From Soros to Old Farm: How to Identify the Market’s Top Thematic Risk-Takers | Kieran Cavanna | Old Farm Partners
Other People's Money with Max WietheShow Notes
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Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss.
Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T
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Timestamps:
00:00 Intro
01:17 Soros External Managers
03:36 What Makes Great Managers
07:01 Spotting Skill Vs Luck
08:47 Risk Management
12:37 Geography and Benchmarks
15:21 Style Drift and Communication
18:57 Fees and Multi Strat Debate
22:30 Spinouts and Independence
26:47 Co-Investing in Public Markets
30:06 Allocator Base and Drawdown Focus
31:12 Family Office Allocators
32:13 Private Credit Shift
36:57 Big Launches Small Wins
38:40 AI CapEx Main Event
41:26 Defense Tech Next Theme
42:44 Asymmetry Not Binary
44:51 Cross Sector Blind Spots
49:51 Crowded Trades Unwind
52:58 Macro Themes Bottom Up
57:37 Risks and Hedging
59:42 Thematic Investors Podcast
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This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
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