Improving Alpha: Innovation in Investing, ESG and Technology

How can philanthropies and charitable organizations structure capital layers to maximize private, public, and government funding? In this episode, we explore whether society’s core pillars—governments, financial markets, and local communities—must be brought back into balance to drive sustainable growth for impact-driven organizations.  The Improving Alpha podcast welcomes Zita Cobb, Founder and C...

When looking at the latest oil and gas headlines across the United States, many immediately think of Texas. North Dakota ranks #3 among the largest oil-producing states in the nation and is home to the $9BN North Dakota Trust Lands sovereign wealth endowment. This streamlined team generates revenue from oil royalties and taxes and is one of the healthiest institutions in the nation. So what’s thei...

Are investors handing over too much power to artificial intelligence and thereby sacrificing critical decision-making skills in an effort to get easy answers? What happens to cognitive biases or thinking mistakes when we treat AI queries like a transaction rather than a conversation? The Improving Alpha podcast welcomes Cheryl Einhorn, Founder and CEO of Decisive, Author, and Columbia University P...

Why are companies like SpaceX, Anthropic, and OpenAI delaying going public, and can this phenomenon be traced back to regulatory changes of the nineties? Can private market funding essentially dry up, leaving no alternative? How do these firms approach regulatory thresholds and what is the impact to stratgeic allocations by today’s leading LPs? Michael Ewens, David L. and Elsie M. Dodd Professor o...

Institutional investors seeking strategic opportunities around the world today need to be aware of how extreme political shifts, government corruption, asset volatility, and other factors can affect their portfolios. Taking the center stage of this discussion is the play on critical minerals and mining, and what sort of innovations or alternative ecosystems can be developed to help improve investm...

What have been the main motivators in LP investors looking at secondary markets and co-investments? Can larger asset owners like sovereign wealth funds and major endowments play in this space, or is it better left to more nimble allocators? Back in April, Improving Alpha welcomed Simon Mayer from Carnegie Mellon University to discuss his thoughts on academia’s influence on institutional investing...

As more institutional investors increasingly rely on massive amounts of data and consolidated software ecosystems, the term Platformocracy is finding its way into everyday usage. The term is defined as how major technology companies function as unelected governments, leveraging their networks to unilaterally dictate free speech, rules around online privacy, and more, all without impartial oversigh...

As the complexity in alternative financial markets grows, is the bridge between academia and institutional investing being stretched to a point of collapse? Both researchers and investors deal with similar problems in institutional investing. Solution approaches may differ, but could a value be found in combining points of view, so that investors benefit from greater combined intelligence and port...

When examining sole fiduciary states, such as North Carolina, the direction of pension plans and other asset pools typically consolidates under a single elected official, typically the State Treasurer. Combine that setup with disappointing investment performance, and the stage begins to get set to reform both governance and investment operations. This is what happened in 2025 when Brad Briner, the...

Albert Einstein is often quoted as stating, “The intuitive mind is a sacred gift and the rational mind is a faithful servant.” As a society today, in this unstable world, you need both to accelerate success while avoiding defensive decision-making. Instead of taking up that defensive position, have the courage to go with more robust yet easier strategies blending data and intuition together. There...

There’s a famous sports adage on how great defenses win championships, but can defensive layers be efficiently applied to pension plans that have close to $128 billion in AUM and provide secure retirement benefits to 850,000 participants? In addition to positioning your defense, how can CIOs reduce drawdown risk while navigating investment board politics, innovation goals, and uncovering longer-te...

When running a pension plan for 150,000 active and retired members across the state of Hawaii, there are several factors that help achieve a 7% return. Governance, portfolio risk awareness, and culture all weigh on the minds of the investment team at the Employees’ Retirement System of the State of Hawaii. In our last official recording of the 2025 Improving Alpha podcast season, we welcome Kristi...

Evaluating all the investment pieces in a modern-day endowment portfolio requires a keen eye. You might have capital demands pouring in from the university to improve campus buildings, student education opportunities and equipment, professor salaries, and more.  Today, these demands are then multiplied by concerns over inflation, regulation, and, in the case of our next guest, adhering to Jesuit p...

​ Can a generalist provide a much broader view of the institutional markets and uncover things that so-called experts miss? Can the sins of Wall Street be traced back to a genuine lack of perspective and ineffective communication when a crisis arises? These are some of the questions and answers that we’ll uncover in our latest episode of the Improving Alpha podcast. ​ For this episode, we welcome...

Institutional investors continually seek top-tier managers, relying on insights, industry signals, and rigorous due diligence led by expert portfolio teams before committing any capital. While these preliminary drivers are widely adopted and can often contribute 100 to 300 basis points above relevant benchmarks, the pursuit of above-average alpha remains relentless. Could convex alternative invest...

​Many talented endowment CIOs evolve from engineering backgrounds, consultancies, and other disciplines. These past experiences allow CIOs to transform investment office teams, broadening the search for alpha through improved portfolio construction, balancing liquidity concerns, outpacing endowment peers, and creating an environment where investment staff are valued for their continued contributio...

Can prior career opportunities help you discover your true potential in institutional investing even if they’re not related to the finance sector? Maybe it reveals that ideal ‘a-ha’ moment that sets your future course.  In our latest episode of the Improving Alpha podcast, we welcome Devana Cohen, Chief Investment Officer of the United Jewish Appeal Federation, (UJA) to discuss her three-pronged m...

Being able to source accurate data across alternative markets is a complex process. Stocks, bonds, and futures offer continuous price updates and greater intelligence for investors. The landscape is evolving, with a growing number of cutting-edge investment researchers enhancing decision-making on policy issues that will help shape private markets investments for the future. In our latest episode...

Institutional investors are not only concerned with searching for alpha opportunities in this market but how technology can aid in that search over time. In an age of digital transformation, how can investors become more competitive in their allocation decisions, and are they effectively adapting to geopolitical concerns, risk, inflation, and more? For this next entry into the Improving Alpha podc...

In just a few days the second Trump administration will be sworn in to the office of the presidency. There has already been a lot of debate around security regulations and what that might mean for institutional investors. Could we see Bitcoin and other cryptocurrencies go higher, how will carbon emissions be regulated and reported to investors, and how will active, index, and quantitative investor...

Back in the 16th century, when paper money made its debut in Venice, skeptics doubted it could ever replace the clinking of metal coins. Fast forward to today, and we find ourselves seamlessly blending paper, coins, and cryptocurrency. This cutting-edge currency has skyrocketed to a market capitalization of $2-$3 trillion and continues to surge. Just last month, Bitcoin values were on the brink of...

Last year, we were honored to have Chris Ailman as a guest on the Improving Alpha podcast . Fast forward 12 months, and lightning has struck twice for the Improving Alpha team, as we welcome Scott Chan, the current CIO of CalSTRS, to the guest chair.  As the second-largest pension fund in the United States and the premier teacher’s retirement fund globally, CalSTRS manages over $340 billion in ass...

If you are a CEO at a large public company, who do you speak with when concerned about strategy, formulation of innovative ideas, or even execution of a plan to scale your business investments? Many believe that unless there’s a large activist event or news story, decision-making is solely your own. Is there a way to bring back active governance and drive engagement from board members and investor...

Information overload can occur in even the most skilled institutional investor when considering the amount of managers and intelligence competing for their time and attention. How can a leading endowment CIO or portfolio manager navigate the volume of financial statements, capital calls, risk/reward ratios, and more? How can they mentor junior analysts to find the diamonds in the rough to help gen...

Today there’s tremendous focus around the practice of good medicine, the advancement of healthcare innovations, and positive patient outcomes. One company that embodies these characteristics and provides services to the healthcare industry is The Doctor’s Company. The Doctors Company began in 1976 during a crisis period in medical malpractice claims that were skyrocketing. Formed out of historic l...