Capital Allocators – Inside the Institutional Investment Industry

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2022 Top Episode #3: Paul Enright – Inside Long-Short Equity Investing, EP. 264 Dec 28, 2022

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This week, we're counting down the top 5 episodes of 2022. Weighing in at number 3 is Paul Enright - Inside Long Short investing. Paul is a private investor managing his own capital under single-family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well. Our conversation covers Paul's career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul's approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show.

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2022 Top Episode #4: Rob Citrone – Emerging Markets, Hedge Funds, and Staying in the Game, EP. 261 Dec 27, 2022

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This week, we're counting down the top 5 episodes of 2022. Coming in at number 4 is Rob Citrone - Emerging Markets, hedge funds, and staying in the game. Rob is the Founder of Discovery Capital Management, a $2 billion global hedge fund investing across equities, fixed income, currencies, and rates with a focus on emerging markets. Rob is one of the longest-standing managers in the space and the largest investor in his fund. He trained under Julian Robertson in the heyday of Tiger Management in the mid-90s before launching Discovery in 1999. Since then, the firm grew to a peak of $15 billion in assets and despite the subsequent reduction in AUM, he and his team of 42 are still going strong. Our conversation dives into Rob's background, lessons he learned from Fidelity, Julian Robertson, and George Soros, and the launch of Discovery. We discuss his investment strategy, research process, perspective on markets around the world, ups and downs in the business, and managing an organization through change. Rob doesn't often share his insights in the public forum, so it was a real treat to get inside the mind of one of the best in the business. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

2022 Top Episode #5: Annie Duke – The Power of Quitting, EP.273 Dec 26, 2022

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Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie's background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It's called Quit: The Power of Knowing When to Walk Away, and I'm going on record predicting it will be a best-seller in short order. Our conversation covers Annie's compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train.

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Year in Review 2022 (Capital Allocators, EP. 289) Dec 26, 2022

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It's that time of year where I share my annual letter and a rundown of the top episodes of 2022. We're adding a little drama to the results this year by counting down the top 5 each day this week. Coming in at number 5 is Annie Duke - The Power of Quitting, episode 273. You likely noticed that we've replayed the episode in the feed. Tune in tomorrow to find out which next episode you heard more than any other from last Thanksgiving to this one. With that, please enjoy my annual letter to you, describing our business, performance this year, and the year ahead. Access Stream by AlphaSense Free Trial Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

JUST RELEASED: CD&R on Private Equity Deals Dec 21, 2022

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The final episode of Season One of Private Equity Deals released this morning. I'm joined by Ravi Sachdev and Ron Williams from CD&R. Ravi is a specialist dealmaker in the healthcare space and Ron is an Operating Partner who is the former CEO of Aetna. We discuss agilon health, a company they created out of a concept to build a win-win for health care providers, payers, and Medicare patients. It contains aspects of a venture concept, buyout, and growth equity investing all wrapped into one. We've heard from some listeners that you can't hear more than this minute of the Private Equity Deals episodes on this feed, and that's correct. We've experimented with releasing PE Deals on a completely separate podcast feed, so you'll have to search and subscribe separately to listen to all of Season One. Our apologies for any confusion and stay turned as we decide where we'll release Season Two next year. Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

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Ana Marshall – Preparing for the New Environment at Hewlett (Capital Allocators, EP. 288) Dec 19, 2022

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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) Dec 19, 2022

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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. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Carol Geremia - Creating Long-Term Value for (almost) 100 Years at MFS (Capital Allocators, EP. 287) Dec 15, 2022

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Today's sponsor insight is from MFS, the $528 billion asset managers founded in 1924 and credited with creating the first ever mutual fund. Carol Geremia is the President and Head of Global Distribution, where she oversees the firm's worldwide client facing efforts and helps drive MFS' long-term corporate strategy. In her 37 years at MFS, Carol has served as the Co-Head of Global Distribution, President of the firm's Institutional Business, and President of MFS Retirement Services. Our conversation covers Carol's early years at MFS, path to her current role, the firm's 100-year history, and its culture. We dive into the firm's research process, team structure, and strategic evolution, and then then turn to what Carol is hearing from investors, opportunities and risks, ESG, and driving change in the industry. Learn more about MFS Investment Management 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

Charley Ellis - Figuring Out Investing and Vanguard (Capital Allocators, EP.286) Dec 12, 2022

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Charley Ellis is an investment luminary, founder of Greenwich Associates, author of seventeen investment books, longtime member of Yale's Investment Committee, and regular guest on the show. At the tender age of 85, Charley has published two books this year: Figuring It Out, an annotated compilation of some of his best investment writing over fifty years, and Inside Vanguard, a history of the index juggernaut. We sat down to discuss both of his latest works. Our conversation covers common characteristics of the best professional services firms and selections from Figuring It Out and Inside Vanguard. From Figuring It Out, we discuss the challenges of professional investment management, investment committees, and analogies to investing from tennis, baseball, golf, and running. From Inside Vanguard, we cover the rocky early days of Bogle's folly, the firm's on again/off again relationship with Wellington, its growth under Jack Brennan, compensation model, recent initiatives, and future prospects. 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] Charley Ellis – The Magic of David Swensen (Capital Allocators, EP.197) Dec 12, 2022

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Charley Ellis is the founder of Greenwich Associates, author of sixteen investment books, and now a three-time guest on the show. The bookends of his published library - his seminal book, Investment Policy, and most recent work, The Index Revolution, discuss the case for indexing for most investors. Yet one of Charley's most longstanding and passionate engagements proved the exception to the rule – his decade and a half of service on Yale University's Investment Committee, including nine years as Chair. Charley and I first met about twenty-five years ago in that capacity, and he's occupied a front row seat to Yale's success ever since. With the recent passing of David Swensen, we decided to sit down and reminisce about David in a conversational tribute to the investor, man, and leader we both so greatly admired. We discuss Yale's Investment Committee, roster of managers, investment team, and the unique aspects that made David great. We also touch on Charley's latest book, the 8th edition of his seminal classic. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

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