Capital Allocators – Inside the Institutional Investment Industry

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Chad Summe and Mike Veith – Corridor of Commerce at eGateway Capital (EP.364) Jan 25, 2024

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Today's Sponsored Insight features Chad Summe and Mike Veith, Partners at eGateway Capital, a Cincinnati based, thesis-driven firm that focuses on growth stage, enablement technologies that drive the future of digital supply chains, marketing, and commerce.

Our conversation covers their path to creating eGateway, their investment strategy and process. Chad and Mike highlight the firm's regional and relationship-based sourcing and value add opportunities that benefit from the importance of the Midwest in supply chains and commerce.

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Tilly Franklin – Endowment Model at Cambridge University (EP.363) Jan 22, 2024

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Tilly Franklin is the CEO and Chief Investment Officer at University of Cambridge Investment Management, where she oversees the £4.0B Cambridge University Endowment Fund. UCIM applies an endowment model approach primarily investing in managers and with an overall emphasis on sustainability. We discuss Tilly's background that canvasses operating roles, direct private equity, at Apex, investing at Yale cub Alta Advisors, and the perspectives she brought to Cambridge four years ago. We cover her work at UCIM across developing the team, portfolio, manager selection, and sustainability. Lastly, we talk about Tilly's experience with GAIN, or Girls Are Investors, a non-profit organization that introduces women to careers in finance. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

George Michelakis – Chess Master's Approach to Long-Short Equity at Gladstone (EP.362) Jan 15, 2024

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George Michelakis is the Chief Investment Officer of Gladstone Management, a $2 billion long/short equity hedge fund based in London. George founded Gladstone in 2006 with seed capital from, well me at Protégé Partners, and six years later bought back the stake when still managing less than $100 million. In the dozen years since Gladstone has won awards for European Hedge Fund of the Year and the top performing five-year fund for three years in a row.

Long before that, George became an International Chess Master and took third in the 1992 World Under-20 Chess Championships.

We discuss George's path from chess to investing, alongside his college friend Roelof Botha of Sequoia, the challenges of the fundamental long-short equity model, the culture required to make it work, and how he does at Gladstone.

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WTT: The Next Alpha Frontier Jan 13, 2024

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How will we generate returns to meet important spending needs in an increasingly unforgiving world? One answer is "Internal Alpha' – making fewer mistakes alongside making great investments. Generating internal alpha is rarely taught in the investment field, which is why we created Capital Allocators University. Read Ted's blog here.

Brian Christiansen – High-Conviction Growth Investing at Sands Capital (EP.361) Jan 11, 2024

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Brian Christiansen is Executive Managing Director and Senior Portfolio Manager at Sands Capital, a growth-focused public and private equity manager that oversees $50 billion in assets.

Our conversation covers Brian's journey to Sands Capital, the firm's investment philosophy and approach to growth investing, six key investment criteria, portfolio construction, competitive advantage, and investment examples.

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Capital Allocators was compensated in connection with participation in this interview, which creates a conflict of interest that should be considered.

Ana Marshall – The Climb to Investment Excellence (EP.360) Jan 08, 2024

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Ana Marshall is the CIO for the $14 billion William and Flora Hewlett Foundation and a two-time past guest on the show. This time around, we discuss Ana's recently published book, The Climb to Investment Excellence. It is an outstanding, thorough guide for any leader overseeing a pool of institutional capital. But don't take my word for it – the book jacket has praise from perhaps the best list of investment luminaries to ever adorn a cover: Seth Klarman from Baupost, Sir Christoper Hohn from TCI, Paul Singer from Elliott, Doug Leone from Sequoia, Lei Zhang from Hillhouse and Marc Andreessen from a16z.

Our conversation offers a walkthrough of the mountain investors must climb to reach their summit, following the metaphors of identifying the goal, preparing to embark or establishing governance, getting started or setting the investment strategy, working up the mountain or manager selection, and reaching the summit.

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[REPLAY] Ana Marshall – Preparing for the New Environment at Hewlett (Capital Allocators, EP. 288) Jan 08, 2024

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Ana Marshall is the CIO for The William and Flora Hewlett Foundation, where she oversees a $13 billion pool of capital. Ana joined Hewlett eighteen years ago after spending the same amount of time as a direct investor. She was a past guest in 2019 describing her approach, and that conversation is replayed in the feed. We caught up to discuss what is on Ana's mind going into the new year. We cover inflation, private equity secondaries, liquidity management, China, emerging markets, and ESG. We close discussing where Ana is looking around corners, what's filling her basket of worries, and her plan for the next five years. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

[REPLAY] Ana Marshall – Applied Direct Investing at the William and Flora Hewlett Foundation (Capital Allocators, EP.111) Jan 08, 2024

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Ana Marshall is the Vice President and Chief Investment Officer for The William and Flora Hewlett Foundation, where she oversees a $10.5 billion pool of capital. Ana joined Hewlett in 2004 after spending eighteen years as a direct investor in high yield credit, emerging market debt, and international equities.

Our conversation covers Ana's lifelong passion for investing, joining the "super buy side," conducting company meetings to inform the manager selection and allocation process, portfolio structure, manager selection, monitoring and measuring risk, perspectives on peers, internal dynamics, and working through a big mistake.

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Morgan Housel – Same as Ever (EP.359) Jan 01, 2024

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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 happened since his last appearance on the show just before the release of The Psychology of Money. We then turn to his latest magnum opus and discuss some of its themes and stories across storytelling, expectations, compounding, risk, incentives, and people.

Morgan's wisdom, humility, and passion for his work come out in spades. He also happens to be a wonderful person and dear friend.

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[REPLAY] Morgan Housel – The Psychology of Money (Capital Allocators, EP.155) Jan 01, 2024

Show notes

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 discuss some anecdotes about luck and risk, greed, compounding, patience, and tail events. We close with two of Morgan's personal stories – one about his own investing and the other, which seems inconceivable as you listen, about his lifelong challenge with stuttering.

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