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Dan McMurtrie — On Markets and Policy (EP.115)
Infinite Loops
The Biggest Problem With Endowment Management
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The endowments in general turn over every five years, which is less than the average length of one cycle. The unifying thing i see across the money managers that have 20 plus year records that are good is they ore. Never sexy at any moment. There doesn't seem to be enough respect given to investment managers who actually have these very long term tract records. And there's nothing wrong with having those other constraints in there, but people don't really loop that thinking enough times to understand what's actually in their hit box. In the last few years, it has appeared that just taking a risk was the best approach.
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