Capital Allocators Monthly - June 2022

"The cure for anything is salt water: sweat, tears, or the sea."

- Isak Dinesen
Announcements
CAU Decision Making Bootcamp. Join us for a one-hour bootcamp on decision
making, one of the most popular classes of Capital Allocators University.

Ted will teach actionable frameworks with special clips from Annie Duke. You'll learn tips to take back to your teams in the investment office.

The bootcamp will be held on Wednesday, July 20th at 11 AM ET. The cost to attend is $250, and Capital Allocators premium members will receive a 50% discount.

If you’re interested in attending and are not yet a premium member, you may want to consider subscribing first and receive our library of transcripts, weekly newsletter, and a whole bunch more (for effectively half off the first year of membership!).
Register for Bootcamp
Premium Sample
Capital Allocators Premium members receive transcripts, gatherings with show guests, weekly email, and early access to Ted's investment blog and Hot Jobs.
History Rhymes with the Downturn. "History Doesn’t Repeat Itself, but it Often Rhymes." This famous expression (never actually said by Mark Twain) is frequently cited when trying to map the market terrain. The current downturn is no exception, with verses that rhyme with aspects of both the tech wreck in 2000 and the financial crisis in 2008.

The potential for revolutionary technology drove the market to price decades of progress in advance for the internet in 1998-2000 and crypto from 2020-2022. An economic contraction in part caused by leverage in the financial system followed the market crash in 2008 and may lurk below the surface again today. While it’s too soon to know the final stanza of this story, highlighting the past and potential paths forward help keep us centered in turbulent times.
Read Ted's Blog & Subscribe to Premium
A Word from our Sponsor
Anchorage Digital. We are grateful to Anchorage Digital for sponsoring Crypto for Institutions 2! As the most advanced crypto platform for institutions, Anchorage Digital is the premier crypto partner. Featuring unparalleled security, Anchorage offers custody, trading, financing, staking, governance, and the first federally chartered digital asset bank. With support for a wide variety of digital assets, Anchorage is trusted by hedge funds, venture capital firms, banks, family offices, fintechs, treasuries, and asset managers. Some of the largest names in finance have announced their path into crypto by investing in Anchorage Digital — Anchorage raised $430M last year, bringing the company’s valuation to over $3B.
Learn More
Hot Jobs to Share
Reminder to check out our new job board for previously shared positions. For employers, send interesting opportunities to team@capitalallocators.com. For job hunters, Premium members get an early look at these Hot Jobs before the rest of the crowd!

Annie E. Casey Foundation. The foundation is looking for an investment analyst to help manage a $2.4 billion global portfolio of marketable investments.


GuideStone Financial Resources. The Dallas-based fund is seeking an Associate Portfolio Manager to lead the research and asset allocation activities.


Local Pensions Partnership Investments. LPPI manages £18.5bn of pension assets for local government pension schemes and is looking to bring on a Senior Analyst for Global Equities.


State of Hawaii EUTF. The state plan is looking for an analyst to work directly with their CIO in managing their multi-billion dollar portfolio.

View Job Board
Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. What to Say to Your LPs Right Now. John-Austin Saviano is the former CIO at UC-Berkeley and founder of High Country Advisors. He offers sage advice to GPs on how to communicate in rocky markets, and we're not just saying that because of how closely his thoughts echo Chapter 10 in Ted's book. Read What to Say to Your LPs.
2. Travel Tips from a Former FBI Negotiator. Chris Voss details how negotiating tactics can be applied to landing travel perks. Chris wrote this article in February 2020. We saved it until it is happily relevant again! Read NYT Piece.
3. The Beauty of Enough. Another gem from Sahil Bloom on how to fight back against the perpetual desire for more. Read The Beauty of Enough.
4. State of Crypto. a16z released a web3 primer – from layer 1 and 2 blockchains to DeFi, stablecoins, and NFTs. The overview is a perfect pairing with our Crypto for Institutions 2 mini-series! Read State of Crypto.

5. Net Interest Blog. Marc Rubenstein is a former financials analyst that writes terrific weekly content about the sector. This sample discusses the importance of branding in AUM growth, flowing nicely from Ted's blog post on ESG. Read Net Interest Blog.
Listening

Capital Allocators Episodes

EP.253:  Sam Zell – Common Sense and Uncommon Profits

EP.254:  Marcos Veremis – Allocator’s Perspective on Blockchain (Crypto for Institutions 2, EP.1)

EP.255:  Stephen McKeon – NFTs and the Consumer in Web3 (Crypto for Institutions 2, EP.2)

EP.256:  Ben Forman – Opportunities in DeFi (Crypto for Institutions 2, EP.3)

EP.257:  Olaf Carlson-Wee – The Future of Crypto (Crypto for Institutions 2, EP.4)

EP.258: Chris Dixon – Frameworks and Investing at Scale (Crypto for Institutions 2, EP.5)

EP.259:  Diogo Monica – Securing Crypto at Anchorage Digital (Crypto for Institutions 2, EP.6)

Manager Meetings Episode


EP.32: Leigh Drogen – Quantamental Approach to Crypto at Starkiller Capital
 

Capital Allocators Monthly - April 2022

"Take the high road. It’s less crowded."

- Warren Buffett
Premium Sample
Capital Allocators Premium members receive transcripts, Ted's investment blog, gatherings with show guests, and a weekly email. This month, we’re giving access to Ted’s most recent blog.
The Melvin Dilemma. In the early days of institutional interest in hedge funds, Byron Wien published a paper entitled "The Inherent Instability of Hedge Funds." He described how strong performance leads to inflows, which can shift the investable opportunity set away from the one in which the manager thrived, and weak performance can lead to concerns over the stability of the organization.

Melvin Capital has experienced both performance extremes and is tasked with figuring out how to move forward. The present dilemma for Melvin, its investors, and the industry is a real-time case study on incentives, option value, and decision making under uncertainty.

Read 'The Melvin Dilemma'
Subscribe to Premium

Announcements
Supercharge your Productivity. Khe Hy is launching his 10th cohort to design systems to help identify and implement your most impactful goals. Registration closes May 3rd.

Listen to Khe Hy on Capital Allocators
Learn More!
Check out our Guests Making Waves! As a part of our Premium subscription, we share news about past guests on the show, and it was a heck of a month for our community.

During April, Annie Duke joined First Round Capital, Chris Dixon topped the Forbes Midas list, Homebrew announced Homebrew Forever (without outside capital), Brett Jefferson sold a stake in Hildene to Leucadia, and Ash Williams joined JPM Asset Management. We take no credit for the Capital Allocators boost 🙂
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Advocate Aurora Health. The Chicago-based fund overseeing $15 billion in not-for-profit and pension assets is bringing on three Investment Analysts to its 10-person team. Candidates will be considered for senior analyst based on experience.

Investment Analyst

Senior Investment Analyst

Capital Allocators China. An exciting opportunity to grow the Capital Allocators brand abroad! Our Chinese affiliate group is looking for an Entrepreneurial Associate to join their staff.

View Posting
Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. Decision Education Podcast.  Season 3 of the Decision Education podcast from Annie Duke's Alliance for Decision Education has kicked off with popular Capital Allocators guest Katy Milkman. Listen Here.
2. Dollar Dominance Here to Stay. Sebastian Mallaby takes a contrarian view to the adage that the weaponization of the dollar will end its role as the global reserve currency. Read Here.
3. MIT 15-year letter.  Seth Alexander's thoughtful, infrequent letter shares deep insights into the operations and investing of MITIMCO. Read Here.
4. Yale 2021 Endowment Report. A beautiful ode to the life, career, and impact of David Swensen. Read Here.

5. Streaming Tech Stories.  The series on Uber (Super Pumped) and WeWork (WeCrashed) are exceptional tellings of the trials and tribulations of two marquee, venture-backed companies in the sharing economy and their passionate founders. Watch Super Pumped & WeCrashed.
Listening

Capital Allocators Episodes

EP.244:  Steve Papa – Entrepreneur’s Perspective on Venture (Venture is Eating the Investment World EP. 13)

EP.245:  Sebastian Mallaby – The Making of the New Future in Venture (Venture is Eating the Investment World EP.14)

EP.246:  Tom Lenehan – Taking the Helm at the Wallace Foundation

EP.247:  Louis-Vincent Gave – Macro Consequences of Government Sanctions

Manager Meetings Episode


EP.29: Andrew Milgram – Mid-Market Distressed Investing at Marblegate
A Word from our Sponsors
Janus Henderson Investors. This month from Janus Henderson’s institutional blog, past Manager Meetings guest, Danial Graña, CFA, and his team explain why ESG factors are becoming increasingly important in the analysis of EM companies.

Listen to Daniel Graña on Manager Meetings

Listen to Long-Term Trends in EM
Third Bridge. Third Bridge is a widely used provider of expert interview transcripts whose clients include past Capital Allocators guests across private equity, public equity, and credit. Their coverage is incredibly extensive with over 30,000 company and sector transcripts available on-demand. Each transcript records a 1-hour interview between an unbiased analyst and an industry executive.

Access Free Trial from Third Bridge
Paragon Intel. Paragon Intel has the leading library of in-depth interviews about CEOs and the most sophisticated analytics database on every public company executive. Through a proven process linking executive analysis with company performance, Paragon Intel enables the world's top asset managers to consistently produce outperforming longs and shorts across dozens of sectors. You can order custom projects or get exclusive access to one set of in-depth interviews and analysis on a CEO of your choice from the link below.

Learn More About Paragon Intel
Canalyst. Clean data. Fundamental models.

Free Trial
Coinbase Institutional. Coinbase is the largest publicly traded crypto company in the world and the trusted bridge to the crypto economy for all institutions. Coinbase Institutional offers clients access to a comprehensive suite of products and services including battle-tested custody, a prime broker, trading tools, analytics, financing, and high-touch support. Access the scale and stability needed to successfully participate in the crypto economy.

Learn More About Coinbase Institutional


 

Capital Allocators Monthly - May 2022

“Liquidity crises are like dynamite fishing: the explosion wreaks widespread destruction, but it takes a while for the bigger fish to surface.”

- GaveKal Research
Premium Sample
Capital Allocators Premium members receive transcripts, Ted's investment blog, gatherings with show guests, and a weekly email. This month, we’re giving access to Ted’s most recent blog.
The Problem with ESG. Ted’s latest blog discusses the problematic nature of the label “ESG” and the confusion it creates for investors.

Read Ted's Latest Here
Subscribe to Premium

Announcements
Capital Allocators Job Board. Hot Jobs has become one of the most popular segments of our community newsletters for both employers and job hunters. We created a landing page on the website to access positions still available.

Send new hot job opportunities to us at team@capitalallocators.com!
View Job Board
Matt Spielman’s New Book. Ted’s executive coach and friend of 25 years released his first book earlier this week entitled Inflection Points: How to Work and Live with Purpose. Ted had the honor of writing the foreward to the book.

Listen to Matt Spielman on Capital Allocators
Get Your Copy
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

10 East. Ted is an Advisor to 10 East, a New York-based private investment platform that is an affiliate of the family office of former Deputy Executive Managing Member of Davidson Kempner Michael Leffell. 10 East is hiring seasoned investment professionals to join a well-capitalized team focused on reinventing how individuals access high-quality alternative investment opportunities.

Investment Professional

Brandywine Group Advisors. Jenny Heller’s adding an Investment Associate to her staff. This person will join the ten-person investment team that manages approximately $12 billion in assets. The Investment Associate will report to a senior-level Investment Managing Director and will have exposure to a broad range of asset classes, including public and private equity and hedge funds, and geographies.

Listen to Jenny Heller on Capital Allocators

Investment Associate

HICO Ventures. Ellen Ellison is looking for an investment analyst to join the HICO Investment Team. This person will be instrumental in constructing a green-field endowment model portfolio over the next five years.

Listen to Ellen Ellison on Capital Allocators

Investment Analyst

Stable Asset Management. The $3 billion backer of alternative asset managers is looking to bring on a Director and Investment Analyst focused on hedge funds.

Listen to Stable Asset Management Founder, Erik Serrano Berntsen, on Capital Allocators

Director- Hedge Funds
Investment Analyst - Hedge Funds

Vanderbilt University. The Office of Investments is looking for someone with a thirst for knowledge, a strong work ethic, a passion for investing, and that is a team-oriented individual. The Investment Manager will focus on the university’s private investment portfolio and will report to the Head of Private Investments.

Investment Manager

The New York Community Trust. The $3.5 billion community foundation is bringing on an Investment Director to assist with the oversight of the various investment functions of the trust and their intersection with NYCT’s charitable work.

Investment Director
Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. Preparing for a Downturn. Ted remembers the spring day in 2000 when Peter Castleman, the Managing Partner of J.H. Whitney, told the investment team the world changed. He dropped the hatchet on new deals and instructed the investment team to preserve cash at portfolio companies.

Similar warnings abound this week about the public markets from Bill Gurley, venture capital from FirstMark's Matt Turck, and companies from longtime Amazon and Facebook exec and currently Coatue's Dan Rose. Read Gurley on Public Markets. Read Rose on Companies. Read Turck on Venture Capital.
2. Private equity saturation.  One of this year’s top-of-mind allocator issues is how to manage ever-larger private equity funds coming to market faster. The first signs of saturation are showing up. This tweetstorm from Sami Kaji from Allocate describes how the denominator effect works. Read The Denominator Effect.
3. KKR's Landmark Sale. KKR exited a garage door manufacturer in its highest returning U.S. deal in 30 years. In the process, it is paying out $360 million to the employees that made it happen. Read KKR's Windfall for Itself and Employees.
4. Investing in Innovation. In the midst of a massive selloff of high-flying growth stocks, Kai Wu discusses Innovation as a factor and reaches an unexpected conclusion. Read Sparkline Capital Piece.

5. The Business of Baseball. Our National Pastime is a nice diversion from the malaise of markets. Whether Steve Cohen’s data analytics for the Mets, the San Francisco Giants’ uniquely diverse team, or the novel entertainment of the Savannah Bananas, baseball continues to evolve in fascinating ways. Read Data Analytics at Mets. Read Diversity at San Francisco Giants. Watch Savannah Banana Story.
Listening

Capital Allocators Episodes

EP.248: Greg Dowling – Mid-Market Institutional Consulting at FEG

EP.249: Sahil Bloom – Creativity, Investing, and Engineered Serendipity

EP.250: Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital

EP.251: Billy Libby – Disruptive Venture Funding at Upper90

EP.252: Chris Voss – Listening, Human Nature, and Negotiations

Manager Meetings Episode


EP.30:  Steve Drobny – Where the World is Going at Clocktower Group (Interviewed by Paula Volent)

EP.31:  John Barber – The Art of Co-Investing at Cohesive Capital
Best of the Rest

Ted Weschler on I Am Home. Ted made a rare public appearance to discuss his experience at Berkshire, the story of how he met Warren Buffet, how he makes investment decisions, and his take on today’s market. May seem a strange fit, but the podcast is from Nebraska Furniture Mart, a longtime Berkshire portfolio company.

Boaz Weinstein on Masters in Business. Hedge fund manager Boaz of Saba Capital discussed some of his great stories and insights in the business with Barry Ritholtz.

Ted on The Investor’s Podcast. Ted recently made his second appearance on TIP to discuss the influence of hedge funds on today’s markets and the impact of ESG policies.
A Word from our Sponsors
Janus Henderson Investors. This month from Janus Henderson’s institutional blog, Portfolio Manager, Jonathan Coleman, CFA, discusses how to navigate the risks that are impacting small-cap growth companies amid current volatility.

Read Market Risks in Small-Cap Growth
Third Bridge. Third Bridge is a widely used provider of expert interview transcripts whose clients include past Capital Allocators guests across private equity, public equity, and credit. Their coverage is incredibly extensive with over 30,000 company and sector transcripts available on-demand. Each transcript records a 1-hour interview between an unbiased analyst and an industry executive.

Access Free Trial from Third Bridge
S&P Global Market Intelligence. Build a 360° view of the private markets with combined insights, data, software, and tools from S&P Global and IHS Markit. Learn more about how we give you a competitive edge with leading solutions like iLEVEL software and S&P Capital IQ Pro.

Learn More
Canalyst. Clean data. Fundamental models.

Free Trial
Coinbase Institutional. Coinbase is the largest publicly traded crypto company in the world and the trusted bridge to the crypto economy for all institutions. Coinbase Institutional offers clients access to a comprehensive suite of products and services including battle-tested custody, a prime broker, trading tools, analytics, financing, and high-touch support. Access the scale and stability needed to successfully participate in the crypto economy.

Learn More About Coinbase Institutional

 

Capital Allocators Monthly - March 2022

“Human beings cannot comprehend very large or very small numbers.”

– Daniel Kahneman


“The struggle ends when the gratitude begins.”

– Neil Donald Walsh

Announcements
Investing. Ted has been thinking about how to share investment opportunities with our community. Please reach out if you would like to learn more.
Email Us Here!
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Stable Asset Management. The $3 billion backer of alternative asset managers is seeking a Head of Global Distribution and a VP of Sales & Marketing.

Listen to Stable Asset Management Founder, Erik Serrano Berntsen, on Capital Allocators


View Openings Here

BBR Partners. The boutique wealth manager is looking for a VP and an Associate for their Portfolio & Wealth Advisory team. The VP will be responsible for day-to-day client portfolio management and monitoring including asset allocation, performance, and trading activity. The Associate is a self-starter with a strong work ethic and entrepreneurial mindset who enjoys working in a small-firm environment.

Listen to BBR Founder, Brett Barth, on Capital Allocators

View postings for Portfolio & Wealth Advisory VP and Portfolio & Wealth Advisory Associate

Northern Trust Front Office Solutions. Our friends at NTRS FOS are adding to their team! Explore openings available nationwide in roles across Technology, Product, Client Success, and many more. Apply your experience and talent to a growing team with over $450 billion in client AUM.

View Openings Here.

Carnegie Corporation. Mark Baumgartner is looking to bring on an Investment Analyst and a Senior Operations Analyst.

View postings for Investment Analyst and Sr. Investment Operations Analyst.
Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. Great Questions for Allocators. Ex-buyside PM and pseudonymous Twitter account, Unemployed & Homeless Investor, shares some insightful questions for allocators to ask managers. Read Here.
2. China’s tough decision. Thoughtful piece from Gideon Rachman at the FT describing the dilemma currently facing Xi Jinping. Read Here.
3. Now You Get It. A timely dose of perspective from Morgan Housel during the tumultuous markets this year. Read Here.
4. The Latecomer’s Guide to Crypto. This NY Times crypto primer is fantastic, especially for those among us who want to refresh the basics. Read Here.

5. Jeffrey Archer, The Clifton Chronicles.  In a world that feels topsy turvy, I dove into Archer’s latest series. He is my favorite fiction author, and actually the only one I’ve read regularly for forty years! Read Here.
Listening

Capital Allocators Episodes

EP.238: Annie Lamont – A Lifetime in Venture at Oak HC/FT (Venture is Eating the Investment World EP.9)


EP.239: James Aitken – Market Implications of the Situation in Ukraine


EP.240: Arjun Sethi – A Technology Company that Deploys Capital at Tribe (Venture is Eating the Investment World EP.10)


EP.241: Kelsey Chase – Analyzing Venture Transactions at Aumni


EP.242: Renata Quintini & Rosanne Wincek – Renegade Spin-Out In Its Supercritical Stage (Venture is Eating the Investment World EP.11)


EP.243: Kathy Xu – Venture In China at Capital Today (Venture is Eating the Investment World EP.12)


Manager Meetings Episode


EP.28: Chris Heller – Weird Alternatives at Cordillera Investment Partners (Interviewed by Greg Dowling)
A Word from our Sponsors
Third Bridge. Third Bridge is a widely used provider of expert interview transcripts whose clients include past Capital Allocators guests across private equity, public equity, and credit. Their coverage is incredibly extensive with over 30,000 company and sector transcripts available on-demand. Each transcript records a 1-hour interview between an unbiased analyst and an industry executive.

Access Free Trial from Third Bridge
Anduin. The Anduin platform is a unique ecosystem of interconnected tools designed to streamline private market transactions. Learn how to transform your LP onboarding and bring clarity to your next fundraise with Anduin’s industry-leading fund subscription and data room solutions.

Learn More About Anduin
Venn by Two Sigma. In the latest edition of the Venn Factor Performance Report, Venn highlights the recent impact that the Russia-Ukraine crisis has had on markets and the factors within the Two Sigma Factor Lens. Over the course of February, two-thirds of the factors experienced movements in either the top or bottom quintiles of their monthly historical returns as a result of recent events.  

Read More About Venn by Two Sigma
Aumni. Wondering if the terms in that term sheet are market? Aumni's Benchmarking Term Sheet tool can help you instantly view market data on a term-by-term basis while preparing a draft term sheet based on NVCA's model legal document. Thanks to Aumni for sponsoring our latest mini-series, Venture is Eating the Investment World.

Learn More About Aumni
Canalyst. Detailed, company-specific data and models on over 4,000 global equities with appropriate adjustments and relevant KPIs for each company. Join the hundreds of funds that already use Canalyst to spend more time on analysis, thanks to exceptional accuracy and coverage.

Learn More About Canalyst


 

Capital Allocators Monthly - February 2022

"Successful investing is having everyone agree with you…later."

- Jim Grant

Announcements
Capital Allocators University. Registration for CAU2 closes on Friday, March 25th and orientation begins on April 1st. The cohort is filling up with some impressive institutions including US and Canadian public pensions, US and UK family offices, US E&Fs, and OCIOs, among others. Reach out to Hank with any questions.
Enroll Here!
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Hackensack Meridian Health Investment Office. Donna Snider has a slew of openings on her staff. HMH is looking for early-career candidates to join an experienced team of institutional investors and business builders.
View Posting for Investment Associate, Private, Investment Associate, Public, Investment Associate, Portfolio Construction, and Investment Ops Analyst.

Hall Capital Partners. The $42 billion OCIO is looking for a Senior Associate to join their private equity team in San Francisco. Coverage will be VC, Growth, and Buyout. Ideal candidate has 3 – 5 years experience and/or is post-MBA.

Listen to Katie Hall on Capital Allocators
View Posting Here.

Investment Associate, U.C. Berkeley's Endowment Management Company.  One of the world's great universities is looking for an early-career associate to join the team as a generalist. Ideal candidate has 1 – 4 years’ experience. Located in the Bay Area, you’ll work with a great team across all facets of the portfolio. View Posting Here.

Canalyst. This year’s Manager Meetings sponsor just closed their Series C and has plans to double their team in the next year. With open roles across equity research, product, sales, and marketing, take a look at how you can be a part of one of North America's fastest-growing companies serving the most sophisticated investors in the capital markets. View Posting Here.
A Word from Our Sponsors
Janus Henderson Investors. This month from JHI’s institutional blog, Portfolio Manager, Andy Acker, CFA, explains why he believes the selling does not match up with the sector’s long-term growth prospects.
Read From Defense to Offense in Biotech
Third Bridge. Third Bridge is a widely used provider of expert interview transcripts whose clients include past Capital Allocators guests across private equity, public equity, and credit. Their coverage is incredibly extensive with over 30,000 company and sector transcripts available on-demand. Each transcript records a 1-hour interview between an unbiased analyst and an industry executive.
Access Free Trial
Aumni. Wondering if the terms in that term sheet are market? Aumni's Benchmarking Term Sheet tool can help you instantly view market data on a term-by-term basis while preparing a draft term sheet based on NVCA's model legal document. Thanks to Aumni for sponsoring our latest mini-series, Venture is Eating the Investment World.
Learn More About Aumni
Canalyst. Back to sponsor Manager Meetings for the first half of 2022! Detailed, company-specific data and models on over 4,000 global equities with appropriate adjustments and relevant KPIs for each company. Join the hundreds of funds that already use Canalyst to spend more time on analysis, thanks to exceptional accuracy and coverage.
Learn More

Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. Tom Brady's Backup Plan. In another nugget from our friends at Admired Leadership, the GOAT quarterback had prepared a resume after falling to the 5th round of the NFL draft in 2000. Those practicing excellence routinely create optionality.
Read LinkedIn Post
2.  Caveat Emptor for Crypto Investors. Regan Bozman of crypto fund Lattice discusses the potential risk to LPs chasing returns in crypto funds. The same thought process may apply to venture more broadly as well.
Read Tweets
3.  Cembalest on Crypto. JPMorgan's Michael Cembalest examines adoption trends, capital flows, and use cases for cryptocurrencies and blockchains.
Read The Maltese Falcoin
4. Fundamental Approaches to Crypto. Kai Wu at Sparkline Capital (former GMO) describes a value strategy for small cap tokens.
Read Wu, Value Investor's Guide to Web3
5.  Ravi Gupta’s Blog. Sequoia Partner and former Instacart COO dives into building culture, effective leadership, and hiring.
Read Ravi's Blog
Bonus: The Restless Billionaire. HBO's documentary on the life and career of Carl Icahn is a great watch, including behind the scenes anecdotes of some of his marquee takeover campaigns.
Watch The Restless Billionaire
Listening

Capital Allocators Episodes

EP.234: Aydin Senkut – Tenacious Sourcing and Founder Support at Felicis (Venture is Eating the Investment World EP.6)

EP.235: Joelle Kayden – Canvassing the Landscape at Accolade Partners (Venture is Eating the Investment World EP.7)

EP.236: Josh Wolfe – Caution and Innovation at Lux Capital (Venture is Eating the Investment World EP.8)

EP.237: Marko Papic – Geopolitical Shock in a Multi-Polar World


 
 

Capital Allocators Monthly - January 2022

"Everything you want is on the other side of hard."

- Monty Williams

Announcements
CAU2 Early Bird Special. Our second cohort of Capital Allocators University will again have a discount for a limited number of early registrants (66 to be exact). Reserve your spot today!
Enroll Here!
Premium Member Virtual Gathering. Our premium community continues to grow! We'll hold a virtual gathering on Thursday, February 24th at 10 AM ET for a Q&A with Ted and a chance to connect with our new community members.

Subscribe to Premium Here!
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Hackensack Meridian Health Investment Office. Donna Snider has a slew of openings on her staff. HMH is looking for early-career candidates to join an experienced team of institutional investors and business builders.
View Posting for Investment Associate, Private, Investment Associate, Public, Investment Associate, Portfolio Construction, and Investment Ops Analyst.

Moore Foundation. The Moore Foundation Investment Office is looking for two early-career candidates to join as investment associates – one to focus on our hedge fund portfolio and the other to focus on real assets. View Posting for Investment Associate, Hedge Funds and Investment Associate, Real Assets.

Research Analyst, Real Estate. Third Avenue Management is seeking a new analyst to join its Real Estate team in the firm’s Austin, TX office. View Posting Here.

Investment Analyst, Global Emerging Markets Equities. This Sydney-based role will be working closely with the Head of Global Emerging Markets to launch a new strategy. You will learn from an experienced investment team and travel across emerging markets to grow your knowledge across multiple sectors and countries. View Posting Here.
A Word from Our Sponsors
Janus Henderson Investors. This week from JHI’s institutional blog, Head of Institutional Client Strategy, Suny Park, CFA, CPA, explores inflation-hedging assets institutional investors may consider in preparation for the end of the Great Moderation.
Read Still Think High Inflation is Transitory?
Atlas Technica. Atlas Technica is a premium service MSP (Managed Service Provider) that enables clients in the alternative investment industry to utilize best-of-breed Public Cloud solutions. Partner with Atlas for a white-glove IT Service that you can trust.
Learn More
Venn by Two Sigma. Venn is a modern analytics platform developed specifically for capital allocators. In recent weeks, Venn has fielded questions from clients about how to evaluate and interpret the impact of inflation. Their research team wrote extensively about the topic this year.
Read Forecasting Inflation Like a Data Scientist
Aumni. Wondering if the terms in that term sheet are market? Aumni's Benchmarking Term Sheet tool can help you instantly view market data on a term-by-term basis while preparing a draft term sheet based on NVCA's model legal document. Thanks to Aumni for sponsoring our latest mini-series, Venture is Eating the Investment World.
Learn More About Aumni
Canalyst. Back to sponsor Manager Meetings for the first half of 2022! Detailed, company-specific data and models on over 4,000 global equities with appropriate adjustments and relevant KPIs for each company. Join the hundreds of funds that already use Canalyst to spend more time on analysis, thanks to exceptional accuracy and coverage.
Learn More

Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1. Two Sides of Crypto.  Past guests Michael Sonnenstein of Grayscale and Chris Dixon of a16z remain bullish, as seen in Michael’s annual letter and Chris’ and a16z's massive fund raise. On the other hand, crypto investor Regan Bozman of Lattice shared this warning to LPs given the surge in valuations.
Read Twitter Thread
2.  The ESG Mirage. The concept of ESG is an incontrovertible good. The implementation of it in investment portfolios is a complex puzzle. This revealing piece peels the onion back on MSCI's indexes to show how an evolving standard for ESG investing is not what it may appear on the surface.
Read Bloomberg Article
3.  Michael Lombardi on Nick Saban. Nick Saban and the Alabama Crimson Tide suffered a heartbreaking loss in the College Football National Championship to Hank's beloved Georgia Bulldogs. Michael's daily blog offers a glimpse at Saban's extraordinary leadership qualities.
Read The 7 Don'ts After Defeat
4. New Year’s Resolution Mega Study. Katy Milkman and a team of behavioral scientists recently examined why New Year's fitness resolutions fail.
Read More
5.  Derek DelGuadio, In and Of Itself.  Part magic show, part illusion of identity, DelGuadio's one-man performance is astounding. On Hulu, or sign up for a free trial. It's a can't miss.
Watch In and Of Itself
Listening

Capital Allocators Episodes

EP.229: David Rosenthal & Ben Gilbert – Acquiring an Industry (Venture is Eating the Investment World EP.1)

EP.230: Chris Douvos – The LP’s Perspective from Ahoy Capital (Venture is Eating the Investment World EP.2)

EP.231: Sean O’Sullivan – Start-Up Development at SOSV (Venture is Eating the Investment World EP.3)

EP.232: Fabrice Grinda – Canvassing Seed Stage Marketplaces at FJ Labs (Venture is Eating the Investment World EP.4)

EP.233: Ali Hamed – Novel Venture Investing at CoVenture (Venture is Eating the Investment World EP.5)

EP.226: Christopher Zook – Thematic Investing and Raving Fans at CAZ Investments

Manager Meetings Episodes


EP.27:  Florian Bartunek, Constellation Asset Management – Interviewed by Greg Dowling


 
 

Year In Review - Our Annual Letter

Friends,

It’s my pleasure to share our second annual letter to Capital Allocators stakeholders.

The letter discusses our three business lines, goals for the coming year, and a hint about our next big project.

Onwards!
Ted

Capital Allocators Monthly - December 2021

"The luckier you are, the nicer you should be."

- Morgan Housel

Announcements
Our Investment Vehicle. Our launch announcement is coming in January. Due to regulations, we can only share information with confirmed accredited investors.
Confirm Accredited Investor Status Here!
Executive Education for Investment Professionals. Registration for our spring cohort of Capital Allocators University is open. Discounts are available for non-profits and for group registration.

Register Today Here!
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Managing Director, CAIA Curriculum. This is an opportunity for an innovative leader to source, develop, and create the curriculum for the CAIA Programs. The role requires a strong understanding of global investment industry markets, trends, and asset classes alongside excellent communication and presentation skills.
View Posting Here.

Associate Director at Boston-based Endowment. The Associate Director will work with the CIO to invest and oversee investment strategies across multiple asset classes with a focus on private investments. View Posting Here.

Analyst, Satori Alpha/XL. This Texas-based multi-strategy investment firm is looking for an analyst to research and assemble actionable ideas on non-mainstream areas of the investment world (AI, alt data, disruptive technologies, and digital assets). View Posting Here.
A Word from Our Sponsors
Janus Henderson Investors. This month from JHI’s institutional blog, past Manager Meetings guest Daniel J. Graña, CFA explains how emerging markets have seized upon the digital revolution to modernize their economies and create innovative business models to address local business needs.
Read EM Now Fertile Ground for Innovation
Northern Trust Front Office Solutions. The team at Northern Trust FOS recently released a machine learning module for asset owner research management to provide better oversight of the entire research process.
Read on the Release
Venn by Two Sigma. Venn is a modern analytics platform developed specifically for capital allocators. In recent weeks, Venn has fielded questions from clients about how to evaluate and interpret the impact of inflation. Their research team wrote extensively about the topic this year.
Read Forecasting Inflation Like a Data Scientist
Aumni. Welcome to our newest sponsor of the Venture is Eating the Investment World series! Wondering if the terms in that term sheet are market? Aumni's Benchmarking Term Sheet tool can help you instantly view market data on a term-by-term basis while preparing a draft term sheet based on NVCA's model legal document.
Learn More About Aumni
Quartr App. Even in today’s age of the metaverse, finding investor relations material is either time-consuming or expensive. Quartr wants to change that. Get frictionless access to conference calls, transcripts, slide decks, and earnings reports – all inside our free app.
Try Quartr on Android
Try Quartr on iOS

Top Books From 2021
Ted's annual rundown of the five books he most enjoyed this year. These were too hard to rank, so we've listed them in alphabetical order by author.
1.  The Caesars Palace Coup, Max Frumes and Sujeet Indap. An insider's telling of the Caesars bankruptcy proceedings with an all-star cast of money manager characters.
Read The Caesars Palace Coup
2.  The Power Law, Sebastian Mallaby. Mallaby fantastic history of venture capital comes out in January. I suspect will be a bestseller in 2022.
Read The Power Law
3.  How to Change, Katy Milkman. Milkman lists a set of obstacles to creating desirable change and an approach to overcoming them, including why New Year's Resolutions work!
Read How to Change
4.  The Surrender Experiment, Michael Singer. Part business story, part spiritual journey, Singer describes how letting go of directing his life led to an amazing adventure.
Read the Surrender Experiment
5.  Wooden, John Wooden. The legendary UCLA basketball coach offers page after page of worldly wisdom.
Read Wooden
Honorable Mention: Capital Allocators: How the World's Elite Money Managers Lead and Invest. I hear this book is pretty good.
Read Capital Allocators
Listening

Past Capital Allocators Episodes

EP.225: Ian Charles & Doc O’Connor – Investing in Sports Teams at Arctos Sports Partners

EP.226: Christopher Zook – Thematic Investing and Raving Fans at CAZ Investments

EP.227: Paul Black & Mike Trigg – How to Build a $100B Money Manager

EP.228: Year in Review 2021

Past Manager Meetings Episodes


EP.22: Will Cook, Sunriver Management – Interviewed by Ben Cooper

EP.23: Bill Trenchard, First Round Capital – Interviewed by Chris Douvos

EP.24: Jarrid Tingle & Henri Pierre-Jacques, Harlem Capital – Interviewed by Jason Klein

EP.25: Justin Fishner-Wolfson, 137 Ventures – Interviewed by Nat Fraser

EP.26: Jamie Montgomery, March Capital – Interviewed by Eric Upin


 
 

Capital Allocators Monthly - November 2021

"Acknowledging the good that you already have in your life is the foundation for all abundance."

- Eckhart Tolle


Announcements
Triple Update from Capital Allocators. We want to share three treats with you for the holiday season.

1) Holiday discount for new Premium members. Use the code CA2021 at checkout between now and year-end for a 20% discount on the first year of membership.


2) Hot Jobs to Share is now available weekly. We release Hot Jobs in our weekly email to Premium subscribers. Sign up to get a heads up before the monthly crowd.


3) Capital Allocators Shop is open. Get some Capital Allocators swag for your favorite fan for the holidays!

Subscribe to Premium Here!
Free Workshop with Khe Hy. Prepare for the new year with a comprehensive analysis of your goals, priorities, and relationships with Khe. The live workshop will take place on December 14th at 11:30 AM ET.

Register for the Annual Review Workshop Here!
Hot Jobs to Share. Send interesting opportunities our way and we'll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Chief of Staff at Inflection Point Partners (IPP). Matt Spielman's executive, career, and health coaching practice is seeking a Chief of Staff.
View Posting Here.

Chief Content Officer at CAIA. The CCO will be responsible for developing, stewarding, and amplifying the CAIA brand around the world. For more information, please email Hank. View Posting Here.

CFO for Global Leader in Video Solutions for Financial Services. The CFO will oversee all financial activities of the company and will be responsible for providing strategic and financial advice to the Executive Leadership Team and Board of Directors. View Posting Here.

Public Markets Analyst at UTIMCO. Full-time, pre-MBA position responsible for assisting the Public Markets team with investment research. View Posting Here.
A Word from Our Sponsors
Janus Henderson Investors. From JHI’s institutional blog, Head of US Securitized Products, John Kerschner, CFA, explains why MBS may actually benefit from tapering if they are favored over “riskier assets.”
Read Tapering Without the Tantrum
Northern Trust Front Office Solutions. The team at Northern Trust FOS recently released a machine learning module for asset owner research management to provide better oversight of the entire research process.
Read on the Release
Ontra. The global leader in Contract Automation and Intelligence outlines ten of the most important terms contained in side letters, highlighting some of the challenges in complying with those terms and assessing the potential operational impact for GPs.
Download Guide
iConnections. Join the leading global community for alternative investments that makes a bigger impact on our world at Global Alts 2022 at the Fontainebleau Miami Beach from January 24th to 27th.
Complimentary Registration for Registered Allocators Here

Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1.  Sahil Bloom, How to Win (without talent or luck). Sahil Bloom is a fountain of wisdom. In this thread, he shares timeless wisdom about winning.
Read How to Win
2.  Perspectives on the Metaverse. We saw two pieces this month that help explain the Metaverse in different levels of detail - one from the New York Times and the second from Josh Wolfe from Lux Capital.
Read An 8-Year-Old Explain the Metaverse and How Josh Wolfe Explains the Metaverse
3.  Josh Wolfe, Imagination at Lux Capital. Josh Wolfe believes failure comes from a failure to imagine failure. In its most recent quarterly letter, Lux imagines a boom and a bust scenarios for its quarterly letter a year from now.
Read Lux Capital's 3Q 2021 Letter
4.  Chris Dixon, Web3. A journey of a thousand miles starts with a single step. Learning about the blockchain can feel a bit daunting, like learning Mandarin. Web3 is the latest buzzword for a decentralized internet with value accreting to creators.

Podcast guest Chris Dixon is our favorite source of wisdom and relatable analogies for the ecosystem. His editorial in The Economist with Packy McCormick, Time Well Spent interview, and Tim Ferriss podcast with Naval Ravikant offer a path to take the first step on the educational journey.
Read Chris in The Economist, more from Chris, and Listen to Chris and Naval on Tim Ferriss
5.  Randall Stutman, Admired Leadership and Spectacular Parenting Advice. Randall's Admired Leadership online course is the gift that keeps on giving, and his Admired Leadership Field Notes (free) offers daily wisdom. We recently learned that a book his team wrote for clients, The Everyday Rules of Spectacular Parents, is available for purchase.
Buy The Everyday Rules of Spectacular Parents and Sign Up for Admired Leadership Field Notes
Listening

Past Capital Allocators Episodes

EP.220: Savneet Singh – The Operator/Investor whose Software is Feeding the World


EP.221: Jordi Visser – Analytics and AQ at Weiss


EP.222: Richard Tedlow – Charismatic Business Leadership


EP.223: Todd Boehly – The Next Berkshire Hathaway at Eldridge


EP.224: Chas Cocke – From Allocator to Manager at LB Partners

Past Manager Meetings Episodes

EP.18: Satya Patel, Homebrew – Interviewed by Tim Recker

EP.19: Himanshu Gulati, Antara Capital – Interviewed by Craig Bergstrom

EP.20: Kyle Samani & Tushar Jain, Multicoin Capital – Interviewed by Michael Liddy

EP.21: Brian Higgins, King Street – Interviewed by Tarik Serri



 
 

Capital Allocators Monthly - October 2021

"One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do."

- Jim Rogers


Announcements
Capital Allocators University. We have started a waitlist for our Spring course. Reserve your spot for you and your team today! Join the waitlist here.
Hot Jobs to Share. In service of our mission to compound knowledge and relationships in every way possible, we invite you to send any positions you are looking to fill our way, and we will be happy to share them with the community. Email Hank to get the ball rolling.

A friend of Ted's is looking to add analysts to his $1.5-2 billion long-short hedge fund that invests across equity and credit globally.
Apply for Hedge Fund Analyst Position here.
Premium Sample
Perks of a premium subscription include episode transcripts, connectivity to show guests, Ted's investment thoughts, and a weekly email.

What Ted’s Thinking Sample: Wash U and Kim Lew, Part Two

In the first half of "Wash U and Kim Lew," I suggested the not-so-shocking revelation that what gets reported in the media isn’t quite right. Scott Wilson led Washington University of St. Louis to an extraordinary 65% return in 2021, but the news missed the real story. Scott’s novel approach to concentrating positions drove the return and may well continue to shine for years to come.

In other news, Institutional Investor bestowed a Lifetime Achievement Award on Kim Lew last month. Yes, Kim is a superstar and worthy of the accolade, but the timing of the award is a bit bizarre. Kim’s career trajectory recently rose to her biggest stage yet. What transpires from here is likely to blow the doors off anything she has done so far...

Subscribe to Premium to Continue Reading here.
A Word from Our Sponsors
Janus Henderson Investors. This month from JHI’s institutional blog, Portfolio Manager Aneet Chachra discusses how even moderate changes in flow dynamics (and demand) can have on prices … for both minivans and markets!
Read Minivans and Flows
Northern Trust Front Office Solutions. Investors holding alternative assets have long endured frustrating, tedious chores in overseeing their portfolios. Ground-breaking automation solutions are finally streamlining these processes. Head of NTRS Front Office Solutions, Melanie Pickett, details how.
Read More
Bipsync. The modern research management platform for investors has assembled Buyer’s Guides for 6 different fund types to help you learn how different strategies can effectively utilize a modern RMS system.
View RMS Buyers Guides
In Practise. In Practise publishes low-volume, high-quality primary research interviews on only the best companies, like Danaher and Topicus. Explore their full library here.
Full Library

Reading
Ordered by reading time: tweets first, books last, and blog posts and articles in between.
1.  Sequoia Shifts to Permanent Capital. Legendary venture capital firm Sequoia Capital is evolving the fund structure to a permanent capital vehicle that blends its venture investing with the potential for long-term holdings in the companies it takes public.
Read More
2.  Why Web3 Matters, Chris Dixon. "Web3 is the internet, owned by the builders and users, and orchestrated with tokens." In this blog, Chris breaks down why Web3 matters, the role of tokens, and the implications for blockchains and NFTs.
Read Why Web3 Matters
3.  How to Build a $100 Billion Money Manager. Paul Black penned this thought piece about the impact of culture on success in money management. Check out the sidebar where he offers the factually correct (and never to be duplicated) path to WCM's rise over the last decade.
Read Why Money Managers Fail
4.  David Epstein. David is the author of bestseller Range and recently created a thought-provoking weekly newsletter for generalists where he helps expand your personal range.
Subscribe to Range Widely
5.  Daniel Kahneman and Major League Baseball. Resurfacing in honor of the World Series, Kahneman's teachings have spread throughout MLB's front offices in evaluating talent and making decisions.
Read NYT Story
Listening

Past Capital Allocators Episodes

EP.216:  Barry Sternlicht – Masterclass in Real Estate in a Post-COVID World

EP.217:  Matt Brown – Democratization of Alternatives at CAIS

EP.218:  Erik Serrano Berntsen – Backing Alternative Founders at Stable Asset Management

EP.219:  Paula Volent – Star Endowment Manager’s Next Act at Rockefeller University

Past Manager Meetings Episodes

EP.14:  Jon Brolin, Edenbrook Capital – Interviewed by Ellen Ellison

EP.15:  Hamish Corlett, TDM Growth Partners – Interviewed by Ethan Berman

EP.16:  Stefan Kaluzny, Sycamore Partners – Interviewed by Kim Lew

EP.17:  Rashmi Kwatra, Sixteenth Street Capital – Interviewed by Ellen Ellison