Podcast Summary: The Investor With Joel Palathinkal

Episode: Joe Gelet: Investment Representative at RF Lafferty
Date: February 5, 2026
Host: Dr. Joel Palathinkal
Guest: Joe Gelet, Investment Representative at RF Lafferty

Main Theme & Purpose

This episode explores the evolving landscape of private equity and venture capital markets, with an emphasis on secondary transactions, technological disruption, capital formation, and building a successful career as an investor. Joe Gelet shares his journey from algorithmic FX trading to building tech-enabled platforms that facilitate complex private market deals, offering insider perspectives on the impact of innovation, regulatory shifts, and industry best practices.

Key Discussion Points & Insights

Joe Gelet’s Background & Path to Private Markets

• Entrepreneurial Roots and Trading Start

  • Joe credits his entrepreneurial spirit to his father, who built a massive pizza franchise but was also a stock trader.
  • “He was an entrepreneur. I looked up to him, but I didn’t want to be in the restaurant business… he was a stock trader and so he got me into trading. So even when I was a little kid, I was always interested in trading and computers.” (03:33–04:14)

• Algorithmic Trading and Shift to Private Equity

  • Joe was drawn to algorithmic and FX trading, emphasizing its rigor and institutional scale compared to crypto.
  • Regulation in the U.S. pushed many FX peers abroad, but Joe pivoted, eventually founding CurrencyCentral and focusing on late-stage secondaries (notably, SpaceX).
  • “We got regulated out of the market...my friend got me into private equity primarily about around late stage secondaries such as SpaceX...so I started doing the venture capital and private equity in order to kind of as a means to an end…” (05:29–06:14)

• Licensing and Platform Building

  • Joe obtained Series 7, 24, and other licenses, enabling him to operate at both the investor and intermediary levels in private markets.
  • He’s currently building a “mega platform” to bring efficiency and structure to secondary transactions.
  • “It’s going to be like a mega platform...that links platforms based on firm commitments...more about transactions.” (07:08–07:30)

Dissecting the Private Equity & Venture Landscape

• Maker vs. Taker Paradigm

  • Joe distinguishes between wealth creators (“makers,” like Elon Musk) and extractors (“takers,” such as certain PE firms or hedge funds).
  • “There are makers and there are takers, and Elon is a maker...he's not only created wealth for himself, he has created thousands of other billionaires...he's created this whole new market...” (08:40–10:10)

• Societal Impact of SpaceX & Elon Musk Companies

  • SpaceX enables new markets/jobs, and its value creation reaches far beyond direct investors.
  • “He’s created the way you build a civilization is through families and through jobs...SpaceX, I think, is the leading paradigm of the future of business...the growth model.” (09:30–10:40)

• Critique of Old Private Equity Methods

  • Joe cautions against traditional “chop shop” private equity approaches: “That’s kind of the more private equity approach, which is we’re gonna buy a business and then kind of cannibalize an industry...super toxic. And that’s kind of for the last 50 years...” (10:44–11:12)

• On Technology & the Future of Work

  • Both see technology as indispensable for modern finance, with AI and automation raising—not lowering—the value of human creativity and labor.
  • “The value is gonna skyrocket. So if you’re someone who knows how to use an LLM or knows how to cut grass or a plumber or anything, a computer scientist, your hourly wage is just gonna go through the roof.” (14:18–15:10)

• Abundant Society & AI Narratives

  • Joe is optimistic: “I think a lot of these negative narratives about AI or the financial markets… just the pain of transitioning to a really abundant society...” (15:11–16:13)

The Evolving Structure of Private Markets

• Rise of Private vs. Public Markets

  • Joe argues private markets are becoming preferable for many companies due to stability and reduced manipulation compared to public markets.
  • “I actually see that companies will start to go private versus the opposite...the trend of companies going private and more private markets building out more robust framework...” (20:29–22:48)

• Human Element in Capital Allocation

  • Joel emphasizes that relationships, trust, and negotiation are irreplaceable, even as tech automates back-office tasks:
  • “You can't really automate or replace...when you're in a boardroom and you're talking deal terms...that person has to feel that feeling of trust and a long-term partnership...” (22:48–24:00)

• Modern Private Equity: Catalyst not Cannibal

  • Private equity today is less about asset stripping, more about operational improvement and value creation.
  • “You’re a catalyst now versus kind of like a, like a used parts, like a, kind of a chop shop, kind of chopping up the parts and selling them.” (25:48–26:10)

Best Practices and Advice for Investors

• Develop a Personalized, Systematic Plan

  • Joe recommends building an investing “algorithm” tailored to one’s own inclinations and knowledge base.
  • “You should develop a plan like a, like an algorithm that is for you...like the same advice you give to a trader...” (26:18–28:00)

• Combine Data and Intuition; Stick to Your Plan

  • Mix instincts with analytics; don’t over-optimize to numbers.
  • “By second guessing your plan, even if it’s a bad plan, you’re better off sticking with it and seeing it through unless there’s some real like dumpster fire situation.” (29:07–29:22)

• Learn From Shark Tank & Track Successful Seed Rounds

  • Joe praises “Shark Tank” as an accessible introduction to venture investing and uses AI to analyze pitch decks from notable startups. (30:33–31:30)
  • “It’s actually a free course on venture capital.” (30:11)

• Access Arbitrage is Key

  • In secondaries, the intermediary’s job is often to find and unlock hard-to-access deals. (31:45–32:20)

Insights for Emerging and Established Fund Managers

• Favor Single-Asset SPVs for Liquidity Flexibility

  • “It's hard to broker a deal into a mixed fund...I would segregate the investments into SPVs. If you want to sell them, it's a lot easier to sell an LP interest in a single asset SPV.” (34:16–35:35)

• Value-Add > Passive Investing

  • Winning allocations in coveted companies goes beyond capital—VCs must offer strategic or operational support.
  • “So the more value you can provide to companies, the better it’s going to be for the company. And you'll get more allocation in the next round.” (38:35–39:54)

Structuring Deals and SPVs

• Avoid Deal-Chasing Without Capital in Hand

  • Joe’s Top Tip: “Don’t even look at any deals. Raise money from LPs...you call the capital before you even look at any deal.” (42:54–43:40)
  • This prevents price/allocations slipping away while chasing capital for a hot deal.

• Advocate for Hard Commitments Without Fixed Terms

  • “Commit you hard commit with no terms...no share price, just five names, something like that.” (44:33–48:25)

• Building Track Record and Trust

  • Flexibility must be balanced by relationship-building and delivering returns; “Do nothing is always an option...Not investing is an investment.” (49:42–50:25)

Notable Quotes & Memorable Moments

“There are makers and there are takers, and Elon is a maker...he's allowed other companies to piggyback on his infrastructure.”
– Joe Gelet (08:40–10:10)

“If you have a doubt, you don’t have a doubt. If something feels bad, like there’s a red flag, you shouldn’t do it.”
– Joe Gelet (48:57–49:15)

“In quantitative analysis, do nothing is always an option. So you don’t have to make a decision when you’re investing. Like, you can just not invest.”
– Joe Gelet (49:42–50:25)

“What I always say is trading is really tough, but you can develop algorithms that trade for you and indicators and supplements what you can actually do as a human.”
– Joe Gelet (03:56–04:09)

“You can automate pretty much everything these days. But what you can't really automate or replace is...when you're in a boardroom and you're talking, you know, deal terms with someone and you're building a relationship.”
– Joel Palathinkal (22:48–23:20)

Timestamps for Important Segments

• Joe’s Background and Early Career: 03:30–07:00
• Building and Licensing in Private Markets: 06:10–08:09
• SpaceX, Elon Musk & The Maker/Taker Perspective: 08:26–11:30
• Technological Disruption & Future of Work: 14:18–16:13
• Why Private Markets Will Grow: 20:29–22:48
• Best Practices for Investors: 26:18–30:33
• Emerging Manager Guidance & Value-Add Investing: 34:16–39:54
• SPV Structure, Commitments, and Deal Flow: 42:54–48:28
• Closing Advice (“If you have a doubt, you don’t have a doubt”): 48:57–49:15
• “Do nothing is always an option” and Closing: 49:42–50:25

Final Takeaways

• Build a plan that fits YOU—blend instincts and analytics.
• Access, flexibility, and speed are crucial in private, secondary markets.
• Delivering value to portfolio companies (beyond capital) is increasingly necessary for allocations in top deals.
• Structure your investment vehicles for flexibility and readiness, not just opportunity.
• Resist pressure to invest when unsure—doing nothing is a valid, often wise, choice.

Joe Gelet’s perspectives offer a real-world look at how technological innovation, practical experience, and adaptable strategy shape success in today’s dynamic private markets.