EPISODE · Mar 20, 2026 · 59 MIN
#141 Inside Center Book: Alpha Capture, Manager Skill and The AI Advantage - David Stemerman
from Alt Funds Network · host Mike Schroeder, Skyler Steinke, David Stemerman
Find us online: https://altfunds.io/ Email us with topic ideas: [email protected] Spotify: https://bit.ly/4afXcan Apple Podcast: https://apple.co/4akXAUS 👇 Click Below to be a guest on our video podcast: 👇 https://forms.gle/eUNLxbPj5utv8bar7 Connect with David Stemerman: firm website: https://www.centerbook.com/ firm linkedin: https://www.linkedin.com/company/centerbook-partners-lp/ Timestamps: 00:00 Pre Interview Recap 01:28 Podcast Intro Guest 01:52 David’s Background 03:03 Why CenterBook Exists 05:49 Manager Evaluation Data 09:22 Durable Alpha Patterns 12:34 Regime Change Three Signals 18:13 AI Winners And Losers 21:15 Allocator Diversifier Needs 26:43 Future Of Alpha Capture 29:41 Scaling The Platform 32:08 Research As Gold 33:37 Alpha Theory Framework 35:10 Why Optimal Beats Actual 36:36 CenterBook As Partner 37:56 Manager Risk Tools 40:23 Where Alpha Leaks 44:03 Spotting Real Skill 48:13 Long Short Is Not Dead 51:43 AI In The Workflow 54:25 Active Extension Vision 59:04 Closing And Contact Bigrock by Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 4.0 License https://creativecommons.org/licenses/by/4.0/ Disclaimer: Alt Funds Network LLC and its affiliates, episode guests, and the companies they represent do not provide tax, legal or accounting or investment advice. This material has been prepared for informational and educational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, accounting, and investment professionals before engaging in any transaction or making any financial or legal decision based on your specific situation.
What this episode covers
Background: David Stemerman, is Co-Founder, CEO & CIO of CenterBook Partners, a pioneering global buy-side alpha capture platform. Description: On the Alt Funds Network podcast, Mike Schroeder and Skyler Steinke interview David Stemerman, co-founder, CEO and CIO of Center Book Partners, a global buy-side alpha capture firm. Stemerman shares his background in bottom-up stock picking, work at Lone Pine, and founding KTI Capital, then explains why Center Book was built to deliver “pure alpha” by isolating managers’ idiosyncratic stock-picking returns from factor and market noise. He describes partnering with Alpha Theory to access years of portfolio and price-target data, evaluate manager skill and process discipline, and use systematic portfolio construction and efficient trading to capture managers’ “optimal portfolio” alpha. The discussion covers why equity long/short may be entering a better regime, allocators’ overconcentration in multi-manager strategies, Center Book’s growth plans, and how AI tools improve productivity, coding, and data analysis.
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#141 Inside Center Book: Alpha Capture, Manager Skill and The AI Advantage - David Stemerman
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