In our 5th episode of The Riff, writer Byrne Hobart and investor Erik Torenberg are joined by Thomas Li, the CEO of Daloopa for a deep dive into the world of hedge funds. They discuss what venture capitalists may not know about hedge funds, what most people get wrong, crowding, and risk management. The conversation also touches on the role of the yield curve in investment strategies and the competition between everyday investors and hedge funds. Thomas Li is the CEO of Daloopa, where they provide enterprise grade financial models and model automation to hedge funds, asset management and investment banking. Need Soc 2 compliance? Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff --- Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv --- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co -- Thanks to our sponsor: SECUREFRAME Secureframe: the only compliance automation platform with AI capabilities that help customers speed up cloud remediation and security questionnaires. Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff --- LINKS: Byrne's writing: https://thediff.co --- RECOMMENDED PODCAST: Live Players With Samo Burja Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. Think: Elon, Sam Altman, Peter Thiel, George Soros and more. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers --- X / TWITTER: @eriktorenberg @byrnehobart @Daloopa1 (Daloopa) --- TIMESTAMPS: (00:00) Intro (01:36) Brief overview of hedge funds (04:54) History and landscape of hedge funds (13:08) Top firms and their strategies in the hedge fund world (17:22) Sponsor - SecureFrame (18:19) Hedge funds: Overview of the macro style (20:58) Distressed funds and risk parity (30:23) What they don't want to tell VCs about yield curves and why (32:18) When you're betting on a company, you're actually betting on two things - fundamental performance of the business + discount rate to discount the future cash flows of the business (34:45) Investing in early stage companies and trading interest rate futures (41:52) Are everyday investors competing with hedge funds in any meaningful sets? (50:20) What is the business of a hedge fund fundamentally? (58:52) How true is the peak pot thesis? (1:06:57) Unique things about working at a hedge fund (1:15:30) Wrap  

In our 4th episode of The Riff, Byrne Hobart and Erik Torenberg discuss the complex interplay of technology, economic growth, demographics and investment decisions and the socio-technological implications of dating apps on society. They also debate the impact of political leaders' policies on capital markets, focusing specifically on the comparison of Xi Jinping's and Trump's stances and their tangible effects. Need Soc 2 compliance? Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff --- Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv --- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co --- RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Thanks to our sponsor: SECUREFRAME Secureframe: the only compliance automation platform with AI capabilities that help customers speed up cloud remediation and security questionnaires. Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff --- LINKS: Byrne's writing: https://thediff.co --- X / TWITTER: @eriktorenberg @byrnehobart --- TIMESTAMPS: (00:00) Episode Preview  (00:28) The Capital Gains edition (04:57) The Role of Demographics in Investment (05:32) The Influence of Macro Factors (06:43) The Impact of Globalization (13:40) The Effect of Aging Society on Economy (17:50) The Influence of Politics on Economy (18:00) Sponsor: Secureframe (23:45) Discussing the Upcoming Election (27:12) The Impact of Immigration Policies (31:49) The Importance of Accounting in Government (33:41) The Cold War and Its Impact on Global Economics (35:15) The Role of Institutions in Economic Outcomes (35:48) The Influence of Geography on Economic Success (36:30) The Impact of Ideology on Economic Growth (37:10) The Role of Talent and Resources in Economic Success (41:04) The Future of China in the Global Economy (47:16) The Influence of Technology on Economic Trends (47:40) The Impact of Demographics on Economic Growth (48:04) The Role of AI in the Future Economy (01:01:07) The Impact of Dating Markets on Fertility Rates (01:03:22) The Future of Dating Sites and Social Norms

In our third episode of The Riff, Byrne Hobart and Erik Torenberg discuss the evolving story of Sam Altman’s ousting at OpenAI and new home at Microsoft, what OpenAI's next pivot could look like, the new competitive landscape for the big AI players, and Effective Altruism’s role in this drama. -- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. Listen and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. -- The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co -- LINKS: Byrne's writing: https://thediff.co -- X / TWITTER: @eriktorenberg @byrnehobart -- TIMESTAMPS: (00:00) Episode Preview (00:30) Non obvious thoughts about governance and legal structures (03:30) Could the board have found out something about Sam? (04:40) Tech’s online coordination and choosing sides (06:00) Why haven’t the OpenAI board shared their reasoning? (12:00) Are they going to bring Sam back? (15:00) What should OpenAI’s pivot be? (17:15) Sponsor: Secureframe (18:20) Analyzing Microsoft's moves and the sweetheart deal (21:40) Satya's succession plans (24:45) OpenAI's unique governance structure (27:50) Why Byrne is long Microsoft (35:40) What explains Microsoft's turnaround? (37:55) Meta and Google (44:00) Which of these companies Byrne would short: Apple, Amazon, Google, Facebook, Microsoft (46:00) Was this a coup from the Effective Altruism movement?