YouSaid · the spoken record

Andy Golden

lines on the record
107
first
2025-07-21
most recent
2025-07-21
sittings or episodes
1
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podcast

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  1. “And investing was interesting to me, but I was concerned that it wouldn't be fulfilling as a long-term career because of the lack of kind of social impact. And I'd heard about this thing called socially responsible investing. And I thought, as many people of that age think, wow, that sounds like cake and eat it too. I need to learn more. And I heard about this guy who had recently started working in the Yale Investments Office, who had done community economic development work. And I was so naive about the world of investing that I didn't realize that those were two very different things. So I went for Dean Takahashi. And I wasn't sure if that was his name or his title.”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “free option that I had the free option to try something completely different And the option would be that if I didn't like it, I could go to school. If I loved it, I didn't have to go to school. And so what I did is I went through the newspaper, saw an ad, took a math test, and started to work in a very small money management firm outside of Philadelphia doing technical analysis. I was essentially a human Bloomberg machine. Bloomberg had just kind of gotten started. This is 1986, but we had a system called Quotron, and I would read numbers going across the screen and calculate them with my left hand and draw charts with my right hand. And it was really exciting to really be enmeshed in the market in that way. It was intense. And so I didn't like that job enough to stay, but I was fascinated by the market. And so when I went off to school, I wasn't quite sure what I wanted to do.”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, yeah. But, you know, trying to organize a bunch of folks to throughput work, I stumbled on this economic principle of adverse selection that If you treat people really badly, then you're unlikely to get really great people working for you when it creates a vicious cycle. So I had this notion that maybe there would be a better way to let workers share in the gains, the productivity gains that maybe they could produce. And I knew I needed to learn more. And so I applied to the only management program that would even look at an application like mine, which was the Yale School of Organization and Management, as was called back in those days. And sure enough, I got in running an application about employee ownership of all things. The woman who's now my wife has a wonderful opportunity land in her lap that meant that I should defer, and I did defer my admittance for a year, again with no economic training, though I understood the idea of a”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “And I ended up kind of moving up the de facto ranks and getting involved in management. The assistant to the manager, not the assistant manager of this 10 photographer studio. And that actually got me interested in organizational issues. I was a philosophy major undergrad and I had not taken anything practical.”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “What interested me in photography was The idea that maybe I could do some art with it. And I remember getting very excited when I finally landed a day job in photography as opposed to before that. I was basically carrying heavy things and I drove a truck a little bit. And then, of course, I had a lot of bartending. So I finally got the photography job. And along the way, after some geographic moves, I ended up in the in-house advertising photography group for a department store.”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “You have been here at Princeton for a while now. 22 years in the same seat. So you started your career as a professional photographer, which is not the normal path to endowment management. How did you get from being a photographer to running the show here at Princeton?”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Our summer series kickoff is a twofer of the Andy Golden, now retired after 30 years at Princeton University Investment Management Company, and Scott Wilson from Washington University St. Louis. He packaged these two leading endowment investment officers to compare their investment styles. Andy started his career at Yale with me and became one of the leaders of the Endowment Model for decades. His discussion of Printko's decision-making process is among the most referenced descriptions of any podcast with the CIO we've had. Scott comes from a direct investing background and has adopted a position-focused approach to diligence and co-investing. leading to a very different portfolio construction. It's perhaps the leading example of a new approach in the endowment world.”

    2025-07-21 · Capital Allocators · CIO Greatest Hits: Endowments – Andy Golden (Princo) · IDENTIFIED FROM THE TRANSCRIPT · source