YouSaid · the spoken record

Jon Harris

lines on the record: 97
first: 2025-06-30
most recent: 2025-06-30
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

“If everyone else is different, and I'm just agreeing with all these smart people, it's okay. We are passive in U.S. large cap. That has worked out really, really well. We have been reducing that exposure. Have not done Africa. We have a different view on frontier markets and what the risk return is and liquidity and all the rules.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“The original case for that was just value, and no one was looking at it, and there was a total dearth of capital there. Africa tends to do quite well when the commodity cycle is strong. They benefit. There's an argument to be made that it is an easier China play than China itself.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“In general, we've focused much more on what bets we're making away from the benchmark, just to be very, very clear and confident that those are bets we want to make. And in some cases, we've taken certain bets off where we've taken them down a bit. So we have a bit more of Casey sort of large cap US exposure, I think we are potentially on the verge of a lot more dispersion globally, a lot more dispersion in markets. There's an opportunity for the things in the US that haven't done as well from a small cap basis and certain more value-looking things. I think there's an interesting case to be made for EM right now in terms of EM really runs when commodities run. And I think we could potentially be in the early stages of commodities, just the demand being high for that.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you're saying on some of the more long only but disguised as hedge funds that the fees are coming down with returns coming down people are starting to push back you're seeing a lot more zero and 30 more alignment where you're not going to be able to get away with the one and a half or two on the long only”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“The US equity side, we've taken more conservative approach that we just want to be in larger cap stocks now, even though that was where you should have been, but more just because it's such an uncertain world and there's all these paths that we could be taking. I just would rather be there and still actually active managers today because we always say being passive, you're still active. You're actively choosing because it's so concentrated to own those securities. I think in the non-US markets, we continue to find compelling value from being active and more concentrated positions. The only big shift in our world is really the rise of ETFs, which we're happy when our managers decide they want to do an ETF because they're fantastic vehicles for taxable clients. That's been a huge area that's actually helping us. So we'll have the exact same manager we had before, but because they're in an ETF, it's helpful to the clients from that perspective.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“It allows you to get around the wash sale rule every year on December 31st. Your whole portfolio is mark to market. So therefore, you cannot have any long-term or you can't have any unrealized. Everything is short-term realized.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Always joked about you talk to managers who manage their offshore and onshore funds identically. So many people have not looked at taxes, don't pay attention to taxes, especially retail investors. There was a manager who had a position that had a run up. It was less than 12 months. They held on to it. It collapsed before the 12-month mark. He asked them why. They said, well, we were looking at taxes. He said, well, why didn't you sell it in the offshore? Oh, I didn't even think about that. This was a sophisticated manager. Or you asked families who have hedge fund exposure, how many of them have taken the 475 election? I just talked to a manager who didn't know what the 475 election was and they had taken it. I think at the end of the day, when we talk about behavior, if you're being paid the incentive off of your gross return, that's what you're going to focus on.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“The biggest ones are not in illiquids. Because if you look at endowments, this is where the issue is. They've actually been pretty tax efficient. The big Ivy League endowments haven't been huge private credit owners. They've done a lot of growth equity in VC. It's actually pretty tax efficient, and they've done a lot of public equity that's not been high turnover. The places where you're going to see bigger hits are on the multi-manager pod hedge funds, which are incredibly tax inefficient, but have been a good source of risk adjusted returns for some of the larger tax exempt allocators. That's where I think the bigger difference is going to be if those allocators are in a foundation where an endowment where taxes are going to matter.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“And when you look at side by side taxable investor tax exempt investor, what are the big differences in the asset allocation or the investment strategies that you pursue for a tax-exempt investor because of the tax inefficiency for a taxable investor?”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything we do, and we being all of us, is think about risk adjusted returns. But those returns have to be tax adjusted. And so there are certain flows of returns that are more tax efficient than others. I mean, I don't mean to gloss over it. It's a different mindset in terms of how you calculate the return profile, but it's not a different mindset in terms of how you think about allocating among different relative opportunities. You just have to tax adjust it”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Go back to B read and S read, you had a serious liquidity issue there, which got fixed very quickly. I think that people look at that and go, oh, it's not a problem. It's like the discussions we had back in 08 when people go, yeah, I have quarterly liquidity. No, you actually don't. And I don't think that people have realized that yet.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Stole a ton of capital out there that has FOMO. People are coming in late. You talk to a lot of these places and they're going, yeah, look at this area. People have done well. Everybody I talk to has done well in it and they're jumping in. It will slow down the pace, but it will continue to grow.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Do think it slows down, but it does continue to grow. It really just depends on the aftertax yield. We've seeded some interval funds and some private credit BDCs because if I can turn a high single digit, low double digit into a high Be seated to get up and running. We've done that three times in the last several months. We like that opportunity set a lot.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Taxes are a real problem, but you don't worry about it when you see a high top line return number. Oh boy, I'm getting 12. Isn't that really interesting? But when you're getting six and you start writing those tax checks a year or two later, you know, it takes a little while for that portfolio to ramp, not till it's ramped, you start getting those distributions. And then those K1s come later, I think folks are really starting to wake up to what the aftertax is, especially these on-the-run credit strategies.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say we worry about markets on those exits because if you're exiting to other sponsors, you still need the credit markets to be open and lively. But given the fun flows you've seen to private credit, it's really attractive. Those private credit markets stay open more than they used to because there's so much source of private credit versus public credit and even a blurring of the lines on what's public and what's private. But the credit markets being open is still really important to selling to one of these larger private equity firms.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've seen from the wire house it's almost more transactional, it's an individual name, it's a brand name, it's easy to distribute. There's lots of fees on top of it. The cost of capital they're targeting is lower. It makes sense to go with those big guys. We're seeing that with our managers, the number one group they're selling to is other sponsors. But what's nice about that size, if you're only exit because of your size as public markets, that's inherently tied to your global equity portfolio.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very high. A lot of it comes from the wirehouses. And you look at some of the big rolled up independent RRAs. I'm seeing numbers like, oh, we're moving from 5% privates to 8% privates. These are giant pools of capital that are in the very early innings of having meaningful private equity allocations nowhere near where the endowments are. And as I said, the pools are much bigger. And there are higher fee products. And you also see firms like BlackRock getting much more aggressive in illiquids and trying to distribute those products. It's not just the brand name private equity firms doing it.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Seeing exactly that happening 25 years ago, if we had a private equity investment that got sold to another private equity fund, there was a lot of like eye-rolling and frustration. Now that's the preferred exit. And it's the predominance of the exits. Unequivocally, it's happening.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a premise that all of you had on your private liquidity that you're going to just sell to the bigger guy. You mentioned the flood of capital from democratization of private wealth. What are you seeing happening?”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“No thoughts. No We have not generally done any venture capital funds who have gotten larger and merged into growth equity funds. And they're obviously the well-known hedge funds that have launched big growth equity private equity funds. We've done neither it has been much more private equity investors who have been focused on, as Casey highlighted, operational improvement, who have been thoughtful about investing in growth industries and or growth companies. And they might pay a modest premium for that growth, but you can grow into a multiple really fast, especially in a smaller mid-sized company where EBITDA is growing a lot. Folks with a private equity background, not a venture. All time”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Can I ask a related question on the exposure to late stagey growth, profitable companies? Thoughts on getting that through a big traditional venture capital firm or what started as a venture capital firm and perhaps become big in sort of these late stage growth companies or hybrid hedge fund who has a side vehicle where they're doing this stuff”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's just so many more players with different costs of capital in privacy today than there has been since we started in the business. And that's going to create a lot of different dynamics you're seeing.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it also reduces the volatility, which is an added benefit. But there's going to be some good opportunities. One question is the continuation funds as we continue to see the development of those. What's that going to do on the liquidity side? So I think that trying to figure out what your options are between the secondary market and the continuation funds has really changed the whole game. You look at these pools of capital that are being raised by some of the larger firms, they got to put it to work. You're going to start seeing everything out there for sale.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've always leaned early stage that seemed like the best risk reward. We also just don't love in general strategies where you have to rely on the public equity markets. We do a lot of bootstrap growth equity, which isn't venture, but a lot of family-owned businesses. I tell my clients at a certain size of wealth. I view what we're doing in the private space as inherently less risky than the public markets. Because if we come back smaller backgroups that have depth on the operational side and the financial side, you're actually creating real value in those companies. And then you can use the multiple arbitrage of buying at low valuations, build it up, and then sell it to these huge pools of capital that exist today.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We do a lot in the cash flowing growth equity as new investments. It's always nice when a venture investment turns into one of those companies, but doing a lot starting there, just a strong belief that the public markets are going to continue to get smaller. There's just a lot of disadvantages with being a public company. It's a nature of the beast. There will be fewer public companies. Therefore, private companies will stay private longer, if not forever. And we're okay with longer holds. We're very focused on multiple not IRR. If we end up owning a good cash-flowing, profitable, growing business for longer, that's fine. We also have done more and more, especially recently, earlier stage VC, not a lot of mid late VC. I worry about the valuations. We have not seen markdowns and we have seen realizations at and above marks for the most part. So it feels like there's nothing to see here yet.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“So remember, we started from scratch in 2017. Now, we did a big continuation vehicle slash secondary purchase in early 2019. So we have some, though a lot of that has been realized. Right now, the growth piece of it is probably smaller than most of you guys.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And that's that a secondary piece is staying on top of what's the valuation in the market. For our managers who do cover more of the waterfront in venture and all the way to late stage, understanding what their historical accuracy has been at putting more money into the stuff that has ended up being the winners.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“About the dynamic of power law distribution, where if the winners keep winning, you may be skewing new commitments to the earliest stages, but you may have a lot of those legacy winners dominating your venture allocation.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think the valuations have adjusted enough personally. The whole category, writ large, so not specific companies. It's like a thousand overpriced unicorns out there. Not everyone is going to make it through the door. We've ended up skewing more to early stage because the math is a lot easier. Early seed stuff that in my longer span of history, I would have stayed away from. How do you think about it?”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Nothing significant. It's really on the co-investments and directs the impact there. They can act like a portfolio, but it seems to be a lot more correlated. The sales happen together. Deal flow happens together. So you just got to sort of tweak, look at the impact there”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of co invest like a manager because the co invest portfolio is diversified in and of itself and the pacing of that is pretty consistent as relates to call activity. The more call activity there is, generally speaking, the more co-investment activity we see. We've done the same thing Meredith has where we're expecting distributions to be a little slower. As I said, they've been a little slower, but not a lot slower. tail end NAV, more performance front-loaded. I feel like we're seeing more NAV markups sooner. After a few years, you don't tend to see the same amount of NAV markups. We model the percent of the total portfolio using an assumed portfolio return for the portfolio to grow. Not only are you seeing money coming in and out, you're seeing your NAV of your illiquids change in your seeing the total value of your portfolio change. You just have to put all those in. It's not the world's most complicated model, but you just got to be thoughtful about it and tweak it as the world changes.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's in that annual budget amount. More co invests you do, though, the harder the model gets because you have to assume a sale of that co-invest. And it removes itself completely, unlike a private equity fund where you're calling down over time and you're distributing over time. This happens in real estate more commonly when they're selling their whole portfolio, but the co-invests are a little bit harder to model.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Extended the lives on stuff in terms of what we assume is going to take in terms of getting our money back. And so we've reduced the commitments at the headline level. And so we've brought the headline annual commitment budget down about 20% for that.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Want to dive into the modeling issue that Casey brought up. How do you model your privates? And you could do a rough question of if you want $100 in the ground, how much are you targeting to commit over time to get that?”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a huge bifurcation going on now because of that. Most of that is going into the big funds, the brand names. You even see in real estate where the mid-sized funds can't raise capital. So you have a big gap and a weird inefficiency in the lower end because a lot of institutional capital now can't reach it.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Notwithstanding the endowment headlines, we think a much bigger fund flow that's going to swamp that is the democratization. It's the retail flows. Almost everything we're doing in illiquids is either to get paid, to access that, seed things that can take advantage of retail flows, or invest in things that will be sellers into funds that are tapping.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“People aren't being forced, they're choosing tactical. No downside to exploring the market right now. I think a lot of people are looking, but I'm not hearing anybody who's in a force situation.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hearing it from the GPs because it's taking them longer to raise the capital on the endowment side with the impending potential tax hike. If you were thinking about wanting to get your allocation down or you were thinking a lot of monetization events might be more concentrated in the next couple years and you have that tax, you're very incentivized to have a secondary sale now, even if you take a little bit of a hit, as long as it's from a break-even perspective better than paying the tax.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have been steadily rising our allocations to illiquid asset classes writ large. Each one we're pretty excited about, but pretty nichy. We don't love private credit overall or real estate per se overall, but there's things within all those asset classes we like a lot, particularly in private equity, not dissimilar modeling to what Casey mentioned, but given that we have been leaning in and being able to be pretty aggressive with making commitments. So we have not looked at any secondary sales. We did really well in 204 and so far year to date in 25 with realizations. We had well above industry realization activity. So we're seeing slightly below our budget turnover in illiquid portfolios in terms of what we're seeing in distributions, but not much, certainly not what the industry's seen overall.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We will actively use secondary sales both purchases and sales. And that is valuation driven, purely. It's not rebalancing per se. Lots of clients that have very customized allocations. We create a private program for them across private equity real assets and private credit, and then we model it updating it every quarter. It's a budget to tell you how much to commit every year to be thoughtful about diversification around vintage year. We changed it in 08 because we realized the model that we had used early days at Yale, we were targeting market value as a percentage. And so when you're in a bubble, it tells you to overallocate at the top and under-allocate when you're in the bottom. So we changed that to grow every client's portfolio by their expected return. It's helped us not get out over our skis on privates. We haven't had to do any secondary sales. We'll do it one off more if we want the manager, if we're targeting the actual manager to get more exposure.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll give a little context on our situation. As many of you know, we have a lot of real estate exposure that is relatively illiquid. In normal times, we get income off of that. Right now, we're actually holding the income back and keeping it there for leasing, for some capital reinvestment that we're doing. So there's no money coming from that. The 60% of the portfolio that's diversified is providing 100% of our payout. We're very focused on what our liquidity is and how much we have in private equity. So our target is 20 to 25 percent. We were a little over going into year end. We're now a little under. We actually undertook a couple secondary sales in December and January in the world of better lucky than smart. That was not a read on the secondary market per se. We did line by line work on those particular secondary. And we had gotten a decent amount of money from them and felt like.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, in the last four months, have seen. Number of liquidity events. Seen a lot of the bigger Managers buy from the smaller managers. Probably a little overallocated to privates right now. Feel comfortable to it and are still focused in areas. Defense tech, things like that”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“All right, let's jump in on private liquidity. And I think the way to start is to go through each of your situations in privates, where you allocated relative to your targets and what are you seeing in your portfolio on liquidity. John, you want to jump in?”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“For spreading the word about capital allocators coaching Please enjoy by always entertaining conversation with Brett Barth, Meredith Jenkins, John Harris, and Casey Wale. We are going to start in a different way than we have in the past. We're going to start with Final Jeopardy. The category is Friends Reunion Podcast. You each have a card. I want you to write down your answer. Here is the answer. AI, private credit, Bitcoin, Scott Bessant, Warren Buffett's retirement, and kids going to college. I'll repeat it. AI private credit Bitcoin, Scott Besant, Warren Buffett's retirement, and kids going to college. Okay, we're going to go in order. Brett, you want to hold up your answer? What tense? That is incorrect Meredith.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“We get going, it's time to remind you about capital allocators coaching, an initiative we started this year to help managers tell their story. We gathered an all-star cast of former CIOs and asset management executives and have seen a lot of traction in the early going. We've had interest from lots of small funds as well as different portfolio management teams from multi-product shops. Our coaches get it. They've been in these meetings thousands of times and can help in every aspect of the pitch, the why, the what, the how, and everything in between. We offer one-offs and continuing engagements depending on your needs and interests. And while there's a cost to the service, it's at a massive discount to the value our coaches provide. They're all in it to help and improve communication across the industry. If you're interested, go to capitalallocators.com slash coaching to learn more. Thanks so much.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today's episode brings together four of my oldest friends in the allocator business for the third time for an unscripted conversation on markets, portfolios, and life. My guests are Bret Barth of BBR Partners, Meredith Jenkins of Trinity Wall Street, John Harris of AIM, and Casey Whelen of Lazard Family Office. Over two decades, our dinner crew has shared investment ideas and perspectives through cycles, and this conversation continues the tradition two years after their last appearance on the show. We kick off with a lighthearted round of Final Jeopardy before diving into the current state of private markets and portfolio liquidity, tax considerations for different investor types, public equities, niche ideas, the role of AI in the investment process, and leadership and team building.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hello, I'm Ted Sides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can join our mailing list and access premium content at capital allocators.com.”
2025-06-30 · Capital Allocators · Friends Reunion 3 – Five Allocators Riff on Investing (EP.454) · IDENTIFIED FROM THE TRANSCRIPT · source