Capital Allocators – Inside the Institutional Investment Industry

Anne-Marie Fink, the Head of Private Markets at the State of Wisconsin Investment Board, manages a colossal $140 billion in pension funds. She discusses SWIB's innovative investment strategies and governance model that align with beneficiaries. Fink shares insights on transitioning from corporate roles to public pension management and the importance of effective risk management. The conversation also covers her journey in equity research, the nuances of manager selection, and the collaborative strategies that enhance portfolio performance. Personal reflections add depth to her professional insights.

Discover the intricacies of growth choices that investment managers face and how these decisions impact capital allocation. The discussion delves into the misconception that larger size inherently diminishes performance. It also sheds light on the unique hurdles faced by startup asset managers, emphasizing the delicate balance between pursuing growth and ensuring stability. This exploration reveals the hidden dynamics that can influence long-term success in the asset management world.

Alexis Ohanian, co-founder of Reddit and General Partner at Seven Seven Six, dives into his entrepreneurial journey and the evolution of venture capital. He reflects on his early days at Reddit, the complexities of managing social media platforms, and the challenges of safety versus free speech. Ohanian discusses the innovative use of technology in venture capital through his platform, Cerebro, and shares insights on resilience in founders. He also highlights his investments in women’s sports and lessons learned from his wife, tennis star Serena Williams.

Dan Tennebaum, Managing Director at India Capital, has spent 25 years navigating India's investment landscape. He shares his unique transition from venture capital to public equities, detailing the challenges in evaluating management integrity and sourcing quality investments. Tennebaum emphasizes India's advantages over markets like China, highlighting its fragmented public markets rich with potential. His insights on government regulations and the importance of a research-driven approach illuminate the hidden opportunities in sectors like banking and real estate.

Brett Barakett, Founder and CIO of Tremblant Capital, discusses how his childhood hockey lessons shaped his investment strategies. He shares his journey of launching a firm during tough market conditions post-9/11, emphasizing resilience and integrity in investing. The conversation dives into the complexities of long-short and long-only models, the importance of thorough research, and the evolution of strategies in fluctuating markets. Brett also highlights the launch of one of the first active ETFs by a hedge fund, illustrating innovation in investment management.

Cliff Asness, Founder and CIO at AQR, shares his witty and insightful journey through the finance world. He reflects on studying market efficiency with Eugene Fama and transitioning to capitalize on market inefficiencies. The conversation dives into the integration of machine learning in investing, the rise of pod shops, and the psychological challenges investors face during downturns. Asness humorously addresses cognitive dissonance in private equity and advocates for a balanced, long-term perspective in finance.

Join Alex Behring and Daniel Schwartz, Co-Managing Partners at 3G Capital, as they unravel the staggering success behind the Burger King buyout. They explore how a $1 billion investment blossomed into $28 billion, highlighting their operational strategies and investment philosophy. The duo discusses their innovative approach with zero-based budgeting and the pivotal role of leadership in creating value. Their insights reflect on the complexities of the franchise model and how strong partnerships foster growth in the fast-food landscape.

In this engaging talk, Alex Abell, Managing Partner at RCP Advisors, shares insights from over two decades in lower-middle market buyout investing. He delves into the use of innovative analytics in manager assessments, highlighting the critical blend of qualitative and quantitative evaluations. The conversation covers the complexities of emerging funds and strategies for navigating the secondary market. Alex also reflects on his personal passions, revealing how impactful professional relationships and early impressions play a crucial role in career success.

Letitia Johnson, the Chief Investment Officer of Amherst College, oversees a hefty $4 billion endowment with a unique investment philosophy. In their discussion, she shares her journey from Cambridge Associates to Amherst, emphasizing a concentrated, bottom-up approach for long-term gains. She delves into the nuances of portfolio construction, risk management, and the value of strong relationships with managers. Letitia also highlights the role of her supportive investment committee in navigating complex market dynamics and achieving impactful results.

David Morehead, the CIO at Baylor University, oversees a $2.2 billion endowment. He discusses his innovative thematic top-down approach to investment, emphasizing risk management and portfolio construction. Morehead shares insights on the significance of small-cap investments and the evolution from over-diversification to a more concentrated strategy. He also reflects on his diverse investment background and the role of AI in enhancing capital allocation. Besides finance, he opens up about his hobbies and the importance of kindness in professional relationships.