Capital Allocators Monthly (June 2018)
Summer reading time, and this month was a good one. We launched a premium content subscription to Capital Allocators, including the full library of podcast transcripts and discussion groups for each new episode. Pricing is $499/yr for an individual member and $4,999/yr for a corporate subscription of up to 50 members. Please visit capitalallocatorspodcast.com/premium to sign […]
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The Hedge Fund Fee Conundrum
This article originally appeared in Institutional Investor on June 1, 2018. Allocators want cheaper fees, but they also want the best managers. They can’t have both — and that’s stalling industry progress when it comes to alignment of interests. Five years ago, a friend at a large institutional investor spent months alongside a half dozen […]
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Capital Allocators Monthly (May 2018)
Spring is upon us (just in time for summer!). My favorite pieces this month came from social media feeds (Twitter and Medium). A sign of the times! Reading 1. Sam Hinke Letter to Investors In early May, I watched the Philadelphia Sixers close out the Miami Heat in the first round of the playoffs on […]
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Capital Allocators Monthly (April 2018)
I'll be heading the Omaha this weekend for my last annual public drubbing. Stop me and say hello if you're there. If you happen not to catch me amidst the sea of shareholders, I'll be joining Jeff Gramm, Brent Beshore, Patrick O'Shaughnessy and some other friends at Mr. Toad's for a happy hour after […]
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Your Brain Wants You To Make Bad Decisions. Here’s How To Avoid Them.
This article originally appeared in Institutional Investor on April 24, 2018. The human brain is hard-wired to confirm biases, overweight the importance of recent information, and run with the herd. But a new book shows how to get around our flawed programming. In last month’s column, I implied that the Yankees will win the World […]
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The Edge You May Be Overlooking
This article originally appeared in Institutional Investor on April 13, 2018. When it comes to institutional investors, home field can be just as advantageous as it is to baseball players. Last fall, my beloved New York Yankees came within one win of a surprise trip to the World Series. The Bronx Bombers fell behind 2-0 […]
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Capital Allocators Monthly (March 2018)
Having fun with these markets (or weather) yet? The more things stay the same... Reading 1. My latest Institutional Investor column is entitled "Learning from the Dumb Money." The premise is based on a simple, but profound concept introduced in my podcast with Seth Masters. You can find it here: 2. Everything by Morgan Housel. Last […]
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Learning from the Dumb Money
This article originally appeared in Institutional Investor on March 5, 2018. For years, Ted Seides refused to pay attention to private wealth managers. But was he missing the forest for the trees? I paid no attention to private wealth managers early in my career. Their transaction-based compensation model with bank-owned parent companies created obvious conflicts […]
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Capital Allocators Monthly (February 2018)
The more things change, the more they stay the same. Markets back to the bull, volatility in check, and a doping allegation in Olympic Curling. Go figure! Reading 1. My latest Institutional Investor column is entitled "Bullish on Private Equity in Theory, Bearish in Practice. Where Will the Rubber Meet the Road." In the online version, […]
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The Hidden Tax on Private Equity Investors
This article originally appeared in Institutional Investor on February 23, 2018. Private equity firms now extracting their extra pound of flesh while the going is good will face serious scrutiny down the road. As a fresh-faced business school graduate 18 years ago, I joined a boutique private equity firm. The firm raised its third fund, […]
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