Capital Allocators – Inside the Institutional Investment Industry

Join seasoned allocators Ellen Shuman, Meredith Jenkins, Kim Lew, and Alisa Mall as they explore how Carnegie Corporation of New York nurtures industry leaders. They dive into the organization's unique training culture that has produced numerous CIOs, even rivaling the famed Yale model. Discover insights on their investment philosophies, the significance of teamwork, and the evolution of leadership dynamics. The conversation highlights key strategies in fostering talent and adapting to change within the investment landscape.

Blythe Masters, Founding Partner of Motive Partners and former JP Morgan executive, dives into her illustrious 27-year career in finance. She shares insights on the transformative role of fintech within the investment landscape and discusses strategies for empowering financial literacy among children. Blythe also reflects on her shift from traditional banking to a focus on innovative technologies, emphasizing the importance of adaptability in a rapidly changing environment. Her personal passions, including a love for horseback riding, add a unique touch to her remarkable journey.

Jonathan Tepper, CIO of Prevatt Capital and author of 'The Myth of Capitalism,' dives into investing in monopolies with a focus on quality and value. He shares insights from his unique upbringing, emphasizing the power of financial literacy. Tepper discusses strategies for identifying high-quality companies and the importance of ongoing diligence in portfolio management. He also highlights the impact of mentorship and personal authenticity in shaping his investment philosophy while encouraging a new generation's financial education.

Jonathan Tepper, founder of Variant Perception and author of "The Myth of Capitalism," shares insights into the complexities of modern capitalism. He discusses how his unique upbringing influenced his economic understanding and the development of forecasting models. Tepper explores the rise of monopolies in various industries, including tech, and critiquing their impact on competition and inequality. He emphasizes the importance of systematic research for investors and proposes reforms to combat monopolistic practices, ultimately advocating for a more competitive market landscape.

Mike Freno, Chairman & CEO of Barings, leads a $400 billion global investment firm with a rich history. He discusses his journey from accounting to investment leadership and the strategic evolution of Barings through acquisitions. Freno emphasizes the synergy between insurance ownership and asset management, revealing how long-term thinking shapes decision-making. He also shares personal insights about leadership, including the importance of swift decisions and the lessons learned from mentors that highlight teamwork and humility.

Michael Leffell is the Managing Member of Portage Partners and Founder of 10 East, an investment platform for sophisticated investors. In this discussion, he shares his unconventional journey from law to finance, highlighting key experiences that shaped his career. Leffell emphasizes the importance of adaptability and disciplined decision-making. He also dives into enhancing investment research capabilities, effective communication in investment write-ups, and the innovative edge that 10 East provides in connecting investors to private market opportunities.

Richard Sandler, Mike Milken's attorney since 1983 and author of 'Witness to a Prosecution,' delves into the misconceptions surrounding Milken's infamous plea deal. He challenges the belief that Milken engaged in insider trading, instead revealing the complexities behind the prosecution led by Rudy Giuliani. Sandler sheds light on the harsh realities of government investigations, the evolution of Milken's legacy in finance, and the implications of the RICO Act, all while advocating for a more nuanced understanding of financial misconduct and justice.

Michael Milken, a legendary financier and philanthropist known for pioneering the high-yield bond market, shares his insights on democratizing access to capital. He reflects on his childhood curiosity that shaped his career and discusses the importance of human capital in finance. Milken emphasizes the intersection of investment strategies with societal impacts, highlighting his philanthropic efforts in education and cancer research. He explores future trends in private equity and health investments, underlining technology's role in improving outcomes.

Michael Mauboussin, Head of Consilient Research at Counterpoint Global, delves into pattern recognition in investment decision-making. He discusses how this skill can guide market analysis but has its limits. The conversation shifts to the evolving nature of public markets, exploring factors like the decline in public companies and the influence of private equity. Mauboussin emphasizes the importance of understanding historical performance and cognitive biases while highlighting that a small number of firms drive most market wealth creation.

Michael Mauboussin, Director of Research at BlueMountain Capital and a decision-making expert, dives into the paradox of skill in active management versus passive strategies. He discusses the impact of team dynamics and market volatility on investment decisions. Enriching the conversation, Mauboussin shares insights from data analysis in sports, revealing psychological biases that affect outcomes. He also touches on innovative research at the Santa Fe Institute and the complexities of navigating low volatility in the market, providing listeners with a multifaceted view of capital allocation.