Expanding Frontiers: An Alternative Investments & Machine Learning Podcast

Artificial Intelligence (AI) Regulation in Finance: Part II [AI and machine learning (ML) in asset management]

In this episode we discuss the increasing integration of artificial intelligence (AI) and machine learning (ML) into asset management, focusing on their application in portfolio management, risk assessment, and trading strategies. AI, particularly ML, allows models to process vast, complex datasets and identify patterns beyond traditional methods, promising enhanced efficiency and predictive accuracy. However, these technologies introduce new challenges, including data quality issues, the risk of overfitting, and the potential for bias in models, necessitating robust governance frameworks and regulatory oversight. One source specifically examines the use of transformer models, similar to those in large language models, to improve asset pricing by enabling sophisticated cross-asset information sharing.
References
Chakrabarti, Fabozzi, Narain, and Sood (2025) Ethical AI in Asset Management: Frameworks for Transparency, Compliance and Trust, Journal of Financial Data Science, Winter 2025, pp. 18–35. https://www.DOI.org/10.3905/jfds.2025.7.1.018
Kelly, Bryan T. and Kuznetsov, Boris and Malamud, Semyon and Xu, Teng Andrea, Artificial Intelligence Asset Pricing Models (January 2025). NBER Working Paper No. w33351, Available at SSRN: https://ssrn.com/abstract=5103546
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
This episode is based on the references listed above and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
 

Artificial Intelligence Regulation in Finance: Part I

This podcast episode discusses state and local AI regulations impact investor risk, finding that such laws can decrease risk by incentivizing firms to adopt better AI governance and reduce misconduct. It also examines how financial analysts utilize AI and its impact on their behavior. Finally, we discuss a third academic research paper on AI in risk management and forecasting from a global perspective. It is based on these three references:
Ciconte, Will and Rozario, Andrea and Urcan, Oktay, Artificial Intelligence Regulation and Investor Risk: Evidence from State and Local Artificial Intelligence Mandates (March 19, 2025). Available at SSRN: https://ssrn.com/abstract=5023685 or http://dx.doi.org/10.2139/ssrn.5023685
 
Shanthikumar, Devin M. and Yoo, Il Sun, Artificial Intelligence and Analyst Productivity (November 30, 2024). Available at SSRN: https://ssrn.com/abstract=5040339 or http://dx.doi.org/10.2139/ssrn.5040339
 
Vyas, Anshul, Revolutionizing Risk: The Role of Artificial Intelligence in Financial Risk Management, Forecasting, and Global Implementation (April 21, 2025). Available at SSRN: https://ssrn.com/abstract=5224657 or http://dx.doi.org/10.2139/ssrn.5224657
 
 
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
This episode is based on the references listed above and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.

Digital Assets: Part II

This episode explores the evolving landscape of digital assets and their implications for institutional investors, highlighting the necessary learning process, expert engagement, and meticulous due diligence required due to unique risks and opportunities. It examines various valuation techniques for these intangible assets, acknowledging their speculative nature and rapid changes. A significant portion discusses tokenization, detailing its potential to enhance liquidity and access in various alternative investments like hedge funds, private equity, and real estate, while also outlining associated risks and constraints. Finally, the text touches upon the concept of financial democratization through fintech and digital assets, presenting both utopian possibilities and dystopian warnings, and emphasizing the need to consider underlying power dynamics beyond mere access to financial services. Let me know if you are interested in any of the references mentioned.
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
 
This episode is based on an appendix in my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
 

Private Credit & Distressed Debt

This episode provides a comprehensive overview of private credit and distressed debt markets. It outlines different types of private credit, including leveraged loans, direct lending, mezzanine debt, and distressed debt, detailing their characteristics and the vehicles used for investment. The text explores fixed income analysis, emphasizing the distinctions between bonds and loans regarding liquidity, risk, and interest rates, and explains the significance of credit risk assessment and the bankruptcy process in these markets. Furthermore, it examines capital structure, recovery rates, and various investment strategies within the distressed debt sector. We also discuss the implications of regulatory changes and the growth of alternative lending sources following the 2008 financial crisis. 
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
 
This episode is based on a chapter from my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
 
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Structured Products

This episode introduces structured products, explaining their creation from existing assets to meet specific investor needs regarding risk, tax, and liquidity. It covers various types, including equity-linked products, and the wrappers used to legally present them, detailing their potential tax effects. We discuss mortgage-backed securities (MBS), including residential (RMBS) and commercial (CMBS), along with the critical aspect of prepayment risk. We then examine more complex structured products like collateralized mortgage obligations (CMOs) and collateralized debt obligations (CDOs), outlining their tranching and risk distribution, and relating mezzanine tranches to option collars and spreads. Finally, we addresses valuation techniques, the use of payoff diagrams, investor motivations for using these products, and the recent availability of liquid structured products in ETF form.
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
 
This episode is based on a chapter from my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
 
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Bitcoin and Other Digital Assets: DLT, Applications, and Investment Characteristics

This episode provides a comprehensive overview of digital assets, beginning with the foundational distributed ledger technology (DLT) and its financial applications like asset tokenization and decentralized finance (DeFi). It explores various consensus mechanisms, including Proof of Work and Proof of Stake, and categorizes DLTs by governance and decentralization. We outline different types of digital assets, such as cryptocurrencies, tokens (including NFTs, security, and utility tokens), and stablecoins, alongside their investment characteristics like volatility and potential returns. Furthermore, we detail the forms and vehicles for investing in digital assets and analyze their unique risks, returns, and diversification benefits compared to traditional asset classes. Ultimately, the discussion serves as an introduction to the landscape of digital assets, highlighting their technological underpinnings, financial uses, investment considerations, and potential within the broader financial ecosystem.
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
 
This episode is based on a chapter from my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
 
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Hedge Funds

This episode provides a comprehensive overview of hedge funds, beginning with their fundamental characteristics, industry structure, and fee comparisons to private equity. We outline various hedge fund strategies, including global macro, managed futures, event-driven, relative value, and equity hedge funds, explaining their investment approaches and potential risks. The discussion also addresses the complexities and biases inherent in hedge fund indices used for benchmarking performance. We cover fund of funds, multi-strategy funds, and investable indices as indirect and passive investment methods for institutional investors, as well as public, liquid alternative investments for accessing hedge fund returns.
 
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
This episode is based on a chapter from my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Understanding Real Assets & Their Role in Investment Portfolios

In this episode, we take a deep dive into real assets—including land, natural resources, infrastructure, and intellectual property—and explore their unique characteristics and investment potential.
We’ll discuss timberland and farmland investments, covering valuation methods, risks, and opportunities. Then, we’ll break down natural resource investments, with a focus on commodity producers and master limited partnerships (MLPs).
The conversation also explores infrastructure as a hybrid asset class, the dynamics of commodity futures markets (including contango, backwardation, and roll yield), and strategies for managing commodity exposure. Plus, we’ll touch on ETFs, ETNs, and key considerations around futures expiration and contract rollover.
Join us as we unpack the complexities of real asset investing and what it means for investors today. Tune in now!
Podcast Disclaimer
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
This episode is based on a chapter from my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Accessing Commercial Real Estate Returns

This podcast episode introduces commercial real estate as an asset class, outlining its categories like office and retail. It discusses advantages and disadvantages of real estate, including inflation hedging and illiquidity, and categorizes real estate equity styles as core, value-added, and opportunistic. The text then covers real estate development, viewing it through a real options lens, and explains valuation approaches such as comparable sales and income approaches, including cap rates and discount rate estimation. Finally, it examines alternative real estate investment vehicles like private and public funds, including REITs, crowdfunded real estate and introduces real estate indices and the concept of smoothed return series due to illiquidity.
 
Disclaimer
This episode is based on the second chapter of my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.

Private Equity

This discussion examines the world of private equity (PE), spanning venture capital, growth equity, and buyouts. It covers diverse aspects such as investment types, valuation methodologies, and the structure of PE funds including their fees and cash flow dynamics. It explores the intricacies of venture capital stages, valuation techniques using multiples and real options, and the importance of redemption rights in growth equity. Furthermore, leveraged buyouts (LBOs) and various strategies to generate value along with potential conflicts of interest are investigated, providing a deep understanding of this area. Lastly, business development companies are evaluated and the secondary market, its illiquidity, and the impact of tax implications on PE fund pricing are discussed.
Disclaimer
This episode is based on the second chapter of my book, Alternative Investments: Expanding Frontiers (soon to be released on LeanPub.com), and was generated using Notebook LM and other AI tools. While I have reviewed the content for accuracy, it may still contain errors, inaccuracies, or omissions. Neither the producers nor any affiliates accept liability for any damages or losses arising from the use or interpretation of this content.
This podcast is an independent production and is not affiliated with or endorsed by any third-party entities unless explicitly stated. The content is for educational and informational purposes only and does not constitute financial, investment, legal, or professional advice. Listeners should consult qualified professionals before making any decisions based on this content.
By listening, you acknowledge that the information provided is subject to change and should not be solely relied upon for decision-making.