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

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“Not just institutions would have RFPs or requests for proposals, but family, it's very common for families to go through a much more organized process of evaluating different possible service providers, if you will.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Turning points that how the business has evolved, I'd say a really important turning point for all of us that are working in the outsourced chief investment officer role, although that isn't the vocabulary we used to use, but that's the function we perform throughout, was the Madoff. Because the way that Madoff got most of his clients was by referrals from his current clients. It was not, again, them selling people and convincing people. It was existing clients saying the numbers are incredible invest with this guy. And so that definitely changed wealthy families' willingness to just go on the referral of somebody else that they know that they consider smart or a good investor. So we definitely saw through that time the much more institutionalization of the whole process.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today, it's not just families. Well, we started with families, but families we work with families, foundations, and dominance. The business is so interesting. Back in the day, it was completely a referral business. It was our clients. They would actually refer to another family, and you might have a couple of meetings, but people would make a decision based on what they understood was available, kind of reputation. Really, a lot of the vetting came from their peers. And that's very much how it grew. I mean, I always said that we were essentially a business that was absolutely bought, not sold, because I don't believe you can convince somebody about the merits of a diversified portfolio if they don't want a diversified portfolio. And so we really grew that way for really much of our history. I'd say that there were a couple of important”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“The business model was really one that I was pretty clear about really from the beginning and has more or less stayed consistent throughout, which is rooted in independence and objectivity and basically only being paid one way, which was by our clients. And it's priced in basis points in a way that is meant to be long-term alignment of interests. And that is actually, I think, a really important founding principle that we've stayed true to. Again, it was true then, it's still true now, is that the business has been filled with lots of conflicts. People address them and note them, but those conflicts just create different behaviors. And so trying to set up to minimize, if not eliminate that vis-a-vis our clients, who we really want to be in partnership with. That was sort of the core business principle.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's a long time ago, and certainly a lot's happened to go from four families to whatever it is, $40 billion in assets. I'd love to know both how you thought about what the business and the business model would be. And then we'll get to the investment side of it as well.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Talking with Warren Hellman, who was the largest investor in my little R partnership at that time, about what to do next. And he suggested that I start working”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Shortly after that, there was a big earthquake in Arbland, which was the failure of the United Airlines buyout. And we got through that fine from investing partnership, but it basically almost stopped merger activity on a dime after that because financing for mergers literally went away. I had this small risk arbitrage partnership. Really there was not much go on and so I really toiled away in the next really five years trying to like focus on risk arbitrage, which is merger activity where there's not much merger activity to do really wasn't a chance to sort of scale the partnership. And so I worked away figuring out periodically really reassessing what to do. And it was in early 1994 that I was”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“After a couple years, I left to join my good friend Tom Steyer, who had just found a risk arbitrage operation called HFS Partners. It stood for Helman Friedman and Steyer. So he started in January and convinced me to join him in August. And so it was a rock and rolling time risk arbitrage, and we were partners for three years. And then I got a be in my bond to set up my own shop. And so in October of 1989, I started trading a new partnership called Laurel Arbitrage Partners that was really as a joint venture with Montgomery Securities. And I was all excited to set up this new entity. And you could not have picked a worse time to set up a risk arbitrage partnership than October of 1989. One, there was a big earthquake in California, so that was sort of epic.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. Well, the founding of Call Capital was actually after the first chapter of my investing career. And in fact, the founding is really kind of related to that first chapter. So after I got out of grad school, I went back to Morgan Stanley, where I worked in the Risk Arb desk.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is Katie Hall, the founder and co chair of Hall Capital Partners, a $40 billion OCIO for High Net Worth Families, Endowments, and Foundations. Katie launched Hall Capital with the backing of Don Fisher, Warren Hellman, and recent presidential candidate Tom Steyer back in 1994 and has grown that base to serve over 130 clients today. Our conversation covers Katie's background, her path to starting hall capital, and her approach to the business. We then turn to her investment philosophy, customized asset allocation, and thoughts on alternatives, crypto, and ESG. We close with Katie's perspectives on governance and the future of Hall Capital.”
2021-09-13 · Capital Allocators · Katie Hall – Hall Capital Partners (Capital Allocators, EP.213) · IDENTIFIED FROM THE TRANSCRIPT · source