Episode 351: Adam Blitz of Evanston Capital: Hedge Funds, the polish and the promise

Adam Blitz is CEO and Co-CIO at Evanston Capital, where he has spent 24 years. He previously worked as a trader at AQR and in the prime brokerage division at Goldman Sachs. Our conversation starts with the serendipitous turn that saw Adam move from the prime brokerage division into the very early days of Evanston capital at the heyday of hedge funds going mainstream. We speak about the risk that that involved, and the vision of expanding upon the endowment investing model that had been in place at NorthWestern University in Illinois.

We move then into what has made Evanston’s approach to hedge fund investing stand the test of time – such as a continuing commitment to uncovering fresh talent in smaller, more nimble funds. Adam discusses the importance of “polish” in a manager’s presentation style, and how sometimes it is necessary to see through that to assess the true edge that a manager may have.

We examine the role of hedge funds in a portfolio and how that has evolved over time and I cite the notable transparency that has always characterized Evanston’s approach, and we discuss the merits of that.

This podcast is kindly sponsored by Evanston Capital and Alvine Capital. For over 20 years Evanston Capital has had a key focus in identifying early-stage investment managers it believes are capable of generating long-term, value-added returns in complex, innovative strategy areas. Alvine Capital is a specialist investment manager and placement boutique with a particular focus on alternative assets with significant presence in London and Stockholm.