Navigating the Challenges of Underperforming Investment Managers

This chapter explores the difficulties board members encounter with underperforming fund managers and the significance of a steady investment strategy. It includes a cautionary tale about the impact of impulsive decisions made during market peaks, illustrating the consequences for a client's endowment.

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IN THIS EPISODE, YOU’LL LEARN:

01:10 - Why we have cycles.
02:11 - What the credit cycle is.
09:16 - How are cycles interrelated.
11:53 - Where we are in the real estate cycle.
17:55 - Where we are right now in the cycle.
25:35 - How adjusting risk to your portfolio depends on the market cycle.
31:02 - Why junk bonds might be a good investment depends on the credit cycle.
36:10 - Which questions to ask an asset manager.
39:32 - How to evaluate a track record.
50:50 - Why assets managers like to talk about their mistakes.
1:08:15 - How to think about risk and reward.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Our interview with Howard Marks about Mastering the Market Cycle.

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