Podcast
Dakota Live! Podcast
Hosted by Robert Morier · EN
The Dakota Live! Podcast is designed for your fundraising needs. The goal of this podcast is to help you better know the people behind the investment decisions. Dakota connects investment salespeople with leading investment decision makers, ensuring you always know who to call and how to approach the markets you are targeting. Dakota Live! presents investment sales people industry and marketing expertise to make their jobs easier.
42episodes
Episodes
Newest firstAll episodes
BlackRock’s Michael Gates on Model Portfolios, AI, Bitcoin ETFs & the Future of Wealth Management
1w ago00:52:21Tap to summarizeWhat happens when one of the world’s largest asset managers starts rethinking portfolio construction in the age of AI?On this episode of Dakota Live!, Robert Morier sits down with Michael Gates, Managing Director and Head of Model Portfolio Solutions for the Americas within BlackRock’s Multi-Asset Strategies & Solutions platform.The conversation explores how BlackRock is thinking about:• Model portfolios and advisor scale• Active vs. passive portfolio construction• The rise of active ETFs• Bitcoin ETFs and alternative allocations• AI’s impact on investing and research workflows• Behavioral coaching and “advisor alpha”• Risk budgeting, tactical allocation, and market structure• Tax overlays, SMAs, and portfolio personalization• What future investment professionals need to learn nowMichael also shares how his background in biological sciences and economics shaped his investment philosophy, why efficient markets still matter, and how AI coding tools are already transforming research and productivity inside financial services.For advisors, allocators, wealth managers, students, and anyone interested in the future of portfolio construction, this is a deep dive into where the industry may be headed next.Topics include:BlackRock model portfoliosPortfolio construction strategiesActive ETFs vs passive investingBitcoin ETF adoptionAI in asset managementAdvisor alpha and behavioral financeWealth management trends 2026Multi-asset investingTax-loss harvesting strategiesInstitutional investing insightsFor our audience of allocators, advisors, OCIO professionals, and emerging investment leaders, this episode offers a real-time look into how one of the largest asset managers in the world is thinking about portfolio construction, AI, risk, and the future of advisor value creation.And for students, this conversation is a masterclass in what the next generation of investing actually looks like: combining economic intuition, technology, coding, behavioral understanding, and communication into a modern investment career.
Transcribe →
Why Tax Is Moving Upstream in Institutional Investing | Dave Sekula, CEO of GTM
2w ago00:43:45Tap to summarizeTax used to sit downstream from the investment process.Today, it’s moving upstream.In this episode of Dakota Live!, Robert Morier sits down with Dave Sekula, CEO of GTM (Global Tax Management), to discuss how tax strategy, technology, operational complexity, and institutional investing are becoming increasingly intertwined.The conversation comes at a timely moment, following the SEC’s recent proposal to potentially shift public companies from quarterly to semiannual reporting.While the headline sounds regulatory, the implications reach much further into how asset managers, allocators, OCIOs, RIAs, and corporate finance teams think about transparency, planning, investor communication, and long-term decision making.Dave shares insights from leading one of the country’s largest independent corporate tax providers, including:• Why tax is no longer just a compliance function• How institutional investors are thinking differently about tax efficiency and portfolio construction• The operational complexity behind global and multi-manager portfolios• The growing role of AI and automation in corporate tax workflows• Why firms are increasingly focused on tax-loss harvesting strategies and after-tax outcomesThe episode also explores leadership, servant leadership, scaling a national firm, and how technology continues to reshape one of the most human-capital-intensive industries in finance.“Performance is one thing. What you keep, that’s the real scorecard.”
Transcribe →
Inside LPL’s Alternatives Platform: Manager Research, Due Diligence & What’s Next
3w ago00:59:39Tap to summarizeOn this episode of the Dakota Live Podcast, we sit down with Andrew Deck, Vice President and Head of Alternative Investments at LPL Financial, alongside his colleague Matt Doyle, Head of Investment Due Diligence, for an inside look at how one of the largest advisor platforms in the country is thinking about alternatives, manager research, sourcing, and portfolio construction today.LPL Financial is one of the largest independent wealth management and advisor platforms in the country, supporting more than 32,000 financial professionals and serving approximately 8 million Americans across advisory, brokerage, and institutional channels.What makes LPL particularly interesting in today’s environment is the firm’s growing role at the intersection of institutional-quality manager research, alternative investments, advisor technology, and large-scale wealth management distribution.We explored:• How LPL is translating institutional-quality private markets into the wealth channel• The evolution of manager research and due diligence inside large advisor platforms• Why education and implementation matter just as much as access• The future of evergreen structures, interval funds, and public/private solutions• What asset managers need to understand before approaching large platforms• How Andrew and Matt think about sourcing, differentiation, underwriting, and conviction• What’s next for alternatives as wealth management and institutional investing continue to convergeOne of our favorite parts of the conversation was hearing Andrew and Matt together at the desk. You get both the strategic platform perspective and the day-to-day underwriting process from the people actually building it.For anyone working in manager research, fundraising, OCIO, private markets, wealth management, or institutional sales, this is a fascinating look behind the curtain at where the industry is headed.
Transcribe →
Inside Foundation Investing and the OCIO Model | On the Road at Georgia State University
4w ago01:09:37Tap to summarizeIn this special on-the-road edition of the Dakota Live Podcast, host Robert Morier brings the show to Atlanta for a live recording at Georgia State University in front of students from GSU's Student Managed Investment Fund and Drexel University.Joining Robert on the podcast:Holly Sailers — Interim CFO and Comptroller, Georgia State University FoundationMarkus Krygier — Co-Chief Investment Officer, Strategic Investment GroupDegas Wright — CIO of Decatur Capital Management & Executive in Residence at Georgia State UniversityTogether, they unpack what it takes to steward institutional capital — from the day-to-day reality of running a university foundation, to the rise of the OCIO model, to the art and science of manager due diligence.Along the way, the panel digs into:What a foundation really does, and how donor intent shapes decisionsWhy trust, transparency, and great questions are the foundation of any OCIO relationshipThe three pillars of manager due diligence: science, art, and operationsHow to think about liquidity, inflation, and uncertainty in today's marketWhy complexity is often used to "cover weak thinking" — and how to communicate clearly insteadThe episode closes with a powerful Q&A from GSU and Drexel students on probabilistic thinking, position sizing, real investment edge, and what separates discretionary from non-discretionary models.A huge thank you to Georgia State University, the GSU Foundation, and the students who showed up, listened, and asked great questions.
Transcribe →
Habits, Not Assets: What Piada Teaches Investors About Capital Discipline and Scaling Right
Apr 2901:07:20Tap to summarizeBefore something becomes an asset, a platform, or a strategy, it has to become a habit. And it's exactly why this conversation matters for allocators, investors, and operators alike.On this episode of Dakota Live, Robert Morier sits down with Chris Doody, founder of Piada Italian Street Food, and Lance Juhas, the company's CEO, to go inside one of the most disciplined growth stories in American fast casual.For the investment salesperson: This episode gives you a rare, tangible example of what real unit economics, capital discipline, and scalable growth actually look like inside an operating business — the kind of concrete, story-driven language that cuts through in a client meeting and makes abstract investment concepts suddenly stick.For the allocator: Piada is a live case study in what separates brands that compound from brands that collapse under their own growth — and the conversation around capital partnership, time horizon, and margin versus guest experience maps directly onto questions you're already asking every manager that sits across the table from you.The numbers tell the story: a first store that cost $600,000 to build and did $2.7 million in its first year. 62 corporate-owned locations across multiple states. 29 consecutive quarters of positive same-store comps. Average unit volumes of $2.5 million. And a planned growth ramp of 15 new stores this year, scaling to 30 annually.But the real conversation is about what the numbers don't show — the decisions behind them.Chris and Lance break down how they think about site selection, unit economics, people discipline, capital deployment, and the one mistake they've watched destroy otherwise great restaurant brands: growing for the sake of growth.For allocators and investors, this is a live underwriting exercise on a real business with real feedback loops. No quarterly narrative smoothing. No managing to guidance. Just lunch and dinner, every day, in markets that tell you immediately whether you got it right.What we cover:• How Piada went from napkin concept to 62 locations — and why they stayed in concentric circles instead of chasing coasts• Unit economics: what makes a great Piada location and how they evaluate new sites• The crab cakes story: what happens when a public company starts managing to margin instead of managing to the guest• Capital discipline vs. growth pressure — and how Chris things about unchecked expansion • AI, loyalty programs, and how a million-subscriber app was built entirely in-houseFrom a test kitchen in Columbus to a national inflection point — this is the blueprint.
Transcribe →
Operators as Investors: Scaling Healthcare Platforms
Apr 2200:48:59Tap to summarizeIn a market where allocators are increasingly focused on healthcare innovation, growth equity discipline, and the role of operators in driving outcomes, this episode sits directly at the intersection.This conversation with Sal DeTrane of Empactful Capital extends a theme we’ve been hearing consistently from CIOs, OCIOs, and allocators across the Dakota Live platform: the next wave of value creation in private markets is being driven by execution, not just access.Sal brings that lens into focus.With a background that spans venture, investment banking, and hands-on operating leadership, he represents an important cohort of operators-turned-investors, those who don’t just underwrite businesses but help build them.We explore how that perspective is being applied inside one of the most complex and opportunity-rich sectors in the market today: healthcare technology.What We Cover:Why allocators are leaning into healthcare tech nowFrom value-based care to behavioral health integration, we unpack the structural tailwinds driving sustained interest and capital flows into the space.Growth equity through an operator’s lensHow Empactful approaches the critical $5–$20M revenue inflection point (where many companies stall) and what it actually takes to scale.Platforms vs. point solutionsWhy scalable healthcare businesses must move beyond single-use cases and into integrated, defensible platforms.The reality of scaling healthcare companiesLong sales cycles, complex stakeholders, and reimbursement dynamics—and how disciplined execution bridges the gap.Operators as investorsWhat changes when the investor has been the CFO, COO, or CEO—and why that matters to both founders and LPs.Alignment with allocator prioritiesLiquidity timelines, DPI focus, and disciplined capital deployment—directly addressing the concerns we continue to hear across the allocator communityWhy This Episode Matters:For listeners, this is a chance to better understand the increasingly blurred line between venture and growth equity—and what it actually looks like in practice when you combine venture upside with growth equity discipline.For operators and founders, it’s a clear articulation of what sophisticated capital expects today:milestone-driven execution, commercial traction, and the ability to scale with precision.And for anyone following the broader private markets conversation, this episode builds on a theme we’ve been hearing repeatedly:it’s not just where capital is going—but how it behaves once it gets there, and who is responsible for turning it into outcomes
Transcribe →
How Top Investment Consultants Pick Managers | The Future of Due Diligence with Callan
Apr 1500:45:22Tap to summarizeJoin Dakota Live! as we sit down with senior leaders from one of the largest investment consultants in North America, Callan, for a deep dive into private markets, hedge funds, and their process behind manager selection.Ashley Kahn leads private equity manager research at Callan. Her work lives at that intersection of pattern recognition, judgment, and repetition, seeing enough deals to know what’s real and what’s just a good story.Tony Lissuzzo sits on the other side of the table as an investment consultant, working directly with endowments and foundations on portfolio construction. Before Callan, he spent time at Cambridge Associates and Northern Trust, including managing alternative investment portfolios. This episode starts in the classroom at Drexel University but quickly moves into the investment committee.Over 10 weeks, students were asked to do what typically takes years to learn:Underwrite real asset managers. Build conviction. Make a call.What emerged was something bigger—a real-time apprenticeship in investment judgment.In this conversation, we explore how top allocators and consultants actually make decisions:● How private equity and venture capital managers are evaluated (and why access matters)● What separates great hedge fund managers in today’s more efficient markets● The role of pattern recognition, judgment, and qualitative edge in due diligence● Why portfolio construction in private markets is as much art as science● How allocators think about risk (illiquidity + leverage) in today’s environment● The importance of client fit, partnership mindset, and long-term conviction● What students (and professionals) get wrong about manager selectionLean how decisions get made, how managers are evaluated, and how judgment is built over time.
Transcribe →
OCIO in Practice: Jeff Croteau on Total Portfolio Thinking and Manager Due Diligence
Apr 801:00:56Tap to summarizeJoin dakota Live! as we sit down with Jeff Croteau, Founder & CIO of Tide Cycle Resources, to discuss building durable portfolios, the evolution of the OCIO model, and why patience—not prediction—drives long-term success.We explore what it means to step away from a traditional institutional consulting career and launch a focused, high-conviction investment platform designed for families and foundations navigating increasingly complex markets.With approximately $3 billion advised across client portfolios, Tide Cycle is built on a simple idea: stability, discipline, and thoughtful asset allocation matter more than complexity or constant change.Jeff explains how decades of experience across market cycles—from the dot-com bubble to the Global Financial Crisis—have shaped his approach to portfolio construction, manager selection, and client relationships.We explore:• Why “stability” is the most underrated driver of long-term investment success.• How the OCIO model is evolving toward deeper integration with families, boards, and advisors.• Why Tide Cycle indexes public equities—and where they choose to spend their active risk and fee budget instead.• Risks in private credit and the importance of aligning liquidity with underlying investments.• How governance and education shape better decision-making during periods of market stress.Throughout the conversation, Jeff returns to a core idea: Sometimes nothing is broken— the tide just hasn’t come back in yet.Whether you’re an allocator, asset manager, or student of the markets, this episode offers a clear, experience-driven perspective on how portfolios are actually built, managed, and sustained over full cycles.Listen now for a grounded conversation on patience, discipline, and the frameworks that endure.
Transcribe →
The PE Guy (April Fool’s Day Special) | A Serious Lesson on Content Creation in Financial Services
Apr 100:26:43Tap to summarizeThis episode starts as a parody.An April Fool’s take on private equity, financial media, and the way we position ourselves in the investment industry.It’s exaggerated. It’s intentional. And it might feel too familiar.Then we shift.Because behind the character is a real conversation about something that matters—how content is created, how differentiation actually works, and why most financial firms get it wrong.What You’ll Get:• A satirical look at private equity culture and messaging• The thinking behind one of the fastest-growing finance parody brands• Practical insight on building content that actually cuts through• Why copying trends doesn’t work—and what does• Advice for students, allocators, and managers navigating a changing landscapeWhy This Episode Matters:In a market where everyone sounds the same, content is no longer optional—it’s a strategic advantage.This episode is about understanding that shift.Through humor first—then through experience.Guest:Johnny Hilbrant — creator of “PE Guy,” a rapidly growing parody brand across LinkedIn, Instagram, and YouTube, known for its sharp take on private equity culture and communication.
Transcribe →
Governance Over Everything: Inside the CIO Seat (WVU Live)
Mar 2501:10:15Tap to summarizeWhat does it look like to sit in the CIO seat?This episode of Dakota Live was recorded on campus at West Virginia University, bringing students directly into the room with institutional investors responsible for billions in capital.Rob Morier sits down with:Jim Bethea, CIO of the WVU FoundationCraig Slaughter, CIO of the West Virginia Investment Management BoardJosh Hall, Dean of the WVU Business SchoolThis is not a surface-level discussion.It’s a behind-the-scenes look at how portfolios are actually built—and what matters far more than most people think.We cover:How endowments and pensions allocate capitalThe real role of governance in investment outcomesHow CIOs evaluate managers (and why it’s not a pure science)Private markets vs public markets todayActive vs passive: where the opportunity may be shiftingWhat students and young professionals need to know to break into investingOne of the biggest takeaways:Most CIOs don’t spend their time talking about managers.They talk about governance, process, and decision-making.If you’re an allocator, asset manager, or student trying to understand how institutional investing actually works—this episode is for you.
Transcribe →