“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.
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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…

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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!
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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.
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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.
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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