Capital Allocators – Inside the Institutional Investment Industry

Michael Mauboussin currently is the Director of Research at BlueMountain Capital, a multi-billion dollar hedge fund and asset manager. He spent the majority of his professional career thinking and writing about decision making, behavior and complex systems, with long stints at Credit Suisse and nearly a decade alongside Bill Miller at Legg Mason. Michael has been an Adjust Professor at Columbia Bu...

Magnus Grimeland is the CEO and founder of Antler, one of the world's largest day zero investor. Antler's pre-seed strategy canvasses 27 countries, 1,000 portfolio companies, 8,000+ founders, and over 120,000 annual applications for 2,000 spots in its residency programs. Magnus founded Antler in 2017 after serving as the co-founder of Zalora, a tech-enable fashion brand in Asia. Our conversation c...

Brad Jacobs is a career CEO and the founder of Jacobs Private Equity (his family office). Brad created and grew three platforms using a roll-up strategy that resulted in seven multibillion-dollar publicly traded companies. He and his teams have raised $30 billion of capital, completed 500 acquisitions, created hundreds of thousands of jobs, and generated annual returns to shareholders in excess of...

Ron Biscardi, the CEO of iConnections, whose Global Alts conference in Miami is the largest capital introduction gathering in the industry. In addition to the annual event, iConnections hosts an annual charity cap intro event and provides its technology platform to connect the industry year-round. Last week, I joined 6,000 industry peers in Miami at Global Alts. The main event at the conference we...

Sanjay Ayer is a portfolio manager at WCM Investment Management, the Laguna-based $80 billion equity manager profiled on three popular past episodes with CEO Paul Black, President Mike Trigg, and emerging market portfolio manager Mike Tian. Sanjay joined WCM in 2007, and alongside Mike Trigg, leads the firm's research process that follows the mantra: think different and get better. Our conversatio...

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 col...

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 tod...

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 Lag...

Raphael Arndt is the CEO of the Future Fund, Australia's 200 billion AUZ ($135B) sovereign wealth fund that his team manages alongside 55 billion AUZ of other sovereign pools of capital. Raphael assumed the CEO seat in 2020 after serving as Chief Investment Officer for six years. Our conversation from five years ago about the Fund's total portfolio approach is replayed in the feed. Our conversatio...

Raff Arndt is the Chief Investment Officer of Australia's AUZ$145 billion Sovereign Wealth Fund, the Future Fund.  He trained as an engineer and dove into infrastructure policy at the beginning of Australia's privatizations in the late 1990s. After investing in the space for six year, he joined the Future Fund in 2008 to head the infrastructure team. Six years later, Raff became CIO. Our conversat...

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 an...

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 Y...

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...

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 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...

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...

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 cove...

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 sid...

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 happe...

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...

We're counting down the top 5 episodes of 2023. The number one episode of the year, and the number one episode of all time, Seth Klarman – Timeless Value Investing. Seth's uncommon wisdom and sole podcast appearance combined to make this year's chart topper one for the ages. Learn More Follow Ted on Twitter at  @tseides  or  LinkedIn Subscribe to the  mailing list Access Transcript with  Premium M...

We're counting down the top 5 episodes of 2023. Number three covered private credit and number two covers the other most topical strategy of the year – multi-manager platform hedge funds. Weighing in at number two is Dmitry Balyasny and his discussion of multi-strategy platforms at BAM. Learn More Follow Ted on Twitter at  @tseides  or  LinkedIn Subscribe to the  mailing list Access Transcript wit...

We're counting down the top 5 episodes of 2023. At number three, Kip DeVeer and the world of private credit at Ares. The subject of private credit was top of mind for investors, and Kipp shared his experience and wisdom in this tour of the space. Learn More Follow Ted on Twitter at  @tseides  or  LinkedIn Subscribe to the  mailing list Access Transcript with  Premium Membership

We're counting down the top 5 episodes of 2023. Coming in at number four is Stan Miranda, the modern endowment model at Partners Capital. Stan's original insights shine in this story of the powerhouse OCIO he founded with Paul Dimitruk 20 years ago. Learn More Follow Ted on Twitter at  @tseides  or  LinkedIn Subscribe to the  mailing list Access Transcript with  Premium Membership

It's that time of year when I share my annual letter and a rundown of the top episodes of 2023. Like last year, we'll be counting down the top 5 episodes each day this week. Tune in throughout the week to find out which episodes were played more than any other from last Thanksgiving to this one. Learn More Follow Ted on Twitter at  @tseides  or  LinkedIn Subscribe to the  mailing list Access Trans...