Brad Briner is the leading candidate for the Treasurer of North Carolina in the upcoming November election, a role that includes managing the state's $115 billion pension fund. Brad put himself in the ring for the seat after twenty-five years of investment experience, serving most recently as Co-CIO of Willett Advisors, Michael Bloomberg's family office. For more background on Willett, my conversation from 2019 with Chairman Steve Rattner is replayed in the feed.

I don't often get to talk about really poor investment performance on the podcast, but this time we do. North Carolina has finished dead last among peers over the last three and five years, that's 50th of 50 states. Its twenty-year returns are almost equally dismal. This significant underperformance resulted from an overlay conservative asset allocation that will leave you shaking your head. Unfortunately, it's what happens when unsophisticated professionals are tasked with serious investment jobs.

Our conversation covers Brad's story, investment and leadership insights from his experience and time at Willett, the problems with North Carolina's investing and governance, and Brad's desire and plan to turn around the state's pension performance.

I've known Brad for ten years and want to do everything I can to help him both win the important seat and succeed once there. So if you happen to live in North Carolina, please get out and vote – every vote truly counts in low turnout races like thisIf, like most of us, you don't live there, please tell any friends you have who do live in the state. Lastly, if Brad is successful at the polls, he'll need to build out a team with talented professionals who share his passion for investing and making a difference. Maybe you can help there too.

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