E373: What Most CIOs Get Wrong About Alpha

About this episode

The episode discusses investment opportunities in inefficient markets with Raphael from HighVista Strategies.

What if the best investment opportunities are the ones most investors avoid because they’re too hard, too small, or too inefficient to pursue? In this episode, I sit down with Raphael, Deputy CIO and Co-Leader of HighVista Strategies, to discuss the concept of “beautifully inefficient” markets and why durable alpha often exists where few investors are willing to spend time. Raphi explains how governance structures shape investment outcomes, why lower middle market private equity and biotech remain compelling, and how long-duration capital creates structural advantages in venture investing. We also explore continuation vehicles, portfolio concentration, and why the best allocators balance diversification with conviction.

People in this episode

Host: David Weisburd

Guest: Raphael

Topics covered

• investment opportunities
• beautifully inefficient markets
• durable alpha
• lower middle market private equity
• biotech
• venture investing
• portfolio concentration

Keywords

• CIOs
• alpha
• investment
• private equity
• biotech
• venture capital
• portfolio management

Mentioned in this episode

Organizations: HighVista Strategies

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