HedgeD

In this episode of HedgeD, we're joined by special guest Shef Osborn, Partner at Light Street Capital, to talk about the rapid rise of artificial intelligence and what it means for investors. From semiconductors and data centers to AI software and infrastructure, we break down the companies powering the AI boom and where we think some of the biggest opportunities may lie. Join us as we explore the trends driving this new era of innovation and what they could mean for investors and markets in the years ahead. 

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In this episode, we discuss the recent decision by the U.S. Securities and Exchange Commission to dismiss certain claims in its case involving Justin Sun and the Tron Foundation, alongside broader regulatory signals suggesting that U.S. regulators may increasingly evaluate digital assets under traditional securities frameworks.

We also analyze comments from Jensen Huang indicating that Nvidia may pause additional investments in OpenAI and Anthropic while continuing to expand its focus on next-generation computing technologies such as photonics. Finally, we cover reports that quantum computing company Pasqal is exploring a public listing through a SPAC transaction...

In this episode of HedgeD, we replay the February 26th, 2026, webinar featuring Mark Yusko and Cory Lester of Morgan Creek Capital Management. As 2026 unfolds, global markets are shifting, with developed international and emerging markets gaining momentum, U.S. mega‑caps cooling, and defensive sectors, such as healthcare, outperforming. We invite you to listen in as we break down these early‑year trends and discuss what they could mean for the investment landscape going forward.

On this episode of HedgeD, we revisit our November 13, 2025, webinar with Mark Yusko and Cory Lester of Morgan Creek Capital Management. In this special year-end conversation, Mark and Cory reflect on how 2025 unfolded, covering major investment themes, market dynamics, and emerging opportunities as we look ahead to 2026. They also dive into innovations shaping Chinese markets, artificial intelligence, and biotech. We hope you enjoy the discussion. Please reach out if you'd like to learn more. 

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In this episode of HedgeD, we replay the October 9th, 2025 webinar featuring Mark Yusko and Cory Lester of Morgan Creek Capital Management, with guest Will Graves of Boardman Bay Capital Management. We share insights on the accelerating wave of artificial intelligence and next generation computing, highlighting how breakthroughs in semiconductors, optical infrastructure, and edge AI are reshaping markets and creating potential investment opportunities. We hope you enjoy the conversation and invite you to get in touch if you are interested in learning more. 

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In this episode of HedgeD, we replay the July 17th, 2025 HedgeD, With A Capital "D" webinar featuring Mark Yusko and Cory Lester of Morgan Creek Capital Management. Mark and Cory provide an equity market mid-year update, in addition to an update on some of the themes Morgan Creek is the most excited about for the remainder of the year and beyond. We hope you enjoy the discussion and invite you to get in touch if you are interested in learning more.

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In this episode of HedgeD, we replay the February 13th, 2025 HedgeD, With A Capital "D" webinar featuring Cory Lester of Morgan Creek Capital Management. After back-to-back strong years for equities, what does 2025 have in store for investors? Will equity market returns broaden out following multiple years of leadership from the Magnificent Seven? Are hedge funds poised for another year of solid performance? Which themes are hedge fund managers the most excited about for 2025 and beyond? I address these questions and go into detail about some of the themes Morgan Creek is the most excited about, including Artificial Intelligence, Innovative...

In this episode of HedgeD, we replay the September 19th, 2024 HedgeD, With A Capital "D" webinar featuring John Yetimoglu of Infinitum Partners in conversation with Mark Yusko and Cory Lester of Morgan Creek Capital Management. Although still an emerging manager, Morgan Creek believes Infinitum and John possess some of the hallmarks of a hedge fund manager that could one day become an industry leader. Mark and Cory discuss several topics with John, including Artificial Intelligence ("AI"), opportunities within AI such as Inference, and one of the companies in Inference – Groq. We hope you enjoy the discussion, and we invite yo...

In this episode of HedgeD, we replay the September 19th, 2024 HedgeD, With A Capital “D” webinar featuring John Yetimoglu of Infinitum Partners in conversation with Mark Yusko and Cory Lester of Morgan Creek Capital Management. Although still an emerging manager, Morgan Creek believes Infinitum and John possess some of the hallmarks of a hedge fund manager that could one day become an industry leader. Mark and Cory discuss several topics with John, including Artificial Intelligence (“AI”), opportunities within AI such as Inference, and one of the companies in Inference – Groq. We hope you enjoy the discussion, and we invite you to ple...

In this episode of HedgeD, we replay the July 25, 2024 HedgeD, With A Capital "D" webinar featuring Mark Yusko and Cory Lester of Morgan Creek Capital Management. Previously, Mark and Cory discussed why they believe interest rates are likely to settle into a more normalized range over the coming years, compared to the near zero interest rate period following the Great Financial Crisis, and why they believe this is likely to be a strong tailwind for long/short equity strategies going forward. As for the direction of broader equity markets, investors appear to be anxiously awaiting interest rate cuts to...

In this episode of HedgeD, we replay the April 25, 2024 HedgeD, With A Capital "D" webinar featuring Mark Yusko and Cory Lester of Morgan Creek Capital Management. Mark and Cory provide an update to previous podcasts where they discussed why they think higher interest rates should benefit long/short equity strategies. They are already starting to see some encouraging signs of this dynamic showing up in the performance data for the asset class so far in 2024. We hope you enjoy their insights into the topic.

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In this episode of HedgeD, we replay the January 25th, 2024 HedgeD, With A Capital "D" webinar featuring Chris Hansen of Valiant Capital Management. Prior to starting Valiant in 2008, Chris was a partner at Blue Ridge Capital where he worked beside and trained under legendary hedge fund investor John Griffin. In this conversation, Mark Yusko and Cory Lester from Morgan Creek discuss a variety of investment topics and themes with Chris, including long/short equity, artificial intelligence, the anti-obesity market, India and biotech. Chris is an old school long/short equity manager that has invested across various market cycles throughout...

In this episode of HedgeD, we replay the November 30th, 2023 HedgeD, With A Capital "D" webinar where Mark Yusko and Cory Lester talked about why they are so constructive on the outlook for Biopharma stocks. The fundamental disconnect between where Biopharma stocks are trading and the innovation and advancements in treatments reached an extreme level in 2023, in their opinion. They believe it is only a matter of time before investor attention returns to the sector focused on the science rather than the macro environment. We hope you enjoy the conversation.

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Louis Brandeis, an American lawyer and Supreme Court Justice, famously said, "sunlight is said to be the best of disinfectants." In the October 2023 HedgeD, With A Capital "D" webinar, Mark Yusko and Cory Lester explain why higher interest rates can be seen as the financial market's sunlight, and why they believe the higher (i.e., brighter) they get, the better the operating environment for long/short equity managers may be. Please reach out if you would like to receive a copy of the presentation that Mark and Cory reference or visit the webinar version of the replay via the...

In the June 2023 HedgeD, With A Capital "D" webinar, Mark Yusko and Cory Lester discuss the potential advantages of long/short investing over the long run. They discuss why the math of loss in investing is so punishing, and how the long/short model may help position portfolios to recoup losses faster than more traditional strategies after a difficult year like 2022. Please reach out if you would like to receive a copy of the presentation they reference or visit the webinar version of the replay on our YouTube channel via the link in the show notes below. We hope...

In this episode of HedgeD, we have on one of our favorite China experts – Morgan Creek's very own Nic Lee. Nic has been at "The Creek" for the better part of two decades and during his tenure has spent the vast majority of his time in private markets focused on China. He brings a wealth of knowledge and perspective to the conversation and attempts to address the overhanging question on many investors' minds right now – Is China investable? Like us, we hope you come away from this episode as excited about the prevailing opportunity set in China as we are...

In the March 2023 HedgeD, With A Capital "D" webinar, we take a closer look at why we believe the market backdrop could prove advantageous for active equity strategies versus passive. We discuss why equity markets could remain range bound and volatile, why interest rates may stay higher for longer, and how such circumstances have historically impacted the performance of actively managed strategies. We also touch on more nuanced topics, such as why a higher short rebate might provide a tailwind for hedge fund managers. We hope you enjoy the episode.

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In this episode of HedgeD, we pick well-known hedge fund manager John Hempton's brain on what makes a good long investment. John is probably best known for his short selling abilities, but others have already adequately covered that topic so, instead, he walks us through his framework for assessing longs. John is truly a gifted storyteller, and we hope you enjoy listening to this episode as much as we enjoyed recording it. Cheers.

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In this episode of HedgeD, we have Whetstone Capital Advisors back on the show to discuss the current state of play in the software industry. Whetstone's Portfolio Manager & Managing Partner, David Atterbury, and Investment Partner, Andrew Carlson, share a number of insights about this rapidly growing and dynamic industry that you won't want to miss.

 You can @ us on Twitter @HedgeD_Podcast or email us directly at [email protected] 

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In the inaugural HedgeD, With A Capital "D" webinar for 2023, we discuss some of the lingering concerns surrounding the economy and markets and what this might mean for investors. In summary, we think 2023 could be the year where being different pays off. We discuss why we believe that investors should consider focusing on international equity markets over domestic, emphasizing value-oriented strategies instead of growth, watching for signs of a resurgence in active management vs. passive and avoiding the largest weights in the major indices. We hope you enjoy the episode.  

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In this episode, we replay the November 9th HedgeD, With A Capital "D" and Around The World With Yusko combined webinars. Mark Yusko leads a follow-up conversation with Morgan Creek's Cory Lester and Andrew Schmeelk in which they provide a sneak peak of some of their top themes and ideas heading into the year ahead. They touch on a variety of topics in Emerging Markets, Technology and Healthcare. Now, sit back, relax and enjoy the show.   

You can @ us on Twitter @HedgeD_Podcast or email us directly at [email protected] 

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In this episode, we replay the September 29th HedgeD, With A Capital "D" and Around The World With Yusko combined webinars. Mark Yusko leads Cory Lester and Andrew Schmeelk through a thoughtful conversation about what's wrong with the traditional 60/40 portfolio of stocks and bonds. Additionally, they discuss potential opportunities in the Chinese equity market. We hope you enjoy this dynamic and engaging episode, and, as always, we would love to hear what you think.

You can @ us on Twitter @HedgeD_Podcast or email us directly at [email protected] 

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In this episode, we replay the June 2022 HedgeD, With A Capital "D" Webinar, where we provided an update on a long standing, high conviction Growth-oriented theme – Cloud Migration / Software. You get a few great buying opportunities a decade in this secular growth theme and we think the sharp selloff in the space currently is likely one of them. The backdrop is opportunity-rich, yet skilled security selection will be critical to capitalizing on the buying opportunity in the midst of a broader economic slowdown. We outline the prevailing opportunity set as we see it and more in this episode of He...

In this episode, we replay the May 2022 HedgeD, With A Capital "D" Webinar, during which we provided an update to our Energy Survivors theme – a high conviction Value-oriented theme of ours since shortly after the outbreak of the pandemic in 2020. We provided an update on the Bull Case Energy and the Bear Case, both of which ultimately come down to one's timeframe, in our opinion. We hope you appreciate the update and welcome any follow-up questions or comments. Please feel free to @ us on Twitter @HedgeD_Podcast or email us directly at [email protected]. 

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In this episode, we sit down with an experienced hand in the Tech-investing scene in South Korea, Carlos Jesena of Carmenta Global Management. Carlos and Carmenta have backed many now-household names in South Korea such as Coupang, Market Kurly and Toss. Carlos gives listeners updated thoughts on each of these exciting companies, in addition to walking though the current opportunity set in South Korea. He imparts on listeners a wealth of information about Tech-investing in Asia, accumulated over the course of his long, yet still young career. Carlos is definitely a person that should be on your Asia Technology...

In this episode, we replay the April 2022 HedgeD With A Capital "D" webinar, where we provided an update on an idea we put out there last September about why we think equity long/short could be the new 60/40. Given price action in stock and bond markets so far year-to-date, we thought an update on our thinking would be timely. We hope you enjoy this update and if you would like to discuss the matter in more detail, please feel free to @ us on Twitter or email us at the address in the show notes below.  

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In this episode we are trying something new by giving you the audio replay from the March 3rd, 2022 HedgeD With A Capital "D" webinar. We host this webinar series each month and in it take a look at one of our most topical current investment themes. In March, we looked at South Korea, which we find particularly interesting on the Technology, Internet, Consumer and Fintech fronts for reasons described in the episode. Andrew Schmeelk, Mark Yusko and Cory Lester walk listeners through the opportunity set at a high level with the support of the webinar slides. We would encourage...

In this episode of HedgeD, we conclude our holiday series exploring Morgan Creek's highest conviction equity themes by taking a look back at our top picks for 2021 to see what we got wrong, what we got right and what we still like. We hope you enjoyed this three-part series and if you missed Part I, which focused on our top Growth themes, or Part II, which focused on our top Value & Short themes, please give them a listen, as they set the stage for a lot of the content we will be talking about with the help of some...

In this episode of HedgeD, we continue our holiday series exploring Morgan Creek's highest conviction equity themes and ideas for the year ahead and beyond with Part II. Part I focused on our top Growth-oriented themes and ideas, while in Part II we explore the Value-oriented and Short sides of our research efforts. The goal of the series is to talk through a lot of ideas at a high level in hopes of encouraging further research and due diligence by you, our listeners. We encourage you to reach out with follow-up questions or comments. Be sure to tune into...

We continue the holiday tradition started this time last year with the second installment of Morgan Creek's top equity themes for the year ahead and beyond. The goal of the series is to talk through a lot of ideas at a high level in hopes of encouraging further research and due diligence by you, our listeners. We hope you find the Growth-oriented ideas in today's episode interesting and provocative, and would encourage you to reach out with any follow-up questions by emailing us  [email protected], following us on Twitter @HedgeD_Podcast or visiting us on the web at h...

In this episode of HedgeD, we tackle the ins and outs of all the rage these days – Crossover Investing – that is, investing in both private and public equities and all the variations and iterations of equity ownership in between – from Friends & Family rounds, to Growth Equity investments, to Pre-IPO opportunities and so on. Investing has always been in Bill's blood, having bought his first stock at the ripe young age of 10, starting his first business at the age of 19 or 20 and cutting his teeth in markets during the height of the Tech Bubble back in the late 90s. With some s...

In this Back-To-School edition of HedgeD, we breakdown why we think long/short equity might be the new 60/40. We think the outlook for stocks and bonds looks pretty bleak considering the starting point offered by prevailing valuations. And as central banks pullback emergency stimulus measures implemented during the pandemic, and inch closer to tightening monetary policy, market tailwinds could quickly turn into market headwinds. Like the early 2000s when the Tech Bubble deflated, we think high quality long/short equity strategies can not only help protect capital, but potentially provide a much needed source of positive return in the...

Recent developments have served as a stark reminder that understanding the Chinese mindset is essential to successfully investing in China as a foreigner. Who better to unpack this topic in grave detail than Credit Suisse's Chief China Economist David Wang. David shares many helpful insights on the ongoing regulatory crackdown from a local perspective and provides a unifying framework for thinking about China's long-term policy goals. We hope you take away as much from our conversation with David as we did. Enjoy.

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In Part 2 of our two-part series on oil, we discuss the long-term Bear Case for hydrocarbons with Matt Niblack, President & Co-CIO of HITE Hedge Asset Management. HITE is one of the longest standing and few remaining sizeable hedge funds focused on Energy, which is particularly impressive considering the peaks and valleys they have had to endure across the firm's seventeen-year history. Matt makes a compelling case for why many Energy business models today could prove to be the brick and mortar retail or film camera companies of the future. The opportunity set in Energy today is rich and complex...

In Part 1 of our two-part series on oil, we dive into the bullish side of the debate with industry-vet Dan Pickering, Founder & CIO of Pickering Energy Partners. Dan talks about the short-term and long-term fundamentals on both the demand and supply side, and outlines the biggest risks to his otherwise bullish view. With so much riding on the future of hydrocarbons, we hope you come away from this episode with a deeper appreciation of the Bull Case before we turn to the Bear Case in the following.

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Buckle up for a whirlwind of an episode covering Morgan Creek's highest conviction Growth, Value and Short themes. We provide an update on the themes we outlined going into 2021 and add some new ones to the list. It's a doozy of an episode, jam-packed with our top ideas and a bevy of names that warrant your attention.  

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Brazil is blessed with abundant sunshine, wind and water, positioning the country to be a global leader in renewable energy and agriculture. In this episode of HedgeD, we take a deep dive into this topic with the help of our special guest Zeca, who founded Tarpon Investments at just 23 years old. Zeca shares with listeners his enthusiasm and involvement in these megatrends and a lot of wisdom and insight along the way. Zeca brings home our four-part series on Brazil with effortless style and grace. Enjoy. 

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Latin America represents 6-7% of global GDP, but has only received about 1% of global venture capital and growth equity dollars historically. Why is this, how is it changing and where are the investment opportunities as a result? In this episode, Pedro Faria from Tarpon and Paulo Passoni from Softbank share their thoughts on these questions and a few of their top themes and ideas in the region. Enjoy.

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Someone much wiser than us once said, "If you don't do macro, macro will do you." This is especially true in Emerging Markets like Brazil where politics can be volatile, and where the prevailing political winds can have an outsized impact on financial markets. Who better to speak with about the current state of affairs in Brazilian politics than RenovaBR Founder, Eduardo Mufarej. RenovaBR is an online school focused on preparing talented individuals to enter the challenging world of Brazilian politics. Eduardo also provides his thoughts on interesting current investment themes in Brazil and shares some ways to play...

In this episode of HedgeD, we tee up a deep dive into Brasil. Morgan Creek has been investing in the country since the mid-2000s and the opportunity set today is more exciting than ever. Whether you are new to the country or a seasoned vet, we guarantee you will come away from the next four episodes having learned something new. Enjoy.

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