Capital Allocators – Inside the Institutional Investment Industry

Paul Black, Portfolio Manager and Co-CEO of WCM Investment Management, shares insights from his remarkable journey since joining the firm in 1989. He discusses the significance of corporate culture in defining successful investment strategies and emphasizes learning from failures. The conversation dives into growth stocks, examining the complexities of international markets, particularly Japan. Paul also highlights the transformational impact of company values on performance, offering valuable lessons on perseverance and maintaining a balanced approach in investing.

Jon Harris, CEO of Alternative Investment Management, has transformed a family office into a billion-dollar firm. He discusses his people-centric investment strategy and the importance of building networks for sourcing managers. Exploring private equity, he highlights challenges such as misaligned interests in co-investments and hidden fees. Jon also shares insights on due diligence, risk preparation, and the significance of workplace culture, all while balancing his professional commitments with a philanthropic spirit.

André Bourbonnais, Managing Director at Blackrock and head of its Long-Term Private Capital business, shares insights from over thirty years in private markets. He discusses the innovative creation of a permanent capital private equity fund, reshaping traditional investment playbooks. Topics include the importance of trust in partnerships, the re-underwriting process, and strategies for effective deal origination. Bourbonnais emphasizes long-term growth over short-term gains and the challenges of managing a team with shorter career spans than the fund's duration.

Richard Lawrence, Chairman and Executive Director of Overlook Investments Group, discusses his journey in Asian equity investing. He shares the evolution of Overlook’s disciplined investment philosophy that has achieved a remarkable 14.5% annualized return. Key insights include the importance of management integrity, pricing power, and the relationship between price-to-earnings ratios and growth rates. Lawrence also navigates personal anecdotes about long-term investing in the Chinese market and the emotional complexities of deciding when to sell.

Ash Williams, the Executive Director and CIO of the Florida State Board of Administration, manages $200 billion in assets, making him a key figure in the investment world. He discusses his journey from Florida politics to Wall Street and back, navigating the complexities of large pension fund management. Topics include modernizing compensation, balancing active and passive investment strategies, and the importance of transparency. Ash also shares insights on proxy voting, the shifting landscape of private equity, and the significance of effective communication and trust in investment performance.

Sam Sicilia, the Chief Investment Officer of HostPlus, shares insights from his extensive background in academia and global finance. He discusses the advantages of a long-term investing horizon and the critical role of infrastructure in mitigating risks. Sicilia highlights the importance of ethical stewardship in asset management and the growing appeal of private equity and venture capital in Australia. He also emphasizes building strong relationships with fund managers and critiques the overreliance on quantitative models in investment decisions.

Martin Whittaker, Founding CEO of JUST Capital, shares his remarkable journey from chemistry to championing corporate social responsibility. He unveils the mission of JUST Capital, which ranks companies based on social issues crucial to Americans. Whittaker discusses the characteristics that define a 'just company,' the significance of public engagement in polling, and how these efforts align investments with ethical values. He emphasizes the impact of polling data on corporate practices while introducing the innovative JUST ETF designed to promote transparency and fair marketplaces.

Jon Wertheim is a seasoned sports journalist, Executive Editor at Sports Illustrated, and author with insights into psychology and economics. He discusses his journey from law to sports journalism, sharing how luck and strategy intertwine in both realms. Wertheim dives into the evolution of basketball analytics, the complexities of interviewing, and the joy of writing. He highlights the significance of inaction in decision-making, offering parallels between sports and investing that are both entertaining and enlightening.

A new spinoff focuses on insightful dialogues with top investment managers to enhance the due diligence process. It aims to streamline communication and save time for both managers and allocators. WCM Investment Management's unique investing philosophy takes center stage, showcasing innovative strategies. The discussions promise to transform how investment relationships are formed and maintained.

Patrick O’Shaughnessy, CEO of O’Shaughnessy Asset Management and host of the Invest Like the Best podcast, shares his journey from a young enthusiast to a leader in quantitative investing. He discusses the four core quantitative factors that drive his investment strategies and explores the role of machine learning in research. Patrick reveals insights from his podcasting experience, shedding light on how interviewing shapes his investment philosophy. He also emphasizes the importance of learning from failures in quantitative research and the intricate dynamics of stock shorting.