Against Consensus Castos https://againstconsensus.com/ Consensus thinking is often the enemy of better investment outcomes. Against Consensus brings together asset owners, allocators, asset managers, service providers, and innovators to challenge it — one conversation at a time. Against Consensus is built on a simple recognition: institutional investing is an ecosystem. Every principal in that ecosystem — asset owners, asset managers, allocators, service providers, and the innovators pushing them all — has something worth hearing and something worth challenging. The premise is unchanged. The ambition is larger. Tue, 25 Aug 2026 08:00:00 +0000 en © 2026 https://episodes.castos.com/6824c70f40ef84-53956265/images/AgainstConsensus-PodcastCover-3000x3000.jpg Against Consensus https://againstconsensus.com/ Consensus thinking is often the enemy of better investment outcomes. Against Consensus brings together asset owners, allocators, asset managers, service providers, and innovators to challenge it — one conversation at a time. Against Consensus is built on a simple recognition: institutional investing is an ecosystem. Every principal in that ecosystem — asset owners, asset managers, allocators, service providers, and the innovators pushing them all — has something worth hearing and something worth challenging. The premise is unchanged. The ambition is larger. Angelo Calvello, PhD episodic Consensus thinking is often the enemy of better investment outcomes. Against Consensus brings together asset owners, allocators, asset managers, service providers, and innovators to challenge it — one conversation at a time. Against Consensus is built on a simple recognition: institutional investing is an ecosystem. Every principal in that ecosystem — asset owners, asset managers, allocators, service providers, and the innovators pushing them all — has something worth hearing and something worth challenging. The premise is unchanged. The ambition is larger. Angelo Calvello, PhD acalvello@c79llc.com false https://feeds.castos.com/6qowv yes <![CDATA[Chris Schelling's Dog's Breakfast: AI, Defense Tech & Democratizing Private Markets]]> Tue, 25 Aug 2026 08:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2581820 Would you let an AI agent cast a real vote on your investment committee?

Chris Schelling, CAIA, joins Angelo Calvello to revisit their 2018 article on AI in manager selection — and reveal that one large private equity firm now has an autonomous AI agent with an actual vote on its investment committee. The conversation pivots to defense tech as part of a broader "American dynamism" venture thesis, then turns to a cautionary tale: the recent blowup of Situational Awareness, driven by concentration and leverage. They close on the democratization of private markets and whether alternatives belong in a 401(k).

Chris Schelling, CAIA, is an author, advisor, and investor with degrees in psychology, business, and finance. As an institutional investor, he has allocated roughly $7 billion and met with over 4,000 managers across hedge funds, real assets, private credit, and private equity. He was most recently Managing Director on the Pan-Alts team at Aksia, and previously Managing Director of Private Markets at The Caprock Group, Chief Investment Strategist at Venturi Wealth Management, Director of Private Equity at Texas Municipal Retirement System, and Deputy CIO at Kentucky Retirement Systems. He is the author of Better Than Alpha.

In This Episode:
(00:00) Introduction of guest Chris Schelling
(03:18) Revisiting the 2018 article on AI in institutional manager selection
(09:12) Barriers to AI adoption and accountability in the decision loop
(13:02) Defense tech as one piece of a broader American dynamism thesis
(19:46) Ukraine, dual-use technology, talent pipelines, and procurement reform
(27:28) Situational Awareness blowup: concentration, leverage, and retail enthusiasm
(35:13) Democratization of private markets and the rise of SPV jockeys
(38:59) Bringing private markets into the 401(k) and safe harbor risk
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
Produced by Castos Productions
Chris Schelling LinkedIn: https://www.linkedin.com/in/christopher-schelling/
Chris's newsletter, Alternatively Speaking: https://www.linkedin.com/newsletters/alternatively-speaking-7021478570250166272/

]]> full false Would you let an AI agent cast a real vote on your investment committee?

Chris Schelling, CAIA, joins Angelo Calvello to revisit their 2018 article on AI in manager selection — and reveal that one large private equity firm now has an autonomous AI agent with an actual vote on its investment committee. The conversation pivots to defense tech as part of a broader "American dynamism" venture thesis, then turns to a cautionary tale: the recent blowup of Situational Awareness, driven by concentration and leverage. They close on the democratization of private markets and whether alternatives belong in a 401(k).

Chris Schelling, CAIA, is an author, advisor, and investor with degrees in psychology, business, and finance. As an institutional investor, he has allocated roughly $7 billion and met with over 4,000 managers across hedge funds, real assets, private credit, and private equity. He was most recently Managing Director on the Pan-Alts team at Aksia, and previously Managing Director of Private Markets at The Caprock Group, Chief Investment Strategist at Venturi Wealth Management, Director of Private Equity at Texas Municipal Retirement System, and Deputy CIO at Kentucky Retirement Systems. He is the author of Better Than Alpha.

In This Episode:
(00:00) Introduction of guest Chris Schelling
(03:18) Revisiting the 2018 article on AI in institutional manager selection
(09:12) Barriers to AI adoption and accountability in the decision loop
(13:02) Defense tech as one piece of a broader American dynamism thesis
(19:46) Ukraine, dual-use technology, talent pipelines, and procurement reform
(27:28) Situational Awareness blowup: concentration, leverage, and retail enthusiasm
(35:13) Democratization of private markets and the rise of SPV jockeys
(38:59) Bringing private markets into the 401(k) and safe harbor risk
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
Produced by Castos Productions
Chris Schelling LinkedIn: https://www.linkedin.com/in/christopher-schelling/
Chris's newsletter, Alternatively Speaking: https://www.linkedin.com/newsletters/alternatively-speaking-7021478570250166272/
Chris's book, Better Than Alpha: Three Steps to Capturing Excess Returns in a Changing World: https://www.amazon.com/dp/1264257651
Chris and Angelo's 2018 Institutional Investor article: https://www.linkedin.com/pulse/why-allocators-manager-selection-stone-age-angelo-calvello/
Angelo's defense tech article: https://www.linkedin.com/pulse/mob-wives-missed-opportunities-hypocrisy-avoiding-defense-calvello-pa49c/
Cantos Ventures: https://cantos.vc/
Twelve Hundred VC: https://www.twelvehundred.vc/
Website: https://againstconsensus.com
YouTube channel: https://www.youtube.com/@AgainstConsensus
LinkedIn: https://www.linkedin.com/company/against-consensus/ 
Podcast page: https://www.fin-news.com/category/podcasts/against-consensus/
Fin News website link: https://www.fin-news.com/
Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn: https://www.linkedin.com/in/angelocalvello/

]]> 00:46:40 <![CDATA[CAIA’s John Bowman on TPA and Tokenization]]> Tue, 18 Aug 2026 08:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2576043 Why TPA works for some asset owners and not others. 

Could tokenization finally solve the liquidity problem private markets can't shake?

In Part 2 of a two-part conversation, host Angelo Calvello presses John Bowman, CEO of the CAIA Association, on the Total Portfolio Approach: why CAIA is committing real resources to it, who resists it, and what that resistance reveals about governance and incentive structures at asset owners. Bowman argues U.S. public pension funds face the steepest climb of all, thanks to politically appointed boards, while endowments and sovereign wealth funds move faster. The conversation closes on tokenization, a theme CAIA has tracked since 2019, and where Bowman sees it finally solving real liquidity problems for illiquid assets.

John Bowman was appointed CEO of the CAIA Association in January 2025. He has devoted over 25 years to the asset management industry, advocating for market integrity, long-termism, investor outcomes, diversity, human dignity, and educational standards. John previously served as Managing Director for the Americas at CFA Institute and, before that, as a portfolio manager for non-US equity strategies at Boston Company and SSgA. A prolific speaker and writer, he has appeared in the Wall Street Journal. John earned a BS from Mary Washington College and is a CFA Charterholder.

In This Episode:
(00:00) Angelo recaps part one and previews today's topics
(02:33) Why CAIA is putting real resources behind TPA
(07:02) Breaking down silos without forcing everyone to generalize
(10:21) Public funds face TPA's steepest climb, endowments lead
(12:30) Tokenization's origin story and its role in solving illiquidity]
(16:11) Where tokenization goes next, and why adoption has stalled
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
CAIA Association: https://caia.org
John Bowman's CAIA contact page: https://caia.org/contact/john-l-bowman-cfa-0
John Bowman on LinkedIn: https://www.linkedin.com/in/johnlbowmancfa/
Vision 2035: https://caia.org/vision-2035/

]]> full false Why TPA works for some asset owners and not others. 

Could tokenization finally solve the liquidity problem private markets can't shake?

In Part 2 of a two-part conversation, host Angelo Calvello presses John Bowman, CEO of the CAIA Association, on the Total Portfolio Approach: why CAIA is committing real resources to it, who resists it, and what that resistance reveals about governance and incentive structures at asset owners. Bowman argues U.S. public pension funds face the steepest climb of all, thanks to politically appointed boards, while endowments and sovereign wealth funds move faster. The conversation closes on tokenization, a theme CAIA has tracked since 2019, and where Bowman sees it finally solving real liquidity problems for illiquid assets.

John Bowman was appointed CEO of the CAIA Association in January 2025. He has devoted over 25 years to the asset management industry, advocating for market integrity, long-termism, investor outcomes, diversity, human dignity, and educational standards. John previously served as Managing Director for the Americas at CFA Institute and, before that, as a portfolio manager for non-US equity strategies at Boston Company and SSgA. A prolific speaker and writer, he has appeared in the Wall Street Journal. John earned a BS from Mary Washington College and is a CFA Charterholder.

In This Episode:
(00:00) Angelo recaps part one and previews today's topics
(02:33) Why CAIA is putting real resources behind TPA
(07:02) Breaking down silos without forcing everyone to generalize
(10:21) Public funds face TPA's steepest climb, endowments lead
(12:30) Tokenization's origin story and its role in solving illiquidity]
(16:11) Where tokenization goes next, and why adoption has stalled
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
CAIA Association: https://caia.org
John Bowman's CAIA contact page: https://caia.org/contact/john-l-bowman-cfa-0
John Bowman on LinkedIn: https://www.linkedin.com/in/johnlbowmancfa/
Vision 2035: https://caia.org/vision-2035/
The World Rewired Report: https://caia.org/reports/the-world-rewired-from-signals-to-shifts-the-decade-ahead-for-capital-markets/
Systems Thinking Report: https://caia.org/reports/an-expanding-mandate-a-systems-level-framework-for-asset-management/
CAIA on Tokenization: https://caia.org/blog/2025/01/17/tokenization-private-assets-unlocking-liquidity-transparency-access-modern/
Website: https://againstconsensus.com
YouTube channel: https://www.youtube.com/@AgainstConsensus
LinkedIn: https://www.linkedin.com/company/against-consensus/ 
Podcast page: https://www.fin-news.com/category/podcasts/against-consensus/
Fin News website link: https://www.fin-news.com/
Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn: https://www.linkedin.com/in/angelocalvello/

]]> 00:21:00 <![CDATA[Looking Around the Corner: CAIA CEO John Bowman's Case for Rethinking Investing (PART I)]]> Tue, 11 Aug 2026 08:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2567341 "The more people that take part in the service or the product, the more valuable the product becomes over time." — John Bowman

In Part I of this interview, host Angelo Calvello sits down with John Bowman, CEO of the CAIA Association, to unpack Vision 2035, CAIA's strategic plan built from a listening tour of 120 executives worldwide. Bowman argues investing's siloed career paths are relics of a calmer era, making the case for historians and machine learning experts to sit with investment teams from day one.

John Bowman was appointed CEO of the CAIA Association in January 2025. He has devoted over 25 years to the asset management industry, advocating for market integrity, long-termism, investor outcomes, diversity, human dignity, and educational standards. John previously served as Managing Director for the Americas at CFA Institute and, before that, as a portfolio manager for non-US equity strategies at Boston Company and SSgA. A prolific speaker and writer, he has appeared in the Wall Street Journal. John earned a BS from Mary Washington College and is a CFA Charterholder.

In This Episode:
(00:00) Rapid-fire warm-up questions and CFA versus CAIA
(06:47) The global listening tour behind CAIA's Vision 2035
(12:12) Lessons learned eighteen months into the four pillars
(14:49) Systems-level thinking replaces investing's siloed career paths
(20:24) CAIA's new systems thinking paper and AI's role
(29:04) Rebuilding the CAIA curriculum for an AI-augmented analyst
(30:48) Building a multidisciplinary investment team and fair compensation
(37:38) Closing thoughts and a preview of part two
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
CAIA Association: https://caia.org
John Bowman's CAIA contact page: https://caia.org/contact/john-l-bowman-cfa-0
John Bowman on LinkedIn: https://www.linkedin.com/in/johnlbowmancfa/
Vision 2035: https://caia.org/vision-2035/
The World Rewired Report:

]]> full false "The more people that take part in the service or the product, the more valuable the product becomes over time." — John Bowman

In Part I of this interview, host Angelo Calvello sits down with John Bowman, CEO of the CAIA Association, to unpack Vision 2035, CAIA's strategic plan built from a listening tour of 120 executives worldwide. Bowman argues investing's siloed career paths are relics of a calmer era, making the case for historians and machine learning experts to sit with investment teams from day one.

John Bowman was appointed CEO of the CAIA Association in January 2025. He has devoted over 25 years to the asset management industry, advocating for market integrity, long-termism, investor outcomes, diversity, human dignity, and educational standards. John previously served as Managing Director for the Americas at CFA Institute and, before that, as a portfolio manager for non-US equity strategies at Boston Company and SSgA. A prolific speaker and writer, he has appeared in the Wall Street Journal. John earned a BS from Mary Washington College and is a CFA Charterholder.

In This Episode:
(00:00) Rapid-fire warm-up questions and CFA versus CAIA
(06:47) The global listening tour behind CAIA's Vision 2035
(12:12) Lessons learned eighteen months into the four pillars
(14:49) Systems-level thinking replaces investing's siloed career paths
(20:24) CAIA's new systems thinking paper and AI's role
(29:04) Rebuilding the CAIA curriculum for an AI-augmented analyst
(30:48) Building a multidisciplinary investment team and fair compensation
(37:38) Closing thoughts and a preview of part two
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
CAIA Association: https://caia.org
John Bowman's CAIA contact page: https://caia.org/contact/john-l-bowman-cfa-0
John Bowman on LinkedIn: https://www.linkedin.com/in/johnlbowmancfa/
Vision 2035: https://caia.org/vision-2035/
The World Rewired Report: https://caia.org/reports/the-world-rewired-from-signals-to-shifts-the-decade-ahead-for-capital-markets/
Systems Thinking Report: https://caia.org/reports/an-expanding-mandate-a-systems-level-framework-for-asset-management/
Website: https://againstconsensus.com
YouTube channel: https://www.youtube.com/@AgainstConsensus
LinkedIn: https://www.linkedin.com/company/against-consensus/ 
Podcast page: https://www.fin-news.com/category/podcasts/against-consensus/
Fin News website link: https://www.fin-news.com/
Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn: https://www.linkedin.com/in/angelocalvello/

]]> 00:37:55 <![CDATA[Beyond Predictions: Seb Owen on Machine-Native Capital Allocation.]]> Tue, 04 Aug 2026 08:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2558418 Could an ensemble of Deep Reinforcement Learning  "portfolio managers" outperform your entire investment committee?

Angelo Calvello, host of Against Consensus, is joined by Sebastian "Seb" Owen, co-founder and CEO of Alpha Circle AI. Seb argues markets aren't a prediction problem; they're a capital allocation problem under uncertainty, which is why his team of non-finance AI engineers chose deep reinforcement learning over LLMs. They discuss Alpha Circle's two-layer DRL architecture, currently running a US large-cap strategy, and debate whether "tech firm" and "investment firm" are still meaningfully different categories.

Sebastian Owen is a financial markets veteran with experience across New York, London, and Amsterdam, and an AI entrepreneur focused on machine-native capital allocation. He is the co-founder and CEO of Alpha Circle AI, deploying deep reinforcement learning systems that learn how to allocate capital under risk, rather than relying on static portfolio construction. Previously, he founded HIPSTO, a deep learning platform for large-scale text knowledge discovery. His work focuses on how AI is shifting investment management from human-defined processes to adaptive, learning-based systems.

In This Episode:
(00:00) Introduction of guest Seb Owen, co-founder of Alpha Circle AI
(03:21) Why Seb Owen built Alpha Circle instead of a legacy spinout
(07:26) Choosing deep reinforcement learning over large language models
(12:25) Explaining deep reinforcement learning through cats in Manhattan
(17:12) Assembling an engineering team of non-finance scientists in Kharkiv
(20:55) Inside the two-layer swing set and DRL allocator system
(29:23) Track record, retraining cadence, and built-in safeguards
(33:23) Scaling the model across asset classes and geographies
(35:36) Turnkey AI lab versus a single AI-native hedge fund
(41:02) Is Alpha Circle a tech firm or an investment firm?
(45:00) Closing thoughts: capital allocation is becoming AI

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!
Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
LinkedIn (Seb Owen): linkedin.com/in/sebowen/
Alpha Circle AI: alphacircle.ai 
LinkedIn: https://www.linkedin.com/in/sebowen/
Alphacircle AI website: https://alphacircle.ai/
Alpha Circle AI’s manifesto: https://alphacircle-manifesto.alphagrail.ai/
Website: https://againstconsensus.com
YouTube channel:

]]> full false Could an ensemble of Deep Reinforcement Learning  "portfolio managers" outperform your entire investment committee?

Angelo Calvello, host of Against Consensus, is joined by Sebastian "Seb" Owen, co-founder and CEO of Alpha Circle AI. Seb argues markets aren't a prediction problem; they're a capital allocation problem under uncertainty, which is why his team of non-finance AI engineers chose deep reinforcement learning over LLMs. They discuss Alpha Circle's two-layer DRL architecture, currently running a US large-cap strategy, and debate whether "tech firm" and "investment firm" are still meaningfully different categories.

Sebastian Owen is a financial markets veteran with experience across New York, London, and Amsterdam, and an AI entrepreneur focused on machine-native capital allocation. He is the co-founder and CEO of Alpha Circle AI, deploying deep reinforcement learning systems that learn how to allocate capital under risk, rather than relying on static portfolio construction. Previously, he founded HIPSTO, a deep learning platform for large-scale text knowledge discovery. His work focuses on how AI is shifting investment management from human-defined processes to adaptive, learning-based systems.

In This Episode:
(00:00) Introduction of guest Seb Owen, co-founder of Alpha Circle AI
(03:21) Why Seb Owen built Alpha Circle instead of a legacy spinout
(07:26) Choosing deep reinforcement learning over large language models
(12:25) Explaining deep reinforcement learning through cats in Manhattan
(17:12) Assembling an engineering team of non-finance scientists in Kharkiv
(20:55) Inside the two-layer swing set and DRL allocator system
(29:23) Track record, retraining cadence, and built-in safeguards
(33:23) Scaling the model across asset classes and geographies
(35:36) Turnkey AI lab versus a single AI-native hedge fund
(41:02) Is Alpha Circle a tech firm or an investment firm?
(45:00) Closing thoughts: capital allocation is becoming AI

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!
Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
LinkedIn (Seb Owen): linkedin.com/in/sebowen/
Alpha Circle AI: alphacircle.ai 
LinkedIn: https://www.linkedin.com/in/sebowen/
Alphacircle AI website: https://alphacircle.ai/
Alpha Circle AI’s manifesto: https://alphacircle-manifesto.alphagrail.ai/
Website: https://againstconsensus.com
YouTube channel: https://www.youtube.com/@AgainstConsensus
LinkedIn: https://www.linkedin.com/company/against-consensus/ 
https://www.fin-news.com/category/podcasts/against-consensus/
Fin News website link: https://www.fin-news.com/
Angelo Calvello email: acalvello@c79llc.com
Angelo Calvello LinkedIn: https://www.linkedin.com/in/angelocalvello/

]]> 00:49:16 <![CDATA[The Immeasurables: What Really Drives Long-Term Manager Success]]> Tue, 28 Jul 2026 10:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2550032 What does it actually take for a deep reinforcement learning strategy to win over a skeptical institutional allocator?

In this episode of Against Consensus, host Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Subhasis Das, Senior Portfolio Manager in Strategic Investments at the Florida State Board of Administration. Subhasis walks through how his team sources, vets, and constructs a portfolio spanning hedge funds, infrastructure, insurance-linked securities, and opportunistic strategies. He explains why star managers get more scrutiny, not less, where managers are actually using AI today, and what two decades of site visits have taught him about the "immeasurables" that ultimately drive long-term manager success.

Subhasis Das is a Senior Portfolio Manager in Strategic (Alternative) Investments at the State Board of Administration of Florida. He has over 15 years on the board, focusing on hedge fund, activist equity, and niche alternative investment strategies, particularly CTA and discretionary global macro strategies for portfolio diversification. Previously, Subhasis directed research in the Global Equity asset class, overseeing portfolio analysis, external active managers, quantitative equity strategy development, and risk analysis. Earlier career roles include economic and tax revenue forecasting for governmental and financial institutions. Subhasis holds a PhD in economics, an MS in Computer Science, and an MBA.

In This Episode:

(00:00) Intro and warm-up questions with Subhasis Das

(05:33) Overview of Florida SBA's strategic alternative investments portfolio

(08:30) Hedge fund manager selection criteria and risk objectives

(12:38) How the team sources, vets, and decides on new managers

(19:10) Consultants' role and how the team runs peer and reference checks

(23:43) A hypothetical fully autonomous AI black box strategy

(26:38) Where managers are using AI today, and the industry's biggest shift since 2002

(31:03) Site visits, team culture, and advice for younger allocators

(34:36) The worst pitch he's ever heard, and closing
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Subhasis Das — LinkedIn: https://www.linkedin.com/in/subhasis-das-050860a/

State Board of Administration of Florida https://www.sbafla.com/

Against Consensus 

]]> false What does it actually take for a deep reinforcement learning strategy to win over a skeptical institutional allocator?

In this episode of Against Consensus, host Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Subhasis Das, Senior Portfolio Manager in Strategic Investments at the Florida State Board of Administration. Subhasis walks through how his team sources, vets, and constructs a portfolio spanning hedge funds, infrastructure, insurance-linked securities, and opportunistic strategies. He explains why star managers get more scrutiny, not less, where managers are actually using AI today, and what two decades of site visits have taught him about the "immeasurables" that ultimately drive long-term manager success.

Subhasis Das is a Senior Portfolio Manager in Strategic (Alternative) Investments at the State Board of Administration of Florida. He has over 15 years on the board, focusing on hedge fund, activist equity, and niche alternative investment strategies, particularly CTA and discretionary global macro strategies for portfolio diversification. Previously, Subhasis directed research in the Global Equity asset class, overseeing portfolio analysis, external active managers, quantitative equity strategy development, and risk analysis. Earlier career roles include economic and tax revenue forecasting for governmental and financial institutions. Subhasis holds a PhD in economics, an MS in Computer Science, and an MBA.

In This Episode:

(00:00) Intro and warm-up questions with Subhasis Das

(05:33) Overview of Florida SBA's strategic alternative investments portfolio

(08:30) Hedge fund manager selection criteria and risk objectives

(12:38) How the team sources, vets, and decides on new managers

(19:10) Consultants' role and how the team runs peer and reference checks

(23:43) A hypothetical fully autonomous AI black box strategy

(26:38) Where managers are using AI today, and the industry's biggest shift since 2002

(31:03) Site visits, team culture, and advice for younger allocators

(34:36) The worst pitch he's ever heard, and closing
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Subhasis Das — LinkedIn: https://www.linkedin.com/in/subhasis-das-050860a/

State Board of Administration of Florida https://www.sbafla.com/

Against Consensus 

Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn

]]> 00:38:22 <![CDATA[Business First: Waymond Harris on Managing Capital at Blue Cross Blue Shield of Michigan]]> Tue, 21 Jul 2026 10:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2538708 "I do not like black box investments because, to me, the way you usually get yourself in trouble is not understanding what you're investing in."  - Waymond Harris

On this episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Waymond Harris, CFA, Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital. Waymond makes the case for internal asset management, traces Bricktown Capital's origin as a registered investment advisor, and explains how liquidity, capital preservation, and statutory surplus requirements shape every decision at a nonprofit mutual insurer. He also shares where AI is earning trust on his desk — and why black-box strategies still give him pause.

Waymond Harris, CFA, is Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital, where he leads investment management, cash management, and treasury operations across the enterprise. Before joining BCBSM in 2012, he spent a decade on Wall Street in sales and trading, equity research, and asset management. A former Army officer, Waymond holds a B.S. in Engineering Management from the United States Military Academy and an MBA from MIT's Sloan School of Management. He serves as Treasurer and Board Member of The Heat and Warmth Fund, a Michigan energy-assistance nonprofit.

In This Episode:

(00:00) Waymond Harris - rapid-fire warm-up

(04:29) The case for managing assets internally instead of outsourcing

(08:23) Building, structuring, and retaining Bricktown Capital's investment team

(12:41) Bricktown Capital's origin as a registered investment advisor

(15:03) Decision-making culture across the investment team

(17:37) Capital preservation, liquidity, and running a business-first portfolio

(21:56) AI in research, workflow automation, and employee adoption

(28:04) Board education, black-box AI skepticism, and an AI wishlist

(32:31) The classic worst-pitch story and closing thoughts

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Blue Cross Blue Shield of Michigan — https://www.bcbsm.com

Bricktown Capital — https://www.bricktowncapital.com

The Heat and Warmth Fund (THAW) — https://thawfund.org

United States Military Academy (West Point) — https://www.westpoint.edu

MIT Sloan School of Management —

]]> false "I do not like black box investments because, to me, the way you usually get yourself in trouble is not understanding what you're investing in."  - Waymond Harris

On this episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Waymond Harris, CFA, Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital. Waymond makes the case for internal asset management, traces Bricktown Capital's origin as a registered investment advisor, and explains how liquidity, capital preservation, and statutory surplus requirements shape every decision at a nonprofit mutual insurer. He also shares where AI is earning trust on his desk — and why black-box strategies still give him pause.

Waymond Harris, CFA, is Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital, where he leads investment management, cash management, and treasury operations across the enterprise. Before joining BCBSM in 2012, he spent a decade on Wall Street in sales and trading, equity research, and asset management. A former Army officer, Waymond holds a B.S. in Engineering Management from the United States Military Academy and an MBA from MIT's Sloan School of Management. He serves as Treasurer and Board Member of The Heat and Warmth Fund, a Michigan energy-assistance nonprofit.

In This Episode:

(00:00) Waymond Harris - rapid-fire warm-up

(04:29) The case for managing assets internally instead of outsourcing

(08:23) Building, structuring, and retaining Bricktown Capital's investment team

(12:41) Bricktown Capital's origin as a registered investment advisor

(15:03) Decision-making culture across the investment team

(17:37) Capital preservation, liquidity, and running a business-first portfolio

(21:56) AI in research, workflow automation, and employee adoption

(28:04) Board education, black-box AI skepticism, and an AI wishlist

(32:31) The classic worst-pitch story and closing thoughts

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Blue Cross Blue Shield of Michigan — https://www.bcbsm.com

Bricktown Capital — https://www.bricktowncapital.com

The Heat and Warmth Fund (THAW) — https://thawfund.org

United States Military Academy (West Point) — https://www.westpoint.edu

MIT Sloan School of Management — https://mitsloan.mit.edu

Fin News website link: https://www.fin-news.com/

Against Consensus 

Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn

]]> 00:36:09 <![CDATA[NPPFA’s CIO Gerald Chen-Young on the Paradox of Democratizing 401(k)]]> Tue, 14 Jul 2026 10:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2530811 A top CIO predicts a U.S. central bank digital currency within 18 months. Here's what triggers the domino effect.

In this follow-up episode of Against Consensus, host Angelo Calvello, PhD, founder of C79 LLC, reunites with Gerald Alain P. Chen-Young, CIO of the National Public Pension Funds Association, to revisit the 401(k) democratization debate eight months later. They dissect the DOL's proposed safe harbor, the structural conflict of PE firms acquiring advisory businesses, and the moral hazard of exposing retirees to illiquid private investments. Chen-Young maps seven legislative and regulatory developments, introduces the paradox of democratization, and delivers three forecasts on DeFi, CBDCs, and cashless retail.

Gerald Alain P. Chen-Young is CIO of the National Public Pension Funds Association and founder of GCY Associates, a global institutional advisory firm serving clients from Ivy League universities to a multi-billion-euro Geneva-based research organization. Previously VP and CIO of UNCF, he managed roughly $1 billion across three portfolios over 14 years. He holds postgraduate degrees in economics from LSE and York and in law from the University of Miami. An adjunct professor at Georgetown and past Institutional Investor award winner, he is based in Washington, DC.

In This Episode:

(00:00) Gerald Chen-Young previews the Clarity Act and crypto jurisdiction

(02:29) Welcome back: nine months of regulatory change since episode one

(05:54) Disclosure, accredited investors, and who bears the risk

(12:35) Written attestation as the gold standard for disclosure

(16:31) PE firms buying advisory businesses: a Glass-Steagall moment

(19:53) Moral hazard, government backstop, and the democratization paradox

(28:26) Retail investors unprepared for J curves, gates, and lockups

(32:21) Seven legislative and regulatory items shaping the debate

(43:00) Three forecasts: DeFi permanence, CBDCs, and cashless retail

(46:07) Closing remarks and what to watch for next
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Gerald Chen-Young LinkedIn: https://www.linkedin.com/in/geraldchenyoung/

Gerald Chen-Young LinkedIn post on CBDC: https://www.linkedin.com/posts/geraldchenyoung_florida-sen-rick-scott-aims-to-block-china-share-7463618504290795520-9JUv/9sw-kIfyc

Previous episode with Gerald https://youtu...

]]> full false A top CIO predicts a U.S. central bank digital currency within 18 months. Here's what triggers the domino effect.

In this follow-up episode of Against Consensus, host Angelo Calvello, PhD, founder of C79 LLC, reunites with Gerald Alain P. Chen-Young, CIO of the National Public Pension Funds Association, to revisit the 401(k) democratization debate eight months later. They dissect the DOL's proposed safe harbor, the structural conflict of PE firms acquiring advisory businesses, and the moral hazard of exposing retirees to illiquid private investments. Chen-Young maps seven legislative and regulatory developments, introduces the paradox of democratization, and delivers three forecasts on DeFi, CBDCs, and cashless retail.

Gerald Alain P. Chen-Young is CIO of the National Public Pension Funds Association and founder of GCY Associates, a global institutional advisory firm serving clients from Ivy League universities to a multi-billion-euro Geneva-based research organization. Previously VP and CIO of UNCF, he managed roughly $1 billion across three portfolios over 14 years. He holds postgraduate degrees in economics from LSE and York and in law from the University of Miami. An adjunct professor at Georgetown and past Institutional Investor award winner, he is based in Washington, DC.

In This Episode:

(00:00) Gerald Chen-Young previews the Clarity Act and crypto jurisdiction

(02:29) Welcome back: nine months of regulatory change since episode one

(05:54) Disclosure, accredited investors, and who bears the risk

(12:35) Written attestation as the gold standard for disclosure

(16:31) PE firms buying advisory businesses: a Glass-Steagall moment

(19:53) Moral hazard, government backstop, and the democratization paradox

(28:26) Retail investors unprepared for J curves, gates, and lockups

(32:21) Seven legislative and regulatory items shaping the debate

(43:00) Three forecasts: DeFi permanence, CBDCs, and cashless retail

(46:07) Closing remarks and what to watch for next
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Gerald Chen-Young LinkedIn: https://www.linkedin.com/in/geraldchenyoung/

Gerald Chen-Young LinkedIn post on CBDC: https://www.linkedin.com/posts/geraldchenyoung_florida-sen-rick-scott-aims-to-block-china-share-7463618504290795520-9JUv/9sw-kIfyc

Previous episode with Gerald https://youtu.be/7Dpz4F54F4A

P&I article by Meaghan Offerman on DOL 401(k) alternatives: https://www.pionline.com/institutional-investors/defined-contribution/pi-dol-401k-alternatives-proposal-public-comments-divide/

Baker McKenzie article on Crypto Week legislation: https://insightplus.bakermckenzie.com/bm/data-technology/united-states-crypto-week-was-more-than-the-genius-act-what-the-clarity-act-and-anti-cbdc-surveillance-state-act-mean-for-the-future-of-digital-assets

Harvard Law School Forum on Corporate Governance — Private Equity for All: https://corpgov.law.harvard.edu/2026/02/28/private-equity-for-all-the-paradoxical-push-to-democratize-private-markets/

Giro (banking) reference: https://en.wikipedia.org/wiki/Giro_(banking) 

FIN News webpage: https://www.fin-news.com/category/podcasts/against-consensus/

Against Consensus 

Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn

]]> 00:44:05 <![CDATA[Trust, But Verify: Inside San Jose Federated's AI Playbook]]> Thu, 09 Jul 2026 10:00:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2525293 A $4.5 billion pension fund is betting on AI for productivity but drawing a hard line at portfolio decisions — are they right, or are they leaving alpha on the table?

In the debut episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Anurag Chandra, Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System. Chandra reveals the three-ring fiduciary framework his board built to govern AI adoption, treating AI as "a brilliant analyst who's never allowed to vote." The conversation covers delegated authority, collaborative team culture, AI-driven alpha opportunities in private credit and real assets, and the quantum computing frontier.

Anurag Chandra brings over 25 years of experience spanning roles as an allocator, investor, and operator. He currently serves as Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System and as CIO of a single family office with an attached venture studio. He also sits on the investment committees of a multi-family office in Dubai and the San Mateo Community College Foundation. Chandra has helped lead four venture capital funds managing over $2 billion in aggregate AUM and served as a senior executive in three enterprise technology startups.

In This Episode:

(00:00) Introduction to Against Consensus and guest Anurag Chandra

(03:30) Rapid-fire warmup: mountain or beach, contrarian or consensus

(04:30) San Jose Federated's fiduciary AI governance framework

(11:02) The Waymo analogy and the black box investing debate

(18:24) Governance overhaul, team culture, and delegated authority

(27:23) AI ninja versus experienced PM and the future of talent

(31:34) AI as a portfolio theme: opportunities and emerging threats

(37:04) Quantum computing as a frontier investment opportunity

(41:13) Worst investment pitches and closing reflections
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Link to quantum paper: https://www.linkedin.com/pulse/quantum-computing-coming-asset-owners-asking-wrong-angelo-calvello-fdd9c/

Anurag Chandra’s LinkedIn: https://www.linkedin.com/in/anchandra/.

FIN News webpage: https://www.fin-news.com/category/podcasts/against-consensus/

Against Consen...

]]> full 1 false A $4.5 billion pension fund is betting on AI for productivity but drawing a hard line at portfolio decisions — are they right, or are they leaving alpha on the table?

In the debut episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Anurag Chandra, Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System. Chandra reveals the three-ring fiduciary framework his board built to govern AI adoption, treating AI as "a brilliant analyst who's never allowed to vote." The conversation covers delegated authority, collaborative team culture, AI-driven alpha opportunities in private credit and real assets, and the quantum computing frontier.

Anurag Chandra brings over 25 years of experience spanning roles as an allocator, investor, and operator. He currently serves as Trustee and Investment Committee Chair of the $4.5 billion San Jose Federated City Employees' Retirement System and as CIO of a single family office with an attached venture studio. He also sits on the investment committees of a multi-family office in Dubai and the San Mateo Community College Foundation. Chandra has helped lead four venture capital funds managing over $2 billion in aggregate AUM and served as a senior executive in three enterprise technology startups.

In This Episode:

(00:00) Introduction to Against Consensus and guest Anurag Chandra

(03:30) Rapid-fire warmup: mountain or beach, contrarian or consensus

(04:30) San Jose Federated's fiduciary AI governance framework

(11:02) The Waymo analogy and the black box investing debate

(18:24) Governance overhaul, team culture, and delegated authority

(27:23) AI ninja versus experienced PM and the future of talent

(31:34) AI as a portfolio theme: opportunities and emerging threats

(37:04) Quantum computing as a frontier investment opportunity

(41:13) Worst investment pitches and closing reflections
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Link to quantum paper: https://www.linkedin.com/pulse/quantum-computing-coming-asset-owners-asking-wrong-angelo-calvello-fdd9c/

Anurag Chandra’s LinkedIn: https://www.linkedin.com/in/anchandra/.

FIN News webpage: https://www.fin-news.com/category/podcasts/against-consensus/

Against Consensus 

Angelo Calvello email: acalvello@c79llc.com
Dr. Angelo Calvello LinkedIn

]]> 00:44:54 <![CDATA[Introducing: Against Consensus - Because Agreement is Not an Edge]]> Tue, 07 Jul 2026 05:55:00 +0000 Angelo Calvello, PhD https://permalink.castos.com/podcast/70892/episode/2522227 The Institutional Edge just became something bigger — ready for unfiltered conversations across the entire investing ecosystem?

In this special announcement episode, Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics and former host of The Institutional Edge, reveals the podcast's evolution into Against Consensus. After 33 episodes built on unfiltered conversations with asset owners, the show is expanding to challenge thinking across the entire institutional investing ecosystem. Calvello announces a new partnership with FinNews, led by Matt McCue, bringing harder questions about AI, tokenization, quantum computing, and emerging managers. Against Consensus launches July 9th, inviting referrals, sponsorships, and custom episodes for differentiated emerging managers.

In This Episode:

(00:00) Angelo reflects on a year hosting The Institutional Edge podcast

(00:24) Expanding scope beyond asset owners to the whole industry

(00:47) Announcing the show's bigger ambition and new media partnership

(01:14) Crediting FinNews and explaining the personal stake in emerging managers

(01:44) Launch date announced and where to find Against Consensus

(02:05) Closing asks: referrals, sponsorships, and custom episode opportunities
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Against Consensus (the new show)

FinNews (partner publication)

Angelo Calvello's firms

The Institutional Edge (predecessor show)

]]> full false The Institutional Edge just became something bigger — ready for unfiltered conversations across the entire investing ecosystem?

In this special announcement episode, Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics and former host of The Institutional Edge, reveals the podcast's evolution into Against Consensus. After 33 episodes built on unfiltered conversations with asset owners, the show is expanding to challenge thinking across the entire institutional investing ecosystem. Calvello announces a new partnership with FinNews, led by Matt McCue, bringing harder questions about AI, tokenization, quantum computing, and emerging managers. Against Consensus launches July 9th, inviting referrals, sponsorships, and custom episodes for differentiated emerging managers.

In This Episode:

(00:00) Angelo reflects on a year hosting The Institutional Edge podcast

(00:24) Expanding scope beyond asset owners to the whole industry

(00:47) Announcing the show's bigger ambition and new media partnership

(01:14) Crediting FinNews and explaining the personal stake in emerging managers

(01:44) Launch date announced and where to find Against Consensus

(02:05) Closing asks: referrals, sponsorships, and custom episode opportunities
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Against Consensus (the new show)

FinNews (partner publication)

Angelo Calvello's firms

The Institutional Edge (predecessor show)


Dr. Angelo Calvello LinkedIn

]]> 00:02:43