Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
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Feb 5, 2024 Paul Black, co-founder of WCM Investment Management, and Mike Trigg, portfolio manager at the same firm, dive deep into transforming a struggling financial company into a $100 billion giant. They discuss the pivotal role of culture, innovative hiring practices, and the need for truth-telling in fostering a supportive workplace. The conversation highlights balancing care with accountability, leadership transitions, and the importance of cultural fit. They also reflect on personal growth, mentorship, and the commitment necessary for long-term success.
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Embracing Change
- The money management industry penalizes change, unlike tech or healthcare.
- WCM embraces change and uses mistakes as learning opportunities, which requires trust within the team.
Client Communication
- Communicate transparently with clients about the iterative nature of your investment process.
- Ask clients to hold you accountable for continuous improvement and innovation.
Learning from Failures
- Paul learned about toxic cultures by talking to former employees of failed firms.
- He observed that during tough times, teams often turn on each other, leading to divisions and ultimately, failure.