Capital Allocators – Inside the Institutional Investment Industry

Tilly Franklin is the CEO and Chief Investment Officer at University of Cambridge Investment Management, overseeing a £4.0B endowment fund. She discusses the endowment model's sustainable approach, team development, and the importance of cognitive diversity in investment management. Tilly shares her transition from literature to finance and highlights her advocacy for women in finance through the charity Girls Are Investors. The conversation also touches on asset allocation strategies and the balance between rigorous investment discipline and adaptation to market changes.

George Michelakis is the Chief Investment Officer of Gladstone Management, a London-based hedge fund with a strong track record. He shares fascinating insights on the parallels between chess tactics and long-short equity investing, emphasizing patience and calculated risks. Michelakis discusses his unique transition from chess master to fund manager, the vital need for a performance-oriented culture, and how adaptability plays a crucial role in finance. He also delves into the intricacies of market inefficiencies and the psychological factors influencing investment decisions and outcomes.

Explore the evolving investment landscape shaped by economic challenges and geopolitical risks. Discover the concept of 'internal alpha,' emphasizing the importance of reducing mistakes to achieve investment success. Learn about Capital Allocators University, a program designed to enhance the skills of experienced allocators through collaborative learning and expert insights. This discussion provides fresh perspectives on making strategic investment decisions in a competitive world.

Brian Christiansen, Executive Managing Director at Sands Capital, shares his journey in investment management and the firm's innovative growth philosophy. He discusses essential investment criteria and the transition from domestic to global strategies. The conversation also dives into the challenges faced by companies like Adyen, examining market dynamics and competition. Christiansen emphasizes the importance of mentorship and personal relationships in career success, revealing how strategic thinking has shaped his approach to high-conviction growth investing.

Ana Marshall, CIO of the $14 billion William and Flora Hewlett Foundation and author of 'The Climb to Investment Excellence,' shares her insights on investment management. She draws compelling parallels between extreme climbing and navigating the institutional investment landscape. Topics include the significance of collaboration and adaptability, the intricate process of portfolio construction, and the psychological challenges faced by investors. Marshall also emphasizes the value of mentorship and continuous learning in the pursuit of investment excellence.

Ana Marshall serves as the CIO for The William and Flora Hewlett Foundation, managing a $13 billion portfolio. In this conversation, she dives into the challenges of inflation and private equity dynamics. Ana discusses the complexities of investing in China and navigating emerging markets. She shares insights on evolving ESG strategies and the importance of adaptive investment approaches. Finally, she reflects on her vision for the next five years, emphasizing the need for diverse perspectives and proactive risk management to stay ahead in a shifting landscape.

Ana Marshall, Vice President and Chief Investment Officer at The William and Flora Hewlett Foundation, shares her journey overseeing a $10.5 billion portfolio. She discusses her passion for investing, the nuances of managing charitable funds, and learning from mistakes. Topics include the evolution of investment strategies, the importance of cultural perspectives in global markets, and fostering effective team dynamics. Ana emphasizes trust and collaboration while navigating risk and asset management, along with valuable life lessons from her travel experiences.

Morgan Housel, a partner at Collaborative Fund and author of bestselling books like "The Psychology of Money," dives into his latest work, "Same as Ever." He discusses timeless truths in finance, emphasizing storytelling and human behavior's role in economic contexts. Housel explores how managing expectations can lead to happiness and delves into the intriguing concept of compounding, highlighting its limitations. Additionally, he sheds light on the complexities of risk in investing and the unique ways readers connect with stories. A thoughtful conversation filled with insights!

Morgan Housel, a partner at Collaborative Fund and author of "The Psychology of Money," dives into the intricate relationship between psychology and investing. He shares his unconventional journey from competitive ski racing to writing, reflecting on the valuable lessons learned. Topics include the unpredictable nature of finance, the importance of patience, and the necessity of recognizing luck in success. Housel also opens up about his lifelong battle with stuttering and how it shaped his resilience and ambition.

Seth Klarman, a legendary value investor and president of the Baupost Group, shares profound insights from his extensive experience in investing. He reflects on the foundations of value investing and the significance of market inefficiencies. The conversation also navigates the challenges of integrating AI into investment strategies. Additionally, Klarman discusses his passion for the Boston Red Sox and the personal fulfillment it brings, alongside the parallels between horse racing and investment analysis. Philanthropy and the importance of self-belief in career growth are highlighted as well.