The Improving Alpha podcast has wrapped up its third season, featuring a diverse lineup of guests from across the alternative asset landscape. These leaders shared deep, practical insights on managing billion-dollar portfolios and the institutional investment trends they are seeing in real time. As part of our ongoing conversations, we also ask a more personal question: when they step away from manager letters, research papers, and performance reports, which authors do they turn to for perspective and inspiration beyond their day jobs?
In Vidrio’s latest blog, we highlight the books and authors that today’s asset owners are reading and recommending to their peers. Explore a curated selection of those recommendations below.
By: David Barry, Director of Marketing, Vidrio Financial
Thirty-four episodes and counting. The Improving Alpha podcast continues to book exciting thought leaders across the institutional investing space. This year, we were fortunate to bring in leading experts from major university endowments, including Fordham, Baylor, West Virginia, and combine their alternative investment perspectives with insights from guests at the UJA Federation, NYU Stern School of Business, Kenan-Flagler Business School, and a major state retirement system.
Truth be told, that last one will be published in January, so be sure to read below for more details.
This year, the Improving Alpha podcast, powered by Vidrio Financial, was also honored to receive recognition as one of Feedspot’s top alternative investor podcasts, highlighting Vidrio’s commitment to powering this podcast and advancing the operational efforts of those looking to improve alternative investment data and performance analytics. These episodes provide an excellent opportunity to understand how CIOs, Founders, and University Professors think about the alternative asset industry and the trends they’re observing across the markets.
At the close of each year, we take a quick look back at one of the questions that is asked to every guest, “What is a favorite book you’re reading today, or have read that has shaped your outlook, or would recommend to our allocator audience?”
The following are excerpts taken from those interviews, along with links to each highlighted book, as well as how you can listen to the full episode. If you would like to review past blog entries that cover the Improving Alpha book recommendations from our lineup of guests, please click over to our past season recaps below:
Season 1: Top Book Recommendations from the Improving Alpha Podcast
Improving Alpha Podcast: Top Book Recommendations from Season 2
Now on to our most recent guests and recommendations:
Robert Wolcott, Co-Founder & Chairman TWIN Global, Adjunct Professor of Innovation at the Booth School of Business, University of Chicago, and author of "Proximity"
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-podcast-robert-wolcott-proximity-revolution
During his time on the Improving Alpha podcast, Robert brought a fresh perspective on technology innovation and its profound implications on investment strategies today. Michael centered this conversation on Robert's latest book, entitled Proximity. This book asks the question of how just-in-time breakthroughs could better serve customers, impact corporate strategy, investing, and more.
We won’t give too much away here and encourage you to check out the full episode above. When not writing or thinking about his next book entry, Robert is a big historian. Under this theme, anyone interested in the Northeast United States would enjoy The Founding of New England, which covers the enclave of Massachusetts, Connecticut, Rhode Island, Maine, and New Hampshire. The book describes not only the discovery and first settlement, but also how religion and politics shaped future cities like Boston, Salem, and several other settlements in the region.
See the link in the image below for more information on The Founding of New England.
Greg Brown, professor of finance at the University of North Carolina Kenan-Flagler Business School and founder of the Institute for Private Capital
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-podcast-greg-brown-alternative-research-institutionalinvestors
Greg Brown came to the Improving Alpha program to discuss some of the research that is happening on private funds and risk-adjusted returns and how real assets might be used to fight off inflation. When Michael asked him about his book recommendations, Greg pointed not to a book but to The Economist, citing his insatiable appetite for the snarky tone and ongoing satire. We must agree that if you’re looking for coverage on important developments around the world, this should be at the top of the list.
Devana Cohen, Chief Investment Officer of the United Jewish Appeal Federation (UJA)
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-devana-cohen-on-driving-investment-conviction-for-improved-endowment-portfolio-performance
Devana has the distinction of being our first female guest for the 2025 season, as well as overseeing the investment strategies of a $2Bn portfolio for the UJA-Federation. As with most of our CIO guest interviews for the Improving Alpha podcast, we find that our guests read a ton of information in their careers each day. Whether it’s manager letters, financial statements, white papers, or just what appears in the news cycle. So, to turn off that side of the brain and decompress, Devanna turns to Sylvia Garcia Moreno, whose books range from gothic to horror and a bunch of other themes.
She also mentioned that comedy is a great uplifter in this industry, and for those times, she turns to Matt Levine at Bloomberg or Cliff Asness. One of Silvia’s books is below and can be found at www.silviamoren-garcia.com, (Bewitching is a national bestseller).
Jim Bethea, CFA, CAIA, Chief Investment Officer, West Virginia University Foundation
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-jim-bethea-on-resetting-the-learning-process-of-endowment-performance
Organizational excellence and retaining top-tier talent in this industry can be tricky, but if you can balance those goals with liquidity concerns and improving portfolio construction, you start to accelerate past your peers.
In this episode of the Improving Alpha podcast, we welcomed Jim Bethea, CIO, West Virginia University Foundation. There was zero hesitation in Jim's answer to our book recommendation question, picking out Eiger Dreams as a clear favorite, which showcases the hardships and victories of mountaineering in places like K2, Denali, Everest, and Eiger.
The other book/audiobook that Jim recommended during the interview was Sheryl Sandberg’s Lean In. This is a huge benefit to anyone that is in the CIO role and managing a diverse team, and helps to ensure the playing field is equal, and team members can feel valued and achieve their own long-term goals.
For those unfamiliar with this title, Sheryl shares her personal stories to help women work more efficiently together and create a more equal world. We’ve included links to each of these books by clicking on their pictures.
Aswath Damodaran, Kerschner Family Chair and Finance Education Professor, NYU Stern
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-aswath-damodaran-dabbler-on-ai-esg-wallst
With the specialization occurring across the financial markets, the Improving Alpha podcast decided to switch the approach up for this episode, inviting more of a generalist and 'dabbler' for our next guest.
Aswath provided his insights on AI and how parts of the financial industry could be taken to the cleaners with further innovation. He went on to touch on the gaming of quarterly reports that he’s observing today, what is the real value of Bitcoin, and more. This was a great episode and should not be missed - click on the direct link above to listen now.
On the topic of book recommendations, similar to Robert Wolcott (see above), Aswath is an accomplished author in his own right and has authored several valuation books and explained how valuation in business can negatively influence the investor to take on greater risk when a persuasive narrative on that business exists. 
In The Dark Side of Valuation, Aswath describes difficult-to-value companies that urge you to go to the dark side of valuation, abandoning all valuation principles and creating new metrics. Further book details can be pulled in by clicking on each image.
When the conversation turned to books that he didn’t author, Aswath encouraged listeners to read books where you come up with your own conclusions on the market movements. There are too many books out there today claiming things that the market can’t simply deliver for investors. Two authors that Aswath pointed to that do a decent job of this are:
See other titles from Michael J. Mauboussin here.
Admittedly, he believes that a good chunk of time is spent reading too much and listening to podcasts and what others believe about the market. This results in less space and time thinking about what’s coming down the pipeline in the markets and why it should be important today. You can listen to more on Aswath’s approach in our podcast above.
Geeta Kapadia, CFA, Vice President and CIO, Fordham University
Podcast Episode: https://www.vidrio.com/blog/improving-alpha-geeta-kapadia-on-endowment-innovation-secondaries-and-the-future-of-alternatives
In each of our podcast discussions with various investment leaders, many of them point to specific instances that altered their career direction or changed their perspectives for the future. For Geeta Kapadia, Vice President and CIO of Fordham University, this change occurred after reading a book called Shuggie Bain, by author Douglas Stuart. Geeta spent some time in Scotland, where this book takes place, and allows her to revisit her time back there.
Kristin Varela, Chief Investment Officer, Employees’ Retirement System of the State of Hawai‘i
Podcast Episode: Releasing in January 2026
Kristin was our last guest of the 2025 Improving Alpha season, which will be published in the first week of January 2026, and one small regret is that she wishes she could read a lot more fictional content.
Like most of our guests on the podcast, Kristin finds herself reading things that relate directly to her professional obligations at the Employees' Retirement System of Hawaii. Most recently, in gearing up for her annual board education summit, she came across a book that could be oriented to the agenda and education components around the state of Hawaii. This book has more than 3,000 proverbs displaying the knowledge, humor, and morality of the Hawaiian people. You can learn more about the book by clicking on the image below.
We hope you enjoyed this quick rundown of the top reads of some of our 2025 Improving Alpha podcast guests. Be sure to listen to future episodes of the podcast as more guests share their professional secrets on seeking alpha, innovation, and more.
*Book images were found via Amazon or the publisher's website and are available for purchase.
