Here are some key quotes from my latest podcast with Bill Kelly, CEO of the Chartered Alternative Investment Analyst Association (“CAIA”):

• “Should there not be a credential that was a CFA-like answer for the alternative investment professional? So out of that CAIA was born.”

• “If I’m a client coming in, and I’m sitting across from someone in an operations role . . . to know that they have an understanding of even the basic premise of portfolio allocation and understanding the risk premia across the spectrum, that is a tremendous skill to have.”

• “If you look at capital formation, more and more, it is in the private markets.”

• “For people thinking about where the future is, it’s probably going to be less opportunity for the traditional portfolio manager/analyst role in the public equity space, but more I think we’re going to see some interesting things and opportunities shaking out of the private space.”

• “The concept of operational alpha and how we can use some of these tools that are probably digital based tools, artificial intelligence, machine learning . . . this can make back office operations more and more efficient.”

• “The operational risk side should be paid great attention as well, and I think it’s an area we have to see more focus on.”

• On ESG: “I just don’t think as individuals we are inconvenienced enough. And for us to solve a massive, massive problem . . . it cannot be a ‘not in my backyard’ approach . . . so we put these allocators in a very difficult spot thinking its up to them to solve.”