Ali Hamed is the co-founder of CoVenture and Managing Partner of the CoVenture VC Fund.  CoVenture is an innovative company that identifies and invests in novel assets formed by the intersection of technology and finance. The firm manages an early stage venture capital fund, direct lending fund, and crypto asset index fund, with each taking a creative twist on its market. Our conversation starts with Ali’s entrepreneurial path to the creation of CoVenture, and covers examples of previously unpriced investment opportunities, including produce receivables, employee payroll loans, AirBnB accounts, and loans against employee stock options. We walk through the world of crypto assets and the state of the venture capital industry. Ali’s fresh lens on the world offers a fascinating perspective on every aspect of early stage investing. If I didn’t say it in advance, you’ll be astounded to hear that Ali is only 26 years old.  He’s one to watch for the long-term.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 2:22 – Ali’s background 3:09 – How Ali got the bug for startups 4:06 – His time in NY without a home and where he gained the confidence to start in the entrepreneurial space 7:35 – Why their venture business is different from so many others in the space 9:12 – How Ali turned an idea into a business 11:33 – How does Ali describe CoVenture 12:10 – An example of an ideal CoVenture investment 14:53 – The transition into a specialty lending business 19:25 – How many niche opportunities has Ali identified as a place where he could create loans 22:04 – Examples of unpriced assets 24:23 – How does Ali find unique opportunities 27:40 – What’s next on the horizon for Ali and CoVenture 28:28 – Looking at cryptocurrency and the business that Ali has built for the space 29:33 – Why did they create a cryptoasset index that was cap weighted 30:39 – Why should someone have exposure to a cryptoasset 35:23 – How does someone in the financial world get comfortable with the idea of cryptoassets 38:59 – Why Ali doesn’t invest in ICO’s 40:42 – What would an institutional cryptoasset fund look like 45:50 – How should an allocator try to address the idea of first in money in the cryptospace 50:32 – Where can someone play in the spectrum of venture investing 52:30 – What is the time horizon for venture investments 56:24 – Closing questions

Bill Spitz was the longtime head of Vanderbilt University’s endowment before retiring, for the first time, in 2007. He has received numerous lifetime achievement awards for his work and is one of the legends in the business.  After failing in his retirement, he joined Diversified Trust Company, a wealth manager with $6.5 billion in assets under management that he co-founded back in 1994. Our conversation discusses managing an endowment in the early years, implementing unconventional investments, creating an edge as an allocator, selecting managers and conducting due diligence, exiting managers, challenging current landscape, and working with families. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides Show Notes 1:21 - (INTERVIEW STARTS) 1:30 – Early days at Vanderbilt and the landscape for university investment offices 3:17 – Career before working at Vanderbilt 3:59 – Transition from Wall Street to going back to his alma mater 4:48 – Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment 5:23 – Out of the box ideas when he first got started 6:25 – Convincing the board to approve unconventional ideas 8:28 – Why Bill retired             9:28 – Diversified Trust White Papers 9:31 – What is the edge that allocators have when it comes to investing             9:33 – Paul Johnson and Paul Sonkin podcast episode             9:35 – Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street             10:05 – Gaining an Edge in Investing  12:30 – Where can skill from an allocator perspective be applied 14:32 – Judging the skill of managers as an allocator 15:16 – Looking out to the future, how will the endowment model stack up against the traditional 60/40 portfolio  17: 47 -  How do you manage clients when your strategy may not be keeping up with the S&P 500 in the short term  19:15 – Thoughts on bitcoin  20:00 – How Bill was able to get involved with Diversified Trust while working at Vanderbilt  21:47 – Differences in managing endowments vs taxable pools of capital  23:22 – Stories that either derail an investment process or educate someone to stay the course  24:23 – Manager selection process and what Bill looks for when choosing the right one  28:01 – Bill’s view on exiting managers  29:55 – How do you measure the evolution of a manager’s investing strategy, especially as the market changes  31:41 – What is different today about investing vs when Bill first started  33:56 – Do alternative and emerging investment streams deliver the returns that many hope for  35:13 – Why don’t endowments, foundations, or pension funds feel comfortable with moving chunks of their portfolio to cash  37:00 – How does Bill think about the balance of investments with higher return potentials against their higher costs  38:13 – Any categories that really pique Bill’s interest  39:22 – What does the asset management industry look like in 10-20 years from now  41:56 – What should aspiring money managers think about as they move forward in this business 43:09 – What Bill is most proud of in his career 43:54 – Favorite sports moment 45:01 – What teaching from Bill’s parents has most stayed with him             45:14 – Battle Hymn of the Tiger Mother             45:18 – The Triple Package: How Three Unlikely Traits Explain the Rise and Fall of Cultural Groups in America 46:10 – What information does Bill read that he gets a lot out of             46:20 – The Economist             46:33 – Wall Street Journal             46:34 – Bloomberg 46:45 – Life lesson that he wished he knew a lot earlier 47:29 – In his waning days, what advice would Bill give himself today