Capital Allocators – Inside the Institutional Investment Industry Andrew Golden – Navigating Princeton's Endowment Through (Another) Crisis (Capital Allocators, EP.133)
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Apr 23, 2020 Andrew Golden, President of PRINCO, has expertly managed Princeton's $25 billion endowment since 1995. He discusses the critical strategies for navigating financial crises, focusing on communication and decision-making in remote environments. Golden emphasizes the importance of liquidity management and adaptive risk strategies amidst market volatility. He also shares insights on developing talent virtually to enhance inclusivity in investment management, underscoring the value of pre-existing partnerships during challenging times.
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Balancing Routine and Flexibility
- Institute routines, especially for remote work, to maintain structure.
- Prioritize flexibility when possible, but acknowledge that routine is sometimes crucial.
Fiduciary Duty in Volatile Markets
- During volatile market periods, focus on fiduciary responsibility.
- Regularly assess market conditions for unusual activity, even if your focus is relationship management.
PRINCO's Bull Bear Sessions
- PRINCO uses a "bull bear" session for major decisions, with assigned proponents and devil's advocates.
- All team members vote, including new hires, fostering inclusivity and talent development.