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I think a lot of you fellow pack members, at least those of you who are in the asset management/investment space, probably already know Corey. But, I personally can say, I only knew a tiny fraction of his entire story. We got deep into his family upbringing, the pure serendipity of people he met along the way, and the sheer number of career-ending/defining drops he’s overcome. Truly a remarkable conversation. Here’s the note I’ll be sharing tomorrow on my personal archive about it:
I’m starting to believe this formula:
Parents/family/friends/a community who care + time to be bored/explore + a genuine risk of complete failure (without being dead) = some modicum of success.
Corey Hoffstein may have founded a high-profile ETF company, built over a decade on highly and publicly discussed research findings, and communicated for years via media showcasing…
But NOW is not THE STORY.
The kid using pinecones as grenades with his friends in the woods is a part of it.
So is the rural upbringing with a build-your-own-PC industry Dad who left enough spare parts around so Corey could turn his “30 minutes per day of video game time” rule into multiple hours of “Programming my own games doesn’t count as playing my own games” bit.
And then there’s the internship with his dad’s advisor, which turns into a licensing agreement, and a business - successful beyond his dreams.
Until the fraud claims. Until the countless lawsuits. Until the accusations from the multi-billion dollar asset manager came raining down on everything they built.
Even if they were all lies.
He and his business partner fought their way out. They published new research. They showed where the marketing and leadership people of the firms licensing their research went awry.
The courts and the SEC eventually agreed.
Can you even imagine the lessons learned along the way?
You can’t, or at least I couldn’t, until I heard it out of Corey’s mouth.
The sheer serendipity and goodwill of everyone from the college sweetheart who would later become his wife, to the business partner with a corporate law background who helped him fight his way out.
You don’t want to miss this one.
Corey Hoffstein is truly an Intentional Investor.
The Intentional Investor Corey Hoffstein From SEC Investigation to ETF Innovation
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Great episode, Matt!