Imagine spending an hour with the world's greatest traders. Imagine learning from their experiences,

their successes, and their failures. Imagine no more. Welcome to Top Traders Roundtable,

the place where you can learn from the best hedge fund managers and investors in the world,

so you can take your manager due diligence or investment career

to the next level. Before we begin today's conversation, remember to keep two things in mind.

All the discussion that will have about investment performance is about the past, and past

performance does not guarantee or even infer anything about future performance. Also understand

that there's a significant risk

of financial loss with all investment strategies, and you need to request and understand the

specific risks from the investment manager about their products before you make investment

decisions. Now here's your host, veteran hedge fund manager, Nealz Kostrup Larson.

Welcome back to Top Traders Roundtable, a podcast series on Manish Futures brought to you by

CME Group and the Manish Funds Association, where I continue my conversation with Stephen

Wilson, who is a senior portfolio manager in the Public Markets Group at the Teacher Retirement

System of Texas.

Trent Webster, who is the Senior Investment Officer, Strategic Investments for the State Board

of Administration of Florida, as well as Jake Barton, who is a senior portfolio manager

at Promas Capital, which is a multifamily investment firm.

I hope you enjoy the conversation.

I want to bring you back in, Jake, but I want to shift the topic a little bit, but still relating to this.

And that is kind of the, you know, investment theory versus data. I mean, when do you know, if you're wrong?

So I'm sure within your teams, you rely on a certain amount of investment theory and your investment

...