Capital Allocators – Inside the Institutional Investment Industry

Latest Episodes:

[REPLAY] - Mike Trigg – Defying the Fade at WCM (Capital Allocators, EP.162) Dec 20, 2021

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You may remember my popular first meeting from a few years ago with Paul Black of WCM, then a $25 billion asset manager in Laguna Beach, CA. Since then, WCM has gone up and to the right in every way, they sold a minority piece of the business to Natixis, continue to put big numbers on the board, and have grown to north of $66 billion, defying the fade of active management outflows. My guest on today's show is Mike Trigg, a partner and portfolio manager of WCM's Focused International Growth strategy that comprises the majority of the firm's assets. We discuss Mike's background, arrival at WCM in 2005, near implosion of the firm shortly thereafter, and the rising of the international strategy from those ashes. We then dive in deeper to the core tenants of WCM's approach, discussing how the firm analyzes widening moats and cultures tied to competitive advantage. Lastly, we talk about how WCM's growth has impacted the firm. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

[REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51) Dec 20, 2021

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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 Laguna Beach, California. Our conversation starts with Paul's trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24) Dec 16, 2021

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On today's Manager Meetings, Jason Klein sits down with Jarrid Tingle and Henri Pierre-Jacques. Jason is is the CIO at Memorial Sloan-Kettering Cancer Center and a past guest on Capital Allocators. Jarrid and Henri are co-founders and Managing Partners of Harlem Capital, a venture capital firm seeking to change the face of entrepreneurship by investing in 1,000 diverse founders over the next 20 years and creating a community to support diversity across the industry. Before they get going, Jason and I discuss the attributes that attracted him to Harlem, monitoring and evaluating a first time fund manager, and sizing the position in his portfolio.

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Christopher Zook – Thematic Investing and Raving Fans at CAZ Investments (Capital Allocators, EP.226) Dec 13, 2021

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Christopher Zook is the Chairman and CIO of CAZ Investments, a twenty-year old, non-traditional multi-family office that has $3 billion invested in a series of thematic strategies, including $500 million from the CAZ team and its shareholders. Our conversation covers Christopher's self-determined path to creating CAZ, a thematic model that creates raving fans, and some of CAZ's investment themes, including GP stakes, midstream energy, disruptive technology, and changing consumer behavior. Along the way, we touch on CAZ's investment philosophy, sourcing, research, and implementation of themes. We close with Christopher's relationship with Tony Robbins, and the future of CAZ with Tony as a partner. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Bill Trenchard - First Round Capital (Manager Meetings, EP.23) Dec 09, 2021

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On today's Manger Meeting, Chris Douvos interviews Bill Trenchard. Chris was an early guest on Capital Allocators and is the Founder of Ahoy Capital, a boutique fund of funds focused on early-stage venture. Bill is a Partner at First Round Capital, which focuses on seed-stage investing in technology companies. Bill joined First Round after starting five companies and led First Round's investments in Uber, Flexport and LendingHome. Before they get going, Chris and I discuss his initial discovery of First Round, the evolution of the firm, and his ability to get capacity in what has become a first-tier, oversubscribed venture capital firm. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ian Charles & Doc O'Connor – Investing in Sports Teams at Arctos Sports Partners (Capital Allocators, EP.225) Dec 06, 2021

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Ian Charles and Doc O'Connor are the Co-Founders and Managing Partners of Arctos Sports Partners, a private equity firm dedicated to buying minority stakes in professional sports franchises. From its founding just two years ago, Arctos quickly has become the market leader in the space, raising a $2.1 billion first-time fund and a SPAC alongside Executive-in-Residence Theo Epstein, and buying stakes in MLB teams including the Boston Red Sox, the Golden State Warriors and Sacramento Kings in the NBA, and a compliment of other sports assets. Our conversation covers their backgrounds and the formation of Arctos, the investment opportunity in sports franchises, and the underlying business and ownership structure. We then turn to the unique characteristics look of the asset, investment process, and growth strategy. Full disclosure, I am a personal investor in Arctos' fund and am a fan of their strategy and team, pun intended. I hope you'll enjoy this conversation with Doc O'Connor and Ian Charles as much as I did. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Will Cook - Sunriver Management (Manager Meetings, EP.22) Dec 02, 2021

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On today's Manager Meeting, Ben Cooper interviews Will Cook. Ben is the Head of Manager Research at Cardano Group, a market leading investment adviser for pension schemes in the UK and Netherlands that oversees GBP 15 billion of discretionary assets and advises on GBP 50 billion of assets. Will is the portfolio manager at Sunriver Management, a fundamental long-short equity investment firm he founded in 2014 after a long tenure at Ziff Brothers Investments. Sunriver focuses on underfollowed mid and small cap stocks. Before they get going, Ben and I discuss long-short equity investing, selecting Sunriver, Cardano's exhaustive research process, and the fit of Sunriver in their client portfolios. Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Read the transcripts

Chas Cocke - From Allocator to Manager (Capital Allocators, EP.224) Nov 29, 2021

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Chas Cocke is the founder of LB Partners and a former co-founder of Investure, one of the original scaled OCIO businesses. Chas has followed an atypical path from a decade as an allocator to a focus on stock picking, first building an internal direct team at Investure and then launching LB in 2019. Chas opened and closed LB to new capital on day one, and recently created a digital infrastructure index that trades as an ETF under the ticker BYTE. You can learn more about it at iodigitalindex.com Our conversation covers Chas' path to allocation, lessons learned at UVIMCO, key aspects of successful manager selection at Investure, and his passion for and transition to direct investing. We close with the application of lessons to his investment process. Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Read the transcripts

Brian Higgins - King Street Capital (Manager Meeting, EP. 21) Nov 24, 2021

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On today's Manager Meeting, Tarik Serri interviews Brian Higgins. Tarik is a Senior Director at Trans-Canada Capital, a $23 billion investment management firm that oversees the pension assets of Air Canada and outside organizations. Brian is co-founder and co-portfolio manager of King Street Capital, a 25-year-old, credit-focused hedge fund that manages $20 billion in assets. Before they get going, Tarik and I discuss King Street's distinctive features, TCC's ongoing due diligence, and the fit of King Street in TCC's portfolio. Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Read the transcripts

Todd Boehly - The Next Berkshire Hathaway at Eldridge (Capital Allocators, EP. 223) Nov 22, 2021

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Todd Boehly is the Co-founder, Chairman, and CEO of Eldridge, a multi-billion dollar permanent capital holding company with investments in eighty businesses, including high profile brands like the Los Angeles Dodgers, Dick Clark Productions, and The Hollywood Reporter, and an array of companies across other industries, including media, insurance, real estate, asset management, and technology. Combining its structure and Todd's acumen, CNBC recently postured that Eldridge may be the next Berkshire Hathaway. Our conversation covers Todd's early beginnings in structured credit, growing an asset management business at Guggenheim, and the formation of Eldridge. We then turn to his investment strategy and investments in asset management, media, gaming, and technology. Along the way, we discuss Todd's thoughts on sourcing, negotiation, structure, management, capital allocation, and the future of Eldridge. Learn More Three treats from Capital Allocators for the holiday season Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Read the transcripts

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