firms focused on commodities, hedge funds, and relative value strategies. In this episode, Andi and Andrew discuss how the hedge fund industry has evolved, why managed futures are often misunderstood, and how DBi approaches replication as a more efficient way to access hedge fund-like return streams. Key Topics and Timestamps: Andrew's background, Baupost, and how hedge funds changed from a cottage industry to an institutional asset class [00:00:11 - 00:07:29] What managed futures and CTAs are, and why Andrew describes the space as a $300 billion misunderstood asset class [00:07:29 - 00:11:22] Why human beings are poor tactical investors, and how managed futures can act as the "speedboat" inside a long-term portfolio [00:11:22 - 00:16:31] Why managed futures should not be framed simply as portfolio insurance, plus examples from equities, oil, gold, and macro shocks [00:16:31 - 00:19:43] Trend following, contrarian tactical alpha, and why Andrew thinks the terminology around managed futures is unhelpful [00:19:43 - 00:23:13] How managed-futures models are built: futures contracts, signals, moving averages, false signals, and portfolio churn [00:23:13 - 00:31:23] Stop losses, risk controls, whipsaws, and the case that simpler models may outperform more complex ones [00:31:23 - 00:39:51] What hedge fund replication means and how DBi tries to capture the signal of large hedge funds more efficiently [00:39:51 - 00:44:17] The 54% edge, structural efficiency, and why small advantages can compound in replication [00:44:17 - 00:47:29] Using daily hedge fund, mutual fund, and UCITS data to infer exposures and rebalance a simpler portfolio [00:47:29 - 00:52:15] The human judgment behind quantitative investing and why modeling decisions are not purely mechanical [00:52:15 - 00:56:27] Repeatable investment process, skill versus luck, and why DBi has kept its core process unchanged for a decade [00:56:27 - 01:00:23] Allocator incentives, private equity, private credit, and why investment products are not always selected purely on risk-adjusted returns [01:00:23 - 01:02:43] Final thoughts on volatility, diversification, simplicity, and building products clients can hold for the long term [01:02:43 - 01:07:17] You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#108 - Finding The Good In Private Equity - With Rami Cassis, Parabellum Investments

Rami Cassis, founder and CEO of Parabellum Investments, discusses how his firm operates as a hybrid between a family office and private equity firm. He provides an inside look at his investment approach, building relationships and reputation, and his perspective on improving private equity's image. Key Topics and Timestamps: What a hybrid family office and private equity firm is and why Cassis cares about private equity image [00:02:00 - 00:05:45] Cassis' approach to sourcing investments and what he looks for in an acquisition target [00:05:45 - 00:10:15] How valuation discussions unfold and avoiding deal fatigue [00:10:15 - 00:15:00] The importance of honoring your word in building relationships and reputation [00:15:00 - 00:20:00] Integrating a new acquisition and exiting investments [00:20:00 - 00:25:00] Tips on deal negotiations and avoiding concessions [00:25:00 - 00:30:00] Working with management teams and the role of chairman [00:30:00 - 00:35:00] How private equity can improve its image and be a force for good [00:35:00 - 00:40:00] What Cassis looks for when hiring junior team members [00:40:00 - 00:45:00] The importance of diversity and avoiding "assholes" [00:45:00 - end] More about our sponsor Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check Out these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/

#107 - Building a strong investment banking network - Christina Bresani, William Blair

In this episode, Christina Bresani, Managing Director and Head of Corporate Advisory at William Blair, shares her insights and experiences in investment banking and corporate advisory. She discusses her background, breaking into the industry, and the importance of networking. Christina explains the role of corporate advisory and its responsibilities in mergers and acquisitions, including advising clients on acquisitions, divestitures, mergers, and defending against activists. She emphasizes the changing landscape of friendly and hostile takeovers and the need for valuable relationships with clients. Additionally, Christina highlights the importance of diversity and the initiatives taken by William Blair to support women in investment banking. The episode concludes with her advice to be open to learning, curious, and true to oneself in the industry. We discuss the following topics: Christina's background and journey in investment banking Breaking into the industry and the importance of networking The role and responsibilities of corporate advisory in mergers and acquisitions Preparing for shareholder activism and engaging with activists Evaluating defense profiles and best practices in the boardroom The current landscape of friendly and hostile takeovers The importance of diversity and initiatives to support women in investment banking More about our sponsor Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check Out these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/

#106 - Understanding Behavioral Dynamics in Investing - Dr. Daniel Crosby

In this episode, Dr. Daniel Crosby shares insights on the behavioral aspects of investing. The conversation covered a range of topics, including the trends of passive and active investing, the biases exhibited by portfolio managers, the impact of recent events like the WallStreetBets phenomenon, and the interconnectedness of personal well-being and financial decision-making. Let's delve into the key takeaways from this enlightening discussion. We discuss the following topics: Passive vs. active investing: Strengths and weaknesses of both approaches. Biases in portfolio managers: Managers can exhibit biases they advise against. Rise of retail trading platforms: Gamification, easy access, and zero-cost transactions. Role of personal well-being: Connection between well-being and financial decisions. WallStreetBets phenomenon: Appeal and cautionary aspects of the movement. Influence of extreme states: Impact of emotional and physical states on decision-making. Overall insights: Understand approaches, manage biases, consider retail trading, and prioritize well-being. More about our sponsor Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check Out these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/ Quick LinksGet Embed PlayerDownload Audio File

#105 - Where Financial Advisors Get Advice From: Insights from Gene Goldman, CIO of Cetera Financial Group

In this episode of the Wall Street Lab podcast, we had the opportunity to interview Gene Goldman, the Chief Investment Officer and Director of Research at Cetera Financial Group. We will dive into the key takeaways from the interview and explore how they combine quantitative and qualitative data to generate insights for financial investment decisions. More about our sponsor Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check Out these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/

#104- Leader, Banker, Artist: Lessons For A Sustainable Career From a GS' Prime Brokerage Leader Brian Robinson (Goldman Sachs)

Brian Robinson is not your average banker. He's a partner at Goldman Sachs, runs the firm's Prime Brokerage sales force and leads the hedge fund client segment for equities, both for the Americas region, but he's also made a name for himself through his unconventional yet determined approach to career and leadership. In this episode, we'll take you on an interesting trip through Brian's mind. We'll talk about: What Prime Brokerage is and where it fits into Goldman Sach's business Why fund managers sometimes need support building a business Brian's framework for impacting clients Brian's 19 Cs for success in finance How Brian approaches building human yet performing teams Why you're not cool if you only work and why you need interests outside of Finance to make it More about our sponsor Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check Out these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/ Interview Prep Hedge Fund Interview Prep Course: https://il130.isrefer.com/go/TWSLHFInt/TWSL/ Investment Banking Interview Prep Course: https://il130.isrefer.com/go/TWSLIBint/TWSL/ Private Equity Interview Prep Course: https://il130.isrefer.com/go/TWSLPEint/TWSL/ VC & PE Venture Capital Course: https://il130.isrefer.com/go/TWSLVC/TWSL/ Private Equity Deals Process: https://il130.isrefer.com/go/TWSLPEDeals/TWSL/

#103 - "We come in when founders have figured out the hard stuff" - Christoph Jost, FLEX Capital

Investors are quick to brag about the impact and network they add to their investments. After all, they know a lot of important people, have access to cash, and an infinite source of knowledge. Christoph Jost, Founder & Managing Partner at FLEX Capital, isn't one of them. "We come in when the founders have already done the hard part", he says. "They have scaled their business to 1 million EBITDA or 5 million in revenue. It's clearly working already." In this episode, Andi and Christoph discuss: What bootstrapped founders face when they scale How FLEX Capital finds and invests in them How FLEX Capital approaches consolidation How Christoph moved into Private Equity More about FLEX Capital: https://www.flex.capital/en/ More about Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/ Check 0ut these Wall Street Oasis courses: Modeling Elite Modeling Package: https://il130.isrefer.com/go/TWSLElite/TWSL/ LBO Modeling Course: https://il130.isrefer.com/go/TWSLLBO/TWSL/ Real Estate Modeling Course: https://il130.isrefer.com/go/TWSLRE/TWSL/ Interview Prep Hedge Fund Interview Prep Course: https://il130.isrefer.com/go/TWSLHFInt/TWSL/ Investment Banking Interview Prep Course: https://il130.isrefer.com/go/TWSLIBint/TWSL/ Private Equity Interview Prep Course: https://il130.isrefer.com/go/TWSLPEint/TWSL/ VC & PE Venture Capital Course: https://il130.isrefer.com/go/TWSLVC/TWSL/ Private Equity Deals Process: https://il130.isrefer.com/go/TWSLPEDeals/TWSL/

#102 - Navigating family matters, PE and VC investments inside the World of Family Office Management with Jan Voss (BLN Capital)

Welcome to the Wall Street Lab podcast, where we interview top financial professionals and deconstruct their practices to give you an insider look into the world of finance. In this episode, Jan Voss of BLN Capital shares insights on the challenges, rewards, and intricacies of working in the family office space We discussed: What are the complexities of family offices and their various forms (Single Family Offices vs. Multi-Family Offices)? How does the role of a family office manager differ from traditional fund managers? What is the importance of discretion and trust in family office management? How do family office managers balance family interests while maintaining professionalism? What is the appeal of working in the family office space in terms of diversity and intellectual stimulation? More about BLN Capital: https://www.blncapital.com/ More about Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#101 - Ian Schnoor (Financial Modeling Institute) - Financial Modeling: From spreadsheet to story in 3 steps

Welcome to the Wall Street Lab podcast, where we interview top financial professionals and deconstruct their practices to give you an insider look into the world of finance. Financial models are more than forecasts - they're a crucial decision-making tool. And it takes more than Excel-skills to make them impactful. Our guest today is Ian Schnoor, Co-Founder and Executive Director of the Financial Modeling Institute In this episode, we discuss: Why Financial Models are vital tools for investment decisions What makes a Financial Model great What can go wrong when building a Financial Model Learn more about the Financial Modeling Institute: https://fminstitute.com/ More about Fintalent.io: https://fintalent.io You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#100 - Alan "AJ" Jones - Career lessons from a Private Equity legend

Welcome to the Wall Street Lab podcast, where we interview top financial professionals and deconstruct their practices to give you an insider look into the world of finance. Alan Jones is a Senior Managing Director and the Head of North American Private Investment of ICG Asset Management, a global alternative asset manager with over 65 billion USD in Assets under Management. Prior to ICG, Alan spent 25 years with Morgan Stanley where he served most recently as Vice-Chairman of Private Credit & Equity. In 2007, he rebuilt Morgan Stanley's private equity investing business, and from 2007 to 2018 was Head of Private Equity and Chair of the Group's Private Equity Investment Committee. In this episode, we discussed: - How luck can be a powerful driver for career change - How Alan considers PE investments - How he lets younger professionals into his inner circle - Why humility and curiosity are key traits when hiring More about Alan and ICG here: https://www.icgam.com/people/alan-jones/ More about Fintalent: https://fintalent.io/ You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#99 - Kison Patel - What M&A can learn from software

Welcome to the Wall Street Lab podcast, where we interview top financial professionals and deconstruct their practices to give you an insider look into the world of finance. Today we're joined by Kison Patel, CEO and Founder of M&A Science and Dealroom, a project management software for complex M&A transactions. In this interview, we will discuss: Why current M&A practices are not enough anymore to deal with complex transactions What M&A professionals can learn from agile in software How values in M&A transactions have shifted towards people issues How Kison structures his own companies to capture value in the fragmented M&A market Why he started his podcast despite being an introvert, and what the result of it was His outlook on M&A activity in the current market More about M&A Science: https://www.mascience.com/ More about DealRoom: https://dealroom.net/ Follow Kison on LinkedIn: https://www.linkedin.com/in/kisonpatel/ More about Fintalent: https://fintalent.io/ You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#98 - Krista Morgan (Stage) - Early-stage Private Equity!? And The Story Behind It.

Welcome to the Wall Street Lab podcast, where we interview top financial professionals and deconstruct their practices to give you an insider look into the world of finance. Today we're joined by Krista Morgan, a general partner at Stage, an early-stage private equity firm based in Denver, Colorado. She's also the co-founder of Aelin.ai, an artificial intelligence platform helping small businesses prepare for loans. She's currently a board member of Peak Beverage. Krista holds a Bachelor of Arts in Economics and Political Science and a Diploma in Liberal Arts. In this interview, we will discuss: How Krista and her co-founder founded Stage Her experiences running a private-equity firm Managing relationships with founders and investors Her approach to funding startups and getting returns More about Stage: https://stagefund.com/ More about Krista: https://www.linkedin.com/in/kristamorgan/ More about Fintalent: https://fintalent.io/ You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#97 - Maëlle Gavet (Techstars CEO) - 3,300 Investments And Counting: Building Businesses With Empathy

My guest today is Maëlle Gavet, the CEO of Techstars. Techstars is one of the world's largest pre-seed investors, with over 3,300 investments. Maëlle is the Author of "Trampled by Unicorns" and an advocate for Empathetic Tech. Today is a special episode. I apologize for the noise in the background because we have the pleasure of recording this episode in person at the Web Summit in Lisbon. Links More about Techstars: https://www.techstars.com/ More about Maelle: https://www.linkedin.com/in/maellegavet/ More about Fintalent: https://fintalent.io/ You can find all episodes of The Wall Street Lab Podcast on https://thewallstreetlab.com/

#96 - Lisa Marchese (Amex) - Developing Amex through strategic M&A

Today we're joined by Lisa Marchese, Head of Corporate Development of American Express, where she is responsible for all venture investments, joint ventures and M&A activities. Previous positions at American Express include SVP of International Business Development, VP Corporate Development, and VP Strategic Planning Group within the last 20 years. Lisa holds an MBA degree from Columbia Business School and a bachelor's degree from Barnard College. This episode is about all things strategic M&A. Buckle up because we'll discuss: What Corporate Development / M&A means for Amex Lisa's path into M&A How Amex identifies great targets The path from prospecting to closing great deals The importance of integration and how Amex deals with that The episode is filled with a ton of frameworks and practical tips for M&A practitioners and professionals interested in the space alike. The Wall Street Lab is brought to you by Fintalent.io - the leading community for M&A and Private Equity professionals.

#95 - Andi von Hirschhausen (Reach.Finance) - From Banking To Entrepreneurship, and the Founder's Perspective to VC

Today is a special episode - because our host Andi is the guest! Andi was a guest on the Fintalent.io podcast. Of course, he's not only the host of the Wall Street Lab, but also founded his own FinTech recently - and raised money for it. If you have always wondered who Andi actually is and how he started the Wall Street Lab podcast, this is the episode to tune in. In this episode, we discussed: Andi's journey from banker to entrepreneur Why he started Reach.Finance, and what is broken with financial advisory How he approached fundraising How the podcast helped him with fundraising This podcast is supported by Fintalent.io. Fintalent.io is a professional community for M&A and Private Equity professionals. Connect with peers, and work on exciting deals together. Links: Connect with Andi on Linkedin: https://www.linkedin.com/in/andreasvonhirschhausen/ More about Reach.Finance: https://reach.finance/ More about Fintalent.io: https://fintalent.io

#94 - Danielle Joseph (Closed Loop Partners) - Venture Capital Investing into the Circular Economy for a more Sustainable Future-1

Our guest today is Danielle Joseph. Danielle is a Managing Director and leads the Closed Loop Ventures Group platform – the seed and pre-seed investment division of Closed Loop Partners - focused on the circular economy. She is also a Board Member of several companies. Prior to Closed Loop Partners, Danielle worked on clean energy project finance activities, including clean energy, energy efficiency, waste-to-value, water resources and reclamation, and environmental services. Danielle earned her MBA from Stanford Graduate School of Business where she led the GSB Impact Fund, an early stage investing platform for impact-driven companies. Danielle earned her Bachelor of Arts from Pomona College. Danielle is a mentor with Built By Girls – an organisation preparing the next generation of female leaders, builders and creators. What we'll talk about in this episode What is the circular economy, and how can it help reduce waste in supply chains? How Venture Capital and other asset classes can help accelerate the sustainable movement What qualifications philosophy majors have to become VCs How to balance the traditional VC investment thesis with ESG impacts VC portfolio concentration and how to manage it for sustainability The impact of the current market environment for circular investments Links https://www.closedlooppartners.com/team-members/danielle-joseph-2/ https://www.linkedin.com/in/danielle-joseph-71790026/ https://www.homebiogas.com/ https://partsmonkey.com/ https://www.solarcycle.us/ https://www.cartercenter.org/ https://www.amazon.de/-/en/Peter-Lacy/dp/1349959677 https://www.amazon.com/Waste-Free-World-Circular-Economy-Planet/dp/0593191846 https://www.wastedive.com/ Contact & Disclaimer If you want to get in touch: contact@thewallstreetlab.com Disclaimer: Information contained in this podcast constitutes the opinions of individuals and should not be treated as investment, tax, financial or legal advice. We take no responsibility for the accuracy of any statements made in this podcast. This podcast is for informational and educational purposes only and it does not contain an offer to sell or buy any sort of financial products and should not be treated as advertisement for such. Any copying, distribution or reproduction of this podcast without the prior permission of the creators of the podcast is strictly prohibited.

#93 - Srecko Dzeko Flash Ventures - Early Stage Venture Investing from Entrepreneur to Investor Advice for Founders and young VCs

Srecko Dzeko is a General Partner with Flash Ventures in Berlin, focusing on Europe and Latin America. Prior to joining Flash, he was a Senior Consultant at McKinsey. During his career Srecko working in banking with ANZ and Morgan Stanley, private equity with 3i and founded his own startup: Simplo, a venture-backed B2B marketplace. Srecko holds degrees in philosophy from the London School of Economics, and business from the WHU - Otto Beisheim School of Management. In this episode Srecko talks to us about investing into early stage companies as a day-zero investor. His investment decision making criteria, what he looks out for in a startup, and most importantly in a founders team. We learn how Flash Ventures thinks about deal sourcing by creating a network of exceptional people, even before they even think about founding a company. That is how committed Srecko and Flash ventures are to finding the right founders. Srecko also gives advices to founders, and people that want to start a career in VC. https://flash.vc/ https://www.linkedin.com/in/sre%C4%87ko-d%C5%BEeko-58259864/

#92 - Oemer Gueven (fintalent.io) - How to Become and Succeed as an M&A Freelancer

#91 - Ginger Rothrock HG Ventures - Sustainable Corporate Venture Capital for Heavy Industries