Capital Allocators – Inside the Institutional Investment Industry Michael Carmen – Late-Stage Private Investing at Wellington (EP.332)
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Aug 10, 2023 Michael Carmen, Co-Head of Private Investments at Wellington Management, shares his journey from public equities to late-stage private investing. He highlights the transformation in late-stage investment dynamics and the critical role of fundamentals in evaluating companies. Carmen discusses key sectors like technology and healthcare, addressing both opportunities and risks, including the dual nature of AI. He emphasizes the power of diversification and strategic decision-making while reflecting on personal growth through embracing failure.
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Accidental Investor
- Michael Carmen's entry into investing was accidental, starting with a headhunter call for a research associate role at Sanford Bernstein.
- Despite initial unfamiliarity with the sell-side, he discovered a passion for technology and investing.
Sell-Side to Buy-Side
- Michael Carmen transitioned from sell-side to buy-side to be more involved in the investment decision-making process.
- He wanted to be at the center of the action and have a direct impact on investment outcomes.
Path to Wellington
- Michael Carmen's path to Wellington involved various roles, including tech analyst, small-cap fund manager, and hedge fund manager.
- He joined Wellington in 1999, drawn by the collaborative and collegial environment.