Capital Allocators – Inside the Institutional Investment Industry

In this engaging discussion, Karyn Williams, founder of Hightree Advisors and former partner at Wilshire Associates, delves into practical ways to measure investment risk. She reveals the gap between theoretical financial models and their real-world applications, sharing insights from her journey at Farmers Insurance and Two Sigma. Karyn emphasizes the importance of tailored risk frameworks and user-friendly analytics, while advocating for a culture of cooperation over competition in asset management. She also touches on personal passions, highlighting the importance of self-awareness and meaningful conversations in finance.

Mike Trigg, a partner and portfolio manager at WCM, shares insights from his journey in investment management, navigating through challenges since joining the firm in 2005. They discuss WCM's impressive growth to over $66 billion, emphasizing the importance of cultural alignment and competitive advantages in investment strategies. Trigg highlights the evaluation of company 'moats' for long-term growth while also advocating for kindness and personal connections in professional settings. His reflections on resilience and adaptability offer a fresh perspective on the dynamic finance landscape.

Paul Black, Co-CEO and portfolio manager at WCM Investment Management, shares insights from his impressive career in global equities. He discusses the journey that has transformed WCM from a $200 million firm to a $26 billion powerhouse. Black emphasizes the importance of a strong corporate culture and the need for persistence in both investing and life. He also highlights growth stock strategies, including assessing competitive advantages and navigating market challenges, while reflecting on the lessons learned throughout his career.

Marko Papic, Chief Strategist at Clocktower Group and author of Geopolitical Alpha, shares his unique take on the interplay between geopolitics and investment strategies. He critiques traditional political analysis and discusses how events like the upcoming U.S. Presidential election could affect markets. Marko highlights the evolving landscape of tech stocks amid U.S.-China relations and reveals new growth prospects in emerging markets like India and Africa, emphasizing the need for investment flexibility in an unpredictable world.

Carrie Thome, the former CIO of the Wisconsin Alumni Research Foundation and founder of the venture capital firm NVNG, shares her inspiring journey from small-town Wisconsin to the heights of investment management. She discusses the innovative structure of WARF and its evolution in nurturing university technologies. Carrie highlights her passion for boosting Wisconsin's entrepreneurial scene by connecting local startups with broader venture capital resources. Personal anecdotes about work-life balance and her commitment to impactful investing round out this engaging conversation.

Mathieu Chabran, Co-founder and Co-CIO of Tikehau Capital, discusses transforming a mere 4 million euros into a 25 billion euro asset management powerhouse. He emphasizes the criticality of alignment and 'skin in the game' in fostering successful investments. The conversation delves into the importance of a diverse and multicultural team, and the evolving landscape of investment strategies. Chabran shares insights on navigating risks, decision-making processes, and the lessons learned from 15 years in the industry, particularly during the pandemic.

Scott Wilson, Chief Investment Officer at Washington University-St. Louis, oversees a massive $10 billion endowment. He discusses his transition from Grinnell College’s unique investment approach to a concentrated strategy at Washington University. The conversation dives into navigating hedge funds, frontier markets, and the rigorous process of underwriting investment ideas. He shares personal insights, lessons learned from past mistakes, and the evolution of his investment philosophy, emphasizing collaboration within his team for optimal returns.

In this engaging discussion, Luke Ellis, CEO of Man Group, and Mario Therrien, head at CDPQ, share their insights on the hedge fund industry's evolution. They delve into the Standards Board of Alternative Investments, exploring how it fosters collaboration amid diverse interests post-financial crisis. The duo emphasizes the importance of transparency and operational due diligence, while also discussing the future of the industry, technology's impact on investment decisions, and the need for fair fee structures to maintain investor trust.

Mario Therrien, Senior VP at Caisse de dépôt et placement du Québec, shares his insights on the thriving Canadian pension model, characterized by internal management and strategic partnerships. He discusses the evolution of investment strategies focused on long-term performance and risk management. Therrien highlights differences in compensation structures between financial centers that influence talent retention. He also explores the role of external managers and the ongoing debate of active versus passive investing, suggesting a collaborative, blended approach for future success.

Paul Marshall, co-founder and chairman of Marshall Wace, Europe's largest hedge fund, shares insights from his 23 years in investment. He delves into the evolution of his firm, the blend of fundamental and quantitative strategies, and the importance of adaptability in the changing financial landscape. Marshall discusses measuring skill in investment performance and the complexities of short selling. He also touches on the interplay between human intuition and technology in investing while reflecting on family success with Mumford & Sons and the lessons learned from past mistakes.