YouSaid · the spoken record

Katie Hall

lines on the record: 60
first: 2021-09-13
most recent: 2021-09-13
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

“Probably a big life lesson is that you can't solve other people's problems for them, even if you want to. And that you can be supportive, you can be empathetic, you can help. But in the end, people need to walk their own walk.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm from a large family, I'm one of eight, and my parents absolutely let each of us pursue whatever we're going to pursue in a different way. And we have different talents and different personalities. And my parents absolutely believe that there's a lot of ways around the bend and they all should be respected. And I think that is an absolute, that is a principle that I try to bring to my own life and my own family.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have made so many investment mistakes it would be hard to say what would be my biggest I would say that one of them that harks back to my laurel arbitrage days is not pivoting soon enough I mean”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably I would say my father and Warren Hellman. My father had a long career in business, but he definitely conveyed a mode of kind of leadership That I would characterize as sort of direct, ambitious, but very much sort of grounded in a respectful form of leadership that I would say that I've tried to emulate or learn from. And Warren was just an incredible mentor, colleague back from when I first started at HFS Partners, again, all the way through as sort of the adventures and misadventures of Laurel Arbitrage and then really was their day one and establish the firm that we are today.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely when people confuse luck slash time and place with skill or innate ability. And that is rife in the business. And that is definitely one of my pet pee”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I get up. I do like to get in before everybody else. And so I have, you know, I could try and carve out that half hour to do my thing, which isn't to say that my days don't frequently get away from me. They do all the time. I'm like, well, okay, tomorrow's another day. Start again.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if it's the most important Daily habit that actually is really important to me is I really do like to start my day by clearing my email and getting my to-do list done. That is very liberating to me to be able to feel like I can have that day start in an organized, coherent way. And I explicitly do not do that on the weekends. I ignore my work email on the weekends and try not to look at until Sunday night, if at all.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I sped a lot of time, well, I did. I spent a lot of time on airplanes. And, you know, at night and beacons, that's what I like to do.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“That it's been that long of time. It doesn't feel like that at all. I mean, I look back, I'm thinking, wow, that was a long time. And of course, I look around, you know, my colleagues have grown up. They've had families, and their kids are like, my kids are big. Probably the thing that's most surprising is that all that time passed. On somehow, it doesn't really feel like that at all. On the other, we've done a lot and accomplished a lot. So I think that's probably what I would say mostly”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think we are trying to balance that in some sense both imperative to continue to grow with maintaining a very particular culture.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I bet the whole capital will continue to grow. We continue to grow. We've actually grown meaningful in assets and much less so in clients, that's actually by design, in some sense we are very much attentive to still being extremely high touch, very close partnership with all of our clients. So as we've continued to add new clients, they generally speaking have been larger. So I think that we will continue to have meaningful growth. We will have growth in clients, but more meaningful growth in assets. Hopefully, not just from adding clients, but from returns the good way. We have offices here in San Francisco and New York, but we really are sort of one team. I think that that commitment that we have to being a very tight, relatively flat organization is still just such an important part of our culture and who we are.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Different sets of issues and questions that come up, whether it be portfolio questions or shifting strategy questions or team development questions. I enjoy that and I've learned a lot from that in every circumstance because every circumstance is different. And it's also about how to actually One of the things I'd say that I have learned and continue to learn is how to actually involve the other committee members in a way that is both engaging and constructive. Typically these investment committees have really interesting, successful investment people in their own right and setting up conversations and discussions and the topics to actually be able to bring forth that really valuable insights. That's both fun and also an ongoing effort. It's something that I think that we all keep learning about how to do that most effectively.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I was on the board of Princo for many, many, many years and had the great joy of working with Andy. And I was chair for three years before I moved on to another position with the larger university board. And, you know, I think that in all of those cases, what was really interesting was actually engaging in these exactly these debates that we've been talking about about opportunity set, about the right allocation about what's a time horizon, about what are the actual attributes that make an opportunity interesting or not and how things are changing. That was just fun. I think that's true actually if I think about all the different investment committees I've been on, particularly in the places where I sit in a chair seat, it's both working closely with the CIO and talking through the”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have sat on and chaired a number of investment committees. And I'd say that one of the things that I have both on all sides of the table, I think having a really deep and shared understanding of the role of the committee. Critical In some cases those have been, I've been involved in committees where there is a very active involvement in the portfolio composition. In others, it has been the hiring of an investment team who are responsible and then the role, the importance of the committee is to do the essentially strategy, asset allocation, as well as continuing to oversee and engage with the people who are full-time on the investment decision making. So I think that actually having clarity about the role of the committee and the responsibility is the most important.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that it's really how we go about it. In some sense, it's the culture and the way that we actually conduct ourselves, right? I mean, that's in some sense my responsibility to continue to model that position. It's Eric Alt and Jessica Ritzow, who are the co-CIOs of the firm. They are in that role and modeling that behavior and that mindset and that investment practice. And that's really how it's reinforced. It has to be intentional.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Spend a lot of time getting to know the people with whom we invest and understanding that it's all about building really deep conviction. And so once you have deep conviction about something, you almost necessarily are no longer as harshly objective as you need to be. And it's that continue both development of conviction around the investment decision, which in our case manifests through selection of a person to whom we'll allocate capital to with the continual rigorous underwriting and re-underwriting of that.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Definite competitive advantage is the fact that we have a long time horizon, our organization is filled with long-tenured people, and that we have clients that are long-tenured, and our clients, our new ones also have a long time horizon. And we talked about that, but that actually is a huge advantage. And in some sense, the more we can do to kind of reinforce that in our own behaviors. as we are adding new client relationships, huge advantage. I think that another thing that we do quite well, but we absolutely need to continue to do and work at and be very conscious of is to try and be as harshly objective as we can be. And that's hard to do, particularly because we”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So as you look at your team and your portfolio over the years, I'm curious what you think your maybe the right way of framing it is competitive advantages are or the things that you think your team does really, really well.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that that harks back a little bit to what we were talking about in terms of private equity today or venture in some sense. It's understanding what has been rewarded and why in sort of valuation land. Let's talk about enterprise. There's a whole set of reasons technology's been so extraordinarily rewarded and some of the tech companies have been rewarded. And so the factors that we think about are is there going to be a dramatically changing regulatory environment that you won't be able to capture that same kind of outsized profitability? What are the risks of new radical disruption that people think like can't happen, but it's going to happen, right? I don't know what the next cloud is, but there's going to be something that will, again, radically disrupt even the players that are so... Strong today.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“ish years ago and we didn't stop because we thought they were inherently bad, but we stopped because the price deck became so much more uncertain on forward oil prices because of the substitution, because of the risk of regulation, because of the technological advances. And those things in our mind just made the risk reward of those investments just less appealing. And I think that that's a time horizon conversation that is a good example of how those different factors can be attached to investment choices.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really changing. I do think that there are still remnants of people thinking about ESG as rooted in negative filters. None of this. No fossil fuel, no something, which again, those are perfectly legitimate things, but that I don't think captures the real power of holistic ESG investing. I actually think that if you In the world state that I see, in the end, people will really be incorporating these things fully, and it won't even be something that will be described as something. It will just be an expected part of a person that's going to be an active investor, that it's necessary. A key piece of that, though, is time horizon. I think that energy is a good example of that. We probably stopped investing in making commitments to private energy funds now probably, I don't know, four.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just those that have a high degree of centrality to the ESG factors in their investment discipline, we can do that. Global multi-asset class portfolios that are really we think have the same expected return as a more broad-based, if you will.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think now going back probably ten years ago when we were really getting the next round of investing and ESG investing was really taking hold and there was much more discussion about impact investing and the role of impact investing and all of that SRI 2.0 at the time, right? which SRI was basically just filters and then we're moving more towards impact We slash I sort of had a lot of frustration with the way that people were using these terms because they use them all different ways and it meant different things to other people so we devised if you will our own terminology or our own methodology that we refer to as full consequence investing and what we were really trying to do with that labeling or descriptor is to actually capture what people are trying to do Do, or I think”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“We also have for where it's appropriate, which again, it's definitely a subset of our clients, small, what I would call index quasi-index positions, Bitcoin, Ethereum positions that we basically are doing it as if an index. But this is way out on the risk rewards back to my view it is way out of the risk reward spectrum, but absolutely something that is interesting and something we need to continue to push ourselves to learn more and more about.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have spent a ton of time over really the last five years, although predating that, trying to get smarter. And there is so much that I think that we still need to learn. A couple of my colleagues, one in particular, has, Miles Danielson, is really quite the expert on it and knows a ton and has really helped inform the whole firm as we've continued to move down the path. But I would characterize this big picture as explorers as opposed to advocates in the crypto space. We have made a couple of small commitments to some venture-oriented crypto players really viewing that as something that could be significant, particularly in around DeFi and some of the things that we've seen where a lot of that business activity is happening in crypto land today filled with all the attendant risks.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“It really is less the big asset class opportunity set and much more a la arb or a la distressed or a la leverage credit that it becomes much more of a sub-opportunity set evaluation as opposed to an asset class operation. That is the really hard calls because it's, as we know, it's so hard to leave or pair back when things are looking great. And one of the things that we've actually talked about a lot internally is we just have had spectacular performance coming from particularly some of the ventures, particularly some of those that have a lot in enterprise. We've seen it in the buyout lands. We've seen it actually we've seen it in the public portfolio. And it's really the discipline to keep trimming back as opposed to necessary feeling needs to make the all the way in or all the way out call.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, as we know, that is a big term that encompasses a huge range of strategies. I would say that in the world of buyout, growth capital, actually true adventure, we think the ones that are most interesting are those that are actually really doing something more than providing just capital and cheap debt and high leverage. There has to be much more of a strategic contribution. Again, that takes all different forms, but that's actually critical. We are definitely seeing valuations go up, up, up. There's been enormous beneficiaries of cheap and plentiful leverage. And I think that we continue to worry about that. But the intentionality and the caution that people feel around that is An important understanding that we have as we're making and underwriting and re-underwriting different investment opportunities”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a very, very, very, I would say strong bias who fundamentally oriented strategies across the board as opposed to trading oriented strategies, getting back to what's the opportunity that can be captured and what's its replicability, I would say that over my career I have much greater confidence in understandable, if you will, spreads or opportunities to be captured on a fundamental basis than replication of trading strategies. So that's probably one of the things that is across really all asset classes.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's sizing for the most part. That's where it doesn't have to be completely either in or out. If part of that is having some capital hanging around the proverbial hoop, right, with the highest quality organization, then you keep an amount of capital there, but not the same as you might choose to do if you were really super excited about the robustness of the opportunity set.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you go about addressing those investments knowing that there may be that kind of cyclicality when you're also underwriting an organization, presumably that you'd want to be around so they can take advantage of the opportunities when they're there?”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“It is actually a very complicated and interesting question. In part because a lot of the spread-based return opportunities, those spreads have just compressed. And so even where there's sort of interesting things to do, it's harder to actually realize attractive whole dollar returns. So I think that we have seen that migrate to more complex credit strategies. We've seen that move to some more leveraged credit strategies. We do see interesting things that comes and goes in merger arbit. There just isn't much to do in distressed land, even though it's not intuitive. I mean, you would think there should be, but the combination of free money and ability of almost everybody to access financing has suggested there's not much there. And so it's a more varied environment. I think that's all.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or anything else, we find them every way possible. We cast a big net, every place that we can. We're always interested in learning. We also, at this point, we're pretty well known, so we are on the receiving end of a lot of things just last year alone. We got material from over a thousand different firms slash funds on an incoming basis. That's new stuff. That's not just everything. So we're on the receiving end of a lot. And as people leave other firms and start new firms, again, we are in that crossroads and have the opportunity to evaluate a lot of them. So we are very much large aperture approach to identifying and meeting people.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, your past performance, their investment methodology, it's really digging in and saying, okay, we think this is the opportunity. What leads us to believe that this group of people knows how to do that and actually capture that opportunity? There's obviously kind of understand the investment discipline, the investment practice, the history, but then it's also really about understanding the organization. We talk about incentives. We're really interested in what makes an organization tick, how are people being rewarded? Because that tells us a lot about where people allocate their time, where people allocate their energy, what their commitment is, how they're going to follow through, which is all fed back into the evaluation of, which is ultimately a judgment, right? Which is the probability of that particular team being successful. And going back to your question about how do we find people, whether it be in a concerted equity strategy,”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our approach across all investments, it's the same. And we have reflected our coverall investment philosophy. So we start from the viewpoint that we don't have to do anything. And so it's really a matter of one thinking about an investment opportunity set. What is an opportunity set that's delivered or out there? Then we're thinking about is it something that we think is available and will generate attractive returns on a going forward three, five, tenure basis? We're then looking at identifying people, the players, who are the people that actually can or are taking advantage of that opportunity set and doing it well. What's the evidence of success that they can do?”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's not any one answer, but in general we think if you're going to be investing in a way that is an active manager, you need to be different than an index so you don't end up with just an expensive index. And the way that you most frequently get there is by being significantly more concentrated. We invest with managers that on the very limit side, we have invested with managers that own a dozen positions. We also have invested with managers that own 60 plus. I think it's very rare that we've invested with managers that have north of 100 unless it's sort of more like farm team and stuff. Those aren't like rules. It's just about the idea if you're going to actually vary from the index. You have to vary from the index.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we are set up, everybody has their groups, we just have equities, and they're responsible for looking at all the long strategies as well as long short strategies, those that are really public equity, stock picking is sort of the underpinning of that investment discipline. We have real assets, we have, we call it our absolute return group. Absolute return is responsible for long credit and the spread-based types of strategies that live in hedge fund land. And then we have a private team.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, surprisingly varied. The places where there's been As opposed to a percent, but there's a huge range of what people need to have that sort of sense of flexibility, stability, mindset that permits the rest of the portfolio to run on a long-term basis. The other place where there's meaningful differences is in just this percent in long-term illiquid. And if you're adding real assets and private investments to a certain extent, private credit, which we refer to as hybrid, just that aggregate long-term illiquidity is another constraint that that's the other place where there was the biggest difference.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm curious that even though you don't have a model portfolio, if you were to think about your clients in terms of their composition, right? So a tax exam looks a lot different from a taxable, maybe a certain type of taxable investor looks different from another one. How wide does the variety of where you end up in terms of allocating to those different buckets”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Institutions as opposed to taxpayers. I mean, for the obvious reasons, but our portfolios are generally or heavily oriented towards overall capital appreciation, and we're getting that disproportionately through equities and private equity slash venture.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“What we use large buckets of asset classes. So we talk about core cash and fixed income. We talk about equities. We talk about alternative assets slash hedge funds. We talk about private equity, private investments. We encompass this private equity, venture, growth capital. We talk about hard assets. So you start with big buckets as opposed to narrowly defined. And so I think that that in some sense answers the question. We're trying to get over away from trying to tilt towards any one narrow return pattern or targeted return pattern. I'd say that that is a place where there's differences. There's differences based on individual circumstances, but there's also that is a place where there's differences based on tax status. It is very common for us to have a higher percentage on some alternative assets in tax exempt.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“That would inform what ultimately becomes an asset allocation. And once that is, if you will, agreed upon, that actually is the roadmap. We use them as roadmaps, not as point targets. It's really much more of a range mindset. But again, we have a direction. We do believe in diversification across asset classes, long-term diversified portfolio is the winning hand in most cases. And we believe within asset classes that it makes sense to have as much concentration as is tolerable, that you're really getting the diversification across the asset classes primarily as well as with inside.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a couple of things one, we have again, this goes back, harks back to the beginning, we don't think that there is a right asset allocation. We don't have a model portfolio, we don't have any of those. We really believe that the right allocation, the right roadmap for any particular client, whether it be a foundation or a family, is a function of what we're specifically trying to accomplish with that pool of capital under those circumstances. So the first thing that we do in any client relationship is to actually really dig in, to dig into a deep understanding of what are the goals, the objectives, the explicit constraints, the implicit constraints, to really try and develop a much more kind of nuanced way of understanding of what are all of the elements and objectives and concerns.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Along the way, here you've mentioned a long term time horizon, you've mentioned active management, some concentration. Let's dive into the investment side and maybe start with how you approach. It could be a new client and describe what it is from a philosophical perspective that you're trying to deliver for all your clients.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that it is actually continuing to re examine the data and to actually help get into more nuanced layers of attribution so that in shorter terms people can understand if what might be leading to something that feels distorted. Interesting, that's one of the things that I have found having particularly talking about equities when we have used active management quite extensively and active in our vocabulary typically is very concentrated managers, having the ability to actually talk about specific companies as really good real life examples of why there might be valuation differences or performance differentials can help build that understanding beyond just sort of the aggregated numbers.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Consistent in saying the right one is the long one, let's stay focused on the long one. But that, I'd say I've learned that that is the right answer, but it is a really hard path often.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my God, there's so many things that mistakes scars, good news, bad news over the time that I've been doing this. I would say that I deeply believe and I think has been reinforced that a long-term investing perspective is the right one and it's the winning strategy. I also have been reminded periodically that that is a really hard thing to do and that even people had said absolutely we have a long-term perspective. We're committed to that. We believe in it when they come times to those uncomfortable discontinuities between short-term performance and index performance and you say, well, don't I really want to adopt a more short-term relativist strategy? And we've been sort of absolutely”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it has played out in the sense that there really is, again, the sense of one team. And that is something that we have tried to set up really throughout the way that we incentivize and comp people. We don't pay people for client acquisition because we view that as something that the entire firm is responsible for in terms of we have each of our senior people that are leading client teams views that client team as their responsibility and their whole team's working for that. But we are all collectively doing what we can to support that and to make it work. So I think it's really trying to reinforce this idea that we all are going to benefit from actually doing very well by our clients in every way possible, starting with investment performance, but then very much being their aligned problems. Solving partner in other ways.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“It does relate to really being willing to give up a meaningful portion of ownership. And today out of our, I know, give or take 190 employees, 38 are owners in the firm. So we really have worked to continue to have that build on that sense of partnership and continue to expand that ownership. And we've also done it through a generational transfer that I really do believe that better to own a smaller part of a big big pie than a lot of a smaller pie, and I think that we've been able to grow our pie, if you will, substantially because everybody is sort of working together and the senior leadership has meaningful stake and meaningful ownership in that. And we have over the years worked to further that transition of ownership through essentially borrowing and repurchasing.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“And capability, and I was very much willing to bring in that quality, and if you will, share the wealth that comes with actually bringing in people as partners, not as employees. Then we've also had the benefit of really being able to grow talent from within. Two of the three managing partners literally began their career. So we really do have a real commitment to continuing to develop the talent that we have in the company. And it's served us very well.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the beginning of I was fortunate to add some really great people to help just on the technical piece of the business. Joanne Hagopian was when I'm an accounting firm and she grew to become a very valued partner before leaving actually to run a family office for one of our clients. And it was really that grow your partner I was able to convince John Boymaster who is co-chairman with me of the firm today where John had had actually he had a career as a partner, Trust of State's partner at a law firm. He was at the time at JP Morgan working in the private bank. And that's been our view all along is like let's absolutely go for the A plus people and bring them in and bring them as partners and to have the folks that have been part of the firm really have that commitment to doing the best for our clients, that deep investment experience.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source