Value Investing with Legends Kristin Gilbertson - Risk, Resilience, and Returns
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Aug 29, 2025 Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment, shares her journey from the World Bank to managing a prestigious university endowment. She highlights how her risk management strategies helped navigate the 2008 financial crisis. The discussion covers asset allocation, manager selection, and insights into family office dynamics versus endowments. Kristin also offers career advice for those entering wealth management, emphasizing the importance of mentorship and a strong alumni network in this evolving field.
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From Development To Portfolio Work
- Kristin joined the World Bank via the Young Professionals Program and moved from policy to investments in 1998.
- She stayed because she enjoyed portfolio work and the three-to-six month research cadence mirrored consulting.
Short Stint, Big Repositioning
- Kristin spent only two years at Stanford Management Company and used that period to reassess deep value and international tilts.
- She recommended caution about short tenures as an allocator because track records matter over time.
Alumni Networks Power Private Allocations
- University endowments built private-market allocations by leveraging alumni networks and leading investors on their boards.
- That access both improved returns and strengthened alumni engagement and fundraising.
