Episode Details

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Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss.

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Timestamps:

00:00 Intro

01:17 Soros External Managers

03:36 What Makes Great Managers

07:01 Spotting Skill Vs Luck

08:47 Risk Management

12:37 Geography and Benchmarks

15:21 Style Drift and Communication

18:57 Fees and Multi Strat Debate

22:30 Spinouts and Independence

26:47 Co-Investing in Public Markets

30:06 Allocator Base and Drawdown Focus

31:12 Family Office Allocators

32:13 Private Credit Shift

36:57 Big Launches Small Wins

38:40 AI CapEx Main Event

41:26 Defense Tech Next Theme

42:44 Asymmetry Not Binary

44:51 Cross Sector Blind Spots

49:51 Crowded Trades Unwind

52:58 Macro Themes Bottom Up

57:37 Risks and Hedging

59:42 Thematic Investors Podcast