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

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“and we can do some fairly attractive financing in a short period of time high in the capital structure with a very good risk profile credit analysis.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tripling, quadrupling down on a specific company, and as you said, that's not our basic skill set. We're more of fund managers. We're hiring people, not specific companies. So we need to get a really high level of conviction from all the key players, industry experts to know that this is something that matters. We've done some mezzanine financing as well in some of these deals where people were investing in a particular product, the banks, because of Dodd-Frank, a lot of the smaller regional banks were not providing lending to small companies. And we are senior in a capital structure. We know the company. We know the equity that the general partner has behind it. We know that we're going to get taken out in 90 or 100.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have had those examples too. Yes, and it generally is just someone in that group. Their conviction wasn't high. It could be the industry expert that, geez, I don't know, there is some competition from this other provider, from this other technology, from something that Particularly if the GP didn't point that out and we hear it from someone else, that's enough to make us pretty nervous. And we just need everything to line up and be positive to do this because you're really...”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have you had examples where the GP is all in, you did your work and something about the company or the industry or what your industry expert told you said, we're not going to do that one. You haven't had those examples too.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Less conviction in the general partner in some way. Something just didn't feel as positive, whether it was body language, tone of voice. I'm not putting personal money into this, some level of conviction that comes back to us. I want to know that the general partner has real skin in the game in this one, and he's just not doing this with other people's money. And that's probably the biggest driver of all. Are you putting some of your own money into this co-invest?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the process of underwriting a company investment is quite different from underwriting a manager. And your experience and your teams is primarily focused on the manager side. How do you put into context what you find, particularly as you start this program and you're starting to build it up, and you don't have a lot of data points? So yes, you've got a few positive screening criteria of how this found you. Maybe a good way to ask it is what you find in the ones you didn't do?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, yes, very much so. We will travel to it if we can. We have frequently made the due diligence trip out to meet the management team, see it on site, see the facility, the service, what it is, so that we have some firsthand knowledge as well as the diligence that the GP has provided as well as some industry expert, and try to build our conviction as quickly as we can. And we normally can come to some conclusion in a quick period of time.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Away from that GP. And that's probably the toughest due diligence level we go to is understanding that opportunity set and having some conviction from industry experts that, yeah, this is a solid place. We know it's going to happen now quickly, not something three years from now. So we can gain some conviction that this is a good time to do it.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Generally, because we've already got some decent information about it. We knew about it before the co-investment came up. We know something about the manager. We will never know as much as a GP does. You just have to accept that about anything you underwrite. You do not know as much as a GP. So there needs to be a pretty strong alignment of interest, a knowledge that the GP is putting some of their own money in this, not just the fund money. And when we see that level of conviction with the GP, we will talk to some industry expert in that particular area.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let the GPs know our size appetite and our speed and a lot of times they need to move quickly to get a deal done. And if you've impressed upon them that you can make decisions in a week or two, that's a big wow because a key driver on many of the co-investments is certainty of close.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Haven't done all but we do a pretty high percentage when we are doing our due diligence we bring up co investing and it can be a tiebreaker among managers that we really like if you're doing a fund you are sitting on capital that is tied up to support an unfunded commitment. We have to sit on that liquidity that we talked about earlier but a co-investment money goes out quick it gets invested and frequently comes back to you within a few years as opposed to a seven to ten year fund life so we like the return profile, the timing and the experience we've had is they've been higher return opportunities as well. So we search for it during the due diligence process, let people know our app.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So let's dive in a little bit more to the co-investment program. How do you start with what you're looking for? So you've already said you only want to do it with your existing relationships with co-invests. Are you separately underwriting deals or are you just saying, well, these are going to be lower cost ways of getting more exposure to them? And we're just going to do all of the ones that fit that criteria.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a big but to this. I got to get my caveat in. The big but is that it has to be with an existing high conviction manager only. We never do a co-investment that comes in over the transom. We don't do a cold call co-investment. We only do it with our highest conviction managers. We know the asset. We know the equity that's behind it. We know the support that's going to be behind this particular investment and we can move quickly and they need capital in a short period of time. We've done both debt and equity and our ability to move fast is a real advantage in doing co-investments that have provided us some really good returns.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Ability to talk directly to a manager and move quick really does matter. I'll pull it one further direction. One of the asset class, it's not really an asset class, but spaces that we really like is co-investing. If we put all of our co investments together from all the different asset classes and put all the co-investments into one pool, it would be our best performing asset class.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“What is your competitive advantage? So, as a $7 billion foundation, we have our size and our speed. Our size advantage is that we can do smaller funds and get a big enough allocation that it moves the needle. The much bigger funds can't do that. Yet we're still large enough to matter to a manager that we're not making tiny allocations. We still have a good enough name and a good enough size that they want us around. So I think our size is rather ideal. And the speed advantage is just that the trustees have delegated broad authority to us in the investment office that we have final authority on manager decisions. We don't have to go back to the committee. So we can move quickly, we can provide certainty of clothes.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you can find the sectors, and they're the ones out there, we see it in technology, we see it in biotech, we see spaces that have a tailwind Something that is supported by demographics, by technology, you want the tailwind. And then if you have smart people operating in a tailwind, you have the makings of some real success and trying to find out what is their competitive advantage, size and speed normally play into that some way. Overall, we have a bias towards smaller What I like about the Getty's size, I mean, all of us look for competitive advantage, right? Whether we're an investment manager or we're an institutional capital allocator.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow, well, I worked in the auto industry for a long time, and we had this feeling for a long time that the US auto industry is going to come back. And year after year, it just kept shrinking. So the lesson I took from that is you don't want to be in that kind of an industry.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So if you take that example of that very successful one hundred thirty thirty fund. And a subset team that maybe covers two of the sectors spins out. Off the top of your head What are the key questions you would want to ask that team to see if they have the stuff to kind of replicate or maybe even do a little better because they'll be managing a smart bullet capital?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Public is a lot tougher. It is a far more efficient market, and there it's probably more process driven. So again, we have in public equity a core manager who is kind of a one thirty thirty or long short style that probably has 500 positions, very sector neutral, very market neutral, balanced value growth, and they are just making long short bets on what are the best companies in every sector making literally many hundreds of small bets. And the law of large numbers, if they're right fifty, sixty percent of the time, they're going to do great. And this particular manager has been like three hundred over in their life. And that's a 5% core position for us. And then around that, we will have more niche players and some activist players who are looking for something a little different.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“And sell it out. Yeah, that's not going to make it today. So you really need great operating people. And if you can find a reference check that says this is a great operating institution, yeah.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you were in the private markets, And it's understanding their specific deals. And one of the few areas where I think a reference call is really, really good is in the private markets where you can talk to the operating guy who was maybe part of a venture fund, part of a buyout fund, and a PE fund bought them and talk to that operating guy and say, how helpful were they? Did these guys really move the needle or were they just providing capital? And how helpful were they through every step of your growth? And people are really pretty candid in those conversations. And you're looking for that kind of a reference call of talking to the operating guys. The days of financial engineering, I think, are kind of gone of just buying something, throwing a bunch of leverage on it. Hope the price goes way up.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in all of these asset class areas, particularly the alternatives, whether it's hedge funds or venture capital, private equity, to some extent real assets. When you've had this massive proliferation and investing in these vehicles over the last 10 years, you have many more organizations that are large and therefore spin off many more potential of these newer opportunities. So if you have two or three groups who you know all of them because of some past relationship and they all have made money and they're all telling you that same story, what are the two or three things underneath that really drive you towards one and not the other?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“But a lot of them, it is really the people, and you try to find those folks who know how to make money and follow them and get in. And if you get in early, you can get that sizable allocation that really matters.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we'll look for any place we can find them. We're very comfortable doing new funds, first-time funds, if they're there. The ideal, I think, is when you have the experienced managers who spin out of a fund that maybe got a little too big and they talk to each other and say, God, remember how much fun this was back a decade ago when we were a third this size and we were playing in a different pool and God that was great. Let's go do it again Wow, those are those are people you want to follow it's people who make money and there is some legacy to affirm particularly in venture capital there is some statistical persistence in venture capital. It's one of the few that has statistical persistence”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Relationship going, and you can share in these things. So we're not part of the Ivy League, so we are not competing with them. We try to be more like Switzerland than a competitor in the Ivy League schools rankings. So they can come to us and maybe fill up a really top-tier fund with a nice, wonderful group of people from Los Angeles.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm trying to not name specific names and they come from a variety of angles. Some of them we met ourselves directly. Others came from network where a lot of us are in the same investments with the same managers, but we came about it in different ways. It is just working as many different ways of finding the opportunities as possible and asking as many different of your peers as you can. And we try to build those bridges to other institutions and ask the staff, be willing to give up your best idea to another institution. Give them your best idea and see if they give one back. If they don't give one back, you may not want to give them another one. But if they do, you've got a great”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Are across all the asset classes, the bigger weightings are more in public market. Real estate, I think, is a challenge, but the public markets are our biggest allocation, but we're crossed as many as we can. And the fallout is more from finding the manager. If we really believe in the manager, we're going to be there and be there in size. And the asset class and the geographies are kind of a fallout from the manager selection.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Chinese managers, then it is about a view on China. We like China. We think there's a tailwind story there. But the real reason we have such a big overways, we have managers that are a thousand basis points over benchmarks.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“What we thought it was. Yeah, Brinson Bauer did that great study. And it just isn't really that way, particularly when you bring in all of the multiple asset classes. And our internal analysis and look across this is that it's really more manager-driven. And we're really looking for the great people and trying to find the best managers. It's nice if there's a tailwind and it's in a sector and it's in a geography. And if you have a manager in that space, I mean, everything's working in the right direction. Boy, that's where you're going to take a really big bite of that apple. You're going to have a massive... overweight when you've got everything going in the right direction. But the most important one of all is the manager. And right now we have a really big overweight on China, but I think it has more to do that we have high conviction in several...”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“I used to think that acid allocation was a bigger driver. We can all remember the studies back in the nineties that said that ninety one percent of the return can be explained with asset allocation.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“present value, doing some analytical work with that, coming up with valuations and where is the market price and determining if there's a value there. They're very similar, but there are nuances around all of these. So our goal is to build that framework for everybody in every asset class so you can look across asset classes and see opportunities and see where we should be overweighted and underweighted.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Push back and forth across the different asset classes and Bull and Bear thoughts on all the different asset classes and get everyone involved in the generalist type conversation about asset allocation. And I make a speech to all the young people when they join us that at the end of the day there are really only two asset classes. You're either an owner or you're a lender and everything else is a permutation and equity it can be big cap or small cap it can be value or growth it can be public or private it can be in any geography but they're all permutations if you're in public equity they call it a PE ratio if you're in private equity they call it a purchase price multiple if you're in real estate they call it a cap rate but it's all looking at a stream of cash flows discounting it back to”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Asset class. And the generalists do a better job on asset allocation because they're looking across a broader opportunity set than people who are in a silo asset class structure. So you try to overcome whatever shortcoming you may have depending on what you choose. Either structure works can work well, but with our asset class structure, we have to be mindful of that. So we try to organize ourselves in a way that people work together on different projects. If we have a really top manager coming in, we'll have everybody in the office sit in on the meeting. Meeting will be run by the specialists in that area, but everybody gets to hear it. Everybody gets to understand what's going on in that space. And then we'll have the team meetings that everybody has where we”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we're along the lines of that silo or specialist, I hate that term silo, but it's used, of asset class structure. And I know many lean toward more of a generalist structure. There are pros and cons of each. I think the pros of the asset class are that people really become deep experts in their space. They get to know the managers, they get to know their peers in the group, they really become deeply knowledgeable. They get to know industry experts. And from that expertise, I think you can do a superior job in manager selection under an asset class structure, but it has shortcomings. You can become too narrow and too insulated or isolated within your”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Able to bring in a really high quality group if I could pull the organizational piece a little bit further. We're organized along asset class categories. So we have four managing directors. Each of them has an analyst and then an assistant myself. So the whole department is ten. We have no analysis for back office work.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not going to be that different from the standard endowment model that many of our colleagues all know and use. It has a strong equity bias and it has a strong private market bias. We think those are areas that earn excess returns. It was building that network over time, building relationships over time, trying to find who are the top tier managers. I visited with many peers around the country who were very helpful and willing to share their thoughts and ideas. And the key to everything is people. So it was bringing in staff. And our great recruiting advantage is the experience you had today showing up here at the Getty and walking around this campus. It's our best recruiting tool. And people like to be here.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fifteen years that we're here, it's between one and two percent, call it a percent and a half, do a percent and a half on the assets that we have compounded over fifteen years. We've had over seven billion dollars worth of investment gain or investment profits over the 15 years. I'd say about $6 billion of that is from the markets, but a full billion of it is from our abilities to outperform the markets. And that's a source of enormous pride that that money shows up in wonderful ways that we can feel good about.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Curators, museum directors, CEO thinks really this is going to move the needle. This is an impact acquisition. It is important and significant. We have a conversation and that's one of the few times that they ask me to weigh in at the board meeting. Is this something that we're comfortable doing? So we'll talk about the long term and they have to make the decision on the acquisition. Is this a priority for them? But it's an exciting contribution for us to feel. And in this particular case, we made a really major acquisition and we and the investment office felt a great deal of pride that the excess returns that we've had above benchmarks over long periods of time are what really funded that. In fact, take it a little bit further if we looked at our returns versus benchmark going back over the”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Incremental real return above our spending needs. And the trustees can make the decision. What do you want to do with that? They can let it grow in the budget so they have discretion to allocate it to different projects like the conservation programs you were describing or just any special purchase. If we have a big acquisition that the”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“They come with big price tags. So we work with the trustees and they want to know how comfortable are we in making that kind of an acquisition. So we have a long-term expected return through market cycles of something eight percent plus and the plus is the part that's a little hard to define. We have a spending, the 5% of the three-year average, so the actual comes out in the 4.6 to 4.8 range. Recently we've had a couple of percentage points of inflation. That may go up some. So ideally, we'd like to have some real number that is in excess of that. So it has been around a percentage point plus that we think is”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we were talking earlier as a fun aside about liquidity needs and bringing them into the practical nature of what you do. You have your operating budget. It supports conservation in the library and the exhibits. And then every now and then, there is a beautiful piece of art.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It will vary it'll be between forty to fifty percent illiquid is pretty comfortable. And then you have that area in the middle that is hedge funds. So there's about 40 to 45 percent that are really public market. And then you have that hedge fund, semi-liquid stuff in the middle, and then you have 40, 45 percent that are really quite private. And it's addressing that part in the middle and laddering out when you have lockups that will mature and you can get capital out. And it's a pretty extensive, massive spreadsheet that takes every investment we have and maps it to liquidity as to when it will be liquid. We want to push that a little further to see can we be any more aggressive without losing or taking on an unreasonable amount of risk?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we probably are more liquid than we need to be. And that's a project that we're working on now is to try to be more optimal in how much liquidity we have. From studies we've done, we've known that our liquid equity returns are the highest asset class return that we have. We know that over full market cycles it's a good full six percentage points above public equity or above the total fund return And to do that, we just need to keep liquidity at enough that keeps everybody comfortable, able to sleep at night, but at the same time, we don't want to be losing return opportunities too.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you fine tune that liquidity preference into a function, there are a lot of subtle flows that you have to consider, right? So one is, say, private equity or real asset, any lock-up structure commitment. How do you factor in the monies that you might have to contribute to a fund that you committed to in that liquidity profile?”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fund that you can call your capital in 90 days or 180 days or even a longer period as long as we ladder it out that we always have things available that we could redeem. So that's the liquidity process.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because the whole place runs on what we have. So we spend five percent of the trailing three year average assets. I think that's a reasonably common spending rate. But with that, we have to make sure we have the money there. So it's fairly predictable what we need to have. So we're looking at making sure that we always have adequate liquidity and we define here a liquid asset as the ability to convert it to cash within a year with no loss in value. And the year is important because we know our monthly spending. I don't need next day, next month liquidity. I just need to know we can keep the lights on for the next year so we can ladder things out or we can be in a”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our number one risk is liquidity. So when we are looking at risks, generally I've characterized it to the trustees as three big risks. The first is always permanent impairment of capital. You want to protect capital. But the real driver is liquidity. I'll come back to that in a second. And the third one is maintaining purchasing power. And I characterize that as a risk intentionally because trustees tend to focus on risk. And the first two, just not losing money and being liquid, you could satisfy that by just being in T-bill. So you got to characterize as a risk that you have to maintain purchasing power over time. So with that in there, the real driver of our asset allocation is liquidity. Liquidity drives everything. So we create these series of stress tests.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great sense of accomplishment for the staff and for the trustees to know they're supporting this incredible institution and what they do for the arts.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today it's a little over 7 billion. Of course, there was a big move in the middle of this with the financial crisis. We were up into around six and then back down to four and now back up to seven. But the capital really supports the entire operations of the Getty. So a lot of foundations and endowments, the endowments who support universities, they may support twenty to forty percent of a university's budget but here we fully support 95% of what the Getty does. It's free admission. We do conservation projects all around the world. We have one of the top libraries in the world. We have visiting scholars come in from around the world to spend time here. We house them in an apartment building. They spend time here working on their sabbatical and publishing works. All of this is paid for.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just to carry it one step further, when I got here they were largely invested in public market stocks and bonds. They had three to four percent of the portfolio in a couple of hedge funds and a handful of private equity funds. The rest was all public markets. They had some new trustees who came in who were also trustees at Harvard and Princeton and Stanford and Ford Foundation, and they were saying, why don't we look like that? So that was my charge is to make us look like that.”
2018-04-30 · Capital Allocators · James Williams – Curating The Getty's Assets (Capital Allocators, EP.50) · IDENTIFIED FROM THE TRANSCRIPT · source