YouSaid · the spoken record

Meredith Jenkins

lines on the record: 99
first: 2021-09-27
most recent: 2021-09-27
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

“And I think one of the key things is the change in the structure from monthly liquidity, quarterly liquidity. You obviously are seeing a lot more gates, which give these managers the opportunity to not worry about, am I going to get a slew of redemptions? And I can actually hold, I can buy. And we see a lot of managers where the most money they make is during drawdowns. They're able to back up the truck. Also, I think that with volatility, people hate shorting and everybody's so focused on finding the privates now. Shorting is going to matter. And you saw that for about a 59 day period in February and March last year when the market was down 20.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd say similar to Casey We've been heavy on US, but even where we've been in US, it's for the most part been smaller managers, often sector focused managers. it's been such an unloved assay class that We don't pay anywhere near rack rate fees. It's smaller managers for us with families. It's also managers who've been much more focused on tax efficiency. And so our ability to generate really attractive after fee after tax returns has Improved in this”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, again, so this is just how we invest, and it's not a commentary on those guys have been successful. I find them very difficult to underwrite in my seat because I can't get the information that I need to make a decision. And again, it gets back to this, I'm not trying to hide behind it. It's just we are fiduciary. So how do we make decisions? So I feel like, again, we inherit those often in portfolios and we'll incorporate them as best we can into the risk framework so that we understand it for families. But what we really focus on is more where there's fundamental long short value. And because of that, we've gone outside the US.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“The Sovereign Wealth Fund's beautiful. Yeah, I mean, it's impressive, and I think when Nikolai left then COVID happened and they were phenomenal. I mean, I just think it speaks to the process and also this idea of like self-improvement. But then also dealing in a marketplace that I think is less efficient.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty small nature. I mean, there's a lot to do in Europe in small mid cap, I think. The managers that were with probably have a blend mixed of like one of our best ones, which I will name one because they've been everyone probably knows them already, but, and he's, I think he's probably one of the best examples of self-improvement and just, and he's not running it anymore, but Nikolai Tangin at AKO. And I think, you know, Patrick and Gorm now are doing it, but they're just constantly looking at how they improve things, but they've stayed in their lanes.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Self improvement, I guess, for lack of a better word, and almost iterate the way that they approach things, whether it's through more data, more factor analysis, whatever it is. A lot of it's data, but still stay in their lane. But this concept of like self-improvement, we found that that really differentiates very simplistically, like another qualitative thing.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“We love long shore equity. And we've loved it for like a while, and we decided probably five years ago to start migrating the whole portfolio with the exception of maybe one manager to non-US just with this idea, again, that people kind of looked at us a little weird, but we said just inefficiency. Where is it less efficient? And then the fact that the talent was there. So in Europe and Asia, you now have enough of a bench of talent with still, we would argue, inefficient markets. And so we always think even managers like in Europe, we make, we do really well in Europe long short. Like it's just a great market if you have great managers. And what we found after 08 too is with managers, I felt like a huge amount of the U.S. managers who had been very successful just kind of put their head in the sand said, we're long short, we're fundamental. That's what we do. We're just going to like stick with it. And what we found is the managers that are more willing to stay in their lane but kind of be focused on.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“But can't you also think about that as you would any individual venture investment? So you know things can go wrong. You know your assets can get taken away from us. And that's a real risk and you could probability weight that. But you also have... Staples, the most important businesses for the domestic economy trading at like two or three times. And if it doesn't go to zero, you probably make a multiple of your money. And that's the thesis. Simple thesis. With at least you could say good partners. The government is a partner that you don't want, but it's sort of like, how do you decide when to take that risk? It's a wild risk reward and that you know it is.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because you can't even trade the bonds and you can't. The sanctions, you can't settle it, that raises the issue, and I think this also is a little bit of a segue today's market, of there are some dives that are just a very high degree of difficulty. And so whether it's sub-Saharan Africa Private credit There's just a lot of different things that can go wrong. And so now what we have to do is try to underwrite more and more things that can go wrong to try and generate Sufficiently attractive returns to do that. In Venezuela, things can go wrong in sub-Saharan Africa. Things can go wrong that you didn't even occur to you to underwrite when you made the investment.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it didn't work out the way he thought, but he still tripled his money in a year and a half. And now they're raising another fund. And what was interesting was I shared it with, I don't know, 8, 10 friends. And most of them said, that's probably the kind of thing that's going to make a fortune. There's no way I could touch it. There were two who said, oh, I haven't heard anything about that. Let me dive in without saying the names. They run endowments that are thought of as being different, like a little more towards the direct investment end, a little more like, hey, we'll do different things. There's a lot I don't know about Venezuela, but it is this kind of like the old Africa Miles Moreland Blakeney days of like they're buying staples at two to four times. And if it holds water and the premise is that it's a dollarized economy now, so they're transacting in dollars. You don't have the currency risk for some of these businesses.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, we invest in three sleeves with outside partners. If something doesn't fit into that, and that's not what they're expecting, there's things that we do. There's things that we've taken to people and said, hey, we're doing this. Doesn't fit this. You may want to take a look at it. Here's why we like it. Here's why we don't like it. And they end up doing it directly. So we'll look at A to Z, but we always make sure that what we've told outside partners is going in. That's what's going in. I love these situations. I had one recently, I think I floated up by all of you, which is private equity in Venezuela. So this is a good buddy of mine from business school, who's a fantastic guy who's had a fund, I think he raised, I don't know, I could probably say he probably couldn't, but probably $100 million or something like that two or three years ago on the premise that they had hit bottom and maybe it'll come out.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“But if it fails for some operational issue, that's sort of unacceptable. And I would say there are times where just in our travels, we have friends, we have colleagues who you know are really smart, they're really talented, and what they don't have is infrastructure or guardrails or sufficient protection. And so if you ask me where I occasionally would make a personal investment that I wouldn't on behalf of clients, it's the operational side because the risk of failure is extremely high because it's two guys in a garage. We use terms like not ready for prime time. But you just have a good sense that this guy or gal is just really talented and knows what they're doing and is a relationship that you care about and want to be helpful and back them, but it's just not ready for clients.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I think about markets or investments we won't make, I think they fall into a couple categories, but the two big ones would be, is it morally wrong? And I think things are nuanced, right? We've done some life settlements in the past, but there's a lot of life settlements managers we wouldn't invest in because they're unsavory. We actually, back to esoteric investments in Casey's comment, like we really like litigation finance, but only certain pockets of it because some of it's really unsavory. You mentioned private credit, right? There's some loan sharking out there that's really ugly. But that doesn't mean private credit's uninteresting. But those are lines I draw personally as well as professionally on behalf of my clients. That's not a differentiation. And we do all the professionals here invest alongside the clients. And that's where 99% of the money goes. The other reason you don't make an investment is it might fail because even though you underwrote it well, just the investment doesn't work.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Thinking of one thing in particular that we're spending a lot of time on right now that were it just me, I would have put my money into it yesterday, but we've been burned in it. And you'll understand when I say what it is. But if looking at frontier markets and sub-Saharan Africa, I've had both phenomenal and absolutely awful experiences there. I would today absolutely put my money in it yesterday given where valuations are. And if I'm a long-term investor, I do think it's going to come back. Valuations are crazy, crazy, crazy low. We're going to spend a lot more time on it to think about it from an institutional perspective.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, personally, I think you're always willing to do things. We always love that we can invest in ideas with families, right, that are uninstitutional, but we always put an institutional due diligence process over it. And I think when you do personal stuff, sometimes it doesn't have to have that layer of due diligence on it because it's just a different decision. So I do think that fiduciary thing is different. It doesn't mean we can't do uninstitutional things because I think that's how you make money. But you have to be able to put that lens of due diligence on it from the institutional side. And we have to have a framework to John's earlier point. If it fails, which happens in investing, we have to understand why it happened. And did we identify the risk up front? Most cases when things don't work out, we have identified the risks. It's not like we didn't know. And I just feel like what do you say about some of these assets like crypto? Like everybody decided they didn't like it anymore and it all went down. Like it's just a very different.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“What is a repeatable process? And there's a lot of people out there You look at all the managers that launched last April 1st in the public markets who all did well and are all convinced that they're geniuses. At the end of the day, you got to really be honest with yourself and figure out where was I right? Where was I wrong? And you could be right and still lose money. You could be wrong. You could still make a lot of money. Yeah. I want to go back to something that Casey said, which is super interesting because it's like I'm in a slightly different seat now until next year when you all invest in my funds. But that's a separate thing. We haven't even talked about that. Fund. Yeah, it's coming. The idea that as a fiduciary, you need to be able to underwrite something. You can explain something else. I'm curious if there are other things that you think that you would invest in in your PA or you do if you have it, if you're allowed to.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would just add too, I think it's okay to say that there could be people making in the future. There's obviously people in the past making lots of money off crypto. We're not saying to Brettli your point about being agnostic. We're not saying that's not going to happen. We're just saying I think that we have better ideas that have more of a framework around them for success that we can put in the portfolios today that earn really compelling returns. Can you share what those are? I've said this to you before too. I think other people can make money that way. I don't think I can and I don't think I can confidently explain to someone if I did why I did. And so that's why I can't.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to disagree with that too because we do, and all of us do lots of growth investing, venture capital investing. And I think of all the biotech stuff we do, but you can sit across the table from a portfolio manager who can explain the science, why this is going to be a product or a drug that's going to work, what the total addressable market is, what the reimbursement scheme is going to look like, and why it should ultimately be worth it.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tech companies that are making money. I feel like it's also our vantage point. So if a family comes to us and wants to do something like gold or crypto, that's one thing. But we're fiduciaries. So we have to hang our, I always say we have to hang our hat on being able to evaluate why we're doing is it fundamental value and have kind of a framework around it. And I just think it's crypto in that regard. We don't want to put our heads in the sand, like to Merritt's earlier point. We want to learn about and be educated and understand and obviously all the technology around it. But we also are fiduciaries. And so you can look back and say it was this great investment, but what was the framework for making that decision back?”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I so desperately want to take the other side. I can't really because I can't justify what the price of Bitcoin is. But it's easier to talk about cash flow generative assets. It's just easier to talk about. We can underwrite this thing at 10 times, 12 times than it is the behavior in psychology that anything in the public markets is part of. Because I'm so tempted to say, okay, I get it. I have no idea what the price of Bitcoin is either, but I don't know what the price of any of these late stage tech companies that aren't making money.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would agree on the blockchain bit, and we're trying to do everything we can to. Be educated about it, but I think it is like a couple other things that either you guys have already talked about or we'll talk about, you know, it is the beneficiary of just ridiculous crazy liquidity in the world. And I don't get where the fundamental value is right now.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've got to figure out we only have four mics, but five people. So just talk. Yeah, you got to be. Casey's learned just recovered. I can't hear you. I'm going to be right next to cover. So Casey had COVID.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, wait, we started by saying how ridiculously long we've known each other. Yeah. You and Brad have known each other longer than anyone. Uh huh. And you had the most hellacious last couple months of any of us. So you're doing okay?”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they have to be in the ecosystem. I mean, I was talking to someone recently. The compounding effect has also applied. Think about the endowments. 25 years ago. I mean, when I was, I think at Yale, I think it was $4 billion and it was $7 billion when I left. And they're at over $40 billion now. And if you earn, what are the returns last year? Like $30, $40, $50.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we have a better hit rate with groups that we feel like are super talented but smaller and are willing to do. I think the biggest thing is the multiple arbitrage that you can get. And I think I agree completely with Brett. We sell to those guys. Our managers sell to those guys all the time.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't do as much in the large case. So I think it would have to be somebody that's doing something unique in the marketplace. I just think it's as you get bigger and larger, it's harder to be doing unique things. You know, your universe gets smaller of the things that you can do by definition, right? So I agree with Brad. Like, I think hard and fast rules, and by the way, we also would say that there's many ways to make money. And there's certainly people who've done the larger funds and been really successful. It's just not the approach that we've taken. We think we have a better.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“A little bit of both. Because there's no hard and fast rules, but one of the nice things about these bigger firms is they've got, again, it's nuanced. They've got some managers that are incredibly talented that run products and silos that I want to be invested in that we're not going to exclude just because they're part of public companies. But for the most part, the vast, vast majority of what we're allocating to is not.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Does that mean that if you go back to the old days of Swinson, that you won't touch anything that's a public company GP or a fund run by a public company because of that conflict of interest or their separate interest from yours?”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Good point. But whether it's growth or buyout matters, and we have a big view that we divide the private equity world. And coupon clippers is an interesting one, where it's managers who are focused on enterprise value of the management company and managers who are focused on investment results and generating performance fees. And one of the nice things about the enormous amount of assets in these giant public companies is that they care about raising assets and they need to put that money to work. And so from our perspective, one of the other things we love about private equity is if you can create food for that ecosystem, it's a risk wash, repeat process of I buy something small and I sell it to the big guys.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“In private equity, we've moved to like growth equity. We're not doing a lot of buyouts right now because the valuations we think are insane and the leverage multiples are really high. We'll do some specific ones, but not a lot of it. So I just think like a lot of investing is nuanced, successful investing. And I think the discussion often doesn't get to that. We get to that with our dinners. It doesn't often get there.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody else private equity. It doesn't matter the price. It's nuanced. I just think these discussions, it's interesting when a whole, you know, the institutional world got into alternatives and now it's all about private equity, but it's not nuanced. The discussion is not often nuanced. And I think I agree with a lot of people, the large, huge funds that are raising that, we call them the coupon clippers that are raising Sherman to offend some people, but too much money and it's misaligned. But there's so many other things to do in private equity. And we have this discussion with a lot of our clients because we deal with larger sized clients that”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Also, just add is one of the key things that we've been seeing with especially a lot of family offices who may dip their toes in, but they start feeling too much with FOMO and it's making sure that you understand why are you making it bigger? What are you trying to accomplish? Sticking to that and being honest with yourself because you talk to people, I mean, back a few years ago, you'd ask people who owns gold and everybody would raise their hand, but then you'd follow up with the question is, how much? And they'd say 25 biptail party and not be able to say, we don't own it.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And I would add dipping your toe in isn't getting long the ecosystem. It's finding one or two really thoughtful partners who are sharpshooters. So you're not buying the asset class, so to speak. You're finding thought partners who can help educate you. And you're finding thought partners who you think are particularly good investors because they've got an approach that is perhaps more narrow than the whole ecosystem that you think will be particularly success”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that dipping your toe, we learned this in our early days at Yale, when you dip your toe in, when you're invested in something, you just learn more. You pay more attention, you live it and breathe it, right? The ups and the downs. And so for me, and I think by being invested in it, you then get greater conviction if there is a big dislocation to go in big, if that's the right thing to do at the time, or stay away from it based on your experience. So I think you learn a lot more when you're in. And I think that's the benefit of dipping your toes on the margin. And it's one of the benefits, I think, for all of us being multi-asset class investors is we can dip our toes in without destroying portfolio value if it doesn't work out. You have to take a risk. And that's part of taking risk is thoughtfully doing that. And I think by dipping your toe in, you're able to do it in a thoughtful way and then learn more going forward.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, good. One of the things is talking a lot of the end users, and whether it be in the financial services industry or looking at how governments are using it, who are going to be the people that need it, want it or spending the time and being able to talk to them and sort of get that sense.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I also think just as participants in the financial system, knowing how the financial system is evolving, how markets are evolving, we could talk about blockchain and crypto, you can talk about payment for order flow. There's all kinds of things that as allocators and investors, you've got to be aware of. And so spend a lot of time researching all those different topics. The second view that I'd say we're forming around all this is that it's a little bit like online retailing or even Warren Buffett in his comment about airplanes like this could be a game-changing technology, but the destruction of capital because of so much money flowing in, we could all be changing how we trade, how we clear, how we transact, how we communicate. But it's not clear. Any of us will have made money on that sea change.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's been interesting to watch the VC community. They were the ones who adapted it earlier, right? And then there's ones who are now slowly adapting it. So I think it's been interesting. We always get our best research from our managers. That's the whole point. We want independent research. We want it from people that we think are critical independent thinkers that can be intellectually honest. So I think it's been interesting to watch VCs who were not in it originally, who are slowly like dipping their toes into things and getting their thought on it, as well as people who were all in. I mean, you want to see all sides of the equation and then look through the research and what it says and how independent it is and what it looks like. So I think that's been for us the most interesting is just from our managers.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Only going to get you so far, right? You could look at it. Like, it's easy to say blockchain's important, cryptocurrency, who knows, commodity-like, but it's just a whole different world. I think it's been interesting.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, it's like always being bearish. We're never wrong. We're just early, so. Chain analysis is one. And so there's some great companies that it doesn't matter who's going to win or as long as the technology is used. It's figuring out how do you sort of take advantage of that and be the toll booth. It's like going back to 2000. You didn't know which companies were going to win, but there were opportunities to take advantage of the growth and the evolution.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have done a decent amount of investing, including venture investing in blockchain and DeFi. So notwithstanding the fact that by the way, we're not bearish on Bitcoin. We're just not bullish on Bitcoin. We're just agnostic because who knows where the thing should trade from a price perspective. But the fact that we're still trading stocks through DTC and settling two days later and it still takes weeks and lawyers to settle loan trades is absurd, right? And so the fact that we need better technology to be able to transact and to be able to do it in a more decentralized way makes complete sense. So we're totally in favor of the technology and think that's going to be revolutionary and want to be invested in it.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Definitely more like the blockchain aspect of it, which is definitely interesting and adaptive to many different areas, like even in healthcare and COVID. But I think we agree, we don't want to put our head in the sand because people are actually using it to actually transact. And so it's important to pay attention to what's going on. But I think that we liken it the way Brett's describing it, kind of like gold. It's this what people view it at any point in time as being valued, but it's hard to underpin an actual value to it. And it can't really be used like currency in terms of there's lots of things you can do with a currency, with the government in terms of more supply, less supply. You can't really do that.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“What do you think of the Chris Dixon case that the best asset to own over the last 20 years was domain names? If you bought pizza.com 20 years ago and held it because more people came into the ecosystem, it became worth a lot more.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“All right, crypto. You guys doing anything crypto? Agnostic. What does that mean? What does it mean? I think of crypto as a commodity like gold. And I have a very hard time, or we as a firm have a very hard time investing in anything where the”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“New artificial hip, so I'm definitely not doing any running. Did you get a hip replacement? I did. You're not that old. Price of titanium has gone up since then, so it's been a very profitable investment.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a good question. I think one thing I have learned is when you're talking to boys, you shouldn't make contact with them. So maybe we need to do more. Ted used to do the running and stuff in interviewing. So maybe we should consider doing more of that”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Since Yale. Meredith and you 28 years we started Coleman in 93 and I have business go together. So suffice to say we've known each other a long time, I guess. This is the first time we've seen each other since COVID. So, has life been? Casey.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enjoy this as much as I do, this crew. Reach out to Hanker me and let us know. I suspect I can cajole them into doing it again. Until then, please enjoy my most recent gathering with Brett, John, Meredith, and Casey You're going to start laughing. All right, this is a little bit of a different show. So quick intros, just so everyone can hear voices. Brett. Hey, Ted, happy to be here with you. John Harris. Everyone knows me. Meredith Jenkins is going to be joining us in a bit. So we have had dinner together talking about investing in life. We're trying to figure out how long. Brett thinks it's 20 years. 2001. It's after I started Persia. That was like a 102. So let's call it 20 years. And that was around the time Brett, you and I met Projay and John and I met. Case and I had known each other for 25 years”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today's show is a little different from previous ones. Our chief of staff, Hank Sturmack, had an idea to blend investing with some fun. It turned out I had just the crew. For the last twenty years four friends and I have met for dinner regularly to talk investing. Three of them, Rep Barth from BBR Partners, John Harris from Alternative Investment Management, and Meredith Jenkins from Trinity Wall Street are past guests on the show. The fourth, Casey Weylen from Truvo Partners, was a colleague of mine at Yale back in the mid-90s. We recently got together in Brett's offices and riffed on a range of topics, including COVID, crypto, nuances and private equity in hedge funds, non-institutional investing, China, diversity, and ESG. We closed with a round on the two people who most influenced our careers.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · 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 keep up to date by visiting capitalallocators.com.”
2021-09-27 · Capital Allocators · Friends Reunion – Five Allocators Riff on Investing (Capital Allocators, EP.215) · IDENTIFIED FROM THE TRANSCRIPT · source