In the developing post-pandemic landscape, the discussion of a possible recession has been the latest ongoing hot topic, leaving businesses in a difficult position for decision-making. Today’s guest is sharing his expansive career knowledge to inform businesses about the reality of the current market.
We're sitting down with my only two-time guest, Gregg Nabhan. If you tuned in to the first episode with Gregg, you'll remember that he's Chairman of America's Equity Capital Markets for Bank of America, as well as Managing Director of the Consumer and Retail Team.
Gregg is responsible for the origination, IPO valuation, structuring, book-building, price discovery, allocation trading, and aftermarket performance of the equity transactions. He has 35-plus years of experience on Wall Street, and during the last 20 of those years, Gregg has led over 400 transactions raising over 265 billion dollars for companies around the world including 115 IPOs.
Prior to joining B of A in June of 2008, Gregg worked at Morgan Stanley for 13 years where he was an MD in their equity capital markets group. On this week's episode, we talked about the reality of the current economic market.
- A brief overview of the current economic market (2:44)
- How Gregg sees the current economic landscape, and its rate of potential risk (3:40)
- Gregg breaks down how to understand the perspective of market fluctuation and trends (5:02)
- Current events affecting the economy, and economist predictions (7:16)
- Understanding the context of the current IPO market (8:38)
- Areas of focus for management teams maneuvering the economic climate (10:24)
- Industries of focus for investors looking to put their money to work (12:42)
- Analyzing past IPO market trends and predicting the potential future of the space (13:53)
- What made an investment like Kenvue so successful for investors? (15:37)
- Insight on dividends and buybacks (17:55)
- Techniques that issuers are using to navigate the current market (18:55)
- Adjusting focus from daily changes to long-term planning (21:55)
- Gregg's biggest piece of advice to listeners and investors (23:34)
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Altri episodi di "Welcome to the Arena"
Barry McGowan, CEO, Fogo de Chão – Rare and Well-Done: Revolutionizing the Restaurant Experience with Customized Service
31:56At a time when customization and a personalized experience have become the expectation, the hospitality industry is racing to keep up with that demand. Our guest today understands that deeply, and he’s driving an innovative business model that is way ahead of the curve. We're sitting down with Barry McGowan, the CEO of Fogo de Chão, an international chain of Brazilian Steakhouses. Barry became CEO in 2019, after serving as President from 2013 to 2018. He has over 40 years of experience in the restaurant industry, including more than 10 years with Brinker International, where he served as COO of Macaroni Grill from 2010 to 2013.Barry also served as President and CEO of Waterloo Restaurants from 2002 to 2010. With his prior experience, Barry brings a broad range of strategic leadership and operational knowledge to Fogo. He holds a B.S. in Hotel Restaurant Management from the University of North Texas, and a Graduate Certificate of Finance from SMU.Highlights: Barry's introduction to the hospitality industry (2:51) Barry describes how the Fogo de Chão opportunity was presented to him (4:20) Fogo's unique background, history, and approach to service (6:19) Fogo de Chão's demographics and how their consumer market has changed over time (8:35) Barry describes Fogo's menu and value model (10:56) Fogo's labor model and how it contributes to their service approach (13:16) Barry explains Fogo's pricing philosophy (16:02) Fogo's outlook and goals for the next ten years (18:52) The investment partnership between Fogo de Chão and Bain Capital (21:58) Fogo's international expansion and growth projection (23:38) Barry discusses Fogo's leadership team (25:11) How Fogo continues to innovate while staying true to their roots (27:07) Barry's favorite items at Fogo de Chão (28:55) Links:Barry McGowan on LinkedInFogo de Chão on LinkedInFogo de Chão WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Ed Garden, Founder, Garden Investments (Part 2 of 2) – Boardroom Brilliance: Investing in the Future
26:14It's a huge treat to get the behind-the-scenes stories of the crucial transitions and incredible growth of some of the most iconic companies in the world. And that's why our guest today needed a two-part episode.Last week we shared the first half of my conversation with Ed Garden, Founder of Trian Fund Management and most recently, Garden Investments. Ed was Chief Investment Officer at Trian until May of 2023, and oversaw the company's portfolio management, idea generation, and due diligence activities. He presently serves as a senior advisor.Ed has extensive experience engaging with public company management teams and boards and currently serves on the board of General Electric. He previously served on the boards of Bank of New York Mellon, Family Dollar Stores, Invesco Janice Henderson Group, Pentair, The Wendy's Company and Triarc Companies earlier in his career. Ed worked at Credit Suisse First Boston as an investment banker and BT Alex Brown, where he was co-head of Equity Capital Markets. Ed has a BA in Economics from Harvard. In Part One of our interview, Ed told us how he broke into the investment world, and also shared Trian's origin story. In Part Two, we dive into Garden Investments, as well as Ed's work on various boards, including how he overcame some major challenges at General Electric. Highlights: Ed's approach to first investments (2:25) Reinventing businesses, and Ed's experience on boards, specifically General Electric (5:18) Lessons Ed learned from fellow board members (10:15) How Ed approaches executive compensation as a board member (14:12) Ed's input on the current market and macro environment (16:29) Garden Investments' outlook and mission (18:46) Investors that inspired and mentored Ed (21:30) Garden Investments' values (22:46) Links:Trian Fund Management on LinkedInTrian Fund Management WebsiteTSG on LinkedInTSG WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
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Ed Garden, Founder, Garden Investments (Part 1 of 2) – Sowing Seeds of Growth: Cultivating Success through Strategic Activist Investing
32:32Today we're celebrating a big milestone for the show: It's our 100th episode of Welcome to the Arena and we're marking that huge achievement with a 2-part interview with an influential player in the investment world. Our guest today has had an incredible career and our conversation was packed with inspiring stories and insightful advice.We're sitting down for part one of our interview with Ed Garden, Founder and CEO of Garden Investments. Prior to starting Garden Investments, Ed founded Trian Fund Management in 2005 with Nelson Peltz and Peter May. He was Chief Investment Officer at Trian until May of 2023, and presently serves as a senior advisor.As Chief Investment Officer, Ed oversaw Trian's portfolio management, idea generation, and due diligence activities. He has extensive experience engaging with public company management teams and boards and currently serves on the board of General Electric. He previously served on the boards of Bank of New York Mellon, Family Dollar Stores, Invesco Janice Henderson Group, Pentair, The Wendy's Company and Triarc Companies earlier in his career. Ed worked at Credit Suisse First Boston as an investment banker and BT Alex Brown, where he was co-head of Equity Capital Markets. Ed has a BA in Economics from Harvard. Highlights: Ed's upbringing and the role of academia and education (3:17) Getting into the job market, and Ed's first position in investment banking (6:18) How Ed's work in banking influenced his path to starting an activist firm (10:20) Early challenges Ed and his team faced when founding Trian (12:30) The investment approach and strategy taken at Trian (16:05) What made Trian's investment approach unique (17:28) The relationship between capital allocation and capital governance in investing (22:36) What CEOs don't understand about their company's value in the stock market (23:53) How Ed "de-conglomerated" some companies (25:24) What makes investment partnerships difficult in activist investing (28:44) Links:Trian Fund Management on LinkedInTrian Fund Management WebsiteTSG on LinkedInTSG WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Joe Hand Jr., President of Joe Hand Promotions – Knockout Success: Over 50 years of growth in live sports and entertainment distribution
30:28Every successful family business has a good story behind it, but today's guest has an extraordinary one, that's all about innovation, creativity, and loving what they do.Today we're sitting down with Joe Hand Jr., President of Joe Hand Promotions, the global leader in live sports for bars, restaurants, and cinemas. In his role, Joe focuses on fostering lasting relationships and delivering exceptional experiences for commercial customers, helping them drive revenue for their business.For over 35 years, Joe has guided the business, which is now the largest independent distributor of closed circuit TV and pay-per-view programming in the world. Prior to joining his father in the family business, Joe began his career in professional sports as a 10th round draft pick of the Philadelphia 76ers.In 1980, he joined Joe Hand Promotions as a part time team member before going on to create Cable Sports Network, a company that provided fresh sports programming to growing cable systems. He then assumed the role as President of Joe Hand Product Promotions in 1987. In addition to his role at Joe Hand Promotions, Joe's distinguished philanthropic work includes opening the Joe Hand Boxing Gym in Philadelphia in 1995. The gym is a nonprofit organization which provides a variety of boxing classes to men and women of all ages and ability levels. They offer programs dedicated to disabled veterans, those diagnosed with Parkinson's disease as well as adults and children with disabilities.Highlights: Joe gives some background on the business, what they do for their clients and how they originally partnered with some of the biggest companies in the business (3:10) How Joe Hand Promotions started with Joe Frazier and boxing over 50 years ago (7:09) How the company approaches innovation and how it has evolved since 1971 (10:05) What Joe Hand Promotions brings to the table for their customers (11:23) Analytics and data that help their clients (13:17) The bread and butter of their business (14:23) Going beyond sports events (15:57) How Joe narrows down the events they want to pursue and what their growth strategy should be (17:26) How they think about M and A (18:43) The other companies they have partnerships with (20:33) How COVID affected the business (21:37) Joe tells the story of being an NBA draft pick (24:20) Joe’s non-profit boxing gym and how and why he started it (26:58) Links:Joe Hand Jr. on LinkedInJoe Hand Promotions on LinkedInJoe Hand Promotions WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Ross Fubini, Founder and Managing Partner, XYZ Ventures – Valuing the Vision: Fueling innovation through strategic guidance
30:21When you're just starting out as a business, getting the right support during those crucial early stages plays a pivotal role in whether a good idea can reach its full potential. Today's guest has been providing that expert guidance for many years.On this episode we're sitting down with Ross Fubini, founder and managing partner of XYZ Ventures. XYZ was founded in 2017, making investments in 105 companies across seed and growth stages, and as an organization, they look to support founders who have uncovered a unique insight and show immense velocity in their execution.XYZ is primarily focused on enterprise, FinTech infrastructure, climate, and the public sector. Ross sits on multiple boards, including Sardine and Legion Technologies, and has made several successful early investments currently valued in the billions, including public sector focused Anduril, security provider Verdaka, InsureTech company, and New Front Insurance. Previous to XYZ, Ross co founded Village Global and was an investor at Canaan and Kapor Capital. He is currently an advisor to executives at Palantir with XYZ backing over 20 Palantir alumni as founders across the public sector enterprise and fintech. Highlights: Ross describes where the name 'XYZ' came from (3:05) Ross explains how he decided to focus primarily on early-stage companies (4:29) Financing and investment sizes behind early-stage startups (8:04) Ross describes how XYZ chooses and values companies they invest in (10:02) How XYZ approaches and works alongside changing economic environments (13:28) The importance of transparency and sharing your story with investors (16:41) Current trends in the early-stage start-up market (19:01) Ross gives advice to founders raising capital for the first time (22:00) Ross describes companies XYZ have invested in whose outcome has surprised him (23:47) Lessons Ross has learned from start-ups that didn't reach their full potential (26:36) Links:Ross Fubini on LinkedInXYZ Ventures on LikedInXYZ Ventures WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Maud Brown, Partner, PAI Partners – Taking Ambition Abroad: Navigating an International Investment Landscape
29:16Embracing a challenge and going after the big prize is something that today's guest knows all about.We're sitting down with Maud Brown, who is a partner at PAI Partners. PAI is a private equity firm that invests in real economy businesses and manages over 25 billion in assets. Maud heads the firm's U. S. team and oversees investment activity in North America. She's involved in fundraising, deal sourcing, and portfolio company management, including the iconic juice company, Tropicana.Maud joined PAI in 2019 after 18 years at Investcorp where she was a managing director and a member of the investment committee. While at Investcorp, she led the acquisitions of Pro Unlimited, Nobel Learning, and The Wrench Group,. Maud started her career in M& A at Salomon Brothers and Merrill Lynch in London. She grew up in France and holds a degree in business administration from ESCP Business School and a Master’s in Corporate Law from the University Paris XI.Highlights: Maud's upbringing and path to corporate work (2:38) Maud describes what drew her to becoming a professional investor (4:20) Her start at Investcorp and experiencing its growth first-hand (5:10) Maud explains what drew her to the opportunity at PAI (6:52) PAI's history and their mission (10:03) Maud discusses the PAI deal with PepsiCo and Tropicana (13:34) Growth strategy and plan for the recent PepsiCo deal (16:03) Maud expands on a new deal in the Pet sector (18:29) Maud's involvement with acquisition pipelines for investments (20:09) Maud describes the differences in her approach to her work at PAI vs. Investcorp (21:29) PAI's approach to ESG (23:04) Maud's outlook on the current exit environment, and the future of the field (24:55) Where PAI will continue to invest, and what sectors they hope to expand to (26:39) Links:Maud Brown on LinkedInPAI Partners on LinkedInPAI Partners WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Gary Beasley, Co-founder & CEO, Roofstock – Reshaping Rental: Using economic pressure to create real estate prosperity
31:58Sometimes the most innovative business concepts are born from immense industry stress. Today's guest created a ground-breaking platform in response to the economic pressure cooker of the 2000's.On this episode, we're sitting down with Gary Beasley, who is a co-founder and CEO of Roofstock, an award winning real estate investment as a service platform for the 4 trillion dollar single family rental sector. The company is backed by Blue Chip roster investors, including Cosla Ventures, Light Speed Venture Partners, Bain Capital Ventures, and SoftBank. Roofstock has completed over $6 billion worth of transactions since its founding in 2015.Previously, Gary was the co-CEO of publicly traded Starwood Waypoint Residential Trust, now part of Invitation Homes, and is known as a pioneer in the development of the single-family rental sector as an institutional and asset class. Gary also served as CEO of boutique hotel company Joie De Vivre Hospitality, and award-winning solar technology startup GreenVolts.Between 2001 and 2007, Gary was the CFO of Zip Realty where he led the internet-based residential brokerage through its IPO before eventually being named its President. Gary also spent six years with KSL resorts where he was instrumental in acquiring and integrating over 800 million worth of resort properties.Gary earned a BA in economics from Northwestern University and an MBA from Stanford University Graduate School of Business where he serves as a regular guest lecturer.Highlights: What inspired Gary to follow his educational path into business (3:22) Gary's first role in the business sector, and how it influenced his outlook (4:23) Gary describes what interested him in Stanford University, and his journey to getting there (5:38) Gary's first job after business school (6:57) Waypoint Homes and how Gary was introduced to the real estate sector (8:47) Technology to facilitate the business, and how the industry has become an asset class (10:34) Where Gary and his partner saw value in the market, and their approach to starting the business (13:20) Roofstock's business model, and how it has changed over time (14:48) How Roofstock works together with brokers and agents (17:41) Gary explains their proprietary asset management software (19:28) How COVID impacted Roofstock's business and business model (21:10) How the current economy is influencing their approach to business at Roofstock (22:54) Gary explains what drew their impressive group of backers to Roofstock (24:20) Gary's thoughts on the company's future market opportunities and the possibilities of going public (27:16) Incorporating AI and staying attuned to new tech in real estate (28:30) Links:Gary Beasley on LinkedInRoofstock on LinkedInRoofstock WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Chad Cardenas, Founder & CEO, The Syndicate Group – Connecting Capital: Scaling startups through strategic networking
31:36Building a thriving business certainly has a lot to do with hard work, but it's just as much about having a strong network and leveraging those relationships. Today's guest has gathered incredible insights and connections in his long career to build a platform that facilitates these critical partnerships. Today we sit down with Chad Cardenas, Founder and CEO of The Syndicate Group. The Syndicate Group is pioneering a new evolution of venture capital investing, helping startups scale faster by organizing exclusive investment access for strategics who commit capital, and support a company's go-to-market strategy.With 25 years in the enterprise technology sector, Chad maintains a wealth of experience in sales, leadership, business transformation, innovation, distribution channels, investing and go-to-market strategies. He previously co-founded Trace3 where he served as President and Chief Innovation Officer studying macro trends and their effects in the IT industry. He helped build the tech reseller and integrator to 400 people and over $500 million in revenue before a private equity event in 2017. The Syndicate Group was born out of these experiences based on the realization that startup founders need more than just capital. They need partners who can deliver economies of scale by selling or buying the startups, products, and services. The Syndicate Group aggregates those partners, and gives them skin in the game with pre-IPO investment access. The company's investment portfolio includes high flyers such as AppDynamics, CrowdStrike, Nutanix, Abnormal Security, and Cohesity, where Chad played a key role in driving an aggregate market value of over $30 billion. Highlights: How TSG developed their unique business model (3:30) How The Syndicate Group's network opportunities are valuable to businesses (5:39) Chad describes the relationship between TSG and a startup in their network (7:53) Chad explains what came first: building syndicate or attracting deal flow (11:52) How TSG attracted initial investors to their business (13:15) How The Syndicate Group vets their potential investment companies (14:39) More about the specific sectors and business TSG focuses their work on (16:21) How TSG manages cap tables with startups that have numerous investors (17:53) Why investors are attracted to TSG's deal flow (19:52) How TSG maintains scaling and growth despite the complexity of the business (21:08) The growth and potential of TSG's business model and unique software platform (23:27) Chad describes the state of competition in the field (24:21) Chad explains the effects of a choppy economy and social climate on business in the VC sector (25:30) Up and coming companies in the Syndicate Group portfolio (27:27) Future pursuits and goals (28:42) Links:Chad Cardenas on LinkedInTSG on LinkedInTSG WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Jennifer Holmgren, CEO of LanzaTech – Fueling the Future: Transforming Pollution into Energy Solutions
31:17Innovation is about creation, but it's also about finding new spaces where those creations can be used. Today's guest has applied a centuries-old scientific process to solve a global industry problems. Today's guest is Dr. Jennifer Holmgren, CEO of LanzaTech. Under Jennifer’s guidance, LanzaTech is developing a variety of platform chemicals and fuels, including the world’s first alternative jet fuel derived from industrial waste gases. She is also the Director and Chair of the LanzaJet Board of Directors. Prior to LanzaTech, Jennifer was VP and General Manager of the Renewable Energy and Chemicals business unit at UOP LLC, a Honeywell Company. While there, she was a key driver of their leadership in low carbon aviation biofuels. Jennifer has authored or co-authored 50 U.S. patents and more than 30 scientific publications and is a member of the National Academy of Engineering. Jennifer sits on multiple boards and advisory councils, including the Governing Council for the Bio Energy Research Institute in India, the Board of Directors of the U.S.- India Strategic Partnership Forum, the Advisory Council for the Andlinger Center for Energy and the Environment at Princeton University, the National Academies' Board on Energy and Environmental Systems and the Founder Advisory for The Engine, a venture capital fund built by MIT that invests in early-stage science and engineering companies. Jennifer holds a B.Sc. from Harvey Mudd College, a Ph.D. from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago.Highlights: How LanzaTech's biorefinery systems work (3:23) LanzaTech's background, and how their investment process has grown over time'(5:02) How Jennifer was introduced to LanzaTech, and her work history before joining the company (5:45) The science and technology behind LanzaTech, and its protection status (7:35) What products LanzaTech produces, and some of their product partners (8:39) LanzaTech's addressable market (10:17) How LanzaTech's technology differs from other direct air capture technologies (11:00) Jennifer describes who LanzaTech's customers are, and where their technology is currently being deployed (12:32) Jennifer breaks down how the company's business model works (13:53) LanzaTech's expansion plan (17:21) Jennifer explains LanzaTech's LanzaJet project, and where the idea came from (18:20) LanzaTech's plan to grow their product offerings and develop new systems for different chemical compounds (22:39) How the company is managing the fluctuating economy and stock market as a public company (25:44) Additional resources for listeners (28:48) Links:Jennifer Holmgren on LinkedInLanzaTech on LinkedInLanzaTech WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].
Keri Findley, Founder, CEO of Tacora Capital – Structured Credit Secrets: How Tacora Capital carved out a unique approach to business growth
33:59When you're a founder, you need creative ways to grow your business. Today's guest recognized that need, and built her company on it.We're sitting down with Keri Findley, Founder and CEO of Tacora Capital. Keri has two decades of experience in structured credit investing at leading firms, and as a private investor. She founded Tacora in 2022, securing a $250 million investment from renowned venture capitalist Peter Thiel.From 2009 to 2017, Kerry ran the structured credit portfolio for Third Point, the multi-billion dollar hedge fund founded by Dan Loeb. She was the first woman and the youngest person to be made partner at Third Point. Prior to that, she held a similar position at D.B. Zwirn, and began her career at Morgan Stanley.Keri currently serves as an advisor to Firework Ventures and 8VC, and is on the boards of Hearth, Karus, Point Digital, and Architect.Highlights: Keri summarizes her introduction to finance (2:51) Falling into the industry, and growing up as a 'math person'(3:22) Keri describes what it was like to begin in the finance industry in the late 2000's (4:28) Types of assets in the payment processing platform (6:10) Leaving her job, and how Keri came to found Tacora Capital (7:21) Working with Peter Thiel, and more about their partnership (9:14) Keri describes the audience, and kinds of investors that are attracted to Tacora Capital (10:10) Tacora's unique approach and structure in venture capital (11:14) Keri discusses whether she would rather Tacora be at a later-stage (12:50) Tacora's reason for focusing on Fintech and Insuretech fields (14:37) Keri gives an example of the opportunities Tacora has provided to one of their portfolio companies (16:00) Where Tacora's pipeline for new deals is sourced from (16:52) How the current financial and economic climate effects the work done at Tacora (18:22) How Tacora avoids risky situations and maintains discipline in their work (20:16) Keri predicts the future of the venture capital market based on recent history (21:37) 'Non-dilutive capital' and Tacora's approach to companies facing down-rounds (25:15) Why Keri decided to settle the company in Austin, Texas (27:07) Keri predicts how the banking model will change in the near future (30:04) Tacora's short-term goals and plans (31:22) Links:Keri Findley on LinkedInTacora Capital WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, [email protected].