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09.21.2026

Incentives vs Alpha

Peter Kraus, Chairman and CEO of Aperture Investors, joined Alex Shahidi on The Insightful Investor podcast for a conversation about investing, incentives and active management.

Peter discusses changes in the asset management industry and why manager incentives should be connected with client outcomes. He also addresses the tension between asset gathering and alpha generation, how investors can distinguish skill from luck and the criteria they should consider when evaluating managers.

As Peter tells Alex, "First line up the incentives because there's no point in having a discussion with an investor until you agree that the incentives that you're paying the investor line up with the objectives."

Listen to the full episode, Incentives vs Alpha.

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