Could an ensemble of Deep Reinforcement Learning "portfolio managers" outperform your entire investment committee?

Angelo Calvello, host of Against Consensus, is joined by Sebastian "Seb" Owen, co-founder and CEO of Alpha Circle AI. Seb argues markets aren't a prediction problem; they're a capital allocation problem under uncertainty, which is why his team of non-finance AI engineers chose deep reinforcement learning over LLMs. They discuss Alpha Circle's two-layer DRL architecture, currently running a US large-cap strategy, and debate whether "tech firm" and "investment firm" are still meaningfully different categories.

Sebastian Owen is a financial markets veteran with experience across New York, London, and Amsterdam, and an AI entrepreneur focused on machine-native capital allocation. He is the co-founder and CEO of Alpha Circle AI, deploying deep reinforcement learning systems that learn how to allocate capital under risk, rather than relying on static portfolio construction. Previously, he founded HIPSTO, a deep learning platform for large-scale text knowledge discovery. His work focuses on how AI is shifting investment management from human-defined processes to adaptive, learning-based systems.

In This Episode:
(00:00) Introduction of guest Seb Owen, co-founder of Alpha Circle AI
(03:21) Why Seb Owen built Alpha Circle instead of a legacy spinout
(07:26) Choosing deep reinforcement learning over large language models
(12:25) Explaining deep reinforcement learning through cats in Manhattan
(17:12) Assembling an engineering team of non-finance scientists in Kharkiv
(20:55) Inside the two-layer swing set and DRL allocator system
(29:23) Track record, retraining cadence, and built-in safeguards
(33:23) Scaling the model across asset classes and geographies
(35:36) Turnkey AI lab versus a single AI-native hedge fund
(41:02) Is Alpha Circle a tech firm or an investment firm?
(45:00) Closing thoughts: capital allocation is becoming AI

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!
Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:
LinkedIn (Seb Owen): linkedin.com/in/sebowen/
Alpha Circle AI: alphacircle.ai
LinkedIn: https://www.linkedin.com/in/sebowen/
Alphacircle AI website: https://alphacircle.ai/
Alpha Circle AI’s manifesto: https://alphacircle-manifesto.alphagrail.ai/
Website: https://againstconsensus.com
YouTube channel:

What does it actually take for a deep reinforcement learning strategy to win over a skeptical institutional allocator?

In this episode of Against Consensus, host Angelo Calvello, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Subhasis Das, Senior Portfolio Manager in Strategic Investments at the Florida State Board of Administration. Subhasis walks through how his team sources, vets, and constructs a portfolio spanning hedge funds, infrastructure, insurance-linked securities, and opportunistic strategies. He explains why star managers get more scrutiny, not less, where managers are actually using AI today, and what two decades of site visits have taught him about the "immeasurables" that ultimately drive long-term manager success.

Subhasis Das is a Senior Portfolio Manager in Strategic (Alternative) Investments at the State Board of Administration of Florida. He has over 15 years on the board, focusing on hedge fund, activist equity, and niche alternative investment strategies, particularly CTA and discretionary global macro strategies for portfolio diversification. Previously, Subhasis directed research in the Global Equity asset class, overseeing portfolio analysis, external active managers, quantitative equity strategy development, and risk analysis. Earlier career roles include economic and tax revenue forecasting for governmental and financial institutions. Subhasis holds a PhD in economics, an MS in Computer Science, and an MBA.

In This Episode:

(00:00) Intro and warm-up questions with Subhasis Das

(05:33) Overview of Florida SBA's strategic alternative investments portfolio

(08:30) Hedge fund manager selection criteria and risk objectives

(12:38) How the team sources, vets, and decides on new managers

(19:10) Consultants' role and how the team runs peer and reference checks

(23:43) A hypothetical fully autonomous AI black box strategy

(26:38) Where managers are using AI today, and the industry's biggest shift since 2002

(31:03) Site visits, team culture, and advice for younger allocators

(34:36) The worst pitch he's ever heard, and closing
Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Subhasis Das — LinkedIn: https://www.linkedin.com/in/subhasis-das-050860a/

State Board of Administration of Florida https://www.sbafla.com/

Against Consensus

• • Website: https://againstconsensus.com

"I do not like black box investments because, to me, the way you usually get yourself in trouble is not understanding what you're investing in." - Waymond Harris

On this episode of Against Consensus, host Angelo Calvello, PhD, co-founder of Blue Diamond Asset Management and Rosetta Analytics, sits down with Waymond Harris, CFA, Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital. Waymond makes the case for internal asset management, traces Bricktown Capital's origin as a registered investment advisor, and explains how liquidity, capital preservation, and statutory surplus requirements shape every decision at a nonprofit mutual insurer. He also shares where AI is earning trust on his desk — and why black-box strategies still give him pause.

Waymond Harris, CFA, is Senior Vice President and Treasurer of Blue Cross Blue Shield of Michigan and President of Bricktown Capital, where he leads investment management, cash management, and treasury operations across the enterprise. Before joining BCBSM in 2012, he spent a decade on Wall Street in sales and trading, equity research, and asset management. A former Army officer, Waymond holds a B.S. in Engineering Management from the United States Military Academy and an MBA from MIT's Sloan School of Management. He serves as Treasurer and Board Member of The Heat and Warmth Fund, a Michigan energy-assistance nonprofit.

In This Episode:

(00:00) Waymond Harris - rapid-fire warm-up

(04:29) The case for managing assets internally instead of outsourcing

(08:23) Building, structuring, and retaining Bricktown Capital's investment team

(12:41) Bricktown Capital's origin as a registered investment advisor

(15:03) Decision-making culture across the investment team

(17:37) Capital preservation, liquidity, and running a business-first portfolio

(21:56) AI in research, workflow automation, and employee adoption

(28:04) Board education, black-box AI skepticism, and an AI wishlist

(32:31) The classic worst-pitch story and closing thoughts

Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review!

Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers.

As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.

Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations.

Resources:

Blue Cross Blue Shield of Michigan — https://www.bcbsm.com

Bricktown Capital — https://www.bricktowncapital.com

The Heat and Warmth Fund (THAW) — https://thawfund.org

United States Military Academy (West Point) — https://www.westpoint.edu

MIT Sloan School of Management —