Show notes
What if the key to outperforming isn’t taking more risk—but building a portfolio strong enough to survive volatility without breaking?
In this episode, I sit down with Doug Hanly, CIO of the Louisiana State Police Retirement System, to discuss why liquidity, simplicity, and process are the foundations of durable investing. Doug explains why he views short-term government credit as the “supply depots” of a portfolio, how preparation during calm periods creates opportunities during crises, and why avoiding mistakes matters more than chasing complexity. We also explore governance, manager selection, portfolio construction, and how small incremental improvements compound into long-term outperformance.
Disclaimer: The thoughts and opinions expressed in this material and oral presentation are the author's and not necessarily those of the Louisiana State Police Retirement System, the Board of Trustees of the Louisiana State Police Retirement System, or the State of Louisiana. The statements and conclusions in this material and oral presentation are not binding on the State of Louisiana and its agencies, officers, and employees and do not alter the law of the State of Louisiana or policies of the Louisiana State Police Retirement System. In the event of a conflict between the material contained in this document and the applicable law, regulation, or policy, then the law, regulation, or policy is controlling.
Highlights:
- Why liquidity creates optionality during market dislocations
- The hidden risk of fragile portfolios during crises
- Why simplicity often outperforms complexity in investing
- How governance shapes long-term investment outcomes
- The importance of “killing weak ideas early”
- Why smaller specialist managers often outperform larger funds
- How incremental improvements compound into durable alpha
- The role of preparation and psychology during drawdowns
Guest Bio:
Doug Hanly, CFA, CAIA, is the Chief Investment Officer of the Louisiana State Police Retirement System, where he oversees total portfolio strategy across public and private markets for the $1.5 billion pension fund. He previously held investment roles at Atala Financial, Windrose Advisors, Mass General Brigham, and the Washington University Investment Management Company. Doug also teaches hedge funds at LSU, founded the Next CIO Institute, and is known for his disciplined approach to governance, risk management, and institutional portfolio construction.
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Sponsor:
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Disclaimer:
This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.
(0:00) Why Short-Term Government Bonds Are His Favorite Asset Class
(3:41) The Contrarian Advantage of Holding Cash During Crashes
(7:17) Why Asset Management Is Basically Exposure Therapy
(10:01) The Slow-Motion Strategy That Protects LPs From Disaster
(13:06) Why Smaller Funds Often Generate More Alpha
(17:43) The Hidden Power of Simplicity in Investing
(20:14) Why Quantity Quietly Creates Better Investors
(22:25) The Surprising Benefits of a “Boring” Portfolio
(25:10) The Consultant Strategy Most LPs Completely Miss
(26:56) The One Simple Question That Can 10X Results 
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