Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
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Oct 27, 2025 Paul Black, a key leader at WCM Investment Management, and Mike Trigg, a senior investment professional, share insights on transforming a struggling firm into a $100 billion investment powerhouse. They discuss the importance of culture and unconventional hiring practices, revealing how openness and trust fuel innovation. Paul recounts overcoming significant losses and embracing change, while Mike emphasizes the need for candid communication and fostering a truthful environment. Together, they highlight the role of storytelling in integrating new team members into their unique culture.
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Rebirth From Near Collapse
- WCM rebuilt after a collapse from $4bn by launching an international large-cap growth strategy led by inexperienced hires.
- The tiny team built a stellar five-year track record despite having only $3m AUM initially.
Moat Trajectory Beats Static Moats
- Chasing wide-moat businesses cheaply became overcrowded and produced conventional returns.
- WCM shifted focus to the direction of a company's competitive advantage — moat trajectory — to find differentiated returns.
Codify Values To Encourage Experimentation
- Create explicit cultural values that encourage unusual thinking and continuous improvement.
- Make the workplace safe for admitting mistakes so people will experiment and learn faster.
