Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

David Rosenthal and Ben Gilbert – Acquiring an Industry. Venture is Eating the Investment World 1 (Capital Allocators, EP.229) Jan 03, 2022

Show notes

David Rosenthal and Ben Gilbert are venture capitalists and hosts of the Acquired podcast. Acquired is one of my favorite shows. In it, David and Ben tell stories of great companies in technology with thorough research and a fun, engaging style. Our conversation kicks off the mini-series with their respective backgrounds in venture, the creation of Acquired, and their research process for show. We then dive into the origins of the cottage venture capital industry, inflection point after the tech bubble, rise of an abundance of capital, firms investing across stages, the competitive response of others, the mass introduction of angel investors, businesses staying private for longer, and the potential for crypto to change the game once more. Whenever we're set with this (or when you tell me to), I'll send the next 5 episodes along.

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Jamie Montgomery – March Capital (Manager Meetings, EP.26) Dec 30, 2021

Show notes

On today's Manager Meeting, Eric Upin interviews Jamie Montgomery. Eric is the Co-founder of Point Olema Capital, a private investments office serving multigenerational families. He previously served as the CIO of Makena Capital Management, CIO at Stanford Management Company, and the interim CIO at Washington University in St. Louis, where he remains Executive Board Chair. Jamie is the Co-Founder and Managing Partner of March Capital, a $1 billion Santa Monica-based venture and growth equity firm that invests in AI, cyber, fintech, data infrastructure and gaming. Before they get going, Eric and I discuss his history with Jamie and his frameworks for thinking about investing in March and its positioning in a venture portfolio. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Year in Review 2021, (Capital Allocators, EP.228) Dec 27, 2021

Show notes

Our second annual review is an audio version of my annual letter to you. After the annual review, stay tuned for a rundown of the top shows of 2021. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

#1: Chamath Palihapitiya – The Social Capital Flywheel, EP.167 Dec 27, 2021

Show notes

Chamath Palihapitiya is the founder and CEO of Social Capital, where he invests in private businesses, public markets, and experiments with that objective of compounding capital at high rates so that he can advance humanity by solving the world's hardest problems. Chamath previously was an early employee at Facebook, a prolific angel investor, and co-founder of the venture capital business that was the first version of Social Capital. He's been in the press of late for raising and deploying a series of large SPACs and for his outspoken views. Our conversation covers Chamath's path to Facebook and Social Capital, his period of self-discovery, and the resulting Social Capital 2.0 to express his views of the world. From there, we dive into SC Emerging Managers, Social Capital's newest program to back managers from diverse backgrounds. Lastly, we circle back to the purpose of Social Capital and how Chamath gets it all done.

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#2: Barry Sternlicht – Masterclass in Real Estate in a Post-Covid World, EP.216 Dec 27, 2021

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Barry Sternlicht is Chairman, CEO, and Founder of Starwood Capital Group, a $95 billion real estate investment firm with 4,000 employees and 16 offices worldwide. Barry has invested nearly $200 billion across every major real estate asset class around the world. The list of related real estate companies he's created, results, and associated accolades are extensive and truly impressive. Our conversation covers Barry's beginnings as an entrepreneur and real estate investor with some great stories along the way. We then turn to the current opportunity set across real estate asset classes and geographies and close with his approach to managing his own capital through his family office, SPACS, and experience during the pandemic.

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#3: Katy Milkman – How to Change, EP..199 Dec 27, 2021

Show notes

Katy Milkman, the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, host of Choiceology, Charles Schwab's popular podcast on behavioral economics, the co-founder and co-director alongside Angela Duckworth of the Behavior Change for Good Initiative, and most recently, the author of How to Change: The Science of Getting From Where You are to Where You Want to Be.

Our conversation covers Katy's path to studying change and her new book, which is framed around identifying obstacles to change and using scientific principles to get past those obstacles. We outline the eight obstacles in the book and dive in on the challenges of getting started, confidence, conformity, procrastination, laziness, and making changes last. Along the way, we touch on some applications of her research to investing and to her own life.

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#4: Yen Liow – The Quest for the Right Tail at Aravt Global, EP.188 Dec 27, 2021

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Yen Liow is the founder and Managing Partner of Aravt Global, a fundamental global equity firm based in New York that manages long-short and long only products. Yen founded Aravt after a long stint at famed family office Ziff Brothers Investments, where he was part of the team that managed a market, neutral long-short hedge fund in a culture of framework thinking and continuous improvement. Our conversation covers Yen's background, experience at ZBI, and lessons about process, competitive edge, and training. We then turn to his application of those lessons to Aravt Global. We discuss three right tail strategies for long positions, the challenges in owning compounders, the art of short selling, portfolio construction, game selection, drivers of success, and challenges going forward. For those lovers of learning about the nuance of public equity investment strategies, you're in for a real treat. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

#5: John Toomey – Private Equity Masters Ep.01, HarborVest Partners, EP.200 Dec 27, 2021

Show notes

My guest on the first episode of Private Equity Masters is John Toomey, one of two members of the Executive Management Committee at HarbourVest Partners. For more than thirty years, HarbourVest has invested across all parts of the private equity spectrum - in funds, secondaries, and direct co-invests. Today, it oversees over $75 billion of assets and canvasses the world.

Our conversation discusses the early days of private equity investing, evolution of strategies across primaries, co-invests, and secondaries, international expansion, best practices of managers, the next wave of growth opportunities, and risks in the space.

John has a unique perch at the top of the industry and offers a wonderful perspective to kick off the mini-series.

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Justin Fishner- Wolfson - 137 Ventures (Manager Meetings, EP.25) Dec 23, 2021

Show notes

On today's manager meeting, Nat Fraser interviews Justin Fishner-Wolfson. Nat is an Executive Director at Agility, a $15 billion outsourced CIO firm serving 42 endowments, foundations, family offices and corporations. Justin is the Co-Founder and Managing Partner of 137 Ventures, a $2 billion growth-stage venture firm with a differentiated approach to sourcing deals. 137 provides customized liquidity solutions directly to founders, investors, and early employees of private technology companies. Before they get started, Nat and I discuss his diligence process, success of 137's structure, and the evolution of the market.

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Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227) Dec 20, 2021

Show notes

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 colleague Mike Tian shared another perspective earlier this year when he described applying WCM's moat trajectory discipline to investing in China. In this continued exploration of WCM, we start with the truly unique facts about the firm's rebirth a decade ago and turn to key features of its success, including embracing change, the importance of culture - alongside some characteristics of toxic cultures, hiring practices, telling the truth, integrating new team members, managing turnover, and transitioning leadership to the next generation. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

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