In this episode, Jinwoo and Hugo sit down with Shaun Heelan, CIO of Maat Investment Group, to discuss his path from shorting CDOs in 2008, the case for running a highly concentrated portfolio, and why the greatest investors size up aggressively when conviction is high. They wrap up with a crucial look at why narratives drive markets, but reality always strikes back.

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0:00 Intro

‍0:56 Shaun's background & surviving the 2008 GFC

‍1:30 Psychological capital & risk management

‍4:55 Running a high-concentration portfolio

‍7:07 Filtering the right LPs (the Costco analogy)

‍13:45 Sizing positions: defined by downside, not upside1

4:50 The CMBS trade post-GFC

‍19:56 Private equity mindset in public markets

‍22:43 Vistry & home builders — a PE due diligence lens

‍28:46 Small/micro caps vs. venture capital

‍33:39 Capital allocation & advising companies

‍37:46 AI, hyperscalers & staying in your circle of competence

‍42:04 Finding opportunity in overlooked markets