YouSaid · the spoken record

James Williams

lines on the record: 108
first: 2018-04-30
most recent: 2018-04-30
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

“Well, first, I'm really grateful that the trustees didn't throw me out before then, but the thing that I'm still here in my rocking chair out on the balcony. I think what I've heard this before, but I think it is just great. The biggest regrets that you have when you get older are not the things that you did that didn't go well, that were some kind of a mistake. It's the things you never tried. And I've tried to do new things like doing a podcast. This would never have crossed my mind fifteen years ago doing a podcast or public speaking or any number of things that you've just got to try for all the rich opportunities in life and reach out and do more. And that's just so important for everyone to reach for it. Go for it”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“That person kind of already knows what's going on. But to reach out to that shy kid in the corner who doesn't know enough to ask for a mentor because that was me. So that's one that really matters to me.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“My small town background and first member of my family to go to college, I never really had a mentor, and I really never had A mentor until the time when I came to the Getty. And I told the story about the gentleman who introduced me here, and he became a mentor. And we had a terrific relationship until he passed away a few years ago. And from him I learned how powerful and helpful that is. So I've tried to go out of my way and reach out to people. And in particular, I try to ask people to become mentors themselves, particularly young folks who think, well, I'm young. I'm looking for a mentor myself not to mentor someone else, but to encourage everyone to do some mentoring. And my personal part of this is to not just for the person who approaches you.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Such experience, such wit, whatever he has to say it's worth stopping what you're doing in reading it. The last one is Howard Marks, although I love teasing Howard that he's gotten to the stage in life where he quotes himself. He said his wife managed to tell him the same thing. And I said, well, you need to listen to your wife, Howard.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think everybody knows about the ones. I don't think I do anything that's that unusual, but just to tick off a couple, I really like Cambridge's monthly market outlook. And the big attribute of that is that it cuts across every single asset class. And it is really hard, and there are very few publications that cut across everything. And they're looking through one institution's lens across everything and giving their view. So tracking that, and what might be more valuable is their cover page that just shows the trends and changes over time. So you can see relative as well as absolute positions. And I find that really helpful. I also always stop and read whenever Byron Ween publishes just because he's been around for so long, he's got such insights.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's hard. Oh my goodness, it's hard. It is hard to say no, and I try to use the gentle phrase of it's not a good fit. And it's an honest answer that we do very specific things and there aren't that many managers that line up with exactly what we're trying to do, even though they're good. They can be very good at what they do, but it just doesn't fit what we do. So it is hard inside to tell people that you personally like and respect. It's not a good fit.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“My dad's number one comment was turn off the lights, and I find myself now telling the kids turn off the lights. The serious part of that is what I really did learn from my parents was to be nice. And it's going to pay you back, but that's not the reason you do it. You feel good about being nice. So being respectful, that small town atmosphere of helping your neighbors and you just do it. You don't think about it. You don't do it for heroic reasons. You just be nice and you help.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Favorite sports moment. Well, I'd mention the small town I was from. So in my small town high school, I was the captain of the football team and all conference and all of this. And I thought I was better than I was. I went off to Michigan. I was a walk on there. That was not a great sport moment. My walk on at Michigan, I suffered from an incurable disease known as lack of breakaway speed. So even though I wasn't good with breakaway speed, I turned later to long distance running. And I think you've done some marathons. I've done 10 marathons and probably my favorite moment would be the 1986 New York City marathon I did in just over three hours Clicked off seven minute miles for the whole marathon, and I feel pretty good about that.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really detailed scrubbing. Oh God, how far can we pull that metaphor, huh? Mom's going to come and do your laundry, huh? The big scary parts that we try to always avoid, but particularly in times like that are the two L's, leverage and liquidity And so as we started out on this conversation, it is liquidity matters. And for us, it matters a lot, the key driver of our asset allocation. So we're going to be very cognizant of our liquidity, maybe have a little excess liquidity so that you can take advantage of opportunities if there is a meaningful correction. And leverage is just the one that's going to kill you in the downturn and just avoid anything that has any leverage risk associated with it. So watch those two L's and that's across all the various asset classes as best you can.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So it is the private markets where the big opportunities are. And again, as in all of the asset classes, we have a pretty big bias toward small to mid-market, the smaller managers in virtually every asset class is the space where we're more focused. We think there's more inefficiencies and greater opportunities in that small mid-market space.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it would be more of those small mid-market credit opportunities that we are talking about before, more direct lending. We have the overweights that I mentioned in China and the other big overweight is in energy. And what we like about energy and still do is the fundamentals are really, really good, but the attitudes, the news reports, the emotions are not good. And that's really kind of okay because in the long term, fundamentals win. And if the atmospherics are just not that good for a space, that short-term volatility is fine. You can make money with that kind of volatility if the fundamentals are solid. We think this is a space with some really solid good fundamentals for some time. And so we have a pretty big overweight on the energy space.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“This is kind of a least dirty shirt market. So portfolios are made up of a collection of least dirty shirts. There aren't a lot of great opportunities today. It's a lease dirty shirt portfolio. That said, I'm being a little glib here, but we're still trying to find where are the best opportunities in this space. Are overweights, we still have some overweights in credit. We have virtually no core fixed income. We'd rather take credit risk than any kind of duration.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to first take you back to your college days. So do you remember the days when you got up and you're getting ready for class and you go to your closet and you have no clean shirts and you start sniffing through the laundry trying to find the least dirty shirt to wear to class?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“opportunity that our colleagues in New York would have just by the sheer number of managers that are located there. We don't have that kind of easy relationship. But I think we're not that different. The fact that we can make decisions quickly, and I'm going back to what I was saying in our competitive advantage, that we don't need our handheld, it's long-term capital, it's a very smart group of folks in the managing director level. We are on, across our department, we're on many, many LP advisory boards. We get invited to be on those boards across all the different asset classes. And I think that says a lot. And when you have the respect of both general partners and the other LPs to participate in that way, and it's reaching out and being helpful to people, it's that small town stuff I was talking about at the start. Just be nice.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the Getty Named helps in the oil industry. So when we're looking at energy companies and we show up with J-Paul Getty written on our business card, I think that moves the needle. We don't have the”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“You mentioned earlier when we were having lunch that most of your trustees, investment committee members are local. And it's helpful geography. They can be here. Do you take other, so you mentioned trying to be Switzerland relative to endowments? That's a great network. Are there other kind of competitive advantages that you try to bring to the table in this process where there are lots of smart?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Any difficulty in finding or attracting really good talent to the place we think we give them an opportunity As this goes on, the best recruitment tool I think we have is to tell a potential new candidate call some of the people who had this job before. Here's their name. Here's their number. Give them a call, ask them what they think. And I think that'll be the best recruitment we can use.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“You will learn about asset allocation, you will have a deep knowledge in one space and a broad knowledge about how a place like this runs. That's my commitment to you. And we ideally want an analyst for their second job after undergrad. We'd like them to have one other job for three or four years similar to what they're doing, take them for a second job, and then after their second job, they go off to business school. We are committed with the quality of people we have. They will get into any one of the top business schools they want. We're sure they will. And after that, their opportunity should be a very rich one. The last couple of people we hired, we had over 500 people apply for the opening. And the quality of candidates we saw was quite remarkable. So I think we don't have any...”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It is pretty amazing, and part of it is we're not keeping them. So we don't have a jump. We had one person move from being an analyst to being a managing director, but that's not a normal process and that may never happen again. So the analyst will eventually have to leave. There's not a step for them. And I try to tell them that really early on. This is not a lifetime job. will promise you that the experience you get here is going to be quite exceptional. You will become a deep expert in ASEAN class. You will meet some of the leading managers around the world in that space. You will go to meetings in other asset classes and meet some of those leading managers. And you will travel around the world pursuing your asset class.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“But as opposed to say a lot of endowments who have embedded graduating seniors and some of the universities have chosen to use that as a funnel for their staff and their future staff. There's no embedded potential investment employee base here. So how have you found the people that are on your team and how have you kept them here?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“More biases than I'm willing to acknowledge. But we all have to do that and we have to push each other. And that's part of the bull bear, part of the all of the discussions you have is to challenge one another and decisions only get better when we push each other.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's basically that. It's re-underwriting it and what I have to constrain myself, I realize I do have biases and both sides, myself and somebody who may have an opposite bias, we have to bring our decision-making process back into the room, underwrite it, underwrite it with data, and minimize biases. And that's easier to say than do. We all have inherent biases and you try not to overreact to those. And there are lots of little examples that we all have that we could give. I picked one, but there are a number of others. And I try to be mindful of my biases, but I'm sure there are times that my staff would tell you, I am not.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a show. I've got to push out a little bit more. Okay, keep pushing. You get to this point in time where Part of that decision process in this Latin American example was hey, you can be opportunistic and we've got someone who we think is skilled at being opportunistic. Then inevitably you're going to go through a period of time where they get it wrong. It was still a good process. Now you're not sure if it was a good decision. What's the process at that point in time to re-underwrite that decision?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So that's all I'm going to do. I'm going to go back and say, was that decision? Did I miss something? I have to show a little bit more. Okay, keep pushing. You”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have to separate good decisions and good outcomes and bad decisions and bad outcomes. You can have good decision and have a bad outcome and you're just unlucky. You can have a bad decision and a good outcome and you really were lucky. But you want to make good decisions, so you need to go back and say was a decision right, given the information that we looked at. Did we ask all the right questions? Did we do the right work? Did we just get hit by something that was unlucky? Or was this something we should have caught?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“That the long-term performance across different spaces was more positive than in a lot of developed markets, and that if one behaves opportunistically and buys well, that this is a place to be opportunistic and take advantage of those plays when they come along. I had dug in my heels for some time, but when an opportunity did come along and then a specific manager came along who played that opportunity and an opportunistic way, not a lifetime commitment way, I was Halked into something that I felt was a good positive thing that I went into thinking, no way am I going to do this.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“In certain cases, well, I'm hesitating a little bit. I'll say this out loud and see how far down the rabbit hole I get. I had a bias against Latin American securities, feeling that that has just been an area that's way too volatile, very hard to time. Long term, it's a tough place to be. It's more of getting in and getting out. And they came back to me with some analysis and data showing that it was not as volatile as”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So without naming names, take an example in your head of when you really pushed back on one of the senior members of your team about an idea and flesh out for me what was the crux of the difference of opinion?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Put a lot of effort into what they're doing. They make a big commitment to this. They work very long willing hours. They are all loving what they do. They travel around the world looking for the best people in their space. So you want them to feel that ownership.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“In fact, I will occasionally intentionally not attend a meeting because if I'm there, I kind of suck the oxygen out of the room and I want them to run the meeting. And it's important for them to own their space, own the decision, believe in the managers, and feel that this is their contribution in what they're doing. I have a veto, but I never want to use it. And I think you try to get that message across. And I'll give an opinion, and sometimes it's more strongly impressed than others, but they will listen to my opinion and not often that they will challenge it strongly. But I really trust and believe in them. And they're a terrific group who”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, at the end of the day, I probably have the majority of the vote on asset allocation, but I've really tried to push the majority of the vote on the managers down to the people in the different asset class. They're the specialists. I will never know as much as they do. I'm going to challenge them, push them, attend the meetings, do due diligence calls, sit in on it, but I want them to own it.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they hang their personal opinions, political beliefs, all of that is outside of the room. They don't bring it into the room with them. They are there. And what we love about it, whether you're at a university or a foundation, they are all there because they love the institution. They love the institution and that's why they're there. That's why they're giving up their free time to provide the service. And that level of conviction matters and it's meaningful. So I think it's a unique space that they have this. Love and passion as opposed to a job. And that's a real difference. People who come to a meeting because they're passionate about it, not because...”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“The tone, the philosophy, the risk profile, the overall big picture strategy that they want, and our job is to work with that and make proposals on asset allocation and particular implementation ideas, and then they give us the authority to go in and implement it. So the governance structure, I think what really helps the endowment and foundation world so much. And I think the statistics show the endowment and foundation world is the really the top performing group among institutional investors. I think it can be really attributed to the governance structure. And a lot of that credit goes to the trustees who work in this space and then the staff that they have attracted and brought to it who all work quite cooperatively in this space in driving the decisions.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have got an incredible group of trustees who are very experienced investors all across the board. We have people with backgrounds in private equity and public equity and distress and venture capital. These are very smart investors. And they bring their background and knowledge and they show up to meetings. They will want to be there in person, which just makes the group dynamic so rich when people take time out of a busy schedule to come and be there in person and be, they want to be part of the conversation and share the debate and understand what they think we should be doing and we will make presentations to them, but they are always weigh in with the direction they want us to take. They really set the”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“For asset allocation guidance as well, but we tend to be more in relative value and arbitrage type strategies. The beta is down around a point three, so it's not a big heavy equity presence there. We don't do much in macro, the binary bets of up or down are less appealing to us. So it's really trying to find those arbitrage relative value opportunities.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“They see the whole action in front of them. They're looking over all the asset classes, they're looking over all the opportunities, and sometimes the point guards out there hitting three pointers, right? They're putting up big returns, dropping in some three pointers. And other times they're just setting up their teammates. They're passing the ball off. So there's a lot of information that you get from the hedge funds. You know, we've all seen the studies where from a risk return perspective, hedge funds always come out looking good. The lower volatility, the decent returns, there's some liquidity. They've got some good attributes in all of these areas, but they're rarely going to be your top performer. They're not going to be the most liquid, but they do bring these other attributes, and they're smart people that you can use.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hedge funds are the point guards. I know you like sports, Ted, so I'll throw that one in. They're the point guards out there.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably not that different from the conventional views out there. U.S. markets are pretty richly valued, so we are underweight, our targets, but not by huge amounts, but you try to maintain some discipline in your targets, but we are underweight. In international, we are overweight. We think they're earlier in their cycle, so we're overweight, particularly in emerging. And within emerging, particularly in China. So there are various tailwind stories on demographics and growth and why you are willing to do that, but that is a long-term conviction that we're going to try to maintain that overweight position in emerging broadly in China in particular. Particularly because of the conviction we have in several managers.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's probably just a few percentage points, but it's time consuming. There's a lot there for something that doesn't really move the needle that much in the short term. But we absolutely know from looking at our peers who've been doing this a long time that that is a key driver of their long term return. So we're making decisions today that will make our successors look like heroes, we hope. We think it's the right thing to do for the fund, even though we know it's a really long-term investment. We all talk about being long-term and doing what we think is right in the long-term for the institution.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“You kind of let the ones that you have less conviction just run off. So you end up with a lot of names in the portfolio that you don't want, but you're still trying to use a farm club and find those new people and then develop them and grow them. And it's a tough process trying to sell off or weed out those that you really aren't going to be funding down the road.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“in the last five years, and none of it is mature. So even though money is in there, it just takes so long for venture to build up with many, many funds and a number of managers for that asset class to have mature investments that are going to move the needle for your portfolio. It's a tough place. And to find the next generation of venture funds that are you hope going to be the leaders in the next decade, that's a tough one too. Finding those people who really are going to be the great leaders in these spaces, generally healthcare and tech. So you end up making a number of smaller bets, and it's kind of a weed and feed process where you're growing your winners.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“This was a big, recent discussion at our investment committee meeting. The early practitioners of the endowment model, and we all know who they are, I won't name them out, but have had tremendous success in venture capital. And venture capital was a big, big driver, particularly those that were in back in the 90s, and had big allocations to a space that did exceptionally well. And that continues to this day. The old line about venture is an access class, not an asset class, and the ability to get into those top tier funds is a challenge. So we finally managed to get an allocation at one of those funds. We have now 30 investments in this manager, but most of it has been”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I absolutely worry about that, and if any of my trustees end up listening to this call, we had a discussion on manager concentration two investment committee meetings ago and very strong pushback that we have way too many managers, and we all fully acknowledged it. We went in telling them that we knew this and that we've been trying for some time to get bigger and bigger allocations to our higher conviction people. But anytime you look at the secondary markets to do a sale, what you're offered for these old stubs is such a large discount that it's not worth doing that. So we'll let this pretty meaningfully big number of small stubs stay in the portfolio and let it run off. But I do think we're over diversified. One of the hard areas I'm going to direct this into the venture capital conversation just because”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you think about the level of diversification that creates? You say, okay, we've got our largest positions 5%, and that manager, if they're concentrated, might have 20 names. And so the very largest position is, I don't know, 1% or less. Do you worry about being overdiversified”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“A manager for the total fund, not in the asset class. So it's a very sizable 30% piece of an asset class. We try to take those very sizable positions, and then around that we might have a next tier that is a couple of percentage points. But then you have some people who maybe are on their way in or are on their way out that are smaller positions, and you're not going to put a big allocation to somebody you haven't really proven out yet. So there are always some people on that transition phase.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It is still a pretty good sized number more in the one hundred fifty to two hundred size. And a lot of that though is still that you have small managers coming in and you have some older ones that are towards the tail end or they just don't have that big of a relationship yet. So the sizable ones, I mean, we in the public markets, you can do a bigger size. So our largest public equity in domestic equity is a 5% position and in international equity. We have a 5% position of the total fund.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“But you still got a fund that's there and it just has got one or two assets still in it and it's a 10-year-old fund and they keep extending it.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, while we have way too many because I think this is a common thread, the people you may have hired 12 or 14 years ago who you no longer consider a core manager.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's going to run a pretty broad range from just a few million dollars to north of 20. So for our size, our normal bite size, it can be really quite sizable. And again, it's the level of conviction drives it all.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a really tough one that's quite judgmental. The old line get it right, then get it big, but at the same time how far out do you want to climb on a skinny branch? So there are a lot of different metaphors here that can pull you in both directions. The sizing decision is one of the toughest ones we have. So that's where we'll really internally have the bare bowl discussion. Well, if we do this, why shouldn't we just really go big on this if you really believe it? Well, why should we be putting more than X? We already have this much money in this space. And we will really push each other quite aggressively on the sizing decision. And we want people to have different opinions and intentionally push us hard on it and justify why you are feeling the size of that position is right.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source