Capital Allocators – Inside the Institutional Investment Industry
Allocator and asset management expert Ted Seides conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, and thought leaders. The podcast aims to learn, share, and help implement the processes of premier investors.
Episodes
Best of Pre-Mortem Analysis: Gary Klein
This week's Summer Series covers the pre-mortem analysis with its founder, Gary Klein. Gary discovered pre-mortems while working with fighter pilots and wrote a white paper applying the tool to investment analysis alongside Paul Johnson and Paul Sonkin. Please enjoy this discussion of the proper use of pre-mortem analysis with Gary, Paul, and Paul from 2019. Learn more about Capital Allocators U
Best of Interviewing: Ted Seides
This week's Summer Series is a highly atypical episode, where I appear as the guest. Matt Breitfelder from Apollo asked to interview me about interviewing, something I learned far more from hosting the show the last nine years than I ever did while interviewing managers for 20. The conversation has been sufficiently popular that it made the Summer Series on investment process. Any leader should
WTT: The Anatomy of a Blow-Up
This What Ted's Thinking brings Situational Awareness to the underlying causes of hedge fund disasters. Read Ted's blog here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Best of Decision-Making: Annie Duke (2022)
Our Summer Series kickoff is with one of the all-time greats, Annie Duke. The former world-class poker player has become a noted academic and practitioner in the art of decision-making. Her best-seller Thinking in Bets is a one-of-a-kind set of tools and tips to try (emphasis on try) to get past our embedded behavioral biases. And her follow-up works How to Decide and Quit pull different threads
Best of Decision-Making: Annie Duke (2018)
Our Summer Series kickoff is with one of the all-time greats, Annie Duke. The former world-class poker player has become a noted academic and practitioner in the art of decision-making. Her best-seller Thinking in Bets is a one-of-a-kind set of tools and tips to try (emphasis on try) to get past our embedded behavioral biases. And her follow-up works How to Decide and Quit pull different threads
Building Durable Real Estate Portfolios at Morgan Stanley – Lauren Hochfelder (EP.514)
Lauren Hochfelder is Head of Global Real Assets at Morgan Stanley, where she oversees a team of 300 investment professionals across 13 countries, managing $80 billion across real estate, infrastructure, equity and credit. Lauren joined Morgan Stanley as an investment banking analyst directly out of Yale 26 years ago and has spent her entire career at the firm, helping build one of the industr
Rebuilding the NYU Endowment – Michelle Knudsen (EP.513)
Michelle Knudsen is Chief Investment Officer of NYU, where she oversees the university's $8 billion endowment. Michelle joined NYU two years ago, after fourteen years as an allocator at Partners Capital and the Mellon Foundation, with a mandate to build a best-in-class endowment from a clean sheet of paper. Our conversation traces Michelle's lessons learned working at Goldman Sachs, a growing OCI
Senior Decision Makers: Luis Laboy, Hewlett Foundation (EP.512)
Our next guest on the Senior Decision Makers series is Luis Laboy, Director of Public Equity at the Hewlett Foundation, where he's spent the last decade running the public equity book alongside CIO Ana Marshall — a mentor and colleague he first met nearly thirty years ago. The foundation's assets stand at roughly $14 billion today. Luis spent fifteen years as a direct emerging markets investor at
Roadmap for Private Credit from Australia – Frank Danieli of MA Financial Group (EP.511)
Frank Danieli is Head of Global Credit Solutions at MA Financial Group, an ASX-listed alternative asset manager that oversees A$15 billion ($10 billion) across a broad range of private credit and lending strategies and A$179 billion ($125 billion) in a lending ecosystem platform. Frank began his career in restructurings, the self-described 'dark side of credit', and has used the lessons from speci
Economic Growth, Governance, and Capital Allocation – Dambisa Moyo (EP.510)
Baroness Dambisa Moyo is a global economist, author, board member, and investor who sits at the intersection of public policy, corporate governance, and capital allocation. Dambisa serves in the U.K. House of Lords, sits on the boards of Chevron, Starbucks, Condé Nast, and Oxford University's investment committee, is Chair of the Economic Club of New York, and oversees Altered Trajectory alongside
WTT: 5.5 Lessons at 55.5
This WTT, 5.5 Lessons at 55.5 reflects on what five-and-a-half decades of investing, podcasting, and mistakes have taught me about people, markets, and myself. Read Ted's blog here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Moat Investing Nuances – Pat Dorsey (EP.509)
Pat Dorsey is the Founder of Dorsey Asset Management, a $1.7 billion global public equity manager focused on companies with competitive advantages and long investment runways. Pat created Morningstar's moat research framework and led its equity research efforts for a dozen years before launching his firm in 2014. Our conversation covers the nuances of investing in businesses with wide moats acros
Senior Decision Makers: Nicholas Csicsko, Trinity Wall Street (EP.508)
Our first guest on the Senior Decision Makers mini-series is Nick Csicsko. Nick is a Managing Director at the Trinity Wall Street endowment, where he joined CIO Meredith Jenkins at the founding of the investment office in 2016 and has spent the last decade helping build a young endowment inside a 320-year-old institution. Today the endowment has grown to over $6 billion. Nick's path into investi
Homegrown CIO at Williams College - Abigail Wattley (EP.507)
Abigail Wattley is the Chief Investment Officer of Williams College, where she oversees the school's $4.5 billion endowment. She became CIO three years ago upon the retirement of Collette Chilton, whose past conversation is replayed in the feed. Abigail has spent two decades in the Williams investment office, and her tenure manifests the benefits of duration and institutional knowledge in the sea
[REPLAY] Collette Chilton – Humility and Loyalty at Williams College (EP.174)
Collette Chilton is the CIO of Williams College where she has overseen its $3 billion since 2006. Collette is nothing short of a legend in the business. She has sat in a CIO seat since the early 1990s at the helm of public pension MassPrim and corporate pension Lucent before joining Williams. Institutional Investors bestowed its Lifetime Achievement Award on Collette in 2019, and Barron's named he
WTT: AI: Fundamentals, Valuation, and the Next Allocator Dilemma
This WTT, AI: Fundamentals, Valuation, and the Next Allocator Dilemma takes on a high-level assessment of AI companies as late-stage private winners prepare to go public, and the next big challenge allocators face as a result. Read Ted's blog here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Hotel Investing at EOS – Jonathan Wang (EP.506)
Jonathan Wang is the founder and CEO of EOS Investors, where he has built three real estate investment platforms totaling $2 billion in assets under management across the hotel and residential sectors. Jonathan also created a wholly owned hotel management company that oversees 60 properties for the EOS funds and five core partners. Our conversation covers Jonathan's path to hotel in
Contrarian Quality at GQG Partners – Rajiv Jain (EP.505)
Rajiv Jain is the Chairman and CIO of GQG Partners, a global equity manager he founded in 2016 that has soared to $160 billion in assets, rebuffing the challenging decade for active managers. Our conversation covers Rajiv's path from trading in India to his long tenure at Vontobel and founding of GQG. We discuss the periodic crisis lessons that shaped his approach, his definition of
Operator-Led Private Equity at Ethos - Erik Brooks (EP.504)
Erik Brooks is the Co-Founder and Managing Partner of Ethos Capital, a middle-market private equity firm built to bring seasoned C-Suite operators into every aspect of the investment process. Erik's experience prior to founding Ethos in 2019 spanned privatizations in Eastern Europe, value investing at Baupost, and twenty years at Abry Partners. Our conversation covers Erik's path to private equit
Fundraising Mastery: The Tao of Kimmer – John Kim (EP.503)
John Kim, or Kimmer, has raised more than $70 billion across his career for leading venture capital and private equity firms. Kimmer recently distilled three decades of lessons into The Tao of Fundraising, the best book I've ever read on fundraising for investment managers. Since then, Kimmer joined a General Catalyst portfolio company, Lila Sciences, as Chairman and President of Corporate Develop
Making Mistakes – Josh Steiner (EP.502)
Josh Steiner is a polymath of the New York and D.C. power corridors across government, media, and finance, and co-author of From Mistakes to Meaning: Owning Your Past So It Doesn't Own You. Josh rose to national prominence as the youngest-ever Chief of Staff at the U.S. Treasury in the Clinton administration, where he made a high-profile mistake he unpacks in the book. He pivoted to finance as a
Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
Today's show discusses an innovative joint venture between asset owners and a multi-manager hedge fund that seeks to deliver smooth, equity-like returns at a lower cost than available in the marketplace. My guests are Will England, Derek Drummond, and Tony Caruso. Will is the CEO and CIO of $12 billion multi-strategy hedge fund Walleye Capital. Derek is head of external public markets investing
Sloane Payne and Dave Joerger – Why Culture Matters (EP.500)
Sloane Payne and Dave Joerger are the COO and CCO of WCM Investment Management, a firm chronicled over the years for its remarkable culture and growth to $120 billion in assets under management. This special conversation was hosted by Scott MacDonald on our affiliate Investment Management Operations podcast. Their conversation describes WCM's culture in practice that includes hiring for character
Alex Sloane & Matt Perelman – Buy-and-Build Playbook in the Core Economy at GSP (EP.499)
Alex Sloane and Matt Perelman are co-founders of Garnett Station Partners, a $4 billion private equity firm focused on buy-and-build investments in founder-led, core economy businesses. Alex and Matt are lifelong friends who took an unconventional path out of business school, acquiring a 23-unit Burger King franchise in North Carolina that they scaled to 1,100 locations before selling it back to t
Rodney Comegys – The Mechanics of Indexing at Vanguard (EP.498)
Rodney Comegys is the CIO of Vanguard Capital Management and its Head of Global Equity Indexing, where he oversees $8.5 trillion in index assets across domestic, international, and multi-asset strategies. Rodney joined Vanguard twenty seven years ago and has worked across operations, customer service, risk management, and investing. Our conversation covers the philosophy and mechanics behin
Randall Stutman – Giving Feedback, Followership, and Admired Leadership (EP.497)
Randall Stutman is the founder of Admired Leadership and one of the most sought-after executive coaches in the world. He's known across Wall Street, the hedge fund community, professional sports, the Olympics, and the White House entirely by word of mouth. Randall was a past guest on the show six years ago in a rare public appearance, and that conversation is replayed in the feed. Our conve
[REPLAY] Randall Stutman - Admired Leadership (EP.150)
Randall Stutman is founder and co-head of the Leadership Practice at CRA. and the Admired Leadership Institute. Randall is probably the top executive coach that you've never heard of before. He's spent 30 years coaching and learning about the behaviors and routines of extraordinary leaders. To give you a sense, he was worked in the White House and the Olympics, with something like 2,000 senior exe
Promote Giving – A New Model for Performance-Driven Giving (EP.496)
My guest on today's special episode is Joel Holsinger, Co-head of Ares' $50 billion Alternative Credit strategy. In addition to his long and stellar career in the credit markets, Joel spearheaded the launch of Promote Giving, a philanthropic initiative similar to Warren Buffett and Bill Gates' Giving Pledge, designed for alternative asset managers. Our conversation covers Joel's path to engaging
Bruce MacDonald – The Playbook for Building a Mid-Sized Endowment from Scratch (EP.495)
Bruce MacDonald is the CEO and CIO of the Virginia Commonwealth University Investment Management Company, which runs $2.5 billion for VCU's endowment and health system. Bruce joined the University in 2015 and shortly thereafter, had the opportunity to sell the portfolio and start fresh. Since being promoted to CIO in 2022, VCU has been a top decile performer with a team of just five investment pro
Kieran Goodwin – Private Credit Concerns (EP.494)
Kieran Goodwin is a Partner at Saba Capital, a $6 billion hedge fund manager that seeks to identify dislocations in credit and equity markets to generate convex returns in volatile times. Kieran has been one of the top credit traders on the Street for the last three decades across roles at investment banks in the '90s and early 00's, King Street, his own hedge fund, Panning Capital, and most recen
Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
Jeremy Grantham is the Co-Founder of GMO, a $100 billion Boston-based asset management firm co-founded in 1977. Over six decades in markets, Jeremy has been one of the most respected and outspoken voices on value, market bubbles, and long-term investing. He recently published The Making of a Permabear with Edward Chancellor, an account of his career and investment lessons learned along the way.
WTT: When the Benchmark Becomes a Bet
Throughout most of my career, the S&P 500 has been an appropriate bogey to assess manager performance. More than that, it's the most widely used benchmark in the capital markets. But today, it doesn't represent the broad-based, diversified exposure to the U.S. economy that most participants take for granted when investing passively or measuring manager skill. This WTT, When the Benchmark Becomes
Will Guidara – Unreasonable Hospitality (EP.492)
Will Guidara is the author of Unreasonable Hospitality and the soon to release Unreasonable Hospitality: The Field Guide. Unreasonable Hospitality has become a New York Times bestseller and a business bible for elevating customer experiences. Will was co-owner of Eleven Madison Park alongside Danny Meyer when the restaurant ascended to #1 in the world, the co-producer of Emmy Award-winning streami
Ryan Lovell – Chainlink: The Infrastructure Pipes for Multi-Chain Finance (EP.491)
Ryan Lovell is the Director of Capital Markets at Chainlink Labs, where he leads the development of blockchain-based solutions for tokenized finance across banking and capital markets. Chainlink has powered more than $28 trillion in transaction value and powers the majority of decentralized finance. Our conversation explores the hidden plumbing of modern finance and the upgrade blockchains provid
Katelin Holloway – Human Side of Venture Investing at 776 (EP.490)
Katelin Holloway is a Founding Partner at Seven Seven Six, a technology-focused venture firm backing great early-stage entrepreneurs that she started with Alexis Ohanian in 2020. Alexis was a past guest on the show, and that conversation is replayed in the feed. Katelin and I explore the intersection of human capital and venture capital. We cover her upbringing, work alongside Steve Jobs at Pixar
[REPLAY] Alexis Ohanian – From Reddit to 776, a Technology Company that Deploys Venture Capital (EP.388)
Alexis Ohanian is the General Partner and Founder of Seven Seven Six, an early-stage venture capital firm with $1 billion under management that he describes as a technology company that deploys venture capital. Alexis was the co-founder of Reddit, one of the most popular online forums in the world, which he sold 18 months after its 2005 launch for $10 million and returned as Executive Chair in 201
Gavin Baker – Truth-Seeking and Crossover Investing at Atreides (EP.489)
Gavin Baker is the Managing Partner and Chief Investment Officer of Atreides Management, which oversees $7 billion across public, private, and crossover strategies focused on technology and the consumer. Gavin's deep knowledge of semiconductors and AI may be second to none, but our conversation barely touches the space. We begin with Gavin's upbringing, intellectual curiosity, and path to investi
Ed Grefenstette and Sean Warrington – Venture Market Update (EP.488)
Today's show dives into the state of the venture capital from the LP perspective. Sean Warrington is a Partner on the Private Investments team at Gresham Partners, a $13 billion multifamily office, and Ed Grefenstette is the CEO and CIO of The Dietrich Foundation, a $1.6 billion foundation with an unusually large allocation to private markets and venture capital. Ed was a past guest on the
[REPLAY] Ed Grefenstette – Bold Allocations at The Dietrich Foundation (EP.437)
Ed Grefenstette is the CIO of The Dietrich Foundation, which supports charitable organizations in Western Pennsylvania through a truly unique investment strategy that seeks to first, last, and always grow the assets. Bill Dietrich, a successful industrialist, published historian, international investor, and innovative philanthropist, formed the foundation after selling his business for $170 millio
Bobby Jain – Multi-Strategy Hedge Fund First Principles at Jain Global (EP.487)
Bobby Jain is the CEO and CIO of Jain Global, a global multi-strategy hedge fund he launched last year that manages about $6 billion with over 350 employees. Bobby's storied Wall Street career includes spending seven years as the Co-CIO of Millenium and twenty at Credit Suisse in a range of leadership roles spanning proprietary trading, derivatives, and asset management. Our conversation traces B
WTT: Can Private Markets Normalize?
In a world dominated by short-termism, does it seem odd that private equity holding periods are getting longer? Private equity professionals don't have different genes than other investors. They face a structural problem: too many portfolio companies cannot find a buyer. Private equity-owned businesses continue to grow in number and size, but demand from IPOs and strategics has not – and li
Stephen Gilmore – CalPERS' Total Portfolio Approach (EP.486)
Stephen Gilmore is the Chief Investment Officer of CalPERS, which at $600 billion is the largest public pension fund in the U.S. and one of the largest institutional pools of capital in the world. Stephen joined CalPERS eighteen months ago from a career spanning Wall Street, the IMF, and two of the most innovative sovereign wealth funds, where he was Chief Investment Strategist at Australia Fut
[REPLAY] Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108)
Matt Whineray is the CEO of New Zealand Superannuation Fund or Super Fund, one of the highest performing, most innovative and well-regarded large-scale investment allocators in the world. The New Zealand government created the Super Fund in 2001 to help defray the costs of retirees in the country in the decades to come. Matt joined the organization in 2008 and became the CEO in 2018 and oversees N
[REPLAY] Raphael Arndt – Australia's Sovereign Wealth Fund CIO (Capital Allocators, Episode 70)
Raff Arndt is the Chief Investment Officer of Australia's AUZ$145 billion Sovereign Wealth Fund, the Future Fund. He trained as an engineer and dove into infrastructure policy at the beginning of Australia's privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO. Our convers
Brendan O'Connor – Alpha Opportunities in Australia at Regal Partners (EP.485)
Brendan O'Connor is the CEO of Regal Partners, a premier alternatives manager in Australia with A$21B of funds under management across hedge funds, credit and royalties, real and natural assets, and growth equities. Brendan joined the firm in 2016 and has helped lead its expansion from a $1B long short specialist to a publicly listed, multi-strategy alternatives firm today. Our conversation tr
Jonathan Lewinsohn – Credit Microcycles at Diameter (EP.484)
Jonathan Lewinsohn is the co-Managing Partner of Diameter Capital Partners, a credit-focused investment firm he founded with Scott Goodwin in 2017 that manages $25 billion across hedge fund, dislocation, CLO, and direct lending strategies. Jonathan last appeared on the show five years ago interviewed by Kristen VanGelder from Evanston Capital, and that conversation is replayed in the feed. Our co
[REPLAY] Jonathan Lewinsohn – Diameter Capital Partners (Manager Meetings, EP.05)
On today's manager meeting, Kristen VanGelder speaks with Jonathan Lewinsohn. Kristen is Deputy Chief Investment Officer at Evanston Capital, a $4 billion hedge fund of funds whose CEO and CIO, Adam Blitz, was a past guest on the show. She's spent the last eighteen years at Evanston alongside Adam and the team. Jonathan co-founded Diameter Capital four years ago alongside Scott Goodwin and today m
Lane MacDonald – Teamwork, Alignment, and Investing at the Highest Levels at SCS (EP.483)
Lane MacDonald is the Chief Investment Officer of SCS Financial, a registered investment adviser and OCIO platform with approximately $46 billion in assets under management. Lane was a U.S. Olympic hockey player and Hobey Baker award winner as the best player in college hockey in the late '80s, but his aspirations of following in his father's footsteps and playing in the NHL were derailed shortly
Nick Rohatyn – Emerging Markets Multi-Asset Investing at TRG (EP.482)
Nick is the CEO of The Rohatyn Group, a global emerging markets and real assets investment firm he founded in 2002 that manages $7 billion across public and private markets. Nick previously spent two decades leading JP Morgan's emerging markets business across multiple cycles and served on the bank's Executive Committee. He also served as the founding chair of the Emerging Market Traders Associati
Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481)
Scott Kleinman is the Co-President of Apollo Asset Management. Scott joined Apollo in 1996 as its 13th employee and has spent nearly three decades helping build the firm into nearly a trillion-dollar alternative asset manager and retirement powerhouse. Our conversation traces Apollo's evolution from a value-oriented private equity boutique to an integrated platform investing across the capital st
Ashby Monk – Total Portfolio Approach and the Future of Asset Owners (EP.480)
Dr. Ashby Monk is the Executive and Research Director of the Stanford Research Initiative on Long-Term Investing. Over the last two decades, Ashby has worked closely with some of the world's largest sovereign wealth funds and pension funds on governance, organizational design, technology, and investment strategy. He is also a co-founder of KDX Management, a venture capital firm focused on investec
[REPLAY] Ashby Monk – Investor Identity, Navigation, and Resilience (Capital Allocators, EP.312)
Dr. Ashby Monk is the Executive & Research Director of the Stanford Research Initiative on Long-Term Investing. Ashby has studied and advised the largest asset owners in the world for more than twenty years with a particular interest in how to improve outcomes for their beneficiaries and the world. Ash also serves as the Head of Research at Addepar, a fintech company that helps investors make smar
[REPLAY] - Ashby Monk – Asset Giant Futurist (Capital Allocators, EP.29)
Dr. Ashby Monk is the Executive and Research Director of the Stanford University Global Projects Center. He is also a Senior Research Associate at the University of Oxford, a Senior Advisor to the Chief Investment Officer of the University of California, and the co-founder of Long Game. Ashby advises sovereign wealth funds and large pension funds, and is involved with a bunch of fin tech companies
Mike Gitlin – The Century of Capital Group (EP.479)
Today's episode continues our ongoing mini-series covering organizations that have proven to be great training grounds of talent. There may be none larger and quieter than Capital Group, the $3.2 trillion global asset manager whose 650-person investment team and 9,400 associates have historically experienced a fraction of the turnover of industry norms. My guest is Mike Gitlin, the CEO of Capital
Top 5 of 2025: #1: Howard Marks
We're counting down the top 5 episodes of 2025. Coming in at #1 is the legend, Howard Marks from Oaktree. I waited a while to have Howard on the show to capture a moment where one of his Memos particularly caught my eye. That happened when he wrote 'Gimme Credit' earlier this year. We dive into his thoughts on the implications of the growth of private credit for investors. With that, I hope you s
Top 5 of 2025: #2: Ian Charles
We're counting down the top 5 episodes of 2025. At #2 is Ian Charles from Arctos Partners. Before founding Arctos alongside Doc O'Connor to dominate the sports investing sector, Ian spent his career creating liquidity solutions in private markets. Arctos' second strategy goes back to his roots, providing solutions for GPs. In all of his work, Ian is intensively research and data-driven, and he bri
Top 5 of 2025: #3: Tim Sullivan
We're counting down the top 5 episodes of 2025. Coming in at #3 is Tim Sullivan. Tim joined the Yale Investments Office in 1986, a year after David Swensen arrived, and retired this year. In his 39 years in the saddle, he led Yale's private equity investing, which was the biggest return driver in the biggest success story over the last four decades. He shares four decades worth of wisdom and insig
Year in Review 2025 (EP.478)
For this year's annual review, our CEO Hank and I cover investment trends across private and public markets and top-of-mind issues for allocators. We then discuss highlights of the podcast and our efforts to improve discoverability of great episodes, outstanding asset management fintech products, and Capital Allocators University. With the Year in Review, we also kick off our countdown of the mos
Top 5 of 2025: #5: Adrian Meli
We're counting down the top 5 episodes of 2025. Coming in at #5, is Adrian Meli from Eagle Capital. It's a fun, nuanced exploration of applying the most sophisticated tools of hedge fund investing to long only public equities. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this
Top 5 of 2025: #4: Alex Sacerdote
We're counting down the top 5 episodes of 2025. At #4, it's Alex Sacerdote from Whale Rock Capital. Alex is a passionate TMT investor who describes how he finds companies ascending their S-curve of adoption. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Editing and post-production work for this episode was provi
Matthew Dicks – Storytelling Mastery (EP.477)
Matthew Dicks is a bestselling author, award-winning storyteller, and consultant on storytelling to Fortune 500 companies, including four of the Mag 7, and nonprofits, including Yale, Harvard, and the FBI. His bestselling books, Storyworthy and its business companion, Stories Sell, are my favorite books on storytelling. Matt spent a decade as a manager at McDonalds, twenty years as a wedding DJ, a
Josh Wolfe & Brett McGurk – Venture, Geopolitics, and the Next Frontier (EP.476)
Josh Wolfe and Brett McGurk are Partners at Lux Capital, a $5 billion venture capital firm that specializes in emerging science and technology companies that turn sci-fi into sci-fact. Josh co-founded Lux and is a repeat past guest on the show. His first appearance from 2018 discusses his story, including phrases: 'chips in shoulders put chips in pockets,' 'failure comes from a failure to imagine
[REPLAY] Josh Wolfe – Seeing the Lux (Capital Allocators, EP.65)
Josh Wolfe is the co-founder of Lux Capital, a $1.5 billion venture capital firm formed to support scientists and entrepreneurs who pursue counter-conventional solutions to the most vexing puzzles of our time. Josh's innovative thought process across his activities offers frameworks and insights applicable across the spectrum of investing. Our conversation covers Josh's early passion for science
Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
This Sponsored Insight features Robert Boucai and James Broyer. They are the Co-Founders of Newbrook Capital Properties, a multifamily real estate investment platform built to generate optimal long-duration, tax-efficient income. Robert is also the Founder of Newbrook Capital Advisors, a hedge fund he launched twenty years ago that today manages $1 billion across long-short and long-only strategie
John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
John Khoury is the Founder and Managing Partner of Long Pond Capital, a hedge fund that specializes in publicly traded real estate securities. After 15 years in the business, Long Pond is one of the few remaining firms in the niche. Long Pond recently launched an active ETF, ticker: LPRE, which invests in the most attractively priced stocks from Long Pond's list of the highest-quality real estate
Michael Kelly – Democratizing Access to the Middle Market at Future Standard (EP.473)
Our continuing exploration of the intersection of private wealth and alternatives takes us to Future Standard, one of the largest distribution platforms bringing the wealth channel exposure to the middle markets. Michael Kelly is Co-President and Chief Investment Officer of Future Standard, a $90 billion alternative asset manager focused on private middle-market strategies for the wealth channel.
Daniel Mahr – Glass Box Quant at MDT Advisers (EP.472)
This Sponsored Insight features Daniel Mahr, Head of MDT, the $26 billion quantitative equity investing group at Federated Hermes that oversees a suite of actively managed mutual funds, ETFs, collective investment trusts, and separately managed accounts. Dan joined the firm in 2002 as a junior analyst and took over leadership of the team six years later, guiding its evolution through vast changes
David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
David Lyon is Managing Director and Head of Capital Solutions at Neuberger Berman, where he oversees $10 billion of AUM and deploys $2-3 billion each year originating large scale financing solutions to premier sponsor-backed companies. Over three decades, David was the first arbitrage analyst at Och-Ziff in the mid 1990s, an associate at one of the then largest private equity firms in the late 199
WTT: The Sydney Sweeney Interview
Ted breaks down a recent viral video to highlight three important interviewing techniques shared at Capital Allocators University. Read Ted's blog here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Jay Ripley – Emerging Manager Selection at GEM (EP.470)
Jay Ripley is the Head of Investments and Deputy Managing Partner at Global Endowment Management, or GEM, an endowment-style outsourced CIO overseeing $12 billion. Jay joined GEM in 2014, following six years in private equity where he developed an analytical rigor and mindset of an owner-operator. GEM's Co-CIO Matt Bank joined me on the show last year for a broader discussion of the firm, and that
[REPLAY] Matt Bank - "GEMs" of Risk, Asset Allocation, and Manager Selection (EP.419)
Matt Bank is the Deputy Chief Investment Officer at GEM, an OCIO that manages $12 billion for forty clients. GEM was founded in 2007 by investment leaders at The Duke Endowment and Duke University Investment Management Company. Our conversation covers Matt's path to investing under recent guest David Salem and lessons learned about risk and governance while under his tutelage. We then turn to Mat
Dave Thornton – Unlocking Venture Access Through Stock Options at Vested (EP.469)
This Sponsored Insight features Dave Thornton, the Co-Founder and CEO of Vested, a venture secondaries platform that provides liquidity to the long tail of startup employees whose stock options often go abandoned or ignored and seeks to deliver diversified, attractively priced exposure to the top 20% of venture-backed startups. Our conversation covers Dave's background bridging entrepreneurship a
Jeff Aronson – Building Centerbridge Across the Capital Structure (EP.468)
Jeff Aronson is Co-Founder and Managing Principal of Centerbridge Partners, a $43 billion alternative investment firm he started in 2005 after two decades at Angelo Gordon. Jeff's career spans forty years of investing across credit and private equity through multiple market cycles, giving him a front-row seat to the evolution of the alternatives industry. Our conversation covers Jeff's path from
Mike Trigg and Sanjay Ayer – The Discipline of Getting Better at WCM (EP.467)
Mike Trigg and Sanjay Ayer are Portfolio Managers at WCM Investment Management, a $120 billion investor in growth stocks, where Mike also serves as Co-CEO. I've had the opportunity to chronicle the growth of WCM over the years in conversations with Paul Black, Mike, Sanjay, and other members of the team. Paul first joined the show in 2018 when WCM managed $25 billion, and Mike last appeared four y
[REPLAY] Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Paul Black and Mike Trigg from WCM Investment Management are both past guests on the show who have taken an investment philosophy focused on culture and moat trajectory to turn a once struggling boutique into a $100 billion powerhouse. Paul came on the show a few years ago when WCM had quietly grown to $25 billion in assets, and Mike joined a year ago to dive into their research process. Their co
[REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989. With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Lag
Morgan Housel – The Art of Spending Money (EP.466)
Morgan Housel is a bestselling author, partner at Collaborative Fund, and Board member of Markel. Morgan's work focuses on the intersection of human behavior and financial decision making. His first book, The Psychology of Money, has sold 10 million copies since releasing five years ago and is already one of the best-selling investment books of all time. His second, Same as Ever, explores human be
[REPLAY] Morgan Housel – Same as Ever (EP.359)
Morgan Housel is a partner at Collaborative Fund, blogger about behavior and money, and author of The Psychology of Money. The book has sold 4.5 million copies since its release three and a half years ago and already ranks in the top five best-selling books about finance. Morgan recently published his second book, Same As Ever: A Guide to What Never Changes. Our conversation starts with what hap
[REPLAY] Morgan Housel – The Psychology of Money (Capital Allocators, EP.155)
Morgan Housel is a partner at Collaborative Fund and one of my favorite writers about investing. Morgan recently released his first book, The Psychology of Money, and I'll go on record and predict it will be a best-seller in short order. Our conversation starts with Morgan's non-traditional education, his path to writing, and his process for writing each week. We then turn to the book and discus
John Graham – Evolution of the Canadian Model at CPPIB (EP.465)
John Graham is the President and CEO of Canadian Pension Plan Investment Board, or CPPIB, which oversees $730 billion Canadian ($530 billion USD) making it the 7th largest pension fund in the world. Geoffrey Rubin, Chief Investment Strategist at CPPIB, was a past guest on the show describing the Canadian model and that conversation replayed a few weeks ago as part of our CIO Greatest Hits Summer S
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