Capital Allocators – Inside the Institutional Investment Industry Larry Kochard – From Endowment Professor to OCIO Chief at Makena Capital (Capital Allocators, EP.250)
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May 16, 2022 Larry Kochard, CIO at Makena Capital Management, shares insights from his impressive career, including roles at the University of Virginia and Georgetown University. He discusses the transition from managing endowments to leading an OCIO firm, tackling investment strategies, and the importance of team collaboration. Kochard explores emerging markets' challenges, the fine balance needed in crypto investments, and the significance of communication within teams. His perspective on market risks and opportunities provides a seasoned view for investors navigating today’s complexities.
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Emerging Markets Reassessment
- Emerging market investments require skilled managers who can exploit inefficiencies in less competitive markets.
- Kochard expresses caution about current emerging market risks.
Real Assets Strategy
- Kochard prioritizes absolute returns in private investments, influencing his approach to real assets.
- He's interested in public real estate and potentially public natural resources due to liquidity and inflation hedging.
Managing Macro Risks
- Stay macro-aware, but avoid market timing.
- Maintain portfolio risk and liquidity within defined guardrails.