YouSaid · the spoken record

Chris Brockmeyer

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71
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2018-04-09
most recent
2018-04-09
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1
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podcast

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  1. “In my view, more heavily on the consultant's view than perhaps they should or would otherwise need to given the fact that we are the buck stops with the trustees. But if they don't have the knowledge base to really make the decisions themselves, what other choice do they have? Right. Except that when we are, for example, considering what to do with an underperforming manager who's underperformed for a year and a half because the markets have been not working for the thesis that that manager might, the reason that we hired that manager, trustees can get impatient and we end up in that trap that so many investors end up in, which we fire them at their nadir and hire someone at their apex, and then we sell low by high. And I've seen some of that on my plants. I have to say that I think mostly our trustees exercise.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “sometime prepping for that board meeting so once the trustees get to the boardroom and start having that discussion the reliance on the third party consultant is very high nonetheless the trustees are in a position where they're the ones that are making the final decision and so sometimes one sees in interviewing a new manager especially in asset classes that are harder to understand the trustees”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “You're working with. And so, just to make matters more complex, you don't use the same consultant across these plans either. That's right. How many different consultants do you work? We work with five different consultants. Some of them serve multiple funds. And more recently, we have started moving more in the direction of an outsourced CIO model distinct from what I always refer to as the traditional model. So let's talk about both of those. Well, first of all, let's start with Taft-Hartley plans in general. You've mentioned to me that they are rife for change. What's wrong with your average Taft Hartley plan and what needs to change? Well, from an investing perspective, as I had mentioned before, none of the trustees is an investment professional or an expert. Typically, the time spent on focusing on investment matters in the boardroom and maybe.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “That debate, but I don't want to be categorical, but I believe there is not a single trustee that I work with whose primary job function is investing. There are some trustees that serve as CFOs in their respective companies. That's a little bit. So as a result, we rely heavily on outside consultants. And the genesis of asset allocation discussions, the genesis of really almost any discussion, whether to hire fire managers that are underperforming starts with consultation with that investment consultant. And sometimes investment consultants are more active in bringing ideas to boards. Sometimes the boards bring the ideas to the investment consultant. It's kind of a mixed bag. It depends on which firm.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “The investment objectives across plans. None of the plans I sit on have in house finance people, CIOs, and is that effectively your role? Well, I mean, my role, the short answer is no. I mean, my role includes that because I am a full-time trustee. My focus is much, I spend much more time on investment matters, perhaps than the average trustee, just because this is what I do full-time. Most trustees are either union leaders or their labor relations people with a network or with a theater chain, and they serve as a trustee as sort of a side activity. So they don't really have time to focus as much on something. And is there much investment expertise in each of those boardrooms? Not necessarily. I mean, each trustee brings his or her own strength to”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I consider one of my jobs to be bringing best ideas from one plan to the next or what I think of best ideas and part of my job is to convince the other trustees, both employer and union as well, that they are actually best ideas that should be adopted. And that applies to investing as well as all sorts of other governance and other administrative and so on. And just out of my curiosity, how do these 13 break down? I have to go through each one, but is it actors is one and stagehands is another? Is that how? Yes, actors equity association is the union that represents actors and stage managers. IOTSI represents stage hands, IOTSI local one represents New York stage hands, and so on and so forth, wardrobe, hair makeup designers, every director. Everyone you see here, everything that you don't see that goes into a show. That's right. And so what's the range of how you set out”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Behind the stage are unionized employees, and each of them established the union at different times and have a certain degree of pride in institutional ownership of what it is that they do. And so they've created their own pension plans, their own health plans. On the health side, there has been, when I started this job a little over 10 years ago, I believe there were 10, maybe 11 health plans, and now there are five. So there have been mergers, significant mergers. On the health fund side, pension side is harder to do, both legally as well as, I think, philosophically. So, you know, the result is I work with that many distinct boards. And from a governance perspective, it's difficult. I'm the only common thread across those plans. There are some trustees that sit on multiple plans, but not all plans.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Plans that I sit on are blessed with that kind of dynamic. That's not the case in every fund I sit on, and it's certainly not the case in all industries in the multi-employer world. There are some industries where I've heard stories that collective bargaining negotiations sort of continue and the board meetings are almost an extension of those negotiations. And fortunately, we just don't have that sort of dynamic in my industry, which I'm blessed with. Why are there 13 different organizations or boards within this umbrella? Why don't we just all get together and do it, be efficient about the whole thing? Sure. First of all, tradition and the history. I mean, each union, the commercial theater industry as well as the entertainment industry generally is heavily unionized. We have, you know, if you go into the theater pretty much every single person you see working in that theater and people you don't see.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “distinct groups, three distinct units. So 13 different boards. That's right. Four meetings a year? At least four meetings a year per board, larger funds tend to have meetings in between. We have lots of committee meetings. I spend most of my life in board meetings. I'm not in board meetings. I'm in my office probably preparing for those board meetings. And that's what I do. And what are the, I mean, that's 13 is a lot. What are the range of dynamics that you've seen in what makes an effective board and a less effective board? Well, an effective board going back to relationships with, you know, between union and management trustees, the most effective boards are those that are able to leave their union and management hats outside the door and are able to sit down at the trustee table and truly act in the best interest of the participants. And fortunately, most of the”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “These are Taft Hartley multi employer plans that are jointly trusteed by law by equal numbers of employer and union trustees. So that's the board that oversees the plan. That's right. Is half employer reps and half union reps? That's right. And so I serve as co-chair on 11 different pension plans and five annuity plans. And when I say pension plans, traditional defined benefit pension plans and annuity either 401k or just traditional annuity. And then I also serve on five health plans, but from an investment perspective, it's not really as interesting since health plans is sort of a cash-in, cash out sort of transactional relationship. Yeah. And so these are 21, I guess. Each one distinct per se no. I mean, I work with 13 different boards because a number of the boards cover the pension and the health or in some cases the pension health and annuity. And so it really is through.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “And what would you classify as those key skills? Predominantly listening to the other side, understanding the other side, putting your feet in the shoes of the other side, the other person, and articulating your difference and trying to convince the other side that your view is better, or if you can be convinced otherwise, there's no harm and certainly no shame in admitting that maybe your position was not as good as the others. especially political environment, one of the most prevalent skills that people either have or choose to use to really understand the other side and work together. Why don't you walk through what your role in the Broadway League encompasses today? So I serve on most funds as co-chair or chair.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “You are adverse to the party across the table in some way, and I wanted something different, something more that was more symbiotic and in my role today as a director of employee benefit funds at the Broadway League, I have an opportunity to mostly work with my union counterparts because that is what we're charged to do as fiduciaries to work in the best interest of the participants. Of course, we run into issues where the best interests of the participants may not be defined in the same way on management as it is on union, aside all the time.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Not necessarily knowing what that meant, but the idea of working in labor relations generally, which is where I started my career, was appealing to me perhaps because I enjoyed debate, I enjoy negotiating, which are all skills that one learns when one studies something like philosophy. So I spent seven years on the labor side and then was offered a job opportunity with Clear Channel Entertainment. Actually, at the time it was part of SFX Entertainment, it became Clear Channel, then it became Live Nation, and eventually ran Live Nation's labor relations. And I had gotten to a point in my career, I suppose, where while I still enjoyed and enjoy labor negotiations, I wanted to do something more. I wanted to do something that was perhaps more holistic in a way, you know, fighting on either side, which a labor negotiation unfortunately oftentimes is, whether you're fighting for union or fighting for management.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Why don't you just sort of take me through your background and how you got to be sitting where you are today? Sure. Well, I only half jokingly tell folks that I have probably the least interesting job on Broadway, but at least I get to go to the Tony Awards. My background actually is in, I have a master's degree in philosophy, so appropriate to nothing but applicable maybe to everything, I don't know. I found the theater industry more generally by way of labor relations. I worked for labor unions, initially actor union for about seven years before moving to management side from a philosophy major to working for labor unions. Well, in the absence of any job openings for philosophy, I cast my net wide when I moved to New York out of college and had a general and vague idea that I kind of wanted to go into the entertainment industry.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Dives into the tricky governance dynamics of Taft Hartley boards, including their challenging regulatory structure, keeping the peace among constituents, setting investment objectives, strengths and weaknesses of a slow-moving decision-making body, the best and worst in relationships with investment consultants, and OCIOs as a governance solution. Those struggling with common governance challenges can take a step back and admire Chris's dexterity in working productively with an ostensibly untenable set of circumstances. Please enjoy my conversation with Chris Brockmeier. Chris, thanks for joining me. My pleasure. You know, I think most people, if they grow up and they want to make it to Broadway, they probably don't envision themselves cast in the role that you're playing.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “My guest on today's show is Chris Brockmeyer, the director of employee benefit funds for the Broadway League, the National Trade Association for the Broadway Theater Industry. Chris serves as an employer-appointed trustee, in most cases the co-chair on eleven multi-employer pension funds, seven health funds, and four annuity funds with approximately seven billion dollars in total assets. For eleven years, Chris has artfully navigated delicate relationships across unions and employers and was honored for his great work by institutional investor magazine with the 2014 Award for the Taft Hartley Plan of the Year. Relations at Live Nation and Clear Channel Entertainment.”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Hello, I'm Ted Sides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can keep up to date by visiting capital allocators podcast.com”

    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-04-09 · Capital Allocators · Chris Brockmeyer – On Broadway (Capital Allocators, EP.47) · IDENTIFIED FROM THE TRANSCRIPT · source