I went into The Compound and came out alive.

Recently, I joined Michael Batnick and Ben Carlson of Ritholtz Wealth Management on their Animal Spirits podcast by The Compound. It is a fantastic show that produces frank and thoughtful conversations on markets and the wealth management world. They invited me on their show to discuss why alts are going mainstream.

We had a great conversation on the animal spirits of alts and we unpacked the opportunities and challenges ahead for private markets, wealth managers, and the alternative asset managers looking to work with the wealth channel.

We covered:

• Why I don’t like the term “downstreaming of alts.”
• The size and scale of the opportunity with the wealth channel.
• Why and how it can make sense for the wealth channel to allocate to alts.
• The changing nature of asset allocation from slices of a pie to buckets and spectrums.
• The concept of liquidity.
• The attractiveness of evergreen funds for both GPs and LPs.
• Are private markets in a bubble?
• Why GP stakes are a compelling investment opportunity given structural trends in private markets.
• Can private markets be indexed (and should they be)?

Thanks Michael and Ben for having me on the show. Really enjoyed the conversation and it was a pleasure to join you.

Michael and Ben are fantastic and thoughtful asset allocators and commentators in investing and wealth management. If you don’t already listen to their podcast or read their commentary on markets, you can check out their blogs below:

Michael Batnick’s The Irrelevant Investor.

Ben Carlson’s A Wealth of Common Sense.