Month: April 2019

April 30, 2019
Former UVIMCO CIO Larry Kochard on Asset Allocation
Last year, Larry Kochard shared how his views changed on asset allocation from a decade ago when he wrote the book on endowments and foundations. Getting back to that question of how I’ve changed, I laid out the different asset classes in the first few chapters of the book, whether it was private equity, hedge […]
April 29, 2019
CFA Institute Primer on Alternatives
The CFA Institute published a primer on alternatives. It defines alternative investments as anything that is not an ordinary stock or bond. Alternatives, then, have three primary attributes, any one of which can cause an asset to be classified as an alternative asset: The investment’s returns are driven by exposures to underlying assets with nontraditional […]
April 28, 2019
Matt Levine - Money Stuff (EP.97)
Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit.  As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is […]
April 25, 2019
Oaktree Howard Marks on Emotions at Wharton
Last year Howard Marks was interviewed as part of an Investor Series named after him at Wharton. At the Wharton fireside chat, Marks reflected on a successful investment career that spanned a half century. One critical thing he learned was that unlike in marriage, “not being very emotional is very useful in the investing world. […]
April 24, 2019
Mount Sinai CIO Scott Pittman on Alternatives
There is a trend in the asset management world to reclassify the traditional asset classes in a portfolio. We favor active management and an opportunistic mindset. Position sizing reflects investment conviction. We maintain portfolio diversification and look to add value through manager selection and appropriately sizing what we believe to be the best opportunities. Although […]
April 23, 2019
University of Illinois CIO Ellen Ellison on Agriculture
One overlooked aspect of endowments is that each of them support a unique school with its own history and idiosyncrasy. For the University of Illinois, it's farming. Ellen Ellison took the helm at the University of Illinois five years ago and found herself in the heartland of America. The University has a long and storied […]
April 22, 2019
Williams CIO Collette Chilton on Manager Selection
When managing a portfolio at an endowment, most recognize two key components to investment returns: asset allocation and manager selection. But there is a third component that is mostly alluded to but rarely explicitly stated: time. The WIO, like most endowments, holds a long-term strategy for its portfolio. Rather than investing directly in assets, it […]
April 21, 2019
David Zorub - The Path to a Hedge Fund Launch (EP.96)
David Zorub is the founder of Parsifal Capital, a new hedge fund he is launching later this year. Before founding Parsifal, Dave spent fifteen years in research and portfolio management at hedge funds and another few in investment banking and private equity. I interviewed David recently at Columbia University’s Student Investment Management Conference and that […]
April 18, 2019
Endowments Finally Investing in Crypto
More than a year ago Ted Seides shared why endowments should venture into crypto. Yet new ideas inevitably enter the mainstream. Diversification into global equities, absolute-return strategies, and private equity were all once off limits to institutions, only to become common practice. The mechanism for their adoption follows a recurring pattern. Early adopters tend to […]
April 17, 2019
Michael Moritz on the VC Long Game at Stanford GSB
Earlier this year Michael Moritz shared how Sequoia Capital does venture capital at the Stanford Business School's View from the Top. Moritz takes an extended view when it comes to both investment and the search for young talent. His relationships with companies including Google, Airbnb, and Stripe have spanned 10 to 20 years. “These are […]
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