Today we are joined by Clint Stone SVP of Investments at the Larry H Miller Company to hear about running an endowment style investment approach at a family office. We discuss Clint’s approach to asset allocation which is focused on long term capital appreciation. A key pillar of the portfolio is a large allocation to private markets and we discuss the rationals for this. We delve into the foundation’s approach to portfolio construction, how to estimate the volatility of private markets exposures and discuss Clint’s belief that the volatility of a private market portfolio may even be lower than a corresponding public market portfolio. We also talk about the challenge of manager selection, what Clint looks for in managers and why he likes both market neutral long/short equity strategies and directional strategies like global macro and trend following in his absolute return portfolio.
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Episode TimeStamps:
02:48 - Introduction to Clint Stone
07:07 - Their approach to investment
12:12 - A challenging decade for equities?
15:06 - Stone's perspective on equity valuations
18:32 - Building a model and strategy
23:04 - Modelling the risk of a private equity portfolio
30:52 - Getting the correlation right
34:14 - Correlation in economic downturns
39:04 - Building a multi-asset strategy
41:11 - Getting the speed right
44:39 - Stone's approach to trend following
46:34 - Evaluating managers vs. security analysis
49:05 - The search for capacity constraints
52:02 - The challenge of picking managers
53:41 - Working with real businesses
57:52 - What is a good investment process?
01:03:01 - Generalists vs. specialists
01:06:50 - Advice for new allocators
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