Capital Allocators – Inside the Institutional Investment Industry

David Gurfein, Marine Corps Combat veteran, discusses principles of leadership, management, and resource allocation alongside colorful stories of success and failure. The podcast covers the importance of leadership development in the Marine Corps, the concept of learning through mistakes in the military, transitioning from Goldman Sachs to a high tech startup, favorite pastimes, lessons from parents, and reflections on personal relationships and career advice.

Jeffrey Solomon is the President of publicly listed Cowen Group (TK: COWN), a financial services company focused on supporting and providing active management to the marketplace. After graduating from the University of Pennsylvania in 1988, Jeff deferred an acting career with a brief respite on Wall Street, but he hasn't looked back since. In 1994, he joined Peter Cohen, then the former head of investment bank Shearson Lehman Brothers, to form money management firm Ramius Advisors. Ramius grew to become one of the largest hedge funds in the world, and in 2009 merged with boutique investment bank Cowen Group. Following the merger, Jeff switched over to the investment bank side of the business and today serves as its Chief Executive Officer, where he embodies the firm's core values of vision, tenacity and empathy. Our conversation starts with a passionate description of Pittsburgh sports, and flows to how active managers succeed in the 1990s and need to evolve to succeed today. We discuss the importance of empathy in the investment business, and touch on how Jeff's summer camp experience as a kid informs how he manages people today. His answers to my closing questions are just amazing. If you're short on time, fast forward to the 51stminute of the show. You'll miss plenty along the way, but you don't want to miss these. Please enjoy my conversation with Jeff Solomon. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides

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. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on twitter at @tseides

Jennifer Heller, President and CIO of Brandywine Trust Group, discusses sustainable competitive advantages, long-term investing, manager selection, and her experiences in microfinance. She reflects on frustrations with a non-profit in India and the challenges of working for a non-profit organization. The podcast also covers her time at the Stanford Endowment, the importance of mentorship, mistakes in managing money for families, and her favorite ways to waste time.

Josh Brown, CEO of Ritholz Wealth Management, shares his journey from a start in the wrong lessons of a brokerage to the reformed broker. He discusses the three worst lessons learned in the investment industry and the power of compounding. They also touch on investment committee decision-making and the importance of staying true to the investment model. Reflecting on past regrets, they discuss the significance of reading social cues and impactful words.

In this engaging conversation, Patrick O’Shaughnessy, a savvy investor and host of the Invest Like the Best podcast, joins Ted Seides to discuss his legendary bet with Warren Buffett. They explore the nuances of hedge fund performance versus the S&P 500, shedding light on the lessons learned from the wager. Topics include the challenges of defining skill in investing, the evolving landscape of hedge funds, and the significance of personal connections at Berkshire Hathaway meetings. Expect insights on market dynamics and the impact of emotions on investment strategies!

Tom Lenehan, Deputy Chief Investment Officer at Rockefeller University, shares his expertise in managing a $2B endowment at a pioneer of biomedical research. He dives into the complexities of balancing long-term goals with short-term performance metrics. Lenehan discusses the challenges of selecting elite venture capitalists in a competitive landscape and the necessity for diligence in investment decisions. His personal anecdotes about navigating early career hurdles and learning from past mistakes add depth to a conversation about resilience in the investment world.

Brett Barth is the Founder and CIO of BBR Partners, overseeing $12.5B for 125 families. He shares insights from raising twins, illustrating how personal experiences influence investment decisions. Barth delves into his journey from Wall Street to Hong Kong, highlighting cultural differences in finance. He discusses a tailored investment philosophy balancing equities and bonds, along with selecting managers. Unique investment opportunities in niche markets, like music royalties, are also covered, offering practical advice for both advisors and institutional managers.

André Perold, Chief Investment Officer and Co-Managing Partner at HighVista Strategies, discusses the challenges of investing, importance of building positive relationships in teaching at Harvard Business School, success factors of Harvard Business School, the founding of High Vista Strategies, and the challenge of identifying and investing in talented individuals.

Steven Galbraith, an investment manager and writer, discusses his career in investment management, market inefficiencies, and his experiences with running a local brewery and investing in education. He also shares insights on the importance of process vs outcome in finance and offers advice for managing money as a married couple.