Multi-strategy hedge funds have been having a moment with big asset allocators pouring billions of dollars into names like Millennium and Citadel. And given all the growth, multi-strat funds have also been battling each other for talent. But why, exactly, do big investors seem to love multi-strats so much? What actually makes a multi-strat good to invest in? And how do fees and compensation work? In this episode, we speak with Ronan Cosgrave, a partner at Albourne Partners, which advises institutional investors on investing in hedge funds and other alternative asset classes. We talk about key differences between multi-strats and pod shops, plus the importance of pay to the business model.

The Math Powering Profits at Multi-Strategy Hedge Funds
Multistrategy Hedge Funds Delivered Again in 2024

Odd Lots Live is returning to New York City on June 26. Get your tickets here!

Multi-strategy hedge funds have been having a moment with big asset allocators pouring billions of dollars into names like Millennium and Citadel. And given all the growth, multi-strat funds have also been battling each other for talent. But why, exactly, do big investors seem to love multi-strats so much? What actually makes a multi-strat good to invest in? And how do fees and compensation work? In this episode, we speak with Ronan Cosgrave, a partner at Albourne Partners, which advises institutional investors on investing in hedge funds and other alternative asset classes. We talk about key differences between multi-strats and pod shops, plus the importance of pay to the business model. <a href="https://bloom.bg/43th733">The Math Powering Profits at Multi-Strategy Hedge Funds</a> <a href="https://bloom.bg/44SafP1">Multistrategy Hedge Funds Delivered Again in 2024</a>
Odd Lots Live is returning to New York City on June 26. <a href="https://www.bloombergevents.com/oddlotsliveNY" data-destination="https://www.bloombergevents.com/oddlotsliveNY">Get your tickets here!</a>

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

Why Asset Allocators Love Multi-Strategy Hedge Funds

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0a13df18-6938-4b14-b252-b2e6013ede8b/transcript

Alison Roman is a cult figure in the world of food media. She's written multiple hit cookbooks and several of her recipes have gone viral. And her newsletter is incredibly popular. Now, she's putting her name on consumer goods, recently launching a new line of high-end jarred tomato sauce called, appropriately, A Very Good Sauce, which she sells direct online. So what has she learned about the consumer goods industry and its supply chain? On this episode, she explains why she entered the space, how she thinks about carving out a niche, and everything she's learned — from figuring out shipping to co-packing to designing a recipe that can be cooked in high volume. We also talk generally about the world of food and food media and how she thinks about bridging content and commerce.

Subscribe to the Odd Lots Newsletter
Join the conversation: discord.gg/oddlots

Alison Roman is a cult figure in the world of food media. She's written multiple hit cookbooks and several of her recipes have gone viral. And her newsletter is incredibly popular. Now, she's putting her name on consumer goods, recently launching a new line of high-end jarred tomato sauce called, appropriately, A Very Good Sauce, which she sells direct online. So what has she learned about the consumer goods industry and its supply chain? On this episode, she explains why she entered the space, how she thinks about carving out a niche, and everything she's learned &mdash; from figuring out shipping to co-packing to designing a recipe that can be cooked in high volume. We also talk generally about the world of food and food media and how she thinks about bridging content and commerce.
<a href="http://bloomberg.com/subscriptions/oddlots" data-link-cookie="1" data-destination="http://bloomberg.com/subscriptions/oddlots">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-destination="https://discord.gg/oddlots">discord.gg/oddlots</a>

Alison Roman's Plan to Conquer the Tomato Sauce Market

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/bb852961-db5b-4336-9f1f-b3f7016c9dc1/transcript

NYC Mayor Zohran Mamdani has certain ideas that make mainstream economists' head explode. Anything in the ballpark of rent control, specifically, is widely derided by defenders of the orthodoxy. But how did the orthodoxy become the orthodoxy? And how did the heterodoxy become the heterodoxy? On this episode, we speak with Jamee Moudud, a professor of economics at Sarah Lawrence College and author of the new book, Legal and Political Foundations of Capitalism. His scholarship sits at the intersection of economics and legal theory. He argues that one can not analyze the economy as if it were some separate thing that exists outside of the institutional and political realities of the time. We discuss the history of economics in the 19th and 20th centuries, and why certain ideas were adopted by the field, while others discarded and relegated to the margins.

Read more:
Mamdani Stacks NYC Board to Carry Out Promised Rent Freeze
Mamdani Threatens to Hike NYC Property Tax to Fill Budget Hole

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

NYC Mayor Zohran Mamdani has certain ideas that make mainstream economists' head explode. Anything in the ballpark of rent control, specifically, is widely derided by defenders of the orthodoxy. But how did the orthodoxy become the orthodoxy? And how did the heterodoxy become the heterodoxy? On this episode, we speak with Jamee Moudud, a professor of economics at Sarah Lawrence College and author of the new book, Legal and Political Foundations of Capitalism. His scholarship sits at the intersection of economics and legal theory. He argues that one can not analyze the economy as if it were some separate thing that exists outside of the institutional and political realities of the time. We discuss the history of economics in the 19th and 20th centuries, and why certain ideas were adopted by the field, while others discarded and relegated to the margins.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-02-18/mamdani-stacks-nyc-board-to-push-through-promised-rent-freeze?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Mamdani Stacks NYC Board to Carry Out Promised Rent Freeze</a> <a href="https://www.bloomberg.com/news/articles/2026-02-17/mamdani-plans-to-hike-nyc-property-tax-to-fill-5-billion-hole?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Mamdani Threatens to Hike NYC Property Tax to Fill Budget Hole</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">discord.gg/oddlots</a>

Jamee Moudud on the Intellectual Roots of Zohranomics

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/59b2863d-d2fe-4fc9-b836-b3f701751323/transcript

This year could be a big one for IPOs. From Anthropic to SpaceX to OpenAI, we could see some gigantic companies hit the public market. But of course, the big story is that big, thriving companies feel less and less pressure to go public. In a different era, private giants like Databricks and Stripe might've IPO'd a long time ago. So what's changed? Why are companies comfortable staying private for so long? On this episode, we speak with David George, a general partner at Andreesen Horowitz, who leads the firm's growth investing team. He discusses how private markets have grown deeper and more liquid, which greatly reduces the need for companies to have public stock at all. We also talk about how he's thinking about the AI disruption trade, and when it makes sense for these private giants to bite the bullet and expose their stock to public investors.

Read more:
Private Equity Targets Clean Energy After Steep Drop-Off in 2025
Andreessen Horowitz Backs Unicorn Kavak in $300 Million Round

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

This year could be a big one for IPOs. From Anthropic to SpaceX to OpenAI, we could see some gigantic companies hit the public market. But of course, the big story is that big, thriving companies feel less and less pressure to go public. In a different era, private giants like Databricks and Stripe might've IPO'd a long time ago. So what's changed? Why are companies comfortable staying private for so long? On this episode, we speak with David George, a general partner at Andreesen Horowitz, who leads the firm's growth investing team. He discusses how private markets have grown deeper and more liquid, which greatly reduces the need for companies to have public stock at all. We also talk about how he's thinking about the AI disruption trade, and when it makes sense for these private giants to bite the bullet and expose their stock to public investors.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-02-19/private-equity-targets-clean-energy-after-steep-drop-off-in-2025?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Private Equity Targets Clean Energy After Steep Drop-Off in 2025</a> <a href="https://www.bloomberg.com/news/articles/2026-02-17/andreessen-horowitz-backs-mexico-unicorn-kavak-in-300-million-equity-round?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Andreessen Horowitz Backs Unicorn Kavak in $300 Million Round</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">discord.gg/oddlots</a>

A16Z's David George on How Private and Public Markets Fused Into One

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5ac07e49-f12a-4a0f-915d-b3f60130ce1a/transcript

Why Asset Allocators Love Multi-Strategy Hedge Funds

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