Capital Allocators – Inside the Institutional Investment Industry

Paul Enright, a private investor at Krainos Capital and former Viking Global Investors veteran, shares his journey from traditional finance to mastering long-short equity investing. He discusses the art of portfolio management, highlighting the balance between business analysis and stock selection. Enright offers insights into liquidity, market dynamics, and the nuances of shorting. With valuable advice for emerging investors, he emphasizes the significance of mentorship and personal growth in navigating the complex investment landscape.

Rob Citrone, the founder of Discovery Capital Management, shares his wealth of knowledge on hedge funds and emerging markets. He reflects on his early experiences at Fidelity and Tiger Management, offering valuable lessons from market crises. The discussion dives into the impact of inflation and debt in emerging economies, highlighting the U.S. dollar's significance. Citrone also shares insights on investment strategies, portfolio management, and the importance of communication within teams, providing a rare glimpse into the mind of a seasoned investor.

Annie Duke, a former professional poker player and best-selling author, joins the discussion to explore the crucial skill of knowing when to quit. She shares insights from her latest book, emphasizing that quitting is not a failure but a strategic decision. Fascinating stories from Everest climbers illustrate how pivotal choices can be. Duke also tackles the endowment effect in sports and offers practical techniques for enhancing decision-making, urging listeners to embrace the wisdom of quitting for better outcomes in both personal and professional realms.

Dive into a reflective countdown of the year's most impactful moments in investment management. Highlights include discussions on the power of quitting and valuable insights from establishing a new fund. The hosts share lessons from a transformative year, emphasizing community engagement and the impact of public market trends on private enterprises. They express gratitude for audience support while outlining ambitious goals for the future. Get ready for a mix of drama and heartfelt reflections!

Dive into the innovative world of Agilon Health as experts Ravi Sachdev and Ron Williams break down how this company harmonizes the goals of healthcare providers, payers, and Medicare patients. Discover the intriguing blend of venture concepts, buyouts, and growth equity investing that makes their model unique. As they respond to listener feedback, the pair also hints at exciting changes for the next season. Perfect for anyone curious about private equity in healthcare!

Ana Marshall, CIO of The William and Flora Hewlett Foundation, manages a $13 billion portfolio and brings years of direct investing experience. She candidly discusses inflation, private equity dynamics, and liquidity management as she prepares for upcoming challenges. The conversation delves into the complexities of investing in China and emerging markets amid geopolitical tensions. Ana also shares insights on ESG considerations, the importance of proactive risk management, and her strategic vision for the next five years.

Ana Marshall, the Vice President and Chief Investment Officer at The William and Flora Hewlett Foundation, shares her wealth of experience managing $10.5 billion. She dives into her passion for investing, discussing her transition from high-yield credit to charitable investing. Ana highlights the cultural dynamics that shape global investment strategies and the importance of mentorship. She also provides insights on rebuilding a real estate portfolio and emphasizes the value of collaboration and trust within investment teams.

Carol Geremia, President and Head of Global Distribution at MFS Investment Management, has spent 37 years with the firm, shaping its client strategy and corporate vision. She shares insights on MFS's rich 100-year legacy and its adaptive culture, emphasizing the importance of collaboration and long-term investment strategies. Carol discusses the industry's evolving landscape, tackling current challenges like geopolitical uncertainties and the rise of ESG investing. She also reflects on personal growth, trust in leadership, and the need to challenge traditional investment practices.

In this engaging conversation, Charley Ellis, an investment visionary and founder of Greenwich Associates, shares insights from his two recent books. The discussion delves into challenges in investment management and draws intriguing parallels between investment strategies and sports like tennis and baseball. Ellis reflects on the formative years of Vanguard and Jack Bogle's transformative vision for index funds. He also emphasizes the importance of clear objectives in both investing and personal achievements, blending storytelling with invaluable investment wisdom.

Charley Ellis, founder of Greenwich Associates and author of sixteen investment books, shares personal anecdotes and insights on the late David Swensen, who transformed Yale's investment strategy. They discuss Swensen's rigorous decision-making discipline, high-performing team cultivation, and the evolving landscape of financial decision-making towards private equity. Charley reflects on the value of strong professional relationships and the impact of personalized investment strategies, creating a heartfelt tribute to an iconic figure in finance.