Eighty percent of everything you consume travels on a ship. Your iron ore, your energy, your Amazon delivery - all of it. So why do so few sophisticated investors have any exposure to the asset class that makes it happen?

This week David sits down with Anurag Agarwal, Head of Portfolio Management at J.P. Morgan Asset Management and co-head of their Global Transportation Group. Anurag spent years on the investment banking side of Wall Street before a decade teaching entrepreneurship and corporate finance at Boston University. A career arc that gives him an unusually rigorous lens on how capital really moves through the physical world.

Transportation as an asset class sits in a compelling middle ground: it carries the contractual dependability of core infrastructure, but its underlying assets move - and that mobility, it turns out, is one of its most powerful risk management features. When Russia was sanctioned, you couldn't do much with an airport in Moscow. But you could fly a plane out, repaint it, and re-lease it to someone else within weeks.

The conversation also challenges a widely held assumption: that geopolitical disruption is bad for these assets. Anurag walks through why every major shock of the last six years - COVID, Russia-Ukraine, the Houthi attacks on the Suez Canal, Liberation Day tariffs - has actually driven lease rates and asset valuations higher, not lower. When supply chains break down, ships become scarcer. When they become scarcer, rates climb. When it takes four years and $200 million to build a new vessel, you can't solve that overnight.

If you hold an infrastructure allocation, or are building one, this episode will sharpen your thinking considerably.

Private markets are more popular than ever, but for many investors, the "exit" sign is becoming harder to find. As public markets remain tight and private equity hold periods stretch from five years to seven or more, a pressing question emerges: How do you actually get your cash back?

In this episode, we sit down with Tim Ivers, Managing Director of Warana Capital, a specialist who has spent fifteen years operating in the complex, often-overlooked "subscale" secondary market. Tim shares his journey from an aspiring surgeon in Toowoomba Australia to a niche investor in Los Angeles, specializing in buying the assets that large institutional funds are too big to bother with.

We dive deep into the mechanics of illiquid secondaries and the rising importance of NAV lending—a strategy providing lifelines to funds that are "asset rich but cash poor." Whether you are an individual investor concerned about capital calls or a professional looking for a different perspective on risk and valuation, Tim’s "buy it at a discount" philosophy offers a grounded alternative to the traditional private equity J-curve.

• The Valuation Gap: Why "100 cents on the dollar" on your statement might not reflect what an asset could actually sell for today.

• The Small-Ticket Advantage: How operating with "small checks" (under $3 million) eliminates competition from the $40 billion mega-funds.

• NAV Lending 101: How lending against a fund's net asset value at low LTVs (20-30%) can generate 15%+ returns with high security.

• Managing the "Liquidity Mismatch": Why investors are getting stuck with capital calls they can't fund, and how to protect your portfolio.

• The AIQ Structure: A look at how listed entities can provide a more efficient, tax-advantaged way to access private market strategies.

Is the current AI-driven market rally a structural revolution or a speculative mirage? David Clark sits down with David Jenkins, Client Portfolio Manager at GQG Partners, to dissect the firm's recent contrarian stance on the technology sector.

Investors are feeling the squeeze of a "growth-at-any-cost" market. Jenkins explains why GQG, a firm managing over $250 billion AUD, is moving toward a defensive, value-oriented posture. We dive deep into their provocative white paper series, "Dot-Com on Steroids," exploring the "circularity" of AI capital expenditure and the looming risks in the private credit and data center boom.

If you’ve been questioning the sustainability of triple-digit multiples and wondering where to find quality when "gravity" eventually returns to earnings, this conversation provides a necessary, fundamental-based reality check.

Key take aways:

• The AI Capex Mirage: Why the massive spending by "hyperscalers" may be creating a circular revenue trap that isn't backed by real-world earnings.

• Quality vs. Hype: Understanding GQG’s "forward-looking quality" philosophy and why they believe traditional tech "quality" is actually deteriorating.

• Hidden Gems in Value: Why sectors like insurance, healthcare, and utilities are becoming the new frontier for compounding capital.

• Infrastructure Red Flags: The risk of securing long-term debt against short-lived assets like GPUs that may burn out in 18 months.

• The "South Beach" Story: A look inside the rapid rise of GQG Partners and how they’ve achieved a 90% alpha strike rate over rolling five-year periods.