What is finance, really? Britt Harris gave an unforgettable answer on the Scholars of Finance podcast — finance isn’t the most important industry, but it is the lifeblood of every other one. That idea kicks off one of the most wide-ranging, wisdom-packed conversations in 6 × 6lock Podcast history.

Britt Harris is the founder of On Eagles Wings Advisors and a 6lock advisor. He is the only investor in the world to have served as CIO or CEO for a top-5 fund in all four major investment categories: endowments (UTIMCO, $68B), public funds (Teacher Retirement System of Texas, $155B), private/hedge funds (Bridgewater Associates), and corporate funds (Verizon Investment Management). He has mentored 1,100+ students through his Titans of Investing program at Texas A&M and UT Austin, collectively launching 43 companies worth $6 billion.

In this episode, Britt, host Mike Langford, and 6lock CEO Todd Sorrel cover:

• Why the trust culture of private markets has quietly become its biggest security vulnerability

• Why money movement is still stuck in the telegraph era — and what it will take to change it

• What LPs of the future are going to demand from their GPs

• The “Success to Significance” framework: why the second half of a career is more important than the first

• The Three Cheeseburger Life Plan — Britt’s surprisingly practical framework for a full life

• Why Britt — after 40 years in the industry — put his name behind 6lock

Britt also shares the story directly from his time running UTIMCO: capital calls were arriving at 10x, even 100x, the expected amounts — and the industry had no reliable way to verify where the money was actually going. That unsolvable problem is exactly why 6lock exists.

The lifeblood quote that opened this episode came from Britt’s appearance on the Scholars of Finance podcast with @scholarsoffinance911. Watch that episode to hear more of Britt’s perspective on the purpose of finance.

CHAPTERS

00:00 — Intro & Teaser

02:28 — The Ethos of Finance Being: The Lifeblood of All Industries

10:49 — The Handshake Economy: How Trust Became a Risk for Private Markets

18:24 — Money Movement in Private Markets Is Stuck in the Telegraph Era

28:19 — What the LP of the Future Is Going to Demand from Their GPs

36:13 — Success to Significance: What the Second Half of a Career Is Really For

42:17 — The Three Cheeseburger Life Plan

48:15 — BONUS: A Principled Approach to Business

CONNECT & LEARN MORE

🔗 Learn more about 6lock: 6lock.com

💼 Learn more about On Eagles Wings Advisors: oewadvisors.com

📧 Questions or suggestions for the show: podcast@6lock.com

🎬 Britt on the Scholars of Finance podcast: Watch here

When everyone told Oliver Freigang that automating waterfall calculations was impossible, he saw an opportunity.

After his employer rejected the idea, Oliver and his co-founder Gregor bet their own money that they could solve one of private markets' most complex-and most broken-problems. That bet became Qashqade, a Swiss fintech now protecting billions in fund distributions from the kind of errors that keep CFOs up at night.

The shocking reality: Between 80-95% of complex Excel spreadsheets contain errors (KPMG study). When you're calculating who gets paid what from a billion-dollar fund exit, even a small error can mean millions going to the wrong people.

IN THIS EPISODE:

Oliver shares the origin story of building Qashqade after being told it wasn't possible, drops the stat that should make every GP and fund administrator pause, and explains why both Excel AND AI fall short when billions are on the line.

We cover:

• Why industry giants said waterfall automation was impossible-and what happened when Oliver proved them wrong
• The real $6 million error that KPMG missed (yes, a major fund administrator)
• Why Excel, the backbone of private markets for decades, is finally meeting its match
• What happens when you try to hand waterfall calculations to AI (spoiler: 4% hallucination on $10 billion = $400 million in potential errors)
• How the finish line handshake works between Qashqade's calculations and 6lock's verified money movement
• Oliver's vision to become the global standard for waterfall calculations

CHAPTERS:

00:00 - Cold Open: The KPMG Error Rate Study

03:40 - The Qashqade Origin Story: They Said It Was Impossible

12:14 - The Problem: Excel, Error, and the Billion-Dollar Spreadsheet

24:39 - How It Works: Automated Waterfalls and Why Complexity Is Your Friend

34:11 - The AI Question: Can ChatGPT Do Your Waterfall?

46:41 - The Full Money Movement Stack: From Calculation to Secure Movement

52:36 - The Vision: Making Qashqade the Global Standard

The private credit market has exploded to over $4 trillion in assets — but the infrastructure behind it hasn't kept pace. Most firms are still moving billions of dollars using the same manual, high-risk processes that were built for a much smaller, slower market.

On this episode of 6 × 6lock, hosts Mike Langford and Todd Sorrel (CEO & Co-Founder, 6lock) sit down with Stanton Ray, Head of the US Loan Platform and Senior Portfolio Manager at Columbia Threadneedle Investments, to explore what it actually takes to operate a $4 billion loan platform in today's private credit landscape — and why the operational infrastructure gap is both a vulnerability and an opportunity.

From his early days in Gun Barrel City, Texas, to the Corps of Cadets at Texas A&M (where he met Todd), to building a $2.5 billion CLO business at Carlson Capital over 22 years, Stanton brings rare insight into how private credit markets actually work behind the scenes.

In this episode they cover:•

• The three distinct markets within private credit (high yield, syndicated loans, and true private credit) — and why they're converging fast
• How CLOs revolutionized lending by solving the duration mismatch problem that nearly broke the banking system — and why they now own 65% of the loan market
• Where the smart money is flowing in the AI infrastructure boom: off-balance-sheet data center financing, utility investments, and the unexpected winners in the AI value chain
• Why software company loans dropped 10 points after Claude Code launched — and what that signals about AI's market impact
• The hidden operational cost of moving $4 billion manually: 300+ quarterly payments, 10-20 daily trades, all settled over the counter without modern infrastructure
• Why geopolitical uncertainty freezes private market deal flow — and what that means for capital deployment in 2026

Whether you're a GP, LP, fund administrator, CFO, or treasury professional, this episode offers a rare look inside the operational realities of private credit — and why the infrastructure modernization gap is one of the most under appreciated risks in the market today.

Chapters:

00:00 Cold Open: Moving Billions Manually

03:37 From Texas to Manhattan Beach — Who is Stanton Ray?

09:49 The Private Credit Landscape — Three Distinct Markets

17:41 The CLO Revolution — How Wall Street Solved the Duration Problem

23:23 The AI Infrastructure Play — Where Smart Money Flows

32:07 The Hidden Cost of Moving $4 Billion — The Operational Nightmare

36:36 Why Private Credit Markets Prefer Stability