Steve (Stephen) Ketchum

speaker

528 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Steve (Stephen) Ketchum’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

Appearances

newest first · ▶ plays the moment

How I Invest with David Weisburd · E403: Why the Best Investment Firms Stay Small | Sound Point Capital Founder · 15 Jul 2026 podcast

I'm very proud of the team because a year and a half ago, fundamentally, we started to see the risks creep in where we thought that AI could be disruptive to at least some segments of the software industry.

So in the broadly syndicated loan market, the average concentration of software is about 14%.

Our performing credit business is about 7%, so 50% lower than the norm.

It's a math exercise.

So think about, we, like every other asset manager, we're in the funnel business.

We want to put as many good ideas at the top of the funnel, go through a rigorous process, and we want these polished diamonds to come out the bottom.

And if we need to, I'm making up a number, if we need to deploy investments in five ideas every quarter in a particular specialty, and we put 100 ideas at the top of that funnel,

funnel, if you will, and we end up doing 5% of what we start with, that probably ends up with a good outcome.

If we need to deploy 50 things every quarter, and we put the same 100 at the top of the funnel, and we end up doing 50% of the things that we initially look at, the math doesn't work.

If you have too much capital, does it guarantee bad performance?

Certainly not, but it makes it more likely.

We're privileged to have nearly $50 billion of investor capital.

What we do differently than others is we try to manage the size of our funds to a modest level.

So the largest commingled fund that we have is $1.5 billion.

We don't have a $10 or $20 or $30 billion flagship fund, if you will.

So how do we accomplish that?

It creates more complexity.

We have separately managed accounts, co-invest vehicles.

We have a dozen plus co-mingled funds.

And so our view is if we keep the size of the funds and the different strategies reasonable and modest, then we avoid the perils of having too much capital, not enough ideas.

Showing 21–40 of 528 · page 2 of 27