David Clark sits down with Ben Forman, Founder and Managing Partner of ParaFi Capital, one of the world’s leading institutional investors in blockchain and digital assets.
Ben’s path into digital assets is anything but conventional. Trained in traditional private equity and credit at firms such as KKR and TPG, he began his career analysing businesses through a deeply fundamental, cash-flow-driven lens. Like many experienced investors, his initial reaction to crypto was sceptical. What changed was a growing conviction that blockchain technology could fundamentally reshape how value moves through the global financial system.
For listeners unfamiliar with blockchain or digital assets, this conversation serves as a clear, grounded introduction. Ben explains blockchain in practical terms, comparing its potential impact on finance to what the internet did for information—reducing friction, cost and reliance on intermediaries. We explore why financial services, despite decades of digitisation, remain inefficient, and how technologies such as stablecoins, tokenisation and on-chain settlement are beginning to change that.
The discussion also demystifies ParaFi’s role in the ecosystem. Ben outlines how ParaFi operates as a multi-strategy investment firm—spanning venture capital, liquid markets and non-directional strategies—and why institutional process, risk management and governance matter just as much in digital assets as they do in traditional markets.
We also examine real-world examples of blockchain in action, including prediction markets, stablecoin-based payments, and the growing involvement of major global institutions. Importantly, Ben shares lessons from both successful investments and ideas that were simply too early—offering rare insight into how emerging asset classes evolve over time.
This episode provides a clear framework for understanding one of the most important structural shifts underway in global finance and why digital assets are increasingly part of institutional portfolios, what risks remain, and how to think about the opportunity with discipline rather than speculation.
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David Clark sits down with Ben Forman, Founder and Managing Partner of ParaFi Capital, one of the world’s leading institutional investors in blockchain and digital assets.
Ben’s path into digital assets is anything but conventional. Trained in traditional private equity and credit at firms such as KKR and TPG, he began his career analysing businesses through a deeply fundamental, cash-flow-driven lens. Like many experienced investors, his initial reaction to crypto was sceptical. What changed was a growing conviction that blockchain technology could fundamentally reshape how value moves through the global financial system.
For listeners unfamiliar with blockchain or digital assets, this conversation serves as a clear, grounded introduction. Ben explains blockchain in practical terms, comparing its potential impact on finance to what the internet did for information—reducing friction, cost and reliance on intermediaries. We explore why financial services, despite decades of digitisation, remain inefficient, and how technologies such as stablecoins, tokenisation and on-chain settlement are beginning to change that.
The discussion also demystifies ParaFi’s role in the ecosystem. Ben outlines how ParaFi operates as a multi-strategy investment firm—spanning venture capital, liquid markets and non-directional strategies—and why institutional process, risk management and governance matter just as much in digital assets as they do in traditional markets.
We also examine real-world examples of blockchain in action, including prediction markets, stablecoin-based payments, and the growing involvement of major global institutions. Importantly, Ben shares lessons from both successful investments and ideas that were simply too early—offering rare insight into how emerging asset classes evolve over time.
This episode provides a clear framework for understanding one of the most important structural shifts underway in global finance and why digital assets are increasingly part of institutional portfolios, what risks remain, and how to think about the opportunity with discipline rather than speculation.
Ep 201: Nikki Thomas - The Power of Focus: Running a 20-Stock Global Portfolio
Inside the Rope with David Clark
1 hour 7 minutes 51 seconds
5 months ago
Ep 201: Nikki Thomas - The Power of Focus: Running a 20-Stock Global Portfolio
In this episode of Inside the Rope, David Clark is joined by Nikki Thomas, one of Australia's most respected global equity investors and the current Portfolio Manager of Magellan’s High Conviction Fund. After a period of significant change at Magellan, Nikki’s return to the firm marks a powerful reconnection with its founding principles—absolute returns, deep research, and a commitment to global quality.
With over two decades of experience and foundational roles at both Magellan and Alphinity, Nikki unpacks her high-conviction investment philosophy and explains why the core Magellan approach — compounding capital through structural moats and disciplined valuation — remains unchanged despite market noise.
In a candid and wide-ranging conversation, David and Nikki explore:
* How she builds a concentrated portfolio of 10–20 global leaders
* The role of AI, robotics, and digitalisation in shaping long-term investment themes
* The outlook for key holdings including Novo Nordisk, Visa, and Microsoft
* How Magellan is evolving from a founder-led boutique to an institutional investment house
* Her return to the firm and the strategic pivot under new leadership
This episode offers rare insight into one of Australia’s top investment minds at a pivotal moment for Magellan and global capital markets. A must-listen for high-net-worth investors seeking clarity, conviction, and access to the type of global opportunities that sit beyond Australia’s borders.
Inside the Rope with David Clark
David Clark sits down with Ben Forman, Founder and Managing Partner of ParaFi Capital, one of the world’s leading institutional investors in blockchain and digital assets.
Ben’s path into digital assets is anything but conventional. Trained in traditional private equity and credit at firms such as KKR and TPG, he began his career analysing businesses through a deeply fundamental, cash-flow-driven lens. Like many experienced investors, his initial reaction to crypto was sceptical. What changed was a growing conviction that blockchain technology could fundamentally reshape how value moves through the global financial system.
For listeners unfamiliar with blockchain or digital assets, this conversation serves as a clear, grounded introduction. Ben explains blockchain in practical terms, comparing its potential impact on finance to what the internet did for information—reducing friction, cost and reliance on intermediaries. We explore why financial services, despite decades of digitisation, remain inefficient, and how technologies such as stablecoins, tokenisation and on-chain settlement are beginning to change that.
The discussion also demystifies ParaFi’s role in the ecosystem. Ben outlines how ParaFi operates as a multi-strategy investment firm—spanning venture capital, liquid markets and non-directional strategies—and why institutional process, risk management and governance matter just as much in digital assets as they do in traditional markets.
We also examine real-world examples of blockchain in action, including prediction markets, stablecoin-based payments, and the growing involvement of major global institutions. Importantly, Ben shares lessons from both successful investments and ideas that were simply too early—offering rare insight into how emerging asset classes evolve over time.
This episode provides a clear framework for understanding one of the most important structural shifts underway in global finance and why digital assets are increasingly part of institutional portfolios, what risks remain, and how to think about the opportunity with discipline rather than speculation.
