YouSaid · the spoken record

David Morehead

lines on the record: 96
first: 2024-04-22
most recent: 2024-04-22
sittings or episodes: 1
sources: podcast

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“Over a 10 year period, I don't think has ever lost money. I'm not sure if I'm 100% correct on that, but it is close. And you're like, well, these are all the smallest companies with the most risk by definition. You're like, yeah, but the managers are pooling them in such a way that over time that manager thinks that they're going to win. Well, if everyone's doing that, then over time.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we look at it all of those different ways. We have it broken down in spreadsheets a bunch of different ways from the standpoint of providing some clarity or some generalized exposure metrics to our constituents, which is the university, its alumni, bond rating agencies. We use the standard, what I just said, fixed income equity hedge fund privates. But internally we're for sure looking at things like sectors. That's something that we do differently. I think it's different. I don't really know what everyone else does. But on the private side, it's our view that the age of the company does not accurately describe the most risk when you're investing in funds. So I think if you look at the venture capital industry, the industry in total.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“It seems intellectually dishonest to say that does everything fit neatly into fixed income, equity, hedge funds, and privates? No, it doesn't. I mean, what do you do with the thing that is private, but it's likely to pay off in one to three years? It's not in a drawdown structure. So is that private? Does it go in the hedge fund thing? Who knows? But the important thing is that the category's not drive your investments. You should do the good thing. and then figure out the category after the fact, not the reverse.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Interesting because when I started in this side of the industry, you don't have any idea how to do it. And there's a lot of talk at conferences about what categories should be called, where we've gotten on that front is that categories are just communication devices. You can't really boil a portfolio like we're all running into four headers and have it accurately describe what's going on. Maybe you have a set of categories that you use basically to describe such to your constituents who aren't in the markets. But then you have another set of categories that you use internally. It could be sector categories. Or it could be factor categories. Or it could be risk categories or it could be opportunity set categories. All of these categories and naming conventions are relevant”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Left standing and that it'll turn around. And we have time on our side, so we don't have to be right this year. Be right two years from now. That would be fine.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not particularly working right now. But that's okay because we're long term investors as small caps. The spread between large caps and small caps and obviously a lot of that is because of the magnificent seven and their printing money, et cetera. There's been talk of recession that rates are higher, both those things impact small caps more so than large caps. And so the spread between large caps and small caps is the widest it's ever been. So we tend to look at things are like What are the things that are historically different? Spreads have never been this wide. Vol has never been this low. The setup in energy markets is like every single energy company is going to go out of business. You're like, well, there's still a lot of cars on the road that need fuel. So we try to lean into those things where we're pretty sure that what we're leaning into at least some of the players are still going to be.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“That the science of biotech is going to keep pushing biotech ahead and new cancer drugs are worth a lot of money. And it's not going away. It's down 60%. Do we believe in it? Yeah, we do. And to the extent that we can find enough of those. Opportunities. Again, they don't happen every year. Then that, of course, helps offset the drag to the upside.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“2018, and just held on to it. And that was what gave us ballast in 2020 when the pandemic hit. And 2020, then we took the proceeds from those long volt trades, from the cash that we had on. We rolled in into reopening trades as well as energy that were in 2021. We're back at all-time highs. We started building up cash and buying some long vault. Again, that didn't work as well in 2022 because it wasn't an existential event. It was a valuation event. So the long vaul bit didn't, I mean, it was up 15% instead of being up 60 or 70 percent like before, but in 2022, we basically tripled our biotech exposure when small cat biotech was down 60% over the year. And so really what we're trying to do is look for the things.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's the art. What we try to do, and it doesn't happen every year. But what we try to do is lean into the things that we think are not going away, but have been left for dead by the market for some period of time. For example, in 2016, high yield energy in particular, that was the downdraft in the energy markets when crude prices really came in. The joke at the time was that 60 was the new par. And by the end of 2016, that had come around, and we were out of that position, but that position was up 50%. 2017 to 2018 was when VIX was at all time lows. Like I was thinking it was seven or eight. There's never been this low before. And in that situation, we were buying Long Vaul in 2020.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're okay with that because in 2020 and 2022, we outperform. And that ballast on the downside is really important to the institution. And we're here to serve the institution. Then the real trick for us from portfolio construction perspective is we know that we're going to lag in upside markets. So then what can we do to offset that? Really the setup is we know we're going to do better to the downside. Then, what factors can we introduce or change or alter the weighting of in the standard portfolio so that to the upside, we're at least keeping up.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Shack, the predominant factor in our portfolio is quality. And the reason for that is because whether it's an existential event like a pandemic or it's a valuation event like 2022, when everything goes down 40%, the quality stuff tends to hang up because it's not likely to go bankrupt. We start focused on the downside and then we work our way into it from there. So we know going into it that in markets like 2015 to 2019, we're probably going to trail.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“We start primarily from the risk side. At the end of the day, we're serving Baylor. We're trying to create more dollars so that additional students can go to school and that professors get paid and that programs are funded, et cetera. All of that suggests that we should be attentive to the downside because if we lose a lot of money they're going to be students that don't get to go to school, they're going to be professors that don't get paid. They're going to be programs and aren't funded, et cetera. And so we start with the perspective of how do we avoid big downside events. And then we construct the portfolio from there. We've run this through BlackRock's Aladdin system before and whatever. It doesn't tell us anything that we don't already know. But it's a good.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you roll all this up, I'm really curious how you think about the guardrails of portfolio construction. And maybe you could start with traditionally an endowment might use assay class categories or some form of factors. How do you think about your portfolio?”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“A real problem because you could invest for seven to ten years and then by no fault of your own or the manager actually it ends up being 0% return or negative in something as volatile as the energy space. The reason for being on the private side is growth. And so on the private side, we want to predominantly be focused on those sectors that we know are secular growers so that 10 years from now we don't have to worry about being wrong. So for us that's tech, healthcare, the consumer. And then we do have some private energy. We do have some private financials. Both of those are cyclical. But we've moved most of the cyclical stuff to the public side because we can trade around. That. We don't have to worry about getting caught.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“This should be prosecuted on the private side or the public side. So in that case, we did MLP stuff on the private side for as long as that lasted. That was like free money. If you think about where we are today in the energy markets on the E&P side, it's like super cyclical. We had a whole bunch of energy companies go bankrupt in the mid to late teens. And then we had crude prices get sub 30 with a pandemic. If you're in a seven to 10 year investment vehicle and you don't know where the underlying market is going to be seven to ten years from now,”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Less so, but Approach that we've taken on the private side is, let me use energy as an example. It's something that I know really well, and it can be found So 10 years ago, there was a private public arb in the MLP space. You could cobble together the MLP greenfield at three, four times EBITDA, and then you could sell it to the public markets at 12 or 14 times EBITDA. My partner in crime, Renee, who looks after the private portfolio for us, will sit down and in situations like that, we'll say, is there something in the markets today that suggests that”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're likely giving you money. And so collectively, that should make your business more stable and therefore more valuable, the more valuable thing ended up being implicit 10 years ago until there were GP shops. Now it's explicit. So it's verifiably beneficial to the manager. I've sat in that seat. And so I know the angst of you're trying to run a business. You're trying to make money investing and then you had to worry about capital flows over here behind your shoulder. And so everything that we do is with a manager in mind, we often give quarterly plus 60 day notice or whatever. We frequently will say 120 days from now or five months from now, we're going to ask for some money back. That's just being a good partner. For the manager”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're going to be pulling money during that time. We just are. That's how we roll. And that shouldn't bother you because everyone else is lined up outside your door to give you money. So we're not impairing the business. And conversely, when there are people who are leaving.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so it's all through managers. We don't do anything directly. And you do need to be upfront with the managers. You say, this is how we run our portfolio. Are you okay with this? Because we have actually run into managers who are like, yeah, we don't really want the in and out cash flow of what you're doing. And so we just like, that's great. I often think of our role as that of the GM on a baseball team. So you could be talking to a third baseman and be like, hey, this is how we run the organization. And they go, yeah, that doesn't really work for me. Great. Then we won't trade for that player. That's fine. But we are very upfront with managers and saying, look, when things are going right and you're making lots of money and people are knocking on your door trying to give you more money.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“So down 20% ad, down 30%, we want to be able to add again, down 40%, we want to be able to add again. And so we're purposefully never all in. And that necessarily means that we are always leaving some money on the table. Because, of course, if you were all in at the bottom, then you would make the most money, but we can't predict that. And so we set up our liquidity profile in such a way that we have capital available to us at different increments down. And that's not just for the overall market, but that's for individual industry's strategies, sectors as well. And so that's how we deploy things.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Opportunity over the next five years. You're like, yeah, but five years from now, if I'm putting up 20% annualized returns over five years, I don't think that the administration is mad at me. And so that's how we also stage things. And we're not doing this from hedge fund perspective. So if the market's up or down one, two, we don't care. We're long-term investors. We think about everything in terms of 10% market moves. If the market were down 10%, would we add maybe? Depends on what the value. If the market was down 20%, would we add? For sure. And then we think about how many times we want to be able to add to the market.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Trying to do what the market is telling us to do. So you do have to have the wherewithal to look into the abyss a little bit. But that's not dissimilar to what we were doing last year, which is everyone thought that a recession was forthcoming right around the corner. All these prognostications, the equity markets could be down 30, 40, 50 percent when this recession occurred. And so the equity risk premium was really wide. And we looked around at each other and we're like, like seems like with S&P at 3,600 that we're seeing a lot of 20% return opportunities around. So to some degree, we're a little bit hands in the air going, I think I'm being paid to take 20% return opportunities. And the alternative is that somebody comes to you and says, yeah, but if you're wrong, it could be a 25% return opportunity or 28% return.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you look at approaching your portfolio top down, you use the example of high yield spreads as a metric for being in or out of high yield. How do you think about where you can be right more often than wrong in making those top-down assessments?”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that there's actually a headcount component that's associated with how you run it. Obviously, if you're going to be very diversified all over the world, you need more people. And we don't have a staff of 25 or 30. So to some degree, we have to adapt to what we've got. And that's where we've ended up.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Versus whatever on a risk adjusted basis. And so we're going to have 6% allocated to high yield at all times. Our view is the credit markets are cyclical and organized by what the economics of the country is doing. And so there are times that you want to be in high yield and there are times that you don't want to be in high yield. And so we can just follow what the high yield credit spread is. And when it's 300 over like it is now, you could bet that we're not involved. But if it's 2,000 over like it was in 08, then we probably are involved. So we run our portfolio more that way”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you can see that in the co investment, they're now actually just shops or co-investment houses that just will offer co-investments. And to take that further, there are some, I think at the bigger shops more, some places that will do things directly. And so both of those obviously there's a break on fees or if you're doing directly there are no fees and there's a little bit more concentration associated with that, of course. And quote unquote, if you're right, then you can outperform. So that's like a deal approach. And then I think really where we reside is more top-down perspective. In other words, we don't feel like we have to be invested in everything all at once. And the example I use is we don't come at it and say over a long period of time, high yield has done well versus equity.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it breaks down roughly this way. I think that there's about 70% of the ENF universe that basically has the view of, I can't time markets. And there's a lot of academic research as to why that is and whatever. So I'm going to try to win the game by picking the best managers. I'm just going to go out across the globe, boots on the ground. We're going to go find the best managers in US and Western Europe and Asia and all of these different countries and whatever and we'll be very diversified and we'll have the best managers and we'll win. And I think that that approach ends up with two to three hundred basis points of outperformance per year over whatever the standard ENF benchmark is. It works. I think there's another 15% that's more like bottoms up, like their quote unquote deal guys, deal girls.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fairly large private books out there, and you don't know when your capital is going to be called. That part, I think, is unique and pretty different than running like a hedge fund book. You know, really have to worry about that.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“So every piece of the industry has its own vocabulary, and that's actually really difficult at the end of the day running an endowment, isn't any different than running any other portfolio. In fact, based on what endowments are invested in, they're a lot less complex than a lot of hedge fund portfolios. They're predominantly long biased, even on the private side. Things are equity. It might be locked up. Now, I would say the one thing that I found that is dramatically different is the cash flow liquidity piece. I think is very tricky to get that right. That takes a lot of thought and a lot of anticipation and forecasting and thinking through how you're going to come up with the liquidity at the right time, whether or not you're going to have enough, because you have these.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a couple of things. First of all, every niche in the finance industry has its own language, its own vocabulary. I came from fixed income land and prices and you trade things with accrued interest, et cetera. And then you go to derivatives land on the interest rate desk and they're talking about clean price versus dirty price. And I'm like, I've done fixed income stuff for four or five years. What are we talking about? And they're like, oh, the clean price is without accrued interest and the dirty prices with accrued interest. There's two things that are right next to each other. And yet the language is very different. When I first walked into sell site equity seat, we're talking about options because options are part of the pay structure for C-suite executives. These options have value and the response from my senior answers was like, no, they don't because they're out of the money. You're like, no, no, no. They're not worth zero.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“You look back at that path, you go from fixed income to options to equities to a hedge fund, high quality, low quality, across the capital structure What did you take out of all of that in the most important lessons when you started to put the hat on of sitting a bailer?”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“College gals in and out of the house, and it turns out that several of them confided us victim of abuse or crime or something like that. And this happened a couple times and my wife and I were like, huh, maybe we have a rapport with this age group because we're 35 at the time. We're not setting out to be best friends with 19-year-olds. So my gosh, maybe if we have a rapport with this age group, we should go do stuff with or around college students. Ask how we got here, your college students, you need to be PhD. And I wasn't going to go down that path. Surveying the field, talking to people, networking, whatever probably took year and a half, two years to just find a spot somewhere, just an opportunity. I mean, it happened to be Baylor.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“Wife and I, how we ended up in Waco was twofold. So on the professional side, I graduated from college in 93 and started here at Baylor in 2011. But 18, 20 years, you're like, all right, is there anything that I want to do for the next 20 years? I'd done all of these different things. Looking back, there wasn't really anything that I wanted to do for the next 20 years. And so we're looking for the next adventure. The next big thing at the same time on the personal side. My eldest at the time was in second grade and was asking if she was going to see me in the morning. And of course, if you're on the trading hedge fund side, no, you're out the door early. And so that kicked off a little bit of the do I want them to remember that dad's never around? The only thing I know how to do is invest. So it has to be something around investing. We had these four kids and we were trying to go on a date once a quarter or something like that. We had a lot of”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we're doing everything within energy, whether it was from the equity side, credit side. For the five or six years prior to coming to Baylor was in the energy universe collectively, it's pretty interesting. None of this was thought about ahead of time. But in the marketable space, I've traded everything except for softs or metals. And then I ended up at Baylor and that has all come together.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so not only was I in equities for the first time, but I was dealing with high quality growthy type companies. From there, I was doing store checks for Ethan Allen, who I was covering at the time. And I ran into somebody that I had used to work with. And they offered me a job to work in the hedge fund space. There I was doing corporate relative value. So CAP structure Arb investing. And then that world, that's more the lower quality companies. They have a lot of different layers to their capital structure. So that was the entree to high yield, distressed. There were some convertible RB stuff like long short credit came out of that. And then fast forward a couple years. And the guy that I was trading with at the time, we moved into the energy space at that same firm.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“First six months that I was there, I felt like I was the dumbest person in the room because how my career has gone is every job has been a different segment of the industry. So by definition, when you go into that, not only are you low man on the totem pole, but you have no idea what everyone else is talking about. So I was there learned options with sitting on the interest rate derivatives desk there, doing risk management, some dabbling in FX and energy there. and then finished grad school. I went to University of Chicago and went from there to William Blair, again, the investment bank by this point, I knew what an investment bank was and was doing saleside equity research first on transportation logistics and then especially retail. So two industries, William Blair's place in the universe is small mid cap, high quality growth company.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“From there, I ended up going to the old CRT, the Chicago Research and Trading Group that they and O'Connor figured out that the Vall smile wasn't flat across strikes way back when. So that was a completely different world. All the vocabularies different. And basically every job that”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“The degree that I have from undergrad is a business economics degree, which teaches you how to think but doesn't teach you a whole lot else. So I came out of school. I had no idea what an investment bank was. I think I actually had an interview with an investment bank. And going into it, I was like, can I make a deposit? No, that's not how these work. And I was like, that is the strangest bank I've ever heard of. So I got a job out of school. I was actually doing stuff with community banks. So it was high grade fixed income, things that banks would have in their investment portfolio. And so I became very aware, used to dealing with all of the different credit categories, but all in high-grade fixed income. So treasuries, agencies, mortgages, high grade corporates, taxable munis, et cetera, et cetera.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“To query all our transcripts, go to capital allocators.com. Thanks so much for spreading the word about ChatGPTED. Please enjoy my conversation with David Moorehead. David, thanks so much for doing this with me. I'm pleased to be here. Why don't you take me back to your beginnings in the industry long before you got to the seat of Baylor? Probably like with a lot of people who are in this industry, in this seat, I enjoyed the game, buying, selling things even when I was younger growing up. My favorite board game was Monopoly. It takes forever. Now I don't like playing it. But it was fantastic growing up. So I went into college interested in investing. I went to a liberal arts school.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
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2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is David Moorhead, Chief Investment Officer at Baylor University, where he oversees the $2.2 billion endowment. David came to Baylor 13 years ago after an 18-year investment career that spanned every aspect of public markets investing. He created an approach to investing a Baylor that's quite different from others in the seat. Dave recently started sharing his insightful perspectives on the craft on Twitter or X under the handle at CIO underscore bailer. Our conversation covers David's background and path to Baylor, the three styles of endowment management pursued in the industry, and thematic top-down approach he employs. We discuss his implementation of that approach across risk management, portfolio construction, private markets, manager selection, and turnover.”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
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2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
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2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
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2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source
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2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · 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”
2024-04-22 · Capital Allocators · David Morehead – Top Down Allocation at Baylor (EP.381) · IDENTIFIED FROM THE TRANSCRIPT · source