Ana Marshall, CIO of the $14 billion William and Flora Hewlett Foundation and author of 'The Climb to Investment Excellence,' shares her insights on investment management. She draws compelling parallels between extreme climbing and navigating the institutional investment landscape. Topics include the significance of collaboration and adaptability, the intricate process of portfolio construction, and the psychological challenges faced by investors. Marshall also emphasizes the value of mentorship and continuous learning in the pursuit of investment excellence.
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Identifying the Mountain
Define your investment goals and discuss organizational needs with stakeholders.
Determine what kind of CIO and team are needed to achieve those specific goals.
insights INSIGHT
Solidifying Investment Goals
Institutions and family offices often take about a decade to solidify their investment goals.
This period allows for experiencing crises and adapting investment approaches.
volunteer_activism ADVICE
Team Dynamics and Skills
Build a team where trust and effective communication are paramount, especially for navigating challenging periods.
Tailor the skillset of your team to match the maturity of your portfolio: those adept at manager discovery versus portfolio construction.
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In 'Into Thin Air', Jon Krakauer recounts the true story of a 24-hour period on Mt. Everest when members of three separate expeditions were caught in a devastating storm. The book details the catastrophic events that led to the worst single-season death toll in Everest's history. Krakauer, who was on the mountain as a client of guide Rob Hall, provides a meticulously researched and emotionally charged account of the disaster, reflecting on the risks, judgments, and heroism involved in high-altitude climbing. The narrative explores the commercialization of Everest, the psychological and physical challenges faced by climbers, and the author's own struggles with survivor's guilt and mortality.
The Climb to Investment Excellence
A Practitioner's Guide to Building Exceptional Portfolios and Teams
Ana Marshall
In *The Climb to Investment Excellence*, Ana Marshall provides a practical blueprint for constructing high-performing institutional portfolios. Drawing from her extensive experience, she offers insights into strategy and planning, trust, and risk management, making it essential reading for those managing long-term capital pools.
Ana Marshall is the CIO for the $14 billion William and Flora Hewlett Foundation and a two-time past guest on the show. This time around, we discuss Ana’s recently published book, The Climb to Investment Excellence. It is an outstanding, thorough guide for any leader overseeing a pool of institutional capital. But don’t take my word for it – the book jacket has praise from perhaps the best list of investment luminaries to ever adorn a cover: Seth Klarman from Baupost, Sir Christoper Hohn from TCI, Paul Singer from Elliott, Doug Leone from Sequoia, Lei Zhang from Hillhouse and Marc Andreessen from a16z.
Our conversation offers a walkthrough of the mountain investors must climb to reach their summit, following the metaphors of identifying the goal, preparing to embark or establishing governance, getting started or setting the investment strategy, working up the mountain or manager selection, and reaching the summit.
Capital Allocators – Inside the Institutional Investment Industry 
