Capital Allocators – Inside the Institutional Investment Industry

Beezer Clarkson is Managing Director at Sapphire Ventures where she is responsible for the management of Sapphire's fund investments in early stage venture funds globally. Her career through direct and fund investing has left her with unusually deep knowledge and insights in the space. Our conversation starts with Beezer's meandering career and turns to her work at Sapphire, including its structure and unique relationship with SAP, Series A investing, winnowing through a massive funnel of fund opportunities, the due diligence process and re-underwriting process, implications of companies staying private longer, and #OpenLP, a public forum to hear the voice of VC LPs that Beezer created with past podcast guest Chris Douvos. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Chris Douvos is Managing Director at Venture Investment Associates, a fund that invests $1B in commitments to venture capital funds. Chris is responsible for the management of relationships with the funds' managers and the identification and development of new manager relationships. He is the author of an entertaining blog about venture capital entitled SuperLP – Adventures in Investing, available at SuperLP.com. Prior to joining VIA, Chris spent seven years co-heading the private equity program at The Investment Fund For Foundations, or TIFF. In this role, he was responsible for another $1 billion in new capital commitments. Before joining TIFF, Chris worked on Princeton University's endowment team. He started his career as a strategy consultant at Monitor Company. He is a graduate of Yale University and the Yale School of Management. Our conversation starts with Chris' path to venture capital, through strategy consulting, investment banking and an endowment investment office. We talk about perception and reality in venture investing, exciting areas of future innovation, and the nuts and bolts of research, portfolio construction and decision making when running a portfolio of venture funds. When Chris pulls off his suit, the red undershirt of the Super LP remains. He's a charismatic guy with great insight into how the venture capital game is played and draws many parallels from venture to investing in general. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Dan Ivascyn is the Group-CIO of PIMCO, the legendary bond shop with nearly $2 trillion in assets under management. Dan arrived at PIMCO 25 years ago and assumed the Group-CIO seat in 2014, where he leads portfolio management for the firm's income strategies, credit hedge fund, and mortgage opportunistic strategies. Today's guest host is Ana Marshall the CIO of the $13 billion Hewlett Foundation and a repeat guest on the show. Ana has a longstanding relationship with Dan and PIMCO and leads us on a tour of the state of the fixed income markets and the role of the asset class in institutional portfolios. Investment products contain risk and may lose value. There is no guarantee that an investment product will be successful in achieving its objectives. Investors should consult their investment professional prior to making an investment decision. This podcast is brought to you by Capital Allocators. This commentary contains the opinions of the speakers and not necessarily those of PIMCO and such opinions are subject to change without notice. This recording may include discussions of investment strategies. These discussions are for illustrative purposes only and may not be appropriate for all investors. The discussions are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. Individuals should consult with their own financial advisors to determine the most appropriate allocations for their financial situation, including their investment objectives, time frame, risk tolerance, savings and other investments. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Season 2 of PE Deals starts this week with Fenway Sports Group. On Season 1, we shared stories of eight recent deals conducted by some of the premier private equity firms. The show already has received accolades as the #1 must-listen podcast for private equity dealmakers. In season 2, we're shifting from sponsors you know to companies you know. Our first episode releases today. It's a discussion of Fenway Sports Group with Arctos founder Ian Charles and FSG's President & CEO, Sam Kennedy. FSG is a holding company that includes ownership stakes in the Boston Red Sox, Liverpool Football Club, Pittsburgh Penguins, and a host of related real estate and media assets. Subscribe to Private Equity Deals on your favorite podcast player to listen in. Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

José E. Feliciano is the Co-Founder and Managing Partner of Clearlake Capital Group. Clearlake manages $75 billion in assets in a flexible strategy across private equity, credit, and special situations in the technology, industrial, and consumer sectors. Our conversation covers José's background, operational experience, and launch of Clearlake in 2006 to pursue a flexible strategy. We turn to the challenges and drawbacks of Clearlake's flexible investment approach, its investment process, ownership model, and trajectory growing from $3 billion in assets after ten years in business to $75 billion six years later. We close by discussing capital transactions for GPs, continuation funds, current opportunity set, Clearlake's investment in Chelsea Football Club, and permanent capital structures. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's show is a sponsored insight from AgAmerica, the largest independent agricultural loan lender and servicer in the US. I sat down with President and CEO, Brian Philpot. Brian invested for twenty-four years in timberland, agricultural, and real estate before turning to a sole focus on farmers. AgAmerica helps farmers thrive in good times and sleep well in tough times, having originated $2 billion of loans in the past two years. Our conversation covers Brian's background and path to focusing on the farmer. We discuss the opportunity set in farm lending and investing, inefficiencies in the market, and AgAmerica's investment process across sourcing, diligence, structuring, operations, and risk. We close discussing the future of farming and AgAmerica's business to support the farmers making it happen For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Marshall Boyd is the Co-President and CIO at Interstate Equities Corporation, a real estate investment firm that manages $1 billion focusing exclusively on multi-family apartments on the California coast. IEC is one of those little-known gems for those in the know. It's an endowment darling with just a dozen or so of the most elite LPs in the business exploiting an attractive, little corner of the investment world. Our conversation covers Marshall's path to IEC and steps to turn a family boutique into an institutional business. We discuss firm's investment thesis, sourcing, due diligence, deal dynamics, value-added operations, and exit strategy. We close covering risks to the strategies and lessons learned along the way. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

John-Austin Saviano is the founder of High Country Advisors, where he serves as a strategic advisor to both investment firms and the institutional pools of capital that back them. Before starting High Country in 2017, John-Austin served as an allocator for nearly two decades at the Moore Foundation, Cambridge Associates, and as the first CIO of UC-Berkeley's Endowment. Our conversation covers John-Austin's career path from direct investing to allocation and insights gleaned across his roles. We then turn to his work at High Country, including lessons he shares with emerging managers to help tell their story and navigate a difficult fund-raising environment and those he shares with allocators about governance and investment committees. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Shundrawn Thomas is the Founder and Managing Partner of Copia Group, a new private investment firm that provides capital solutions to lower middle market companies and drives social impact. Shundrawn was a past guest on the show while in his prior seat as President of Northern Trust Asset Management, a leading global investment manager with over $1.3 trillion in assets. That conversation is replayed in the feed. This time around we pick up with Shundrawn's decision to leave Northern Trust, his mission at Copia, and transition from public company executive to budding entrepreneur. We discuss his plans for Copia across investment strategy, team building, capital raising, investment process, and social impact. We close with Shundrawn's vision for the next five years in his new venture. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Shundrawn Thomas, President of Northern Trust Asset Management, where he oversees the $900 billion organization. Shundrawn joined Northern Trust Corporation in 2004 and rose to the leadership team in 2008. Over the last 8 years, he has hired and promoted much of Northern Trust Asset Management's executive team, whose fifteen members include nine women and minorities. Shundrawn is deeply involved in diversity efforts across the industry and was named one of this year's Most Influential Black Executives in Corporate America and previously one of the Most Powerful Blacks on Wall Street. Our conversation covers Shundrawn's early career and issues of race, the culture that drew him into to Northern Trust, and examples of unconscious bias. We turns to his values-based methodology to foster change across recruiting, mentorship, promotion, leadership and performance at Northern Trust, and we close with his perception of how the renewed interest in diversity provides an opportunity for businesses to take action. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Anthony Scaramucci is the Founder and Managing Partner of Skybridge Capital and the SALT conference, and for a brief period in 2017, the White House Communications Director. Anthony and I were scheduled to record a conversation the Friday morning he was named to the White House. That clearly didn't happen, but we circled back a few months after his return to Skybridge, and that conversation is replayed in the feed. Since then, he invested some of Skybridge's assets in crypto and last August sold a piece of Skybridge to the now infamous Sam Bankman-Fried. Our conversation this time around covers Anthony's deals in the asset management space, his thematic investment in crypto, and unfortunate relationship with SBF. Along the way, we discuss entrepreneurship, risk taking, maintaining conviction in a downturn, changing your mind, and resilience – an attribute he demonstrates time and time again. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

The name Anthony Scaramucci currently has 55% name recognition in the U.S. according to Politico. Anthony has been an entrepreneur in the hedge fund industry for 23 years, growing to prominence within the industry through his oversight of fund of funds Skybridge Capital, creation of the popular SALT conference, regular television appearances, and rejuvenation of the iconic television show Wall Street Week. He grew to prominence worldwide when his longtime political interests led to a brief tenure as White House Communications Director in 2017. Our conversation starts off with a bang and turns to the ups and downs in Anthony's career, including getting fired and rehired at Goldman Sachs, starting and selling his first hedge fund, creating Skybridge and watching it almost fail, and thriving after the financial crisis. We discuss Anthony's thoughts on hedge funds, lessons from his stint in Washington, and books he has written about his experiences. Along the way, he shares life lessons about managing people, building relationships, resiliency, laughing at yourself, greed, ego, and fame. Anyone who has only known Anthony from his recent public profile might be surprised to hear the depth of his insight, self-effacing honesty and caring of others, alongside his irrepressible salesmanship. Those who have known him longer will recognize the same Mooch as always in all his splendor. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership Show Notes 2:48 – Anthony's professional history 8:03 – Time at Oscar Capital/Neuberger Berman 9:25 – Neuberger sells to Lehman 10:13 – Leaving Lehman to start Skybridge 13:13 – Getting through the financial crisis 14:04 – Launching SALT conference 15:35 – Buying Citigroup's fund of funds business 17:34 – Anthony's approach to the hedge fund business 20:28 – How he handles the relationships with managers 22:15 – Environment for the hedge fund space 24:12 – After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead 26:02 – Hedge fund space moving forward 28:03 – What he learned from being fired 31:22 – Handling public adversity 32:40 – Selling the business to serve the country 35:35 – Life lessons learned throughout his career and shared in his books 35:40 – Goodbye Gordon Gekko: How to Find Your Fortune Without Losing Your Soul 38:40 – The Little Book of Hedge Funds 38:44 – Hopping over the Rabbit Hole: How Entrepreneurs Turn Failure into Success 39:20 – The key principles that Anthony tries to impart on his team 41:47 – Lessons in launching a hedge fund business 45:00 – What changed upon his return to Skybridge 46:33 – How does it feel to be famous 48:10 – Closing questions 56:06– The China Mission: George Marshall's Unfinished War, 1945-1947

In a new feature on the podcast, we will share an audio version of Ted's blog, called What Ted's Thinking (or WTT). His latest discusses frauds and why you're not likely to detect the next one. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Gregg Lemkau is the CEO of MSD Partners, the investment firm with roots as Michael Dell's family office. MSD was formed in 1998 to manage $400 million of Michael's capital. In the ensuing twenty-five years, that initial $400 million has grown to north of $20 billion. Gregg joined MSD two years ago after a twenty-eight-year career at Goldman Sachs, where he rose to Co-Head of Investment Banking, served on the Firm's Management Committee, and was widely considered one of a few candidates to succeed David Solomon as Goldman's CEO. Our conversation covers Gregg's career path at Goldman and lessons learned, including entertaining stories about his work with such fascinating entrepreneurs as Elon Musk and Travis Kalanick. We discuss his decision to join MSD, the firm's history, objectives, competitive advantages, and investment capabilities. We then turn to MSD's recently announced merger with BDT Partners, including the rationale, process, and integration of the businesses. We close with a look into the future of the transformed organization. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Neal Foard is a twenty-five-year advertising and marketing executive who specializes in the art of storytelling. Neal has ranked among the top ten most awarded creative directors in the world. He has served as the Worldwide Director of Creative Learning at Saatchi & Saatchi and developed award-winning campaigns for Budweiser, Lexus, and Sony. Most recently, Neal coaches C-Suite executives, is CMO for Within Inc., and has built a following on social media (and his website passionatelogic.com for his brief inspirational videos about the kindness of everyday people. Neal launches into our conversation with one of his stories about kindness and then breaks down its components. We turn to the process of telling a story, including preparation, the arc of a story, and audience engagement. Neal shares tips he gives executives for presenting to small and large groups, improving on video, practicing, and working with nervous anxiety. We close with another of Neal's fun stories, this time leaving out the breakdown to apply what you learn. I hope Neal's gems help you improve the stories we deliver and listen to every day in our personal and professional lives. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week, we're counting down the top 5 episodes of 2022. Without further ado, the number 1 show of 2022 is Sam Zell – Common Sense and Uncommon Profits. Sam is the chairman of Equity Group Investments, a private investment firm he founded more than 50 years ago. Sam has a storied track record of turning around troubled companies and assets, leading industry consolidations, and bringing companies to the public markets. His current investments canvass logistics, health care, manufacturing, energy, and real estate. Sam was recognized five years ago by Forbes as one of the 100 Greatest Living Business Minds, and he's still going strong. Our conversation covers Sam's childhood background, early entrepreneurial efforts, formation of his investment strategy, and comfort being a contrarian. We then turn to Sam's thoughts on team development, evaluating people, real estate, generational businesses, emerging markets, and opportunities for the future. Thanks so much for tuning in this year. Here's to a very happy and healthy New Year. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week, we're counting down the top 5 episodes of 2022. Coming in at number 2 is Todd Boehly – The Next Berkshire Hathaway. Todd is the Co-founder, Chairman, and CEO of Eldridge, a multi-billion dollar permanent capital holding company with investments in eighty businesses, including high profile brands like the Los Angeles Dodgers, Dick Clark Productions, and The Hollywood Reporter, and an array of companies across other industries, including media, insurance, real estate, asset management, and technology. Combining its structure and Todd's acumen, CNBC recently postured that Eldridge may be the next Berkshire Hathaway. Our conversation covers Todd's early beginnings in structured credit, growing an asset management business at Guggenheim, and the formation of Eldridge. We then turn to his investment strategy and investments in asset management, media, gaming, and technology. Along the way, we discuss Todd's thoughts on sourcing, negotiation, structure, management, capital allocation, and the future of Eldridge. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week, we're counting down the top 5 episodes of 2022. Weighing in at number 3 is Paul Enright - Inside Long Short investing. Paul is a private investor managing his own capital under single-family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well. Our conversation covers Paul's career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul's approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week, we're counting down the top 5 episodes of 2022. Coming in at number 4 is Rob Citrone - Emerging Markets, hedge funds, and staying in the game. Rob is the Founder of Discovery Capital Management, a $2 billion global hedge fund investing across equities, fixed income, currencies, and rates with a focus on emerging markets. Rob is one of the longest-standing managers in the space and the largest investor in his fund. He trained under Julian Robertson in the heyday of Tiger Management in the mid-90s before launching Discovery in 1999. Since then, the firm grew to a peak of $15 billion in assets and despite the subsequent reduction in AUM, he and his team of 42 are still going strong. Our conversation dives into Rob's background, lessons he learned from Fidelity, Julian Robertson, and George Soros, and the launch of Discovery. We discuss his investment strategy, research process, perspective on markets around the world, ups and downs in the business, and managing an organization through change. Rob doesn't often share his insights in the public forum, so it was a real treat to get inside the mind of one of the best in the business. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

It's that time of year where I share my annual letter and a rundown of the top episodes of 2022. We're adding a little drama to the results this year by counting down the top 5 each day this week. Coming in at number 5 is Annie Duke - The Power of Quitting, episode 273. You likely noticed that we've replayed the episode in the feed. Tune in tomorrow to find out which next episode you heard more than any other from last Thanksgiving to this one. With that, please enjoy my annual letter to you, describing our business, performance this year, and the year ahead. Access Stream by AlphaSense Free Trial Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie's background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It's called Quit: The Power of Knowing When to Walk Away, and I'm going on record predicting it will be a best-seller in short order. Our conversation covers Annie's compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

The final episode of Season One of Private Equity Deals released this morning. I'm joined by Ravi Sachdev and Ron Williams from CD&R. Ravi is a specialist dealmaker in the healthcare space and Ron is an Operating Partner who is the former CEO of Aetna. We discuss agilon health, a company they created out of a concept to build a win-win for health care providers, payers, and Medicare patients. It contains aspects of a venture concept, buyout, and growth equity investing all wrapped into one. We've heard from some listeners that you can't hear more than this minute of the Private Equity Deals episodes on this feed, and that's correct. We've experimented with releasing PE Deals on a completely separate podcast feed, so you'll have to search and subscribe separately to listen to all of Season One. Our apologies for any confusion and stay turned as we decide where we'll release Season Two next year. Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ana Marshall is the CIO for The William and Flora Hewlett Foundation, where she oversees a $13 billion pool of capital. Ana joined Hewlett eighteen years ago after spending the same amount of time as a direct investor. She was a past guest in 2019 describing her approach, and that conversation is replayed in the feed. We caught up to discuss what is on Ana's mind going into the new year. We cover inflation, private equity secondaries, liquidity management, China, emerging markets, and ESG. We close discussing where Ana is looking around corners, what's filling her basket of worries, and her plan for the next five years. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Ana Marshall is the Vice President and Chief Investment Officer for The William and Flora Hewlett Foundation, where she oversees a $10.5 billion pool of capital. Ana joined Hewlett in 2004 after spending eighteen years as a direct investor in high yield credit, emerging market debt, and international equities. Our conversation covers Ana's lifelong passion for investing, joining the "super buy side," conducting company meetings to inform the manager selection and allocation process, portfolio structure, manager selection, monitoring and measuring risk, perspectives on peers, internal dynamics, and working through a big mistake. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's sponsor insight is from MFS, the $528 billion asset managers founded in 1924 and credited with creating the first ever mutual fund. Carol Geremia is the President and Head of Global Distribution, where she oversees the firm's worldwide client facing efforts and helps drive MFS' long-term corporate strategy. In her 37 years at MFS, Carol has served as the Co-Head of Global Distribution, President of the firm's Institutional Business, and President of MFS Retirement Services. Our conversation covers Carol's early years at MFS, path to her current role, the firm's 100-year history, and its culture. We dive into the firm's research process, team structure, and strategic evolution, and then then turn to what Carol is hearing from investors, opportunities and risks, ESG, and driving change in the industry. Learn more about MFS Investment Management For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Charley Ellis is an investment luminary, founder of Greenwich Associates, author of seventeen investment books, longtime member of Yale's Investment Committee, and regular guest on the show. At the tender age of 85, Charley has published two books this year: Figuring It Out, an annotated compilation of some of his best investment writing over fifty years, and Inside Vanguard, a history of the index juggernaut. We sat down to discuss both of his latest works. Our conversation covers common characteristics of the best professional services firms and selections from Figuring It Out and Inside Vanguard. From Figuring It Out, we discuss the challenges of professional investment management, investment committees, and analogies to investing from tennis, baseball, golf, and running. From Inside Vanguard, we cover the rocky early days of Bogle's folly, the firm's on again/off again relationship with Wellington, its growth under Jack Brennan, compensation model, recent initiatives, and future prospects. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Charley Ellis is the founder of Greenwich Associates, author of sixteen investment books, and now a three-time guest on the show. The bookends of his published library - his seminal book, Investment Policy, and most recent work, The Index Revolution, discuss the case for indexing for most investors. Yet one of Charley's most longstanding and passionate engagements proved the exception to the rule – his decade and a half of service on Yale University's Investment Committee, including nine years as Chair. Charley and I first met about twenty-five years ago in that capacity, and he's occupied a front row seat to Yale's success ever since. With the recent passing of David Swensen, we decided to sit down and reminisce about David in a conversational tribute to the investor, man, and leader we both so greatly admired. We discuss Yale's Investment Committee, roster of managers, investment team, and the unique aspects that made David great. We also touch on Charley's latest book, the 8th edition of his seminal classic. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Charley Ellis is one of the most highly regarded experts in the investment business. After spending nearly a decade as an equity research analyst in the 1960s, Charley founded financial services consulting firm Greenwich Associates in 1972 to help institutions understand what their clients think of them. Over 50 years, Charley has worked hand in hand with nearly every major financial institution in the world and has published sixteen books on investing, including his most recent "The Index Revolution: Why Investors Should Join It Now." Charley is not just another preacher for index fund investing. He extols the virtues of indexing after having looked both broadly and deeply under the covers of some of the most successful active managers in the world. Our conversation begins with a glimpse at what equity research and the structure of the markets looked like in the 1960s and the monumentally different way research is conducted and markets function today. Charley describes elegantly why indexing is a winner's game for many, and then walks through very special and rare qualities of three of the most successful active managers over the last few decades – Vanguard, Capital Group, and Yale University. Charley is a brilliant communicator and masterful storyteller. I hope you enjoy the show as much as I enjoyed the conversation. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

The seventh episode of Season One of Private Equity Deals released this morning. I'm joined by Tricia Glynn, Managing Director at Advent International. We discuss their purchase of Orveon, a carve out of Shiseido comprised of three beauty brands. The transaction highlights the many moving parts of carveouts, a transaction Advent has completed 80 times over the years. Tune in to Private Equity Deals to hear the story. Listen to Advent on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Sachin Khajuria is a former partner at Apollo and twenty-five-year veteran of private equity who recently authored "Two and Twenty," a fantastic insider's account of the private equity industry. Our conversation covers Sachin's rationale for writing Two and Twenty, the strengths of private equity, areas for improvement, and needs for change. We discuss the defining traits of the industry across the sourcing process, depth of research, use of operating executives, ability to pivot, and democratization of alternatives. We close by discussing opportunities and risks going forward, and Sachin's application of his insights to investing at his family office. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More​ Follow Ted on Twitter at @tseides or LinkedIn​ Subscribe to the mailing list​ Access Transcript with Premium Membership ​

Today's show is both a sponsor insight and another empty room, an exciting investment opportunity where few are paying attention. This time, it's CLO equity, an asset that has consistently generated strong returns with modest risk for decades. That fact may come as a surprise to many. Thomas Majewski is the Managing Partner and Founder of Eagle Point Credit Management, a $14 billion specialist credit manager that's believed to be one of the largest investors in CLO equity in the world. Tom has spent his entire career in the structured finance and credit markets, including the early days when he likely was the first person to refinance a CLO. Our conversation offers a master class on CLOs across Tom's career history, the mechanics of CLOs, and nuances of the business. We discuss his early years in the business, characteristics and performance history of the asset, and the launch of Eagle Point in the aftermath of the financial crisis. We discuss Eagle Point's strategy, investment process, team, desired traits of successful CLO collateral managers, opportunities in CLO debt, and Tom's vision for the business going forward. For full show notes, visit the episode webpage here. Learn More​ Follow Ted on Twitter at @tseides or LinkedIn​ Subscribe to the mailing list​ Access Transcript with Premium Membership​

Charles Van Vleet is the CIO of Textron, where he manages $10 billion in defined benefit assets and $5 billion of defined contribution assets. Charles joined Textron a decade ago after eight years at the pension fund of United Technologies and is widely respected as one of the most thoughtful and outspoken CIOs in the space. Our conversation covers Charles' background and turns to the objectives of corporate pension funds, Textron's strategic asset allocation, and Charles' creative implementation of value-added opportunities across asset classes. Along the way, he shares a host of opinions about what works and doesn't for institutional investors. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More​ Follow Ted on Twitter at @tseides or LinkedIn​ Subscribe to the mailing list​ Access Transcript with Premium Membership ​

The sixth episode of Season One of Private Equity Deals released this morning. I'm joined by David Humphrey and Devin O'Reilly from Bain Capital, who worked together on the purchase of Zelis, a healthcare and fin tech company that serves the most abrasive aspect of the healthcare system – dealing with all aspects of medical claims. The deal shines a light on how Bain Capital operates in addressing an important business need. Tune in to Private Equity Deals to hear all about it. Listen to Bain Capital on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Frank Brosens is a co-founder of Taconic Capital, an $8 billion event-driven, multi-strategy hedge fund founded in 1999. Frank started his career at Goldman Sachs, where he joined and later ran Bob Rubin's legendary risk arbitrage desk. That group became one of the top breeding grounds for hedge fund founders, including among its ranks Tom Steyer at Farallon, Richard Perry at Perry Partners, Danny Och at Och-Ziff Capital, Eddie Lampert at ESL, Eric Mindich at Eton Park, and Dinakar Singh at TPG-Axon. Our conversation covers Frank's path to the Goldman risk arb desk, the culture that made it a success, and his eventual decision to leave the firm. We then discuss the founding of Taconic, its partnership and investment philosophy, and its approach to risk management, capital allocation, and the pursuit of opportunities. Along the way, Frank highlights examples that demonstrate the benefits of a carefully aligned culture for teammates and clients across organizational structure, portfolio management, and compensation. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's sponsor insight features Melanie Pickett, Executive Vice President at Northern Trust, who is responsible for leading the Asset Owner segment in the Americas. Melanie joined Northern Trust five years ago to create its Front Office Solutions business, which today works with $450 billion on the platform across more than forty asset owner clients. Prior to Northern Trust, she spent six years as Chief Operating Officer at Emory University's investment office and over a decade rising to Executive Director in investment operations at Morgan Stanley. Our conversation dives into Melanie's background, technology challenges in the investment office, and her passion for addressing those challenges at Northern Trust. We cover the evolution of Northern Trust's business for asset owners and Melanie's perspective on trends in asset allocation, technology, performance and risk management, data science, and the future of the business. We are incredibly grateful to Melanie and Northern Trust for being a longtime sponsor of the show and are eager to highlight their value to the institutional community. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Geoffrey Rubin is the Senior Managing Director and Chief Investment Strategist of Canadian Pension Plan Investment Board, or CPPIB, which oversees $520 billion Canadian ($400 billion USD) on behalf of tens of millions of its citizens. CPPIB is a prime example of the Canadian model, which features significant internal active management of assets and a thoughtful total fund management approach. Our conversation covers Geoffrey's background and path to CPPIB, the Canadian model, effective governance, and competitive advantage. We then turn to the implementation of the model across internal capabilities, resource and capital allocation in the portfolio, compensation, talent retention, collaboration, organic innovation, and putting the model to the test during this year's challenging market conditions. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

The fifth episode of Season One of Private Equity Deals released this morning. I'm joined by Arvindh Kumar, the Global Co-Head of Technology at EQT. We discuss Innovyze, a mid-market vertical software company that provides smart water infrastructure to utilities and engineers. It's a complex transaction created by merging two carve-outs from public companies and integrating the businesses alongside a management team change. Tune in to Private Equity Deals to hear the story. Before we get going, about a third of all CA listeners have already subscribed to Private Equity Deals. If you're an allocator, a private equity manager, a banker, or just someone interested in learning what all the private equity fuss is all about, this show is for you. Search of PE Deals on your favorite podcast player and subscribe. As soon as you do, you'll get a chance to listen to episode five featuring EQT in the most complex transaction we've discussed thus far. Listen to EQT on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Colin Smith and Farouk Miah are the founders of All Africa Partners, a concentrated, public equity fund they launched last year with backing by three of the most successful investors in the region. Our conversation covers their backgrounds and the opportunity set on the continent, including Africa's market size, investable countries, liquidity, market performance, businesses, valuations, and currencies. We then turn to All Africa's investment process across sourcing, due diligence, decision making, trading, and portfolio construction. We close discussing risks in the region and lessons learned from Colin's winning a silver medal at the 2008 Beijing Olympics. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Michael Rees is the Founder and Head of Dyal Capital Partners and Co-President of public company Blue Owl (OWL) after Dyal's merger with Owl Rock last year. Dyal is the market leader in buying General Partner stakes from established private equity and alternative asset managers and oversees $45 billion in its strategy. Our conversation covers Michael's background, the early years of minority stakes, motivations of sellers, changing perceptions of the business, and return profile of investments. We then turn to Dyal's process across relationship-driven sourcing, best practices in fundraising and operations, conducting deals, and behavior of GPs after a sale. We close by touching on common critiques of Dyal's strategy and the outlook from here. Hopefully this is an example of this new process working effectively! Let us know if anything else is needed. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Our fourth episode of Private Equity Deals released this morning. I'm joined by Kevin Callaghan and Larry Hamelsky, long-time team members at Berkshire Partners. We discuss their investment in Parts Town, one of those seemingly boring businesses that keeps on compounding. Tune in to the Private Equity Deals feed to learn why. Listen to Berkshire Partners on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube

Jon Ballis is the Chairman of the Executive Committee of Kirkland & Ellis, one of the world's leading law firms and the market leader in private equity. Kirkland generated $6 billion in revenue last year, including work with 700 investment fund clients and $443 billion in M&A deals across 1,000 transactions. Jon has been recognized in every edition of the Best Lawyers in America since 2006 and one of the top private equity lawyers by Private Equity Magazine. Our conversation offers a different angle on what it takes to grow and manage a high-performance professional services firm. We cover Jon's background and path to Kirkland, growth alongside private equity, oversight of Kirkland's business model for attracting, compensating, and motivating talent, and management of a large professional services firm. We discuss his perspectives on changes in fund and deal terms in the private markets, private credit, retail interest, and the role of private capital on social issues and regulation. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

On today's Manager Meeting, Tim McCusker interviews Jack Sommers. Tim is the CIO at NEPC and a past guest on Capital Allocators. He oversees investment research and strategy for the $1.5 trillion consultant. Jack is the co-founder and Executive Chair at Income Research and Management, a $90B core fixed income investment firm. He was instrumental in developing IR+M's disciplined bottom-up investment approach and served as a Portfolio Manager for 20 years. Their conversation covers the early days of IR+M, when Jack and his father faced the challenges of establishing an investment management business, growth of the business over time, evolving landscape for active fixed income investing, and importance of culture. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Reade Griffith is the co-founder and Chief Investment Officer of Tetragon and Polygon. Tetragon is a European-listed public holding company with $38 billion in assets, comprised of $3 billion in direct investments on its balance sheet and $35B at TFG Asset Management, a subsidiary that backs external funds in an array of alternative strategies. Polygon is a $1 billion European event-driven hedge fund within Tetragon that Reade co-founded in 2002 and still serves as its portfolio manager. Our conversation covers Reade's path to investing and experience at hedge funds dating back to the early 1990s. We discuss the founding of Polygon and Tetragon, managing volatility and macro risk, event-driven investing, and TFG Asset Management's partnerships with managers across sourcing, value add, and alignment. We close by discussing the benefits and drawbacks of being a public company. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Our third episode of Private Equity Deals released this morning. I'm joined by Jarryd Levine, who helps lead Stone Point Capital's investments in Business Services and Human Capital Management. We discuss their purchase of Bullhorn, a leading global software provider for the staffing industry. Stone Point is the fifth private equity owner of the business, and I invite you to tune in to learn why. Search for Private Equity Deals on your favorite podcast player and subscribe. Listen to Stone Point on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Louis-Vincent Gave is the Founding Partner and CEO of GaveKal, a leading independent provider of macro research, and GaveKal Capital, manager of $2 billion in assets. Louis is one of my go-to sources for strategic research. He came on the show earlier this year to discuss the conflict in Ukraine, and that conversation is replayed on the feed. This time around, we cover Louis' perspective on the bear market and its transition of leadership from developed to emerging markets. We discuss emerging markets, the U.S. dollar, age of weaponization, deglobalization, China, and where to invest to weather the storm. Access Stream by AlphaSense Free Trial For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Louis-Vincent Gave is the Founding Partner and CEO of GaveKal, one of the world's leading independent providers of macro research, and GaveKal Capital, a manager of $2.7 billion in assets. Louis launched GaveKal alongside his father in 2000 and has become a go-to source for creative research on global economics and asset allocation, particularly in China. He recently penned CYA as a Guiding Principle, dissecting the consequences of Western government responses to Russia's invasion of Ukraine. He joined me to discuss the key takeaways. Our conversation starts with Louis' background and founding of GaveKal, and turns to the potential second order impacts of freezing reserves, seizing oligarch assets, end of Swiss neutrality, energy prices, and military spending. We close discussing how the situation may affect China. Learn More‍ Follow Ted on Twitter at @tseides or LinkedIn‍ Subscribe to the mailing list‍ Access Transcript with Premium Membership‍

On today's show we'll discuss another empty room – an opportunity ignored by most investors because they either don't want to or can't participate. Andy Acker is a Portfolio Manager at our anchor sponsor, Janus Henderson Investors, where he manages the firm's healthcare strategies. Janus Henderson is a global asset manager with $300B in assets under management, and Andy oversees the firm's Global Life Sciences strategy and its Biotechnology strategy. Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing. Our conversation starts with Andy's path to becoming a healthcare investor, scientific innovation over his time at Janus Henderson, translation of science into commercial success for businesses, and the 90/90 rule for how stocks behave. We then turn to his investment process across filtering ideas, research, assessment of management teams and commercial success, portfolio construction, trading around names, and private crossover investing. We close with Andy's perspective on opportunities and risks to the space from here, and green shoots he sees that might fill seats in the empty room. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie's background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It's called Quit: The Power of Knowing When to Walk Away, and I'm going on record predicting it will be a best-seller in short order. Our conversation covers Annie's compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Annie Duke is a renown public speaker and decision strategist. For two decades, she was one of the top poker players in the world, including winning a World Series of Poker bracelet and the $2 million winner-take-all WSOP Tournament of Champions. Her study of the science of smart decision-making began with a National Science Foundation Fellowship, which she used study Cognitive Psychology at the University of Pennsylvania. Among her charity work and television appearances, Annie was a runner-up to Joan Rivers on Celebrity Apprentice, during which she raised $700,000 for Refugees International. She is a natural teacher and storyteller with an active mind that constantly searches for accurate truth. I highly recommend Annie's new book, Thinking in Bets, which comes out this week. In her life after poker, she is a featured speaker, writes a newsletter and a blog, and advises companies on improving their decision-making process. Have a look at her website, annieduke.com, for more information. Our conversation discusses Annie's path from an Ivy League education to professional poker, the nature of a bet, how we form beliefs, why we make bad decisions, and what we can do to improve our decision-making process. Towards the end, we also talk about bankroll management, poker faces, and advice she would give the President on how to make better decisions. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Our second episode of Private Equity Deals released this morning. I'm joined by Scott Crabill, a long-time partner at Thoma Bravo, to discuss their take private purchase of RealPage. Search for Private Equity Deals on your favorite podcast platform and subscribe. Listen to Thoma Bravo on Private Equity Deals Subscribe to Private Equity Deals Subscribe on Apple Podcast Subscribe on Spotify Subscribe on YouTube Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership