Capital Allocators – Inside the Institutional Investment Industry Andrew Golden – Beyond the Long Term (Capital Allocators, EP.13)
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Jun 26, 2017 Andy Golden, President of Princeton University's Investment Management Company, shares insights on transforming PRINCO from $3B to $22.5B in assets. He discusses his unique career shift from photography to finance, emphasizing the critical role of collaboration and long-term perspectives. Golden delves into strategic asset allocation and the evolution of evaluating investment managers, especially during challenging times. He highlights the importance of nurturing internal talent, balancing data with intuition, and offers valuable life lessons relevant to the current market landscape.
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From Volunteer Run To Professional Office
- Princeton had almost no professional investment staff when Andy arrived and had relied on a single volunteer decision-maker for decades.
- Andy rebuilt the office, presenting a new governance and decision framework to modernize PRINCO's operations.
Empowered Staff Beats Committee Control
- Princo adopted a staff-centric, fully empowered decision model to improve agility and accountability.
- Empowerment meant the staff answered for results, and trustees needed education to stay appropriately involved.
Design Allocation Around Institutional Edges
- Start from institutional advantages and limits when designing portfolio approach.
- Ask where you naturally have edges and where external managers are wiser to use.