YouSaid · the spoken record

Colin Campbell

lines on the record: 80
first: 2023-03-20
most recent: 2023-03-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Markets in the US. It's still a small and niche market, but that's an example in the US. Over in Europe, there is a compliance market that's been created by”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Given year. And the government then requires every emitter of a certain size to buy one of these permits in order to emit that ton of carbon dioxide. And the emitters must comply. So that's why we're calling it a compliance market. The term cap and trade is often used for this type of market where the government is capping the number of tons of carbon dioxide that can be emitted and where the underlying permits can be traded between the emitters, investors, and anybody who wants to participate in those markets. So some examples of compliance markets are, again, these are set up by governments would be in the United States, we have the California Carbon Allowance Market or the CCA market. It's a cap and trade market that the legislation started about 16 years ago. The trading of these instruments actually started about 11 years ago. And that's one of the larger and more liquid markets.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“I know there's a lot of buzzwords and a lot of confusion. So let's break it down into these two pieces compliance markets and voluntary markets. And while we talk about environmental markets broadly, most often we're talking about some sort of carbon market. And by carbon, we mean CO2, carbon dioxide, a greenhouse gas, which is in the atmosphere. And we all know the story from there. Let's talk about compliance markets first. Compliance markets are created by a government with the policy objective of reducing emissions. And what the government does is they create some sort of cap on the number of emissions that they're going to allow in a given period of time. So say in a year. And the government caps how many permits they are going to issue, which is approximately for how many tons of carbon dioxide gas they're going to allow for.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Markets yet to be able to even make the choice to consider allocating to them as we look at the fundamentals of the market and the initiatives that a lot of this capital has with regards to supporting ESG style investments, we think that is going to be very favorable for these markets. So that's really the underlying thesis.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Being in deficit. So, just like any other commodity market, a lot of environmental markets have some sort of instrument that can be purchased or traded. And historically looking backwards, there has been a surplus of these instruments. And in the window of time we're in now, sort of mid-decade 2020s, we are likely to be flipping into an environment where we're going to be in shortage of many of these instruments. And that's likely to cause a significant price inflection. And then thirdly, on the investment thesis, we think there is likely to be significant growth in investor participation over time. Right now, these are markets that strike us as being relatively lowly populated by both investors and allocators. There's just not that many fund managers that look at this space today or have spent the time to sort of get up to speed yet. There's not that many of my friends in the allocator world that have had significant exposure to these markets.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Its core, our thesis is really threefold. Number one, the world has decided to care about climate change, more so than ever before in its history. And we can see all different types of constituencies starting to make behavior changes that we think is going to lead to the evolution and growth of environmental markets. So whether it's governments or corporations or private companies or individual citizens, we're starting to see behaviors where we believe people are going to start to actually do something about this. The second element of the investment thesis is we think we are at that key inflection point in some environmental markets where they're starting to more likely be some sort of significant price change in many of those markets as they flip from being in surplus to”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've been investing in commodities oriented strategies, whether it's longer-term private equity style investments or commodities trading strategies for over 10 years. So have gotten to know a lot of different firms in that ecosystem. The merchant commodity trading firms, most of which are private, a small number of hedge funds that tend to focus in those sorts of commodities trading strategies especially. And it was just in conversations with that network over a period of years that we started to hear people talk about some of these markets. Both there's sort of two types of environmental markets as compliance markets and voluntary markets, but it was just an ordinary conversations about what's going on in different markets that we started to hear some of our friends and partners talk about exploring these markets and that sort of piqued our interest and presented us the thread on which to pull to kind of learn more about them over time.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a terrific context to dive into where we're going to head with this, which is these environmental markets. And maybe the place to start is how did you come across these markets as an investment opportunity?”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's evolved over time, so I'd say in the early days we were dabbling and exploring what I will call now the mainstream alternatives of things that were just not explicit equity risk. So it would have started with things like moving into pretty traditional real estate, investing, and commodities investing, whether it's via back in the day oil and gas funds or farmland funds. And what it's evolved into over the last 10 years as we've really developed perspective and turned over a lot of rocks tends to be strategies that are a bit more off the run and that are generally less competed with significant amounts of capital. So I'm talking now about sort of where our tastes run and what we focus on.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“What we did and what we now call our partnership strategies group, it was similar. It's interviewing portfolio managers, interviewing the analysts on those team to understand what do they do and how are they different from their peers? What are examples of their work and really trying to tease out who's going to be able to compete well in their respective industry? The context is different. What you ask them about is different. The analyses you perform are different. But at its underlying sort of root nature, it's more similar than I thought. So I've really enjoyed just this experience of being able to port that skill set over and then be able to benefit from just getting exposure to so many different investment managers who have many of them different approaches and different experiences that inform how they go about underwriting the world.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's interesting when I moved over from stock picking to allocating, it ended up being quite a bit more similar than I thought in the sense of at the end of the day you're interviewing teams about what they do in their day job and then conducting research to try and build conviction and belief around what they're going to be able to do in the future and how they're going to be able to perform and either lead their fund or lead their company. So for a good 10 years, I had had training and sitting down with the management teams of public companies or companies going public and really understanding how they operated, how they did what they did, how they competed against others and doing the necessary research to understand the industry they were in, what was unique about that particular company, what was going to differentiate them, and where their return stream was, you know, what are earnings going to be over time. And then supporting that over to the early days of”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“How did you take some of the deep research driven DNA that you learned from the decade being on the direct side and employ that particularly in those earlier years when you were looking at LP relationships and outside managers?”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Team with a broad range of different styles and methods we use to implement our investments. Sometimes as in partnership with an external firm that we may help grow or launch and sometimes implementing things directly when we feel like that's the most appropriate way to express a particular bet or investment in a particular market.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, early on, we'd had this practice of having some private family office style investments of being a limited partner in some external funds. We had the good fortune of having just a terrific network of friends and peers and other investment firms that we knew where we had the opportunity to invest. So we started slowly back then by just being a regular way limited partner in existing funds in a traditional sort of family office investment style. And what we've done since then is gradually build out the team to be able to increase our implementation and execution capabilities gradually, moving into things like co-investments where we might underwrite deals alongside managers. That was about 10 years ago, starting to seed new investment firms from scratch, that was eightish years ago and have now built up the team to be 13 people on the investment.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Buckets. So either explicitly uncorrelated investments or things that were just less correlated and somewhat orthogonal to equity risk. So it could be fixed income investments. It could be real estate investments, things that were just different than what we did internally at Bank Capital, which tended to be very focused on equity-oriented things.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time we had no external clients and was very easy just to spend time with my colleagues and understand what was in their personal portfolios and what sorts of opportunities they were looking for to complement that. And it's no surprise if you talk to the partners at a private equity firm, even though Bent Capital had a variety of different businesses at the time, the overwhelming exposure that dominated so many of our personal portfolios back then is equity risk. So whether it was via private equity co-investments, whether it was some of our other business units, many of which sort of lean on or have equity risk factor as part of the exposures you have or whether it's just sheer ownership and future income from the firm, we were all heavily, heavily exposed to equity risk. So it was no surprise that a lot of what we were craving was investments that are diversifying from equity risk. So strategies that are more in the absolute return and uncorrelated.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“opportunity to go and sort of craft that role and look for different opportunities. And I have had a ton of fun doing that for the last 14 or 15 years.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first joined, I was an associate in the public equity group, so this is an equity hedge fund strategy, which back in the day was called Brookside, and we now call Bain Capital Public Equity. So I was in that role for almost a decade and really learned the ropes of investing and deep granular analysis that we use at Bain Capital. And after doing that for about a decade, the firm was looking to start a new group in order to find investment opportunities for the personal capital of the partners at the firm. And I was invited to throw my hat in the ring for that opportunity. This was right around the time of the financial crisis in 2008. So it was very dynamic set of circumstances. And it sounded like a unique opportunity to me to take on a leadership role and help grow a new effort at the firm and was given a pretty blank slate and blue sky.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“How did you transition over time from being an investor in Bain Capital, as people think of Bain Capital, to this role that you created some time ago managing some of the capital for the partners of Bain Capital?”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enjoyed that experience and really was a good exposure to sort of the strategy side of business. After that role, I wanted to complement that with something more on the finance side. So looked around for other pre-business school opportunities. And first one I came across was bank capital. So this was back in the year 2000. And Bain had the customary pre-business school associate program. And it was a really good fit with what I was looking to do at the time, which is to bone up on finance and learn about investing. So it was really interesting fit with what I was looking to do at the time.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our team to help continue to spread the work. Enjoy my conversation with Colin Campbell. Colin, great to see you. Ted, great to see you. Why don't you take me back to what brought you to the seat at Bain? Absolutely, absolutely. First, thanks for having me on the podcast. And I've been a listener for many years and really enjoyed a lot of episodes. So flattered to be with you today. So my background, back in my old college days, I was studying to be an attorney and was a politics major and got the very wise sage advice from my parents to do anything but go to law school. So I ended up exploring a couple different job opportunities and got some really unique offers, including an opportunity to go into the business world doing sort of a strategy role at the Walt Disney Company. So join them straight out of college in their corporate strategic planning group out in Los Angeles. And that really kind of opened my eyes to the business world, which isn't an area I had necessarily thought that I was going to move into really”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Description and nuance of compliance and voluntary markets and implementation. Before we get going, are you ready to join the Capital Allocators team? Wait, what? You may be wondering, did I just say an opportunity to join the group of three that makes this all happen? Did I just say an opportunity to join us in striving to compound knowledge and relationships through our shared values of quality, entrepreneurial spirit, intellectual curiosity, respect, generosity, and fun? Yes, I did. And even better, we're looking for someone to fill out one of the most fun roles I can imagine, connecting with all of you. If you or someone you know would like to apply to join capital allocators in the newly formed role of community engagement manager, have a look at the job description on our website at the job board or send us an email at team at capitalallocators.com to learn more. Thanks so much for thinking about joining”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on the third episode of Climate Solutions is Colin Campbell, a partner at Bane Capital and co head of the partnership strategies team that manages assets primarily for Bain Capital's partners in strategies that diversify away from the equity orientation of the firm's core. In its search for attractive uncorrelated assets, the partnership strategies team became an early mover in environmental markets. Both Tom Steyer and Bill Orem cited carbon credits and offsets as a necessary and important near-term component to affect climate transition. Collins' deep engagement in the space provides a wonderful primer for those interested. Our conversation dives into Colin's background and investment approach that led to the discovery of the opportunity in environmental markets. We then turn to his investment thesis, Sourcing,”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“And two important strategies in the space nuclear power and carbon credits. Taken together, we'll learn how some of the top investment mines are working actively to address our long-term climate needs.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Three years ago, we released a miniseries entitled Sustainable Investing, The Next Frontier, to explore the early landscape for ESG. In the ensuing years, a lot of investor attention has focused on sustainable investing, but differing objectives, measurements, and benchmarks has muddied the playing field. It's a subject I wrote about in a blog last year called What's in a Name The Problem with ESG. So until those cloudy waters clear up, I thought about turning our attention to a nearly universal area of interest, how capital allocation can improve the climate. This four-part miniseries spans conversations with leading practitioners focusing on climate solutions. We'll hear from hedge fund and climate activist legend Tom Steyer, one of the most longstanding and largest family offices focused on impact investing.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hello, I'm Ted Sites 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 join our mailing list and access premium content at capital allocators.com.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital out hitters is also brought to you by admired leadership. Back in April on episode 497, I sat down with Randall Studman, the executive coach behind admired leadership, who advised more than 500 CEOs, including some of the most respected names in asset management. Randall introduced me to Alex, an AI leadership coach's team built on 40 years of proprietary research into what the best leaders actually do. For investment professionals, that means your entire team gets on-demand coaching grounded in the behaviors that drive results, and build the kind of followership that retains your top talent. We use Alex and our team at Capital Allocators swears by it. Try Alex for yourself at the link in our show notes. Try Alex. Leadership.com.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital allocators is also brought to you by Ridgeline. Ridgeline makes your day unrecognizable. That's how refreshingly different it is from legacy investment management technology. With Ridgeline's front-to-back AI native platform, your typical tech pains disappear. No integration headaches, no data discrepancies, and no upgrade cycles. Instead, you get real-time data flowing through everything from portfolio accounting to reporting to reconciliation, trading, compliance, and more. In the AI era, asset and wealth management firms moving to Ridgeline gain a decided advantage. That's why customers call it miraculous game-changing and an awakening. If that's not how you would describe your investment management tech, request a demo at RidgeLine.ai.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“To an exact verifiable source because the answer is only as good as what's underneath it, and without the sense you know exactly what that is. See it for yourself. Try a free trial at alpha-sense.com slash capital. That's alphacense.com with a hyphen in the middle slash capital.”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source
“Capital allocators is brought to you by AlphaCents. Here's something for you. Most AI tools today are very good at sounding right. But can you actually trace it back to a filing, transcript, or specific passage that drove the answer? Or are you just trusting the confidence of the output? For allocators, that's not a minor concern. A missed filing, incorrect source, or context that gets lost somewhere in a retrieval chain aren't edge cases. They're how decisions go wrong. AlphaSense is the AI platform built specifically for this. They own the content over 500 million curated documents from broker research and expert transcripts to filings and earnings calls. And they own the retrieval layer on top of it. That means every answer can link back”
2023-03-20 · Capital Allocators · Colin Campbell – The Case for Environmental Markets (Climate Solutions EP.3, Capital Allocators EP.302) · IDENTIFIED FROM THE TRANSCRIPT · source