Most investors believe raising more capital is always a sign of success. Stephen Ketchum has spent nearly two decades proving the opposite. As Founder, CEO, and CIO of Sound Point Capital, Stephen built a $46 billion credit platform by resisting one temptation that destroys investment firms: deploying capital simply because it's available. Instead of maximizing assets under management, Sound Point limits fund sizes, turns away capital when opportunities aren't compelling, and prioritizes long-term trust over short-term fees. Stephen explains why excess capital weakens discipline, why incentives shape every organization, and why culture compounds just as powerfully as investment returns.

This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point as of the date of the recording and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Source for other lender software exposure: J.P. Morgan Global Alternative Investment Solutions, Goldman Sachs, J.P. Morgan Investment Bank Credit Research. February 2026. Past performance is not necessarily indicative of future results.

Highlights:

• Why having more capital than ideas is one of investing's biggest risks.
• How Sound Point intentionally limits fund sizes instead of maximizing AUM.
• Why saying "no" to investors can strengthen long-term LP relationships.
• Why founder-led firms have an advantage in building trust with LPs.
• The hiring framework Stephen uses to avoid costly culture mistakes.
• Why incentives alone don't create great organizations.
• Why relationships, not money, have compounded the most over

Guest Bio:

Stephen Ketchum is the Founder, Managing Partner, CEO, and CIO of Sound Point Capital Management, a $46 billion alternative asset manager specializing in credit strategies. With more than 35 years in the credit markets, he previously led Media & Telecom Investment and Corporate Banking at Banc of America Securities and held senior investment banking roles at UBS and Donaldson, Lufkin & Jenrette.

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Sponsor:

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why More Capital Can Hurt Investment Returns (1:44) Knowing When a Hot Market Has Peaked (6:19) How Sound Point Manages $46B Without Losing Discipline (10:25) Why Being "Long-Term Greedy" Wins (15:42) Warren Buffett's Lesson Beyond Financial Compounding (19:51) The Founder Advantage in Asset Management (27:30) The Culture Code Every Firm Should Learn (31:58) Scaling Culture From 5 to 210 Employees (39:27) What a Founder Actually Does All Day (47:31) Making Time to Build the Next Five Years (52:48) How AI Can Increase Alpha