Capital Allocators – Inside the Institutional Investment Industry

James Aitken, a renowned macro strategist, examines the intricacies of systemic risk in financial markets. He discusses how the COVID-19 pandemic and geopolitical tensions expose vulnerabilities in market stability. Aitken emphasizes the essential roles of central banks and fiscal measures in alleviating economic challenges. He delves into liquidity mismatches in credit markets, the complexities of the treasury curve, and the ongoing implications of government interventions. Aitken's insights shed light on navigating these unprecedented times with a keen eye toward long-term investment opportunities.

Morgan Housel is a partner at Collaborative Fund and a celebrated writer on investing, known for his book, The Psychology of Money. He discusses his unconventional journey into finance writing and how storytelling makes complex financial concepts relatable. Key themes include the impact of luck, emotional investing, and the importance of patience. Housel shares personal anecdotes, including his battle with stuttering and how it shaped his communication style, emphasizing the significance of embracing one’s challenges to foster personal growth.

Annie Duke, a former professional poker player and decision-making expert, discusses the art of making better choices. She introduces her six-step framework for effective decision-making, emphasizing the balance between swift decisions and thorough analysis. Duke explores group dynamics, the impact of conformity, and how the pressure of decision-making manifests in contexts like the NFL. She also reflects on her own career choices, linking insights from poker and tennis, and underscores the value of continuous learning in improving decision-making processes.

Join André Perold, Co-Managing Partner and CIO of HighVista Strategies, as he shares his journey from a renowned investment professor to leading a $4B firm. He discusses the evolution of HighVista's investment strategies, focusing on inefficiencies in biotech, private credit, and litigation finance. André highlights the importance of adaptability, transparency, and long-term perspectives in complex markets. He also reflects on professional relationships and personal habits that drive success in the investment world.

André Perold, Chief Investment Officer at HighVista Strategies and a legendary finance professor at Harvard, shares his wealth of knowledge on investment strategies. He dives into the active vs. passive investment debate, emphasizing risk management and client needs. The conversation also covers the importance of adapting talent strategies in a competitive market. André reflects on his teaching experiences, revealing the significance of engagement in finance education. He lightens the mood with anecdotes about golf, showcasing both the challenges of the sport and valuable life lessons.

Daryn Dodson, founder of Illumen Capital, delves into the challenges of tackling implicit bias within investment practices. He shares his early experiences with discrimination and the impact of mentoring on entrepreneurs, particularly in marginalized communities. The conversation highlights Illumen's innovative approaches to integrating diversity into capital allocation, the importance of long-term training, and how these initiatives can address systemic inequities while empowering diverse fund managers. Dodson's insights illustrate the profound connection between education, entrepreneurship, and societal change.

Chamath Palihapitiya, founder and CEO of Social Capital and early Facebook employee, shares his transformative journey from Sri Lanka to venture capital. He discusses his mission to compound capital for societal benefit, emphasizing the importance of supporting diverse emerging managers. Chamath delves into the implications of low interest rates, creative investment strategies in climate change and healthcare, and lessons from childhood that shape his decision-making, all while reflecting on past mistakes that sparked personal growth.

Ben Reiter, a longtime Sports Illustrated columnist and author of Astroball, delves into the Houston Astros' rise and the ensuing sign-stealing scandal. He reflects on accountability and the ethical dilemmas within the team, connecting these themes to broader issues of power and culture in sports. The conversation draws intriguing parallels between the world of investing and baseball, emphasizing the financial stakes and the evolving labor dynamics in Major League Baseball. Reiter shares personal anecdotes that highlight deeper life lessons learned from this controversy.

In this engaging conversation, legendary value investor Joel Greenblatt shares insights from his illustrious career and his latest book, 'Common Sense: The Investor’s Guide to Equality, Opportunity, and Growth.' He discusses his evolution from a concentrated to a diversified portfolio strategy and reflects on the emotional challenges of managing investments. Greenblatt also delves into the importance of the Value Investors Club, innovative educational reforms, and his InvestFive initiative, which encourages disciplined saving habits for everyone.

Shane Parrish, the founder of Farnam Street and host of the Knowledge Project Podcast, dives into the art of learning. He shares his fascinating journey from a three-letter intelligence agency to uncovering insights for personal and professional growth. Topics include the structured learning loop, the power of writing for clarity, and the balance of leadership dynamics. Parrish also reflects on the importance of curiosity in interviews and discusses investment lessons, particularly from the JCPenney debacle, underscoring the value of adaptability and mentorship.