Capital Allocators – Inside the Institutional Investment Industry Amy Falls – From Bonds to Boards to Leading Northwestern (Capital Allocators, EP.316)
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May 22, 2023 
In this engaging discussion, Amy Falls, Chief Investment Officer at Northwestern University, shares her journey managing a $14.2 billion endowment while serving on various prestigious boards. She delves into her unique perspectives on manager selection, liquidity, and investment across diverse asset classes, including public equity and private credit. Amy also connects her passion for farming with investment strategies, emphasizing diversification and resource management. Her insights into the challenges of leading investment committees and the value of mentorship are equally compelling.
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From Bonds to Endowments
- Falls transitioned to endowment management after volunteering on her high school's investment committee.
- Reading David Swenson's book and witnessing the dot-com crash at Andover sparked her interest.
Manager Selection
- Manager selection is crucial, going beyond quantitative analysis.
- Focus on a smaller number of high-quality managers instead of many mediocre ones.
Assessing Managers
- Assess manager's thought processes by reading their letters since inception.
- Understand how they handle mistakes, demonstrating accountability and thoughtfulness.
