Host Shana Orczyk Sissel kicks off season four of What’s the Alternative? (a Wealthies Awards finalist) with Clark Edlund, Partner at CAZ Investments, to explain GP stakes, buying an ownership interest in an alternative asset manager to access “house” economics (management fees, carried interest, balance sheet) rather than only LP fund returns. The episode breaks down common private market terms and fee mechanics (management fees on committed vs deployed capital, preferred return/hurdles, catch-up, high watermark, and American vs European waterfalls) and why alignment and underwriting matter. They discuss diversification benefits across strategies and vintages, structural realities like slow capital calls and illiquidity, evolving liquidity tools, and the need for advisors to document liquidity expectations.

Key takeaways:

• GP stakes invest in asset management firms, capturing firm-level economics across past, present, and future vintages.
• GP vs. LP economics differ materially: LPs pay management fees; GPs receive fees plus potential carry and balance sheet returns.
• Understanding waterfalls (American vs. European), pref/hurdles, and catch-up provisions is critical to evaluating incentives and alignment.
• GP stakes can offer broad private-markets diversification and mitigate vintage timing, but require comfort with illiquidity and slow deployment.
• Advisors should set expectations, document liquidity budgets (e.g., in an IPS), and compare performance using metrics appropriate to the structure (IRR/MOIC vs. evergreen reporting).

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• Clark Edlund on LinkedIn
• CAZ Investments
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

Join host Shana Orczyk Sissel, Founder & CEO of Banríon Capital Management, as she sits down with Erik Ogard, Founder of BufferLabs, for a deep dive into Buffer ETFs — what they are, how they work, and when they can make sense in a portfolio. Erik breaks down the options mechanics behind these products, explains the risks and opportunities, and shares how active management and better analytics can improve outcomes for advisors and investors.

Key takeaways:

• Buffer ETFs offer defined downside protection and capped upside but are more complex than marketing suggests. Know the mechanics before you invest.
• These products are built from options strategies (put spreads, call options); understanding the Greeks (Delta, Theta, Gamma) is critical to managing behavior over time.
• Performance can deviate before expiration; active monitoring and dynamic management can improve results versus static laddered approaches.
• Advisors must educate clients transparently about trade-offs and set realistic expectations to avoid misunderstood risk exposures.

Listen now to learn how BufferLabs approaches engineering and managing Buffer ETFs, and why complexity demands expertise.

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• Erik Ogard on LinkedIn
• BufferLabs
• BufferLABS US Equity Dynamic Buffer ETF (BFLB)
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

In this episode of What's the Alternative? host Shana Orczyk Sissel sits down with Corey Hoffstein Co-Founder and Chief Investment Officer of Newfound Research, to demystify return stacking, a modern evolution of Portable Alpha that layers diversifying strategies onto existing portfolios using capital‑efficient instruments. They contrast long‑run diversification benefits with the short‑term pain clients feel, and explain how modest, well‑structured stacks can preserve core allocations while improving risk‑adjusted outcomes.

Corey and Shana walk through the role of leverage, practical implementation choices, and sensible sizing heuristics to minimize client friction. The conversation delivers actionable guidance on designing stacks that enhance diversification without triggering performance anxiety, plus perspectives on where this trend is headed in wealth management.

Key takeaways:

• Return stacking lets you add diversifying exposures via leverage and derivatives without cutting core holdings.
• Prudently used leverage can be a diversification tool, not just a risk amplifier.
• Practical sizing: modest, diversified stacks tend to balance benefits and client acceptance.
• Designing for behavioral time, reducing visible short‑term pain, is crucial to keeping clients invested in statistically sound strategies.

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• Corey Hoffstein on LinkedIn
• Corey Hoffstein on X
• Newfound Research
• Return Stacked ETFs
• Shana Orczyk Sissel on LinkedIn
• Shana Orczyk Sissel on X
• Shana’s Website
• Banríon Capital Management

Investing involves risk of loss. Past performance does not guarantee future results.