E276: Lessons from Allocating $70B as CIO at the University of Texas

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Jan 6, 2026

Britt Harris, a veteran institutional investor and former CIO of major funds, shares insights on investment simplicity and success. He emphasizes that engagement, rather than intelligence, drives performance, and explains why scale provides negotiating advantages. Britt discusses the importance of a culture of empowerment and that most innovations come from recombination rather than invention. He also introduces the 30–50–20 rule of engagement and warns against the pitfalls of complexity in investing, advocating for straightforward solutions.

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INSIGHT

Scale Creates Structural Advantage

Large scale gives negotiating power that changes counterpart behavior and terms.
Britt Harris used scale to get faster, more accurate reporting and better contractual terms.

ANECDOTE

Forcing Better Reporting By Asking For It

Britt asked multiple providers for daily reporting and most said they couldn't do it.
Once a competitor claimed they could, firms upgraded reporting and UTIMCO gained earlier, better data.

INSIGHT

Break Limits By Showing It's Possible

The four-minute mile effect shows impossible limits collapse once someone proves them false.
Leaders must inject new mindsets so teams reset their frameworks and achieve previously impossible goals.

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Why do the biggest investing breakthroughs come not from complexity, but from simplicity and why is that so hard for smart people to accept? In this episode, I talk with Britt Harris, one of the most experienced institutional investors in the world, about what really drives long-term investment success inside large pools of capital. Britt explains why simplicity beats complexity, how scale creates negotiating power and structural advantage, and why engagement — not intelligence — is the true separator of performance. We discuss how innovation in investing is usually recombination, not invention, why empowered teams outperform credentialed ones, and how leaders can systematically create cultures that compound.

Highlights:

Why simplicity is the highest form of reliability
How scale changes negotiating power and opportunity access
The “four-minute mile” effect in organizational change
Why fully engaged people outperform smarter but disengaged peers
The 30–50–20 rule of engagement inside organizations
Why innovation is usually recombination, not invention
How to avoid complexity syndrome in investing and management
Why keeping your word is the foundation of trust and leadership
How empowerment is earned, not granted
Why culture compounds faster than strategy

Guest Bio:

Britt Harris is a veteran institutional investor and executive who has served as Chief Investment Officer for some of the largest pools of capital in the world, including the University of Texas Investment Management Company (UTIMCO), the Texas Permanent School Fund, and the Texas Teachers Retirement System. Over a career spanning more than four decades, he has overseen and advised on portfolios totaling hundreds of billions of dollars and is widely recognized for his contributions to institutional investing, governance, and organizational leadership.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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LinkedIn:https://www.linkedin.com/in/britt-harris-6678477/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (2:27) Overcoming impossibilities and full engagement in organizations (6:38) Empowerment and success in the workplace (12:06) Innovation in financial instruments and trends (16:12) Complexity syndrome and the importance of simplicity in investments (17:32) Closing remarks