The Investment Office Playbook - What Managers Don’t See
What Ted’s Thinking
April 4, 2024
I've been thinking about the investment office playbook and what managers don't see when they meet with allocators.
The Investment Office Playbook - What Managers Don’t See
What Ted’s Thinking
April 4, 2024
Capital Allocators Monthly Newsletter - March 2024
Monthly Email, News
April 1, 2024
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Capital Allocators Monthly Newsletter - March 2024
Monthly Email, News
April 1, 2024
Capital Allocators Monthly Newsletter - February 2024
Monthly Email, News
March 1, 2024
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Capital Allocators Monthly Newsletter - February 2024
Monthly Email, News
March 1, 2024
Capital Allocators Monthly Newsletter - January 2024
Monthly Email, News
February 1, 2024
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Capital Allocators Monthly Newsletter - January 2024
Monthly Email, News
February 1, 2024
The Next Alpha Frontier
What Ted’s Thinking
January 12, 2024
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.
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.
The Next Alpha Frontier
What Ted’s Thinking
January 12, 2024
Capital Allocators Monthly Newsletter - December 2023
Monthly Email, News
January 1, 2024
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Capital Allocators Monthly Newsletter - December 2023
Monthly Email, News
January 1, 2024
Capital Allocators Annual Letter 2023
Annual Letter, What Ted’s Thinking
January 1, 2024
I'm excited to share our fourth annual letter.
Capital Allocators Annual Letter 2023
Annual Letter, What Ted’s Thinking
January 1, 2024
Capital Allocators Monthly Newsletter - November 2023
Monthly Email, News
December 1, 2023
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Capital Allocators Monthly Newsletter - November 2023
Monthly Email, News
December 1, 2023
Unlocking Investment Wisdom
News, Podcast
November 15, 2023
Sarah Samuels, the head of manager research at powerhouse consultant NEPC and a past guest on the show, is also the Board Chair of the CFA Society in Boston. She’s created a podcast series for the Society called “Pull Up a Chair,” and I was honored to be her inaugural guest.
Unlocking Investment Wisdom
News, Podcast
November 15, 2023
Capital Allocators Monthly Newsletter - October 2023
Monthly Email, News
November 1, 2023
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Capital Allocators Monthly Newsletter - October 2023
Monthly Email, News
November 1, 2023
NAV Loans: Canary or the Gold Mine?
What Ted’s Thinking
October 11, 2023
Financial market participants tend to stretch at the end of a cycle in ways that look silly in retrospect. In 2000, public companies with millions of “clicks” (and minimal revenue) held market caps in the billions of dollars. In 2008, structured products that sliced and diced subprime mortgages professed to spin junk credit straw into AAA gold. After their fall from grace, dot.coms became dot.bombs, and the only sighting of precious metal attached to defaulted mortgages was on the “silver” screen.
NAV Loans: Canary or the Gold Mine?
What Ted’s Thinking
October 11, 2023
Capital Allocators Monthly Newsletter - September 2023
Monthly Email, News
October 1, 2023
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Capital Allocators Monthly Newsletter - September 2023
Monthly Email, News
October 1, 2023
The Real Yale Model
What Ted’s Thinking
September 7, 2023
Investors following David Swensen too often miss the mark in their interpretation of his theory. Like children playing the game telephone, they listen to other voices and echo beliefs with shakier foundations than Yale’s.
The Real Yale Model
What Ted’s Thinking
September 7, 2023
Capital Allocators Monthly Newsletter - August 2023
Monthly Email, News
September 1, 2023
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Capital Allocators Monthly Newsletter - August 2023
Monthly Email, News
September 1, 2023
Masters in Business
News, Podcast
August 22, 2023
Ted sat down with Barry Ritholtz on the Masters in Business podcast in August 2023.
Masters in Business
News, Podcast
August 22, 2023
Active Management Today is a Single Decision
What Ted’s Thinking
August 3, 2023
About twenty years ago, I sat down with a leading long-short hedge fund in Korea. The portfolio manager spent forty minutes offering an articulate bull case for Samsung, in which he had a 20% long position. When he finished his impassioned presentation, I responded with a single question: “That sounds great, but why are you net short Samsung?”
Active Management Today is a Single Decision
What Ted’s Thinking
August 3, 2023
Capital Allocators Monthly Newsletter - July 2023
Monthly Email, News
August 1, 2023
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Capital Allocators Monthly Newsletter - July 2023
Monthly Email, News
August 1, 2023
Capital Allocators Monthly Newsletter - June 2023
Monthly Email, News
July 2, 2023
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Capital Allocators Monthly Newsletter - June 2023
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July 2, 2023
The Impermanence of Permanent Capital
What Ted’s Thinking
June 22, 2023
Back in 1994, I was overseeing Yale’s boring, internally managed bond portfolio. We benchmarked the portfolio to the Lehman Brothers Government Bond Index and occasionally sought to add value buying securities with the same characteristics as a bond at a discount. [1] One example was the Morgan Stanley Government Income Trust (“GVT”) a closed-end fund comprised of securities backed by the full faith and credit of the U.S. Government that traded around a 10% discount to net asset value (“NAV”).
The Impermanence of Permanent Capital
What Ted’s Thinking
June 22, 2023
Capital Allocators Monthly Newsletter - May 2023
Monthly Email, News
June 1, 2023
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Capital Allocators Monthly Newsletter - May 2023
Monthly Email, News
June 1, 2023
I Don't Know
What Ted’s Thinking
May 24, 2023
I ask every guest on the podcast “What is your biggest investment pet peeve?” Mine is investors who express absolutes in a world of probabilities. The late Peter Bernstein defined risk as “you don’t know what will happen,” adding “even when you think you do.” There’s a fine line that investors walk between conviction and humility, but those who believe they know the future without a shadow of a doubt fall a notch in my estimation.
I Don't Know
What Ted’s Thinking
May 24, 2023
Capital Allocators Monthly Newsletter - April 2023
Monthly Email, News
May 1, 2023
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Capital Allocators Monthly Newsletter - April 2023
Monthly Email, News
May 1, 2023
Playing for Tomorrow
What Ted’s Thinking
April 7, 2023
What return was available on a 5-Year U.S. Treasury two years ago? Observing market conditions, you might have said 0.8%. That was the paltry current yield on a 5-Year U.S. Treasury at the time.
Playing for Tomorrow
What Ted’s Thinking
April 7, 2023
Capital Allocators Monthly Newsletter - March 2023
Monthly Email, News
April 1, 2023
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Capital Allocators Monthly Newsletter - March 2023
Monthly Email, News
April 1, 2023
Short-Term Gain, Long-Term Pain, Part 2
What Ted’s Thinking
March 22, 2023
David Swensen lived and breathed long-term investing. From his license plate ENDOW to his aphorism “Don’t be so short-term,” David walked into the office every day with a mindset that embodied Yale’s perpetual time horizon. The issues I raised in Short-Term Gain, Long-Term Pain three weeks ago would have resonated with him.
Short-Term Gain, Long-Term Pain, Part 2
What Ted’s Thinking
March 22, 2023
Capital Allocators Monthly Newsletter - February 2023
Monthly Email, News
March 1, 2023
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Capital Allocators Monthly Newsletter - February 2023
Monthly Email, News
March 1, 2023
Short-Term Gain, Long-Term Pain
What Ted’s Thinking
February 25, 2023
Morgan Housel became one of the most popular investment writers by telling stories about the psychology of money and markets – the same today as it’s ever been. Sometimes that knowledge can elicit positive change. Sophisticated institutions can build processes to increase their awareness of behaviors that might comprise optimal decisions. More often, we repeat the same patterns of behavior, which is why Morgan has so many stories to share.
Short-Term Gain, Long-Term Pain
What Ted’s Thinking
February 25, 2023
Panic with Friends Podcast with Howard Lindzon
Podcast
February 2, 2023
Ted recently appeared on the Panic with Friends Podcast with Howard Lindzon, where they discussed the recent FTX fraud; he was around in the days of Bernie Madoff and has a really different take on how managers should think about these events. Howard got Ted's take on how the SEC has been rambling on recently about the ability for LPs to sue Venture Capitalists and what it all means for the industry.
Panic with Friends Podcast with Howard Lindzon
Podcast
February 2, 2023
Capital Allocators Monthly Newsletter - January 2023
Monthly Email, News
February 1, 2023
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Capital Allocators Monthly Newsletter - January 2023
Monthly Email, News
February 1, 2023
The "Why" Behind Capital Allocators University
What Ted’s Thinking
January 12, 2023
“Our community already knows most of what matters within the field. It’s the interdisciplinary education outside of investing that allows us to identify new sources of return.” The hardest day to invest is always today. That investment truth seems particularly apropos today – a time managers competition has intensified and allocators are more sophisticated than ever before. In order to meet client needs, institutions will need to identify the next frontier, which I believe will come from inside organizations rather than from the external market environment. We’re here to help at Capital Allocators University.
The "Why" Behind Capital Allocators University
What Ted’s Thinking
January 12, 2023