William J. "Bill" Kelly is the CEO of the Chartered Alternative Investment Analyst Association ("CAIA"). Formed in 2002, the CAIA Association has 12,000 members worldwide, 31+ CAIA chapters and sponsors over 250 events annually. Its Charter designation has become the globally-recognized credential for professionals managing, analyzing, distributing, or regulating alternative investments. In this episode, Bill covers a wide-range of issues involving the current state of the alternatives industry and its future. He discusses topics such as asset growth, the benefits of understanding portfolio construction and risk metrics, the challenges of accessing the private markets (particularly for retail investors who need to manage their own retirement accounts), and the importance of achieving operational alpha with the advent of digital tools and machine learning. He also discusses ESG and the need to find solutions that require all people – not just allocators and managers – to feel a bit more inconvenienced. For more information about Bill Kelly and the CAIA Association, please visit the CAIA Association website.