Is There a Blind Spot for Concentrated Managers?

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I tend to like concentrated managers. They know every detail and they're all in on the biggest things that they like, but there's a risk of concentrated managers. Private equity is great because you're not allowed to sell. Fourth is you to hold when every sort of internal psyche is telling you that you want to sell. Having more than one blind spot might not be the best thing, but it's led to a bunch of change here.

Last year, four of my oldest friends in the business and I got together to banter about a range of investment topics. Now admittedly, I pretty much had to pull their teeth to make it happen that first time, but after having so much fun with it, our old gang didn’t hesitate to do it again. Our dinner crew - Meredith Jenkins from Trinity Wall Street, Casey Whalen from Truvvo Partners, Brett Barth from BBR Partners, Jon Harris from Alternative Investment Management and I - gathered and riffed on long/short hedge funds, private markets, Africa and other empty rooms, potential canaries in the coal mine, continuation funds, co-investments, our favorite investment types, and blind spots. At the end, we had a chance to pay a tribute to Jon’s father, the legendary Ira Harris, who graduated from his amazing life here on Earth earlier in the year.

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