On this episode of Search Funded, we sit down with William D. Cohan, bestselling author, longtime financial journalist, and former Wall Street M&A banker, for a wide-ranging conversation that spans search fund investing, leadership, capitalism, and career reinvention.

Before bringing moral clarity to the financial world through his journalism and books including Money and Power, House of Cards, The Last Tycoons, and Power Failure, Bill spent nearly two decades as an M&A banker at Lazard, Merrill Lynch, JPMorgan Chase, and GE Capital.

But what many people do not know is that he has also been a search fund investor for many years, backing entrepreneurs in the U.S. and internationally, including a decades-long investment that ultimately exited to the Pritzker family.

In this episode, we cover:

• Why search fund investing appealed to Bill compared to traditional private equity, especially around incentives, fees, and alignment (00:03:30)
• Patterns he has observed across successful and unsuccessful search fund investments, and why outcomes are often unpredictable (00:06:45)
• The risk of greed creeping into search funds, parallels to SPACs and private equity, and why modesty still matters in entrepreneur compensation (00:17:52)
• Bill’s career pivot from Wall Street to journalism after being fired post-9/11, and why taking control of his work and time led to a more meaningful life (00:22:35)

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On this episode of Search Funded, we sit down with Tom Sarig, founder and CEO of Antifragile Equity Partners. A Grammy-winning music executive and former SVP at multiple major labels, Tom has worked with artists like The Roots, Erykah Badu, and Lou Reed. He now applies his decades of experience to acquiring music catalogs and helping independent artists grow their careers sustainably.

In this episode, we cover:

• Tom’s unusual journey from international tax consultant at Deloitte to A&R executive in the music industry (00:01:39)
• Lessons from managing legends like Lou Reed, Brian Ferry, and the Violent Femmes—and how that shaped his approach to younger artists (00:10:48)
• How Antifragile evolved from an artist management firm into a label and now a fund acquiring music IP (00:18:14)
• Success stories like Cannons and Mipso, and how Tom uses sync licensing and AI to grow streams and fanbases (00:22:24)
• Why Tom sees investing in music catalogs as similar to acquiring cash-flowing businesses—and why streaming has made this model more predictable (00:32:25)
• Antifragile’s investment strategy: how they select artists, where the value lies, and how they achieve multiple expansion (00:36:39)

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New SBA rules are making self-funded search tougher—especially for non-U.S. citizens. In this episode, we explore why it might be time to look abroad and my personal reflections after spending the past few months traveling through the Middle East and Southeast Asia.

Links to INSEAD Emerging Markets Podcast: Spotify, BuzzSprout, Apple.

Nothing in this episode should be interpreted as financial, legal, or investment advice. Please do your own research or consult a professional.

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