Inside the Rope with David Clark

Hosted by David Clark

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235

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Oct 2026

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About the show

In this show, David interviews the leading minds in Wealth Management. David Clark is an experienced and respected Financial Services Professional. As a Partner and Advisor at Koda Capital, David advises some of Australia most successful families on Wealth Management. David is also a successful entrepreneur that has exited two financial services businesses. He is a director of the St Josephs College Foundation and sits on the investment committee, as well as being a founder of ZamBzee a software application development company.

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October 26, 202642 min

Ep 234: Frédéric de Mevius - The Family Office Playbook - 9th Generation Lessons on Wealth, Purpose, and Private Markets

In this episode of Inside the Rope , host David Clark sits down with Frédéric de Mevius, a ninth-generation member of the family behind global brewing giant Anheuser-Busch InBev and founder of Verlinvest and Planet First Partners. Managing intergenerational wealth over centuries presents unique structural and strategic challenges, particularly when transitioning from legacy industrial stewardship to dynamic financial allocation. Frédéric breaks down the mechanics behind AB InBev's global acquisition strategy, the realities of maintaining long-term family governance, and his pivot toward growth-stage sustainability and health investments. For families navigating asset allocation, this conversation offers direct insights into achieving venture-style upside with disciplined downside protection. Structuring Intergenerational Allocations: Why modern family offices must evolve beyond traditional single-industry stewardship into sophisticated endowment-style strategies to preserve purchasing power across expanding generations. Alpha over AUM: Strategic advantages of focusing on net performance and active value creation rather than chasing asset-under-management growth fees. Active Minority Management: How to drive institutional-grade operational improvements, cost reductions, and governance oversight without holding a controlling equity stake. Evaluating Growth-Stage Tech: Unit economic requirements for growth investments across quantum computing error correction, green hydrogen, and sustainable supply chains. The Transatlantic Exit Runway: Unlocking valuation multiples by scaling European technological innovations into US commercial markets. This podcast has been delivered to you by Koda Capital Pty Ltd (ABN 65 166 491 961 AFSL 452 581) (Koda) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. To the extent this material does contain any general advice, it has been prepared without considering your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. This material may include data, research, and other information from third party sources. Koda makes no guarantee that such information is accurate, complete, or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are based on current expectations, estimates, projections, opinions, and beliefs of Koda. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them. Koda’s Financial Services Guide (FSG) can be found here: https://kodacapital.com/wp-content/uploads/Koda-Capital-FSG-Version-8.8-September-2026.pdf or we can email a copy on your written request.

October 12, 202639 min

Ep 233: Raghav Khana - Navigating the Squeeze: Oaktree on Private Credit, Collapse Risks, and Market Cockroaches

In this episode of Inside the Rope , host David Clark and Tom Oryl dive straight into the rapidly evolving private credit sector alongside Raghav Khanna, Co-CIO of Oaktree's Private Credit Wealth Products. As high-profile defaults like the Bathla collapse make local headlines, sophisticated investors are left questioning where real yield ends and structural fragility begins. Raghav breaks down how Oaktree - a firm renowned for its Howard Marks-driven risk discipline and expertise in distressed credit, is analysing current market dislocations, evaluating risk premiums, and underwriting through macroeconomic noise. Key Takeaways: Navigating Market Stress: Analysis of recent defaults and broader systemic concerns in non-bank direct lending. Evaluating the Risk Premium: How Oaktree approaches credit selection when yield spreads tighten across public and private markets. Distressed Opportunities: Insights into how historical credit cycle management shapes today's deployment of wealth capital. Portfolio Positioning: Practical frameworks for insulating private debt allocations against liquidity bottlenecks and credit deterioration. This podcast has been delivered to you by Koda Capital Pty Ltd (ABN 65 166 491 961 AFSL 452 581) (Koda) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. To the extent this material does contain any general advice, it has been prepared without considering your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. This material may include data, research, and other information from third party sources. Koda makes no guarantee that such information is accurate, complete, or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are based on current expectations, estimates, projections, opinions, and beliefs of Koda. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them. Koda’s Financial Services Guide (FSG) can be found here: https://kodacapital.com/wp-content/uploads/Koda-Capital-FSG-Version-8.8-September-2026.pdf or we can email a copy on your written request.

September 28, 202642 min

Ep 232: Dr Joanna Syroka - Too Big for Balance Sheets: AI Data Centers, Cyber Contagion, and the Future of ILS

Host David Clark chats with Dr. Joanna Syroka of Fermat Capital Management to unpack the structural capacity deficit hitting traditional insurance markets and how Insurance-Linked Securities (ILS) are stepping in to bridge the gap. As massive systemic shifts push loss potential beyond traditional balance sheet limits, capital markets are proving essential in underwriting modern risk. The conversation explores the burgeoning market for mega-scale AI data center campuses, where concentrated values reaching up to $30 billion require novel risk-transfer structures. The discussion then turns to the virtual concentration of risk in cyber insurance, where digital centralisation mirrors real-world coastal exposure and how forward-thinking issuers are leveraging catastrophe bonds to manage systemic contagion. Finally, Dr. Syroka outlines how sovereign nations are building "financial fortresses" through contingent capital, highlighting how ex-ante disaster risk management enabled Jamaica to receive a credit rating upgrade from Moody’s despite suffering a major GDP shock. Key Takeaways: AI Infrastructure & Insurance Capacity: Multi-billion-dollar AI data center campuses are creating unprecedented risk concentrations that exceed traditional insurance balance sheets, paving the way for ILS and capital market solutions. Cyber Risk Centralisation: Cloud centralisation creates digital "Miamis" susceptible to systemic global malware shocks, forcing cyber underwriters to tap catastrophe bond markets for alternative capacity. Sovereign Risk Transfer: How pre-arranged contingent financing and cat bonds allow sovereign nations to protect national budgets, maintain fiscal stability, and avoid post-disaster credit downgrades. This podcast has been delivered to you by Koda Capital Pty Ltd (ABN 65 166 491 961 AFSL 452 581) (Koda) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. To the extent this material does contain any general advice, it has been prepared without considering your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. This material may include data, research, and other information from third party sources. Koda makes no guarantee that such information is accurate, complete, or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are based on current expectations, estimates, projections, opinions, and beliefs of Koda. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them. Koda’s Financial Services Guide (FSG) can be found here: https://kodacapital.com/wp-content/uploads/Koda-Capital-FSG-Version-8.8-September-2026.pdf , or we can email a copy on your written request. Key Takeaways

September 14, 202652 min

Ep 231: Gary Hui - Anticipating Anticipation: How Geometrica Outperforms Consensus

Host David Clark sits down with Gary Hui, Portfolio Manager at Geometrica, to unpack how equity investors can consistently generate asymmetric, double-digit returns without relying on leverage. Active managers often struggle with crowded consensus, cognitive bias, and unpredictable market drawdowns - particularly when navigating disruptive thematic shifts like AI capex or sector-wide sell-offs. Gary breaks down Geometrica’s systematic search process, which pairs quantitative machine learning with deep fundamental diligence to spot structural change before it gets priced in. The conversation delves into the mechanics of their barbell strategy: combining dislocated recovery plays like Netflix and ResMed with exponential growth compounders like Celestica and Fujikura. Gary also offers a candid, post-mortem analysis of July’s sharp market drawdown, examining factor risk, prime brokerage leverage unwinds, and the hard lessons that led to refining their risk models. Designed for sophisticated investors who demand rigorous logic over market noise, this conversation provides actionable insights on avoiding left-tail risk and capitalising on market inefficiencies. Systematic Search vs. Idea Generation: Why relying on traditional idea generation limits you to your current corpus of knowledge, and how machine learning screens surface high-conviction, non-consensus opportunities like AppLovin. The Long/Short Barbell Strategy: Harvesting alpha from two distinct inefficiencies, market dislocations (oversold sentiment) and exponential growth (underestimated structural change). Dissecting Market Overreactions: Real-world case studies in causality, including Netflix’s post-COVID subscriber dip, ResMed’s GLP-1 scare, and current dynamics in software and real estate networks. Anatomy of a Forced Liquidation: A look into how volatility spikes in VaR models trigger prime brokerage deleveraging, and why factor risk modeling is critical to avoid overstaying momentum trades. Intellectual Independence: How applying rigid logic, inspired by Spinoza’s geometric proofs, helps systematic fundamental managers protect compounding capital and mitigate left-tail events. This podcast has been delivered to you by Koda Capital Pty Ltd (ABN 65 166 491 961 AFSL 452 581) (Koda) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. To the extent this material does contain any general advice, it has been prepared without considering your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. This material may include data, research, and other information from third party sources. Koda makes no guarantee that such information is accurate, complete, or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are based on current expectations, estimates, projections, opinions, and beliefs of Koda. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them. Koda’s Financial Services Guide (FSG) can be found here: https://kodacapital.com/wp-content/uploads/Koda-Capital-FSG-Version-8.7-September-2025.pdf , or we can email a copy on your written request.

August 31, 202645 min

Ep 230: Rob Tucker - Australian Equities in an "Emotional Recession": Capital Flight and Macro Headwinds

In this episode of Inside the Rope , host David Clark welcomes back Rob Tucker , Founder and Portfolio Manager at Chester Asset Management . Capital allocators today are squeezed between speculative AI valuations, sticky inflation, and policy-driven domestic drag. Rob shares his unvarnished framework for allocating across predictable cash flows, tactical cyclicals, and uncorrelated ballast like gold. The conversation dives straight into pressing market frictions: the economic viability of the global AI CapEx wave, the rise of ultra-low-cost open-source LLMs, and why the US tech boom echoes late-1998 tech bubble warning signs. They also unpack Australia’s business sentiment slump, the structural pressures on high-multiple SaaS incumbents like Xero, and why the ballooning US national debt makes a compelling case for gold and gold equities over a multi-year horizon. This podcast has been delivered to you by Koda Capital Pty Ltd (ABN 65 166 491 961 AFSL 452 581) (Koda) and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. To the extent this material does contain any general advice, it has been prepared without considering your objectives, financial situation or needs, and because of this, you should, before acting on it, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. This material may include data, research, and other information from third party sources. Koda makes no guarantee that such information is accurate, complete, or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are based on current expectations, estimates, projections, opinions, and beliefs of Koda. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them. Koda’s Financial Services Guide (FSG) can be found here: https://kodacapital.com/wp-content/uploads/Koda-Capital-FSG-Version-8.7-September-2025.pdf , or we can email a copy on your written request.

August 17, 202649 min

Ep 229: John Knox – Pitch Rights, Private Credit, and the New Frontier of Sports Investing

David Clark sits down with John Knox, Head of Australia and New Zealand at Ares Management, to pull back the curtain on how elite alternative asset managers unlock value in today's private markets. From scaling a massive $640B+ platform to analysing the structural shifts driving the boom in private credit, Knox breaks down how institutional investors successfully navigate market volatility and avoid correlation traps. The conversation pivots into one of high finance's most dynamic frontiers: institutional sports investing. Knox shares behind-the-scenes perspectives on structuring high-conviction deals, ranging from vintage car-collateralised debt for McLaren Racing to equity positions in the Miami Dolphins and media rights strategies across global cricket leagues. Grounded in hard-won lessons from Wall Street to regional executive leadership, this discussion provides well-read investors with actionable frameworks for evaluating illiquid real assets, understanding shifting streaming economics, and building resilient, compounding portfolios.

August 3, 202652 min

Ep 228: Jeremy Samuel - The Discipline of Capital Preservation: Inside Anacacia’s Private Equity & Small Cap Listed Strategy

David Clark sits down with Jeremy Samuel, Founder and Managing Director of Anacacia Capital, to break down the mechanics of disciplined investing across the private and public mid-market space. Investors frequently face the dilemma of choosing between crowded, mega-cap equities priced to perfection or chasing speculative, unproven early-stage growth. Jeremy draws upon foundational principles learned directly under Yale Endowment legend David Swensen to demonstrate how seeking out market inefficiencies, maintaining strict capital preservation, and shunning benchmark-hugging scale can generate superior long-term, double-digit returns. From evaluating private equity investments to managing listed small-caps in volatile market cycles, this discussion offers a blueprint for patient capital allocation and rigorous down-market protection. Key Takeaways The Yale Endowment Philosophy: Learn how David Swensen’s core tenets - exploiting illiquidity premiums, focusing on market inefficiency, and avoiding conventional scale for the sake of fees - translate into Australia’s mid-market. Private vs. Public Inefficiencies: Discover why Anacacia avoids competitive bank-led auctions in favor of bilateral exclusivity, and how those same alignment principles apply to listed small-and-mid-cap equities. True Downside Protection: Uncover how disciplined valuation (e.g., paying 5-6x earnings rather than 100x revenue) yields outperformance during market drawdowns and broader economic stress. Operational Case Studies: Practical lessons from successful Australian mid-market transitions, including household names like Rafferty’s Garden, MGI Golf, and Appen.

July 20, 20261 hr 3 min

Ep 227: Dr Christian Baylis - Elite Mindsets, Broken Financial Plumbing, and Alternative Credit

David Clark sits down with Dr. Christian Baylis, founder of Fortlake Asset Management, to dissect why the traditional defensive playbook is failing sophisticated investors. Dr. Baylis leverages his unique background - spanning elite international athletics, a PhD in inflation forecasting, and a decade managing $26 billion in fixed income and derivatives - to expose the structural shifts changing the debt capital markets. The conversation bypasses the standard market commentary to focus on how institutional plumbing has evolved since the Global Financial Crisis. Dr. Baylis explains why active alpha in traditional corporate bonds is largely a myth, how private credit stepped into the vacuum left by heavily regulated bank balance sheets, and why the future of defensive positioning lies in highly technical, non-correlated return streams like default arbitrage. They also dive deep into the current macro regime, offering a sharp, unvarnished critique of the Reserve Bank of Australia's dual remit and detailing exactly why central banks are chasing their tails on sticky inflation. Whether you are looking to insulate your portfolio from downside risk or find true, structural asymmetry in credit, this episode delivers the institutional blueprints you need. Key Takeaways: The Death of Core Fixed Income Alpha: Traditional bond investing has become heavily retail-driven and commoditized; true outperformance requires stepping into bespoke, knowledge-heavy niches that retail platforms cannot replicate. The Mechanism of Default Arbitrage: Modern standardized clearinghouses have stripped out the prolonged legal frictions of corporate defaults, allowing agile managers to capture fast, asymmetric capital bursts via default insurance markets. Elite Team Culture vs. Corporate "Families": Drawing from his time on the Australian national rowing team, Baylis argues that top-tier asset management relies on an elite athletic mindset - conditional relationships predicated strictly on high performance, clear standards, and mutual accountability. The Central Banking Blindspot: By forcing central banks to manage the labor market alongside price stability, politics has introduced dangerous subjectivity into monetary policy, causing central bankers to under-tighten and let inflation fester.

July 6, 202634 min

Ep 226: Michael Traill - Fixing the NDIS: Scaling Efficiency in the Care Economy

In this episode, we welcome back Michael Traill , the co-founding partner of For Purpose Investment Partners (FPIP). Michael joins host David Clark to address the inefficiencies dominating headlines with the National Disability Insurance Scheme (NDIS) currently facing a $56 billion sustainability crisis fueled by un-registered providers, fragmented technologies, and unsustainable operating margins. Michael was recently Chair of the Paul Ramsay Foundation, Chair Investment Committee Palisade Impact, former Chair of the Commonwealth Government Social Impact Investing Taskforce. Prior to founding FPIP, as the founding CEO of Social Ventures Australia Michael co-led a consortia to create Goodstart Early Learning, which delivered investors a 12% return and created one of Australia’s largest social enterprises. He also co-founded Macquarie Bank's private equity arm. Michael reveals how applying rigorous private equity disciplines to long-dated, non-profit ownership structures can actually outperform traditional markets. Using the remarkable $165 million turnaround of Goodstart Early Learning and the rapid expansion of For-Purpose Aged Care, he illustrates how focusing on service quality organically drives maximum occupancy and robust risk-weighted yields. We also dive deep into Michael's recent Australian Financial Review analysis on the NDIS. He argues that resolving the scheme's cost blowouts requires a shift toward large-scale, ethical operators capable of using AI and advanced tech stacks to drive down the cost curve. If you want to understand how capital can genuinely strengthen the fabric of Australian society without sacrificing financial performance, this conversation provides the roadmap. Key Takeaways: The Myth of the Impact Trade-Off: Why high-quality, ethical delivery in aged care and childcare inherently drives the key financial metric: occupancy. Long-Dated Ownership vs. "Rip and Flog": Why the typical 3-to-4-year private equity cycle fails human services, and why 8-to-10-year social infrastructure models provide better alignment with government funding. The Non-Profit Tax Advantage: How structural exemptions (like payroll tax) significantly bolster the bottom line for for-purpose funds. Restructuring the NDIS: A candid assessment of the $56B scheme's unsustainable tail of 270,000 providers and how Medicare-style guardrails could save it. The Scale Imperative: Why the human services sector desperately needs $1B+ platforms to eliminate duplicated corporate software costs and leverage AI ethically. Chapters: [00:05] — The Journey from Macquarie PE to Social Impact: Michael's transition from traditional private equity to founding Social Ventures Australia. [03:10] — The Goodstart Blueprint: How a non-profit consortium bought out the bankrupt ABC Learning centers, generating a 12% annual yield for investors. [04:40] — Aged Care and Outperforming the Prospectus: An update on the For-Purpose Social Impact Fund, its 98% occupancy, and beating its 14-15% IRR targets. [05:50] — Dissecting the Impact Trade-Off: Why a virtuous circle exists between clinical/ethical quality and commercial resilience. [06:55] — The Social Infrastructure Thesis: Moving away from short-term cycles to align with bipartisan government policy. [08:20] — The NDIS Crisis & Market Design: Navigating a $56B line item, unregistered providers, and structural cost explosions. [11:15] — The Problem with 270,000 Service Providers: Evaluating market duplication, duplicated IT budgets, and mismatched pricing limits. [14:15] — Scaling Ethical Efficiency: How $1B+ operations can survive on thin margins by utilizing AI and modern software. [15:55] — Medicare as a Framework: Could a stricter eligibility and diagnosis rail stabilize the NDIS? [16:40] — The Role of Institutional and Private Capital: Implementing healthy performance discipline into the non-profit sector.

June 22, 202649 min

Ep 225: Stephen Otter - The Royalty Revolution: Inside Partners Group’s Institutional Playbook

In this episode of Inside the Rope , hosts David Clark and Tom Oryl set the stage for a deep dive into the highly specialized world of royalties and uncorrelated alternative streams. Following up on our recent discussion regarding water rights, we shift our focus to Partners Group and the pioneering work they are doing to bring institutional-grade, illiquid assets into the wholesale and retail markets. We sit down with Stephen Otter , Global Head of Private Markets Royalties at Partners Group - one of the world's leading experts in this space, to unpack the mechanics of investment vehicles like PG3. From music catalogs and future drug sales to litigation finance and insurance-linked bonds, we ask the hard questions that sophisticated investors need answered: How do you accurately value a portfolio of hit songs or pharmaceutical pipelines? What does the recurring revenue stream actually look like? Crucially, what are the hidden, binary risks that can lead to permanent capital impairment? If you're looking to understand how these unusual assets sit within a modern client portfolio—and why their capped upside demands a strict understanding of risk—this conversation is essential.