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Jason Klein

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67
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2017-10-09
most recent
2017-10-09
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1
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podcast

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  1. “So quick numbers. The pie looks like using the conventional asset allocation framework that we have, global equities, roughly 30% hedged equities and uncorrelated strategies roughly 30% private equity strategies all in roughly 20% real asset-based strategies roughly 10% and fixed income and cash long-term average roughly 10%.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Of, say, a liquidity return and then comparing that A bottoms up basis for say a venture capital return versus say a real estate return within the risk parameter of illiquidity.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So, in terms of setting risk limits for the portfolio, we think of two different things, one, different types of asset classes, identifying discrete sets of return drivers. But then second, we also think about different sets of liquidity and risk parameters. So, for example, when it comes to equity returns, what we'll do there is identify different kinds of drivers of equity returns via either the United States geographically based, either the United States or markets are emerging, but also layering on top of that how much of an excess return premium can we get from private returns, identifying for memorial what the liquidity limits are likely to be and needed over the course of the years, modeling those out, planning in advance, and really optimizing and maximizing what we think we can get by way of”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So, how does that? We take those goals, and let's bring them kind of to the investment realm. You have a pool of capital that you're managing focused on achieving these goals, super important goals of creating dollars for research and development and for spending on cancer cures. How do you do it?”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So, those goals are funding unparalleled patient care, cost effective patient care, research and education. Those are long-term goals. So what we're trying to do is deliver a consistent and attractive set of returns to the organization that they can rely on for spending. So on the investing side, it's a consistency of return because of the reliability that the organization has on that spending during that intermediate time, which is different than it was, or it might be at a university where you have a truly long-term or a truly infinite investment horizon, we're much more dependent and much more sensitive to liquidity and even interim liquidity than many peer organizations are.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Constituency is, there is management, there's boards, but there's really only one client. So taking the time to figuring out what's the mission that we're serving, what's the organization that we're serving, what's the real risk appetite? And by risk there, I don't really mean standard deviation or volatility, but I mean, what's the sensitivity to loss? What's the sensitivity to accessing their capital? How does their capital figure into their plans and their aspirations and understanding how we can best optimize the investment portfolio to achieve those goals. Sometimes that entails losing money, it turns out. But achieving those goals in the best way that you can and understand putting together a single investment plan that is optimized for those goals, that's a second key fundamental belief.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “And then he zeroed in. He said, don't lose money. In terms of investing beliefs, I think first focusing on goals, one, research matters, right? So the investment world is a series of smaller worlds that are quirky, that are funky, that are differently understood, that are driven by some set of underlying fundamentals in the longer term, but many sets of technicals in the near term. Taking the time or finding and partnering with people that can take the time to research and live in those niches can really make a big difference. Second, investing serves a purpose. The investing serves a purpose of the invest store. One of the nice things that we have at Memorial and had this at Momo as well, of course, is we have only one client. That client has many voices and many.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So, I remember in one of my interviews for MOMA, the trustee had ended the interview. Nice long, long interview, had ended the interview by saying, Jason, one thing, don't lose money. And I looked at him.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “How do I branch out when it comes to public equity? Well, that's really sort of similar dynamics and drivers as private equity, but different structures when it comes to credit investments. I'd done that earlier in my career so I could extend there. When it comes to real estate, okay, so there, for example, I had the framework and the structures of private asset classes and private equity, but it was a matter of taking meetings, reading up, not being afraid to make mistakes and made my fair share of those, but learning and being interested in learning and trying to learn from each person that I met with and figuring it out along the way.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “So, fortunately, one of the benefits of having spent a bunch of years in private equity is, as you mentioned, you get that skill set. It's a bottoms up skill set. It's a granular skill set. It's a spirit of roll up your sleeves, learn on your own, be creative and identify resources. And that all came into play. So at the Museum of Modern Art, it was, here's your portfolio. There was sort of no consultant involved. There was nothing in the way of a team there. It was a team of one. It was really digging and it was really learned and it was really take as many manager meetings as I could. It was really try to network and try to learn from as many people as I could. Committee members were supportive. I developed peers and I developed colleagues, but it was really learning through doing. And it was really trying to set out organizationally what are the core principles. So at that point, I had lived in private equity. That also gave me a framework for understanding all private strategies. Having lived inside of private equity.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “So, with encouragement from my wife, I sent in for it to something to the effect of recruiter at info. It was all anonymized. Turned out that the Museum of Modern Art, 13 interviews later, had the position, really enjoyed it. They are terrific organization, forward thinking, progressive, not only in terms of art, but also in terms of the investment side. Terrific committee, terrific chief operating officer that I reported to really good experience, grew that got a call from Memorial's Lynn Kettering and decided to become the first CIO there. Larger portfolio, a little bit more complex, great mission as well, something that really resonated with me on the mission side, and decided to create that opportunity. So for me, how did I get here? It was really about wanting to be on the principal side, wanting to be on a multiclass opportunity, and really wanting to be part of a mission that would inspire me on a durable basis.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Joined Memorial nine years ago from the Museum of Modern Art. And I suppose the way that I got to this field of multi-asset class investing was I had been in private equity and liked being a principal. Really enjoyed that. We were doing a specific kind of deal and we were doing that whether or not that opportunity set was in favor of the day. Day, I realized I like investing, I'd like to do multi asset class investing, saw an ad on the Wharton MBA page saying New York City-based cultural institution seeks investor for its multi-asset class portfolio. And I thought, this is great, even if I don't know who that organization is.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “In the marketplace because we live in a world where outcomes matters and memorial really does have exceptional outcomes. So sharing the great work that our colleagues over on the marketing and the advertising side is doing with our investment organization and really bringing that mission home to each of us to kick off the week really gets us started ready to go.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Sure. So for us being part of the mission is so critical to what we do. We are servicing the Memorial Slan Kettering purpose, which is to fund unparalleled patient care research and education. And for us, what we do is really contributes to that. The challenge, of course, is how do we bring that mission and make it tangible to investors because ultimately we're just investors. So every Monday morning, our team gets together, organizational meeting, full team, and we'll begin with what we call memorial moments. They're what we're doing is we're either sharing some sort of research that's going on at the organization, some sort of ad that Memorial is using, some sort of accomplishment that one of our scientists, and we'll begin that with the team to sort of make that mission tangible and bring it in as inspiration for what we do. An example this past week was sharing one of the new ads that Memorial is using. There's in the last few years, it seems that everybody has become a bit of a cancer specialist in the world. And that's creating confirmation.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Some deep affinity to Memorial Sun Kettering. I've been involved with Cycle for Survival for a long time. So shout out anyone listening, involve cycle. And I loved seeing that, I guess, every Monday in your staff meetings you have what you call a memorial moment. And would love you to share what that is and maybe an example this week.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “And join the battle to fight rare cancers. My guest on today's show is Jason Klein, the senior vice president and chief investment officer at Memorial Sloan Kettering Cancer Center, where he oversees the hospital's four and a half billion dollars in long-term investment assets. He spent the last decade and a half overseeing endowment pools, nying at Memorial Sone Kettering, and five at the Museum of Modern Art. Jason got a start in the investment business learning the tools of private equity and had training as an investment banker, management consultant, and lawyer. Our conversation starts with the distinctive features that drive the investment structure for Memorial Sloan Kettering and flows through core beliefs, asset allocation frameworks, and manager selection. Aspects of his due diligence process, including thirty questions and his premortem analysis, offer new arrows in an allocator's quiver to those from”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “This episode is dedicated to my late friend and classmate, Jennifer Goodman Lynn, and her husband Dave Lynn, who together founded Cycle for Survival Ten years ago in the basement of an equinox gym in Manhattan, a few friends gathered around Jen to raise some money in support of her battle with a rare cancer. Since then, Cycle for Survival has become the fastest growing nonprofit athletic event in the United States and has raised one hundred forty million dollars, one hundred percent of which goes to fund rare cancer research at Memorial Sloan Kettering Hospital. The event itself is a spinning class, the highest energy, most inspirational, and emotional spin class you could ever attend. I've been riding in the events for 10 years and can't recommend the experience highly enough. Next year, signups have just begun. Visit cycleforval.org to sign up for this season's rides.”

    2017-10-09 · Capital Allocators · Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28) · IDENTIFIED FROM THE TRANSCRIPT · source