Pitch The PM

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“If you want to generate alpha, you can’t be sharing all this information.”

“That interviewer needs to think and feel and act like you do. It needs to have all the context that you do.”

“We’re just making primary research faster, cheaper, and embedded. If I had to summarize the whole thing, that’s what Qualitate is doing.”

Sagar Kadakia has spent nearly 20 years in primary research. He joined Tom DelVecchio at ETR in 2011, ran buy-side survey work for six years, and later built research and data...

Carmen Li, CEO of Silicon Data and Compute Exchange, joins the show to explain how compute is becoming a brand-new asset class. A former energy options market maker at DRW who later ran global data integrations at Bloomberg, Carmen was pre-seeded by DRW founder Don Wilson to build the GPU industry benchmarks. Silicon Data is the referee — "the Bloomberg for compute" — while Compute Exchange is the liquidity layer where GPUs, tokens and servers change hands.

We get into why token price indexes are falling, recent token & model consumption trends, why GPU residual values are above accounting depreciation sche...

My long time confidant, Jarrett Harris, Director of Research at IronAdvisor Insights joins the show to share his latest insights. He is quintessentially mid-western and was my go to source for learning about the on the ground pulse of the industrial economy when I was at Citadel and Millennium. As part of IronConnect, a heavy equipment industry service provider, Jarrett has unparalleled access to equipment dealers, rental companies, and industry executives. 

My key takeaways from our conversation: 

The industrial economy’s growth is being driven by Data Center related activity from power gen...

Prediction markets are surging, but DraftKings is moving in the opposite direction. Is the issue market share? Rising customer acquisition costs? Or simply a reset from last year’s growth expectations?

In this episode, Bernie McTernan, CFA, Managing Director and Senior Analyst at Needham & Company, breaks down the rapidly changing prediction-market landscape. We discuss Kalshi’s first-mover advantage, DraftKings’ strategy to replicate its regulated sportsbook playbook in currently unregulated states, Novig’s aggressive customer-acquisition push, and whether prediction markets meaningfully expand the long-term TAM for companies like DKNG.

With negative estimate revisions weighing on the stock, e...

Chandler Bocklage spent nearly two decades working alongside Steve Cohen, managing a portfolio before leading Business Development at Point72. In this episode, we discuss what separates good investors from great ones, how Point72 develops portfolio managers, why intellectual curiosity matters more than almost anything else, and how AI is reshaping the future of fundamental investing.

If you've ever wondered what it really takes to become a successful PM, this is one of the most candid conversations from inside the walls of legendary investment firm Point72.

“Alpha decay has been compressing and compressing. There are more an...

In 2001, Ed Salib walked into TimesSquare Capital Management as the firm's first intern. Twenty-five years later, he's co-PM of the TimesSquare Quality Mid Cap Growth ETF ($TSCM). So what does a 25-year fundamental investor do when one of the market's most debated stocks goes on sale?

Ed passed on DoorDash's 2021 IPO, kept it in his research “bullpen,” and bought the 20% sell-off on conservative early-2025 guidance. He got a second bite when the stock fell from the mid-200s to ~$140 this spring on fears it could be "vibe-coded away."

In the episode, we dig into why scal...

In 2019, Ken Griffin, Founder & CEO of Citadel, was looking for some of the best risk-takers on Wall Street. He landed on Rich Falk-Wallace, then a top analyst at Viking, who went on to become a Portfolio Manager at Citadel’s Surveyor Capital.

So what comes next after becoming a PM at Citadel at 29?

For the past five years, Rich has been building Arcana, a financial technology platform designed to help the world’s top hedge funds and asset managers make smarter decisions, faster. His philosophy is heavily influenced by Steve Jobs: obsess over the details and...

Daniel Pilling, Co-PM of the Sands Capital Global Growth Fund, has spent nearly 20 years investing across long-only and long-short strategies, including time at Fidelity, Millennium, and Balyasny. Today at Sands Capital, he takes a very different approach: concentrated, deep-dive investing in high-quality growth companies with the potential to compound for years.

In this episode, Daniel breaks down why he believes the AI investment cycle is still incredibly early. We discuss $NVDIA, $TSMC, $ASML, memory, AI agents, the return on GPU infrastructure, and why compute could remain supply constrained for a long time. Daniel also explains why Anthropic's...

Tom Hardin, formerly known as “Tipper X,” helped the FBI unravel one of the largest insider trading investigations in hedge fund history. The FBI flipped him, convinced him to wear a wire that built more than 20 cases. The hero of the story was Tom’s wife, who stood by him the entire time, allowing him to survive the intense emotional weight.

In this episode, Tom walks through how he crossed the line, how easy it was to rationalize small trades as harmless, and how a handful of decisions ultimately destroyed his career. He explains what happened when the FB...

My former colleague and banking guru, James Abbott, is living his passion with the launch of Diligence Capital Management (DCM).

DCM runs a concentrated, net-long financials strategy alongside a tighter-net long/short financials portfolio. James and his team bring more than 50 years of combined experience in financial services—and a deep understanding of how banks operate, where they underperform, and what it takes to improve them.

In this episode, James explains why DCM became actively involved with Eagle Bancorp ($EGBN), how he identified an underperforming bank in need of ch...

I met Tim Arthurs, the second week when I joined Millennium and knew he was an “A” player. He still has notes from every time he called me on a stock. He’s a process guy. And it has led to his success. 

He founded Seaport Research Partners, which has become the fastest-growing independent equity research platform by attracting the top research analysts and empowering them with aligned incentives. Early in his career, he moonlighted as a QB coach for Heisman winner and #1 overall pick Bryce Young teaching him the importance of the right motion...

Gil Luria and I dig into the bull case after another blockbuster quarter with 93% YoY growth. The reason Palantir wins is their head start on building an enterprise-wide ontology, unconventional usage of forward-deployed engineers in their SaaS model, and customer-aligned, outcome-based pricing. We debate $PLTR’s valuation, future growth trajectory, and AI-driven software budget crowd-out.

“Retail investors figured it out first, bid it up all the way to $200. Institutional investors were always caught a step behind, including most of the sell side.”

“The bull case is that the stocks’ valuation is now, 50x forward cash flow, not...

She Quit at 29 With No Code, No Co-Founder, No Funding – Now Hudson Labs Is Finance AI that has a “No Hallucination Guarantee”

Kris Bennatti (@)  CEO Hudson Labs (Toronto), a former forensic-accounting data scientist who built the first LLM for finance, back in 2019 before anyone knew what to make of it. Her co-founder/CTO Suhas Pai literally wrote the book – O'Reilly's "Designing Large Language Model Applications."

"If you try to pull multi-period KPIs beyond four quarters with a generalist tool, you'll get one wrong number 30% of the time."

We cover:

The leap: quitting...

"Our numbers are not even half of consensus. Treat the syndicate's number as an extremely optimistic bull case."

"We think we're already very optimistic—but consensus is even more optimistic."

"Launch is what makes 100% of the value of SpaceX."

"Frontier AI is building very high barriers to entry."

"Everybody wants to be part of the SpaceX story."

Pierre Ferragu, Head of Tech Infrastructure at New Street Research, joins the show to break down SPCX’s sum-of-the-parts valuation and the key debates in the stock.

<...

"Our data is powering the infrastructure of this massive new market." 

"Building Data-as-a-Service is a very, very hard business." 

"difficult problems have big rewards"

"You're making decisions on complete gut." 

Braden Dennis is the true definition of an entrepreneur. He started a podcast in his college dorm room and now runs an industry leading Fintech. Fiscal.ai has pivoted three times since inception and is now focused on building the latest generation financial data company using delivery speed and rap...

"When I see short interest go up into the right... I want to dig deeper."

"We came in as a long at first... then we followed the evidence to get to the short side."

"Magic has been the crown jewel of the company—but we think expectations have gotten too high."

[Using Carbon Arc data] “average weekly users on the app through quarter to date to q2 it's down 11 percent”

"You have to be intellectually honest. You can't just ignore...

“These [oil] cycles, and we can get into it, they move up in three waves. They go doubt, pullback, optimism, a pullback, and then parabolic euphoria.”

“The well count is starting to bottom out, and even as of the latest Texas Railroad Commission data that was just updating for this call, it looks like that's bottoming out too.”

“So I think the best ones that is now front and center is obviously the refiners, and I still think that there's a lot left in the tank.”

"If you...

Sean Emory, CIO and Founder of Avory & Co., is one of my go-to investors when I want to pressure-test an investment thesis. While I tend to focus on earnings revisions and the Variant View checklist , Sean goes deep on products, competitive positioning, and invests where the world is heading. In this episode, we debate one of the biggest questions in tech investing today: Is Meta overspending on AI, or is Zuckerberg making the right long-term bet? 

We break down if Meta's AI strategy is working and what is driving the stock?

Jarrett Harris, from Iron Advisor Insights was my go to person for industrial channel checks when I was at Citadel and Millennium. He’s from Peoria, IL, the original HQ of Caterpillar ($CAT) and spends his days talking to heavy equipment dealers. He is now part of Iron Connect, a dealer wholesale network with proprietary data that gives me an edge on when the heavy equipment cycles are inflecting.

After catching-up with Jarrett in this episode, it is likely we are seeing early signs of a price inflection for rental equipment potentially impacting: $URI, $EQPT, $SUNB, $HRI

Part 2 of the interview with Sonu Chawla, Co-Portfolio Manager at TimesSquare Capital Management, about one of her team's highest-conviction investment ideas in enterprise AI. Sonu explains why Snowflake sits at the center of the AI data ecosystem, how her team developed conviction to increase its position during a sharp software selloff, and why they believe enterprise AI adoption remains in its earliest stages. The conversation examines primary research, expert networks, valuation discipline, and the role of AI tools in investment research, highlighting how experienced analysts combine domain expertise with fundamental research to identify long-term growth opportunities before they become...

Against all odds, Sonu has shined at every step of her career. From getting into the Indian Institute of Technology to becoming a Co-PM at TimesSquare Capital Management.

We get into what it's like to stand in the Wall Street arena everyday after proving the “nah-sayers” wrong. 

And why she invests in mid-cap equities at TimesSquare Capital Management and the benefits of being early to investing in a transformational, high-growth company.

“It was a master class in trying to adapt to a world which did not look like you,”

“Working hard like someon...

In the new Pitch The PM series, The Wall Street Entrepreneur premier, Doug Garber speaks with former Citadel colleague, Eric Moster, CEO of Portrait Analytics and former portfolio manager at Millennium and Analyst at Surveyor Capital. Eric shares his transition from hedge fund investing into building AI-powered research tools purpose-built for institutional investors. The discussion explores how Portrait Research helps analysts monitor information flow, generate investment ideas, and accelerate deep fundamental research workflows. Eric explains the evolution of the platform from productivity software into a customized intelligence engine capable of identifying new opportunities based on an investor’s specific framework. They...

Priyal Maniar, Co-PM of TURF and Global Energy Analyst, dives deep into why T. Rowe - who manages $1.8 Trillion - is structurally bullish the oil cycle.The marginal cost of production is increasing and US shale geology has peaked meaning the next well is more expensive and less productive.

The recent U.S. - Iran war, wipes out the over supply from the start of the year and pulls forward the bullish productivity decline thesis. It also puts energy security in focus and improves demand for energy sources like coal. TURF expresses the bullish oil bet through...

In this episode of Pitch The PM, Doug Garber speaks with Doug O’Laughlin, President of SemiAnalysis, about the explosive demand for AI infrastructure and the market reaction to Cerebras’ IPO. Doug O breaks down Cerebras’ wafer-scale chip architecture, its advantages in ultra-fast inference, and the limitations caused by memory scaling constraints. The discussion examines how NVIDIA continues to dominate large-scale AI workloads while specialized alternatives carve out niche roles in the broader compute ecosystem. They also explore the rise of agentic AI workflows, the growing economics of tokens and inference demand, and why frontier AI models are reshaping softwa...

In this episode of Pitch The PM, Doug Garber speaks with Chris Murphy about his pre-IPO investment strategy and why $CBRS is his largest investment. Chris previously spent 17 years scaling a multi billion fund and is now focused on his pre-IPO PA (personal account) investment strategy.

Chris has dug-in deep, hitting the road and reading heaps of expert call transcripts from Alpha Sense and Third Bridge. He believes inference speed will become one of the most valuable advantages in the race to AGI (artificial general intelligence). The conversation examines the advantages of Cerebras’ wafer-scale chip design, the gr...

In this episode of Pitch The PM, Doug Garber sits down with Priyal Maniar, Global Energy Investor at T. Rowe Price | Investment Analyst and Portfolio Manager of Natural Resources ETF (TURF) to discuss the path that led her to one of the most coveted firms on the street.

Priyal walks through her journey from BlackRock to T.Rowe, how an early passion for equity research and mentorship shaped her investing lens. She talks about T. Rowe's collaboratiove Analyst & PM invstment culture and what it actually takes to stand out at one of the top  investmet houses in t...

In this episode, Doug Garber joins The Investment Memo to break down how hedge fund investors navigate macro volatility, manage risk inside low vol pod structures and stay focused on generating alpha.Doug shares how portfolio managers think during “risk-off” environments, why macro should not be your core thesis, and how strategies evolve inside multi-manager platforms.The conversation also dives into how he managed a portfolio as a PM, short selling dynamics, and the structural realities of hedge fund risk frameworks.🔑 TakeawaysRisk management over conviction during macro volatilityMacro matters—but shouldn’t be the core part of your thesisHigh short inter...

Ep. 29: War & Markets | How a Former Sr. Millennium PM Invests in Equities

In this episode, Doug joins Hyun Hong of The Investment Memo to break down how a buy-side investor is navigating today’s market backdrop.

Doug shares how he thinks about building a variant view, managing risk in uncertain macro environments, and what’s actually driving the current conversation around oil, war, and recession risk.

The conversation also dives into the evolving hedge fund landscape — from pod shop fatigue and talent migration to how analysts and PMs are adapting their process in a worl...

In this episode, Doug Garber — former PM at Citadel and Millennium and founder of Pitch The PM — joins Hyun Hong of The Investment Memo to break down how a buy-side investor is navigating today’s market backdrop.Doug shares how he thinks about building a variant view, managing risk in uncertain macro environments, and what’s actually driving the current conversation around oil, war, and recession risk.

The conversation also dives into the evolving hedge fund landscape — from pod shop fatigue and talent migration to how analysts and PMs are adapting their process in a world increasingly dominated...

Teamshares: The Next Programmatic Acquirer. Coming Soon: $LOKV → $TMS

Doug Garber chats with Michael Brown (Teamshares, TMS) and Rick Hendrix (Live Oak, LOKV) about taking a programmatic acquirer of small businesses public via a DSPAC — the sourcing tech, capital plan, and why this opens a new asset class for investors. 🚀

In this episode:

How Teamshares buys retirement-sale SMEs, systemizes sourcing (70k leads →

In this episode of Pitch The PM, Doug Garber sits down with Sean Emory, founder of Avory & Co., an investment firm focused on high-conviction, fundamentals-driven investing. Sean recently launched the Avory ETF ($AVRY), bringing his firm’s research-driven stock-picking approach to public investors.Sean outlines his “6 M” investment process that has allowed him to compound at nearly 20% for the last decade with low turnover for FO’s, UHNW, and RIA’s.Doug and Sean discuss why XYZ is one his largest weightings. • Cash App growth and monetization trends• Square’s re-acceleration in merchant volumes• The reality behind the software job cuts, the impa...

$HSY: Historic Price/Cost Tailwinds as Historic Cocoa Price Spike Reverses 🍫📈Pitch The PM sat down with Mark Rogers (SIGMIT Advisors / Heddy Creek Research) to break down what may be one of the cleanest price-cost setups in consumer staples right now: Hershey ($HSY).After a brutal cocoa inflation cycle crushed margins, cocoa prices are now reversing sharply. The Street has started revising numbers higher — and Mark believes the magnitude of the earnings reset is still under appreciated.📊 The Variant View

Opening the Strait of Hormuz with Kevin Book of ClearView Energy Partners | Pitch The PMThe Strait of Hormuz is closed. Twenty million barrels of oil per day flow through that narrow channel. When it shuts down, the world feels it. The duration of the closure is the key to accessing the global ripple effects. Doug Garber sits down with Kevin Book, one of Washington's most respected energy policy analysts, for a real-time breakdown of the crisis. Kevin leads Clearview Energy Partners, an independent research firm that has spent decades writing economic and policy research on energy for institutional investors...

Doug Garber sits down with Paul Sankey (Sankey Research) and Xavier Smith (AlphaSense) to break down what it would actually take to “unlock Venezuela” — and why the biggest oil-market impact may be second-order (US capex behavior), not an overnight flood of barrels.

Despite the headline excitement around a post-Maduro reset and a new hydrocarbons law, Sankey argues Venezuela remains a long-road “investability” story: rule of law, arbitration, security, and legacy claims (Exxon/Conoco) still dominate the timeline. Near-term gains are most credible through Chevron’s existing footprint, with heavier barrels reshaping Gulf Coast refining dynamics and Canadian heavy differ...

Doug Garber sits down with Sean Kumar (Humbucker Capital) to break down why Disney may be a value trap in disguise.

Despite Disney’s evergreen IP and brand cachet, Kumar believes the street is mispricing the economics of DTC, overestimating ARPU growth, and underestimating park fatigue. He walks through his short framework grounded in bottoms-up segment analysis and consensus vs. internal modeling. 

📉 Bearish Bias: Kumar has followed $DIS on the sell side and the buy side. While he respects the brand, he sees it as a value trap with street expectations too high for 2026.

📊 Va...

🎧 The better oil equity bet is in Colombia not Venezuela | with Venezuelan-American, Danny Pidert Hernández | Pitch The PMAfter the U.S. extracted Maduro, investors scrambled to re-underwrite the LatAm energy map.Doug Garber sits down with Danny Pidert Hernández — hedge fund manager, Venezuelan-American, and boots-on-the-ground LatAm research pro — to break down the real variant play emerging post-Maduro: Colombian energy equities.Danny has spent years mapping the politics, channel checking with petroleum engineers, and tracking who actually controls oil, roadways, and dollars in the region. The result? A high-signal discussion on regime change, risk-reward math, and why names like $GPR...

Eli Lilly’s oral GLP-1 is going to change how the obesity market can scale.

In this episode of Pitch the PM, Doug Garber speaks with Sriker Nadipuram, a founding member of Critical Value Asset Management, a long/short equity fund focused on biotechnology and pharmaceuticals. Doug and Sriker unpack why oral delivery matters for access, and long-term earnings power. The discussion focuses on how behavioral friction, PBMs, pricing mechanics, and policy all shape adoption, often more than clinical data alone.

Topics include:

Why obesity drugs are a penetration story, not just an ef...

In this episode, Doug sits down with Gil Luria, head of technology research at D.A. Davidson, for a wide-ranging and candid discussion on the current state of the AI arms race.Key Takeways:OpenAI has over-promised on the $1.4T of commitments to ORCL, CRWV, etc… and likely has to renegotiate and reduce the scope of its ambitions across the AI value chain to focus on their core like ChatGPT. There are big competitors in the LLM race, such as GOOG and META, so OpenAI will need deep pockets that are willing to bet on Altman to keep the st...

In this Alpha Sense sponsored webinar, we discuss how AI’s power demand is rewriting the energy equation.What started as a “data problem” has become an energy story — and few people have thought more deeply about that intersection than Arjun Murti, former Goldman Partner and author of Super-Spiked.Together, we unpacked:- How data centers consistent energy requirements are changing natural gas markets and the energy transition- Whether oil’s “durable demand” is misunderstood and where we are in the oil cycle- How the energy transition is creating both constraints and investment opportunitiesThis isn’t a conversation you want to miss. Wa...

Doug Garber, former Citadel analyst and Millennium Senior PM, joins the Odds On Open podcast to unpack his experience  inside two of the top multi-manager platforms. Up and comer, Ethan Kho, explores the culture inside these two leading alternative asset management firms. We explore what defines success at each firm and what really separates the PMs and analysts who thrive from those who don’t.

Doug explains the real contrast between the two giants.

Citadel runs like a tightly coordinated multi-strategy machine — centralized, structured, feedback-rich, and built around process.

Millennium is a different anima...