Leaders at the Bell: An Interview with Joshua Bischoff on Trading, Risk, and Opportunity
From the floor of the NYSE, TimesSquare's Joshua Bischoff breaks down how disciplined investors trade illiquid small- and mid cap names, manage risk, and find opportunity beyond big tech.
Episode Summary
In this episode of Leaders at the Bell, broadcast from the floor of the New York Stock Exchange for Negocios TV, Joshua Bischoff, Partner, Head of Trading, and Portfolio Manager at TimesSquare Capital Management, offers a rare view of how a quality-growth investor operates in the small- and mid cap markets. Recorded midday on August 27, just after Nvidia's earnings and a day ahead of the Jackson Hole Fed meeting, the conversation moves past the market headlines and into the mechanics of putting capital to work when conditions are anything but calm.
Bischoff's world is one of precision. He describes the quiet discipline of building or exiting a sizable position in an illiquid name without signaling the market, working high-touch brokers to locate natural buyers and sellers, crossing anonymously against large institutions, and reading each situation to judge whether the moment calls for speed or patience. Beneath the execution sits a rigorous process: TimesSquare pairs bottoms-up fundamental research with analytics from Omega Point and Alpha Theory to pressure-test risk and size every position, though Bischoff is careful to note that the data sharpens the debate rather than settling it. And when market gravity pulls toward a narrow set of mega-cap technology names, his answer is conviction, a commitment to the firm's quality-growth discipline even when holding the line is the harder path.
Looking ahead, Bischoff points to energy and healthcare as the sectors he finds most compelling: energy for the power demands of AI and the buildout to meet them, healthcare for continued innovation in biotech, where TimesSquare holds an edge in a small cap portfolio manager, David Ferreiro, with a Ph.D. in Biology. On U.S. exceptionalism versus diversifying abroad, he keeps a global perspective without letting it drive the decision. And on what keeps him up at night, his answer is measured: there is always, as he puts it, an elephant that can fall out of the sky, and the task is not to fear it but to be ready.
Disclosures
This interview does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product such as Omega Point or Alpha Theory. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein; any risks associated therewith; and any related legal, tax, accounting or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact TimesSquare Capital Management, LLC and/or consult with the professional adviser of their choosing.
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