Capital Allocators – Inside the Institutional Investment Industry CIO Greatest Hits: Single Family Offices – Steve Rattner (Willett Advisors)
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Jul 28, 2025 Steve Rattner, Chairman of Willett Advisors and a former key figure in the Obama administration's auto industry restructuring, shares his insights on the dynamics of single-family offices. He discusses the contrasting investment strategies of Willett, which prioritizes external partnerships, and Soros’s internal team approach. Rattner reflects on his journey from journalism to finance, navigating complexities in public markets, and the challenges faced during the 2008 financial crisis. His thoughts on balancing personal and philanthropic investments offer valuable lessons for investors.
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From Journalism to Banking Journey
- Steve Rattner transitioned from journalism to investment banking despite knowing very little initially.
- His media background surprisingly helped in relationship building and due diligence in banking.
Government Auto Bailout Strategy
- Managing the auto industry bailout was about financial restructuring, not operational fixes.
- Having a government checkbook (TARP funds) was crucial to success.
Adopting Yale's Endowment Model
- Willett Advisors' investment strategy started by modeling after Yale's endowment approach.
- They emphasized a straightforward and commercially sensible investment plan.
