YouSaid · the spoken record

Jacob Walthour

lines on the record: 84
first: 2020-08-10
most recent: 2020-08-10
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

“It kept me from doing things that my friends did that got em into trouble. It kept me from damaging my reputation, and so being close minded had some benefits because I just wasn't willing to do things that my peers thought I should involve myself in. But it also, I think, may have closed some doors that maybe let me down other paths. But having said that, overall, I'm pretty happy with where I am in life.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Always been A Confident person. And I've always felt like I walked with this sort of air of invincibility and a lot of that came from my parents. I think they did a good job of, and people who in the community kind of saw me as having so much potential that people just kept rooting for me back in this small town. And so I always felt like I could do anything. I think that the thing that I wish I knew was Now that I didn't know then Even though I thought I could do anything there was just so much that I really didn't know. That the best investment of my time would be learning those things I didn't know. And so being more open minded. Earlier in life? might have benefited me more today, but I also think some days I appreciate being closed minded because it kept me off the streets.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's an easy one. So watching them start a business in a black community. and watching them always stress to us, not just through their words but through their actions, that it's always bigger than you. Always think about what you can do for someone else. Do something every day that you don't get paid for. was their thing. And so when I think about my days I try to spend a portion of my day doing something I don't get paid for, and usually that something is trying to help someone think through a problem, help someone kind of secure something they need access to something, it's donating my time to a nonprofit, it's doing the things that I can do to help make the world a better place just as they did, right? So I would say the lesson is do something every day you don't get paid for.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“I now, after thirty years in this game, and I'm sure you feel the same way, I believe in myself, and I believe in my process and I'm not going to rush that process to make investment decisions. Let's just take a pass and sit on cash. If it's not there when we're finished with our work, it's not there. But I think that the biggest mistakes are made on the street when people have that short-term mindset. Like if I don't do this now, I'm going to miss it. Like this is a once-in-a-lifetime opportunity. I mean, you've heard it before, Ted, right? And it comes back to haunt people when they have that kind of mindset.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“My biggest pet peeve As people who make decisions quickly. Everybody thinks that an opportunity comes your way and you got to move quickly or you're going to miss it. And to me, it's sort of a traitor's mentality. And I think that there's a big difference between trading and investing. And so for me, I'm the person who gives quick nose. very slow yeses. And I'm not given the yes until I'm completely satisfied. When I have made mistakes in my career, I had doubts and I let other people can I convince me that ah you know you're just biased or you got to look at it from a different perspective”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Thinking that you can't possibly make an impact. You can't possibly get a degree. You can't possibly win against someone who might be favored in a competition of some sort. And so I tend to come down pretty hard and have a very low tolerance for people who have a defeated mindset. I tend to favor people who wake up every single morning saying for ninety three seconds I'm going to punch like Mike Tyson and knock out whatever that obstacle is. I like the person who wakes up every single day thinking the world is mine. I'm going to go out there and knock the cover off the ball.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have a bunch of'em? I would say if I had to pick one thing that really bothers me, and it sort of relates to work, and I know that's not where you really wanted this to go. It's all People not really understanding or trying to maximize. fullest potential. I think so many people place limits on themselves. So many people think the world is not fair to them. So many people think they can't do something, and sometimes when you ask them, they don't even have a reason why they can't do it. And so what I don't like is The whole concept of giving up.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I would probably be a school teacher, and then I love sports, and I love working with kids who have mental challenges, having a kid with mental disabilities myself. It's always been a passion of mine, and I think that there are a lot of people who don't quite understand that kids with ADHD and other types of behavioral issues, if you can get them into a sport and channel that energy, you can have an amazing impact on their life. And so I would say I teach by day and then early evenings go coach something.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Be a schoolteacher. I actually love teaching, and I think about my job from the standpoint of how a teacher would think about their job, right? My job is to take in a lot of information, become expert, synthesize it, and then give it back to someone in the way that they can understand it, in a way that hopefully brings them to a decision that has a positive impact on both of us. And so I love digesting information. I love then teaching that information and helping people understand that information. We run an intern program every summer, and at this point, I think we've had like 50 interns come through blueprint in five years. And my favorite part of the summer is coming in in the morning, prepping for teaching sessions, and then sitting in a conference room with the whiteboard and passing down. Everything I know”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yoga is my thing. I have one of those mind, Teds, that's really hard to shut off. And I don't sleep very much. And I'm always thinking about a business issue. I'm always thinking about a problem to solve. I'm always thinking about a member of my family who may not be feeling well. I just have one of those minds that has a really hard time shutting off. And I have found in yoga something that allows me to actually calm my mind and to find a space where I can truly disconnect from the world. And it also has great sort of physical benefits. And so that's what I do. I do it daily. I find that my days don't go so well when I don't spend at least a half an hour on the mat in the morning. And so that's really kind of like that thing that's all mine, right? Because everything else, when you have as many kids as I do, ends up revolving around other people and you get to say, I like seeing.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Winning will be defined in Carrie and my view by how this impacts the industry positively, the women and minorities who work in this industry and the firms that they start in this industry.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“planned sponsors like New Jersey, make their decisions and what the issues are there, it will shine a spotlight on how firms like BlackRock play the race card that we talked about earlier in terms of how their professionals are allocated to different accounts. It will shine a spotlight on how one of the nation's most influential alternative consultants is dealing with the issue of race, not only among their own ranks, but how they're handling recommendations of managers. And so to me, this is a landmark case. for women and minority owned managers And so losing is not an option for us. But winning will not be defined by the size of the check that's written to blueprint.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“We haven't made all that much progress in this country in four hundred years, but this is an area where I intend to make progress. Carrie and I will be rewarded for all of the creativity that we put into developing this program and all of the sacrifices that my parents made, her parents made, and their parents made to put us in a position to be able to do this. To just walk away from this with no resolution would be to dishonor all of those people who sacrificed on our behalf, and to say that the world hasn't changed from the point in time in which blacks couldn't even file patents. So we're going to fight. This is a David vs. Goliath type of show, and we intend to do everything we can to bring justice to this matter. And so from our point of view, this is not just about blueprint, it's bigger. This suit will put a spotlight on how the”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I'd like to think that that, along with my testimony before the New Jersey Senate in early January, where I highlighted the economic disparities between whites and blacks in New Jersey, two weeks later the governor in a State of the Union address formed a task force to investigate the economic disparities that exist between blacks and whites in New Jersey. So Ted, we've already had success, but we're not done yet. If you go back in African American history. There was a time period in which blacks came up with inventions the pacemaker. The Doorknob The Traffic Light They could not get patents, and could never, ever have commercial success on the back of their creativity or their inventions.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've already had success. We were very clear what New Jersey we were going to litigate. And New Jersey has already approved another black owned manager. They did that just prior to us filing our lawsuit. New Jersey has changed its website. They originally told us it was against their fiduciary responsibility to invest with women and minority owned firms. Their website now says women and minority owned firms were open for consideration. They still have to take action, but at least they're telling people they're open now. In the case of Black Rock, as I mentioned, we told them when we were going to And it was no surprise to us that Larry's announcement took place on the very date that we were going to file arguably to try to get in front of the news cycle.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“We need to take all that stuff out of your marketing materials. Now you're saying I need to whitewash you. Get you approved. And unfortunately throughout my life I had My career on Wall Street, I kind of turned the cheek and said, Just keep focused on the prize, Jake? At this stage in my life, when I'm seeing my thirteen year old go out there and protest Black Lives Matter, I realize I need to stand up and do what's right to try to fix this and make sure it doesn't happen elsewhere. Because I'm sure this isn't the first time this occurred This kind of backdoor deal and the apprehension of bringing an African American firm before an all-white investment committee.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“With one of the senior people there. And as you could imagine, Ted I've put my heart and soul, Carrie put her heart and soul into building this. Someone just takes it. And you say to that person How could this happen? We know each other. And McDonough says to me Jake, the SIC is not a fan of investing in minority owned firms. And at that point, you realize. Your life's work has been taken from you? Because of the color of your skin? or someone's apprehension? Their unwillingness to stand up for what's right and that circumstance? So from our point of view, we That is worth Getting resolved. The fact that we lost out on a significant business opportunity because someone feared presenting a manager that was black owned. And then later followed up in a conversation, Ted, and said If we're going to get you approved?”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we did our own investigation, and we later found out after interviewing people who worked at BlackRock, interviewing people who worked at Cliffwater, interviewing people who worked at the DOI, that there was more to it than met the eye, that Cliffwater in BlackRock were having conversations about forming a joint venture that would compete with FAIR. Well, is it any coincidence that Cliff Water was the consultant and somehow BlackRock ends up in the picture here? No. There were inappropriate relationships that existed between people at BlackRock and people at the state of New Jersey and how those relationships developed left us with a bad taste in our mouth. And so it was very clear to us that inappropriate things occurred behind the scenes, but what was most hurtful in all of this was my conversation.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so when it occurred, I went to the top guy and I said, hey, you can't do this. And he said, yes, I can. Because you came up with this idea doesn't mean I have to do it with you. And I was very clear. Like, this is against the law, right? You can't do this. It's theft, right? It's usurpation of a business opportunity. And so they didn't take us seriously. We were in a different climate back then. And so we raised it to people higher up.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And our information was marked proprietary, confidential, trade secret cannot be disseminated without our express permission in writing. We research New Jersey law because they did not want to sign an NDA, and they pointed us to the law that specifically says that they cannot share one investment manager's information with another investment manager. They pointed us to their ethics policy, which prohibited this, yet instill they still did it.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to get the state investment council off of their back about the level of fees paid. They were going to save jobs because it was going to save their hedge fund program and other alternative programs from being cut. And last, they thought it would get them the kind of attention they like to get from industry, publications that nominate hedge funds and other asset managers as well as plant sponsors every year for creativity and thought leadership. And they achieved all of those benefits. That we outlined would occur. Just did it with someone else.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So basically, the fair program through the use of managed accounts, through the use of certain negotiating methods which look to trade off different aspects of a more comprehensive set of terms and alignment of interest, which we put under the category of negotiating methods, also how fees were calculated differently and how to present those calculations to the stakeholders of the pension system, all wrapped up into what we called fare. At the end of the day, what it was going to deliver to New Jersey from their own perspective was they were going to be able to significantly reduce the cost of investing in alternatives. We were going to be able to transition a lot of their existing alternatives managers onto this model and reduce fees.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Spreadsheets, models, legal structure, vendors, you name it. They were so interested in it that they said we want to take a revenue share, and in exchange for the revenue share and the ability to be first, we're going to allocate a significant sum of capital to you. And we went through all of the paces that we needed to go through. We inked term sheets, and we got to the point where we went and met the chairman and all was signed off on. And then somehow the approval never occurred. And we were told the agenda's full. Can't get it on the committee agenda. And then the next time around, the agenda's full. At that point, we had spent millions of dollars and we were like getting a little concerned. As it turns out, they were negotiating with BlackRock to actually implement the fair program.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Alleging that they conspired with the state of New Jersey to take the program that Carrie and I developed, which we originally called fair. And they shamelessly taken credit for it, including receiving industry nominations without giving us credit for it. We were all set fare on behalf of New Jersey and New Jersey wanted to be the first in the nation to adopt this fair program. We gave him the Thousands of pages of documents.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd like to think that we had positive influence there, but I think that it really was not a heartfelt announcement, it was really designed to try to move the media attention away from what we were accusing them of.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“From our perspective, after trying to figure out how to get people to the table and them not genuinely taking this seriously, it became time to take a path that very often African Americans have had to take in this country to achieve progress and to have their disputes resolved. One of them is legislation and the other's litigation. And so here we are. We filed this suit last week. And true to form, our lawyers were in touch with BlackRock and they told us they needed more time to complete their investigation. And Carrie and I sat down and said no, you've been given enough time. We're going to file this lawsuit. And we told him we were going to file it on june twenty second. Larry Finck comes out with an announcement on june twenty second that he's going to increase his black staff by thirty percent over four years.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So much documentation to prove our point, and we kept getting rebuffed. No one wanted to take us seriously. And I'll be honest with you, when we first started these conversations about having to litigate, people kind of blew us off and said, this doesn't even warrant our intention. Fast forward, we got to a point where we were like, look, we've given you enough time to research this internally to figure out if our allegations are true. By that time when we said we were going to file, the world had changed. Breonna Taylor, George Floyd, Ahmaud Aubrey, Black Lives Matter, now all of a sudden everybody wanted to do an investigation to figure out what had happened here. They take diversity seriously, etc, etc, etc. We filed.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, so it's out there now publicly that we did something that we really didn't want to do. We did not want to file a lawsuit. New Jersey and the other relevant institutions involved here Black Rock and Cliffwater In my view did some things that Are unethical, unlawful, and downright unfair from our perspective. And we tried. We tried to have conversations about what occurred. We provided.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I know as you evolve this, and we can kind of go into that issue now, New Jersey was a client. And somewhere along the way, the nature of that relationship changed. So why don't you talk a little bit about what's all transpired?”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“A universe that could be considered the new absolute return. I mean, you remember what absolute return used to be. No matter what the market is, that's up. And we took a look at some of these niche private credit strategies where you were getting 6% to 8% cash yields through points and participation in the back end. You were getting 10 to 12% IRRs. We were in a global uptick. And so default rates were really low. Fees were more moderate than hedge funds. Fees were not being booked on unrealized gains. And so there were a lot of advantages that we thought we could bring to investors. And there was a universe out there that was falling below the radar screen of a lot of institutional consultants. And so we started focusing on funds that had less than a billion dollars in AUM.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And over time, I think hedge funds became less of a priority for institutions. They became a headache for a lot of institutional decision makers given the performance relative to the fees. And so to be successful in the asset management business, you have to be able to read the tea leaves. And so I think one of the things that we did well was we saw the opportunity emerging in niche private credit strategies. And so we pivoted well, began to apply our research to looking into each private credit strategies and felt like we had developed a”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the original model really was all about getting investors to think differently, about how they were allocating to alternatives really with a view towards bringing down the costs of investing in alternatives. We went around and analyzed investor portfolios, and believe it or not, Ted, despite some of the world's largest institutions being invested in hedge funds and other types of alternative products, they were paying full fees. The overwhelming majority of the industry was paying full fees. And we knew that wasn't sustainable. And so if we could wedge ourselves in between the institution and the managers in a very creative way, it created a business opportunity for us. When we started, the world was still Pretty smitten with hedge funds.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“That may not necessarily sail through a decision making process because that rarely happens, but I think you have a higher probability of success. And that's really what we were doing with the FAIR program that we proposed to New Jersey and is now the subject of this litigation is we had taken all those experiences and put it all into a program that we thought had a great probability of success. And that's how I think I ultimately arrived at how to put that together was my experience kind of being on the same side of the table as some institutions.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is what I would say is the greatest benefit. It's kind of how the sausages are really made. Like what are the ingredients that go into decisions? And that is invaluable in terms of your ability to develop relationships with other institutional investors. Because I think sometimes in my career at least, I have found that the street produces a product. And then it goes out there and it tries to jam that product through decision makers. And what it taught me was that reverse engineer the process. Go and spend time with the institution and understand how they really think, understand how their decisions are made, understand what their goals and objectives are, understand what their fears are, how they define risk, what are they really looking for in a way of return. And then you can go away and produce a great product”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the thing about the consulting business is you're accountable to an institutional investor. And as an asset manager, you always feel like you're sitting across the table. From the allocator? When you work at a consulting firm, you're now sitting on the same side of the table as the allocator. So your ability to really understand the How decisions are made and how people think when you as an investment manager are not in the room?”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“When we first met, I don't remember which one, but you were in the consulting side between Axia and Cliffwater, maybe both. And I'm curious how those experiences formed increasingly, like how you thought about investing.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was growing up working in my parents' restaurant as a bartender. So at fifteen years old I'm bartending and it was a family owned business so I was allowed to but I got to talk to older people each and every day that I worked and I was always curious by their stories and always learning something from them and so that sort of became how I went about life was people would come in and order a drink and I might not see him again for a really long time. But I remembered something they taught me or remembered a part of their story. So my career has been about meeting the right people and learning from them and applying all those lessons.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you have to explain to your troops that you're going to get to the top of the hill. There will be casualties, but the organization is going to get to the top of the hill. So I learned just some great things from some great people that I worked for and those that I was able to come into contact with by virtue of the work that I was doing. And I tried to take lessons away from all of them. So if you were to throw a name out of someone I worked with, I can probably tell you that there's this lesson that I learned from them. And that's kind of my philosophy on life. Like I try to learn something from people every time I meet them. And the root of that”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And what he also taught me is surround yourself with the best people you possibly can, whether that's a board, advisory board, employees, don't think that you have all the answers. Another thing he taught me is don't be afraid to make the hard decision, whether it's moving on from an asset class. Moving on from people. Robert Smith Team building It's important to know when to get the right people on the bus, but it's also important to know when to get the right people off the bus. Bill Stone from SSNC has taught me Think about yourself as a general. And you're going to get to the top of that hill.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's take Peter Cohen, for example. The reason why Peter does so many deals or has done so many deals is because he's looked at so many deals. And the thing that he taught me was that Jake it never hurts to have a conversation. You'll learn something, you'll meet somebody, but you may also be introduced to an opportunity. And so it sounds simple, but it's something I learned a lot from. with Ken Griff I realized that there's a guy who is so passionate about what he does, he'll probably do it until he's eighty five that you have to find what you truly love doing. Day in and day out and apply yourself to it. And if you do, it really doesn't feel like work.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“who no one knew anything about, who I never thought the thing that we had in common that really allowed us to hit it off was the fact that we both enjoyed hunting. When I went to Ramius or Cowen, Peter Cohen was there. And to me, Peter is like one of the world's greatest deal makers. He's probably done more deals on Wall Street than anybody I can think of. And so, you know, an opportunity to work for people like that really drove my decisions to go work at different firms, all with a view to That some day I was going to be able to take all of that and create blueprint.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“who I thought were really smart. So when I went to work at Cassell's was this legendary allocator who came from Stanford University, one of the thought leaders in the endowment and foundation space. And let's face it, over the course of my career anyway, the smartest people worked for endowments and foundations. And so I really wanted to understand how she thought about making investment decisions. When I went to work for Citadel. An opportunity to go work for a guy who I think is holds the title world's best money maker? Ken Griffin and a chance to understand how he put that organization together, how he managed to just print money for a longer period of time than anybody else. When I went to work for more capital, I was going to work for the world's largest hedge fund, and this legendary investor, Lewis Bacon.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I have made decisions a little differently than most people. I never really. Left a job to take another job for money Like I'm a really intellectually curious person I love to read I love to do my own independent research I'm always trying to think about like how to put more up here in my head because I think that that truly at the end of the day is one of my edges is how I take all that information synthesize it and express it in a decision or a recommendation So I always wanted to work for people.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to circle back to kind of where we were with your career because after Morgan Stanley, I know you spent the better part of the last two decades in and around the hedge fund space in a whole bunch of different seats. In that path for those 15 years in between Morgan Stanley and Blueprint, what were the key things you learned and embraced and how you think about investing?”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“To understand the sensitivity points, but they're there, like, and they're real. And I think we have to do a better job of articulating them. And Wall Street has to do a better job of letting us articulate. In other words, there can't be a price to pay for honestly disclosing your feelings. There has to be an embrace of that before we move forward.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“And maybe it's not a broader issue. I'm going to start helping black people, but it's like I'm going to help this kid because I realize what's at stake for him. I realize the pressures that he's feeling being in this environment where people don't look like him. Like, I'm sitting in my office, I share an office with a white guy, and a guy comes in and says, Hey, Jake, great basketball game I watched over the weekend, and then he turns to my office mate and says, hey, what'd you think of the Princeton Yale Across game? Things like that, you say to yourself, okay, you're asking me about basketball because I'm six two and black. You're asking him about lacrosse because he's 5'10 and white, right? And so those are subtle things that to African Americans, they registered Ted. And I know a white person can never get inside our head.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm now a little bit paranoid. How am I going to figure out how to develop the kind of relationship with that guy that my colleague has when I don't have those connectivity points? So sometimes it's as innocent as they're just doing what they feel comfortable doing. And I guess how do you get a person to kind of open up their heart and their mind to say, hey, you know what, it'd be nice if I asked that kid over there to come spend the weekend at my summer home and I could learn more about him and his family because when you do learn about him and his family? Sometimes it pulls on your heartstrings, right? And you start saying to yourself,”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“How their actions are driving behavior and driving decisions? There's definitely, I would say, a correlation between the careers of individuals who belong to the same clubs and went to the same schools. And I'm sure the very same scientists could figure stuff out like that. To me, that's sort of the subtlest causes of it is that people are innocently socializing with people who they have a lot in common with, but they don't realize how that becomes exclusionary in the mind of someone else. So when I come in on Monday, and you guys are talking about how you golfed over the weekend, and I never got that invitation to golf, and I know that come year end, you're making decisions that affect my promotion and my compensation. How do you think I feel? I feel like I'm left out. I'm on the outside looking in.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“Outside of how opportunity was allocated, it sort of gets back to the points that you touched on. People tend to hang out with people that they feel most comfortable with. And very often they don't quite realize how that socialization that in ways excludes others. Leads to a greater affinity for those individuals. And so this gets into sometimes people not understanding.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source
“It shouldn't be allowed to hurt people. It shouldn't be allowed to disproportionately negatively affect a certain group of people. That's where a true leader steps in and says okay, change has to be made and people have to be held accountable. I mean, after all, this is Wall Street, right? This is where the smartest people go when they leave good schools. And when they go back to business school, this is where they come back to. And when I say Wall Street, the whole complex, management consulting, accounting, banking, asset management, we know how to create systems that produce desired results. This is what we do all day every day. So it shouldn't be difficult for us to produce an ecosystem that produces what we need it to produce.”
2020-08-10 · Capital Allocators · Diversity, Equity & Inclusion 1: Jacob Walthour – A Blueprint for Diversity (Capital Allocators, EP.151) · IDENTIFIED FROM THE TRANSCRIPT · source