YouSaid · the spoken record

Sam Sicilia

lines on the record: 94
first: 2019-07-01
most recent: 2019-07-01
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

“I like to look at our private equity portfolio in two phases. The Legacy Fies we were still in In diapers being the US phrase, in nappies being the Australian phrase, where we were relatively unsophisticated as investors and we were taking funder fund private equity investments on their terms and some of those legacy portfolios are still there. And you can't get out of them? And you just need to do the time until they come to a natural end of their lives. We put cash in and we expect cash out, but that's about it. And they're just on care and maintenance.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Turn a little bit to private equity. Your portfolio is public, and as I looked at your private equity portfolio, it's quite different from large brand name private equity managers, which you might expect for a large and growing plan. How have you thought about manager select”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“The real issue is that pension funds were designed at times when people retired at age sixty five and conveniently died at age sixty eight. Today, people retire at 65 or 70 and live to one hundred eight. How are you going to survive thirty or forty years not working, not generating an income, living off your pension accumulation? That equation doesn't work. And that story doesn't end well Because people vote all the way to the grave in a democracy this doesn't end well.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything changes. Everything changes. We're looking ahead and we're assured and by all estimates I think this is right that we're going to have low growth for much much longer. That's fine. My argument is if 3% for argument's sake is all that is out there to be gotten, then go and get it and get it. The problem is that if you have a defined benefit fund, which host plus is not, where a defined contribution fund, more like a four hundred one K, but we're not a defined benefit fund, then that three percent return is a big headache for you. It's not matching your liabilities, not generating enough to meet. Your liabilities. That's not our problem. Our problem is whether our members are going to have enough in retirement.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, the tricky part of that also is okay, you move up the risk curve to get tens and twelves, but in the environment where your purchased assets of six to eight are tens and twelves, the development risk might be 14 to 16 So you're still taking the same level of risk and potentially pricing in a lower return expectation.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Open up a new one that now has development risk in it. And so you can start to see how you don't need to take up the 6% operating asset. You've moved up the risk curve back to your tens and 12s, but you're taking on more risk. And so you might say, well, why are you doing that? Why are you taking on more risk and saying, well, because all you can get is sixes and eights. And if all you can get is sixes and eights, then you have a choice. You either take it or you don't. But complaining about it isn't a solution. Yeah.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“And there's different schools of thoughts. And so as your pool of capital grows and you don't find places to deploy it, then you are in fact just sitting at there in cash and it's a drag on investment return. So the temptation to invest in infrastructure assets that are generating 6% returns, therefore diluting your portfolio return is huge. But you should resist that temptation. That is not a good idea to go down that path. It's better to find some other way to deploy that money rather than chase down the returns and erode them away. So I'm a firm believer in that. One way of doing it is to go up the risk spectrum, so close that infrastructure portfolio.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“So today We're seeing a lot of money that's been sitting on the sidelines. Potentially bidding up asset prices. And a lot of people are saying, well, look at infrastructure, for example. It's been generating tens and twelves and 14s for core infrastructure asset. And in the future, that may only be sixes and eights and low teens. And should we chase that or should we not invest?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are bigger risks I get it, I do get it. There's the opportunity for human beings to not do the right thing in every circumstance. You really can't be there even if you had 100% internal management. You still need to trust your colleagues to do the right thing. And as you get bigger, you may have regional offices or offices in other parts of the world. That story starts to replicate itself and it looks like the scenario you painted earlier, sooner or later. So there are much bigger risks in the world to really worry about that can have an impact on that a political or geopolitical in nature that have a higher probability of eventuating or if they do the impact can be much more devastating.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and the flip side of it is, as you had mentioned, if you trip up one time in another country, you may not be welcomed back into the opportunity. So yes, that manager won't get your money again, but there could be some black eye on you as well. I'm just kind of curious how you think about that as a risk factor.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because thy want of future allocation That ought to be enough. Let them misbehave, and they're not likely to get a future allocation from us, or pretty much from anywhere else because pension funds talk to each other. We do reference checks with each other. That ought to be enough. But I understand your question. Yeah, on the flip side of it.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, there's always this principle agent question in external manager relationships. So if you were the steward of these assets, you could make the case that you are the manager of those assets and your ethics and morals and political system, whatever it is, understand how to steward those assets properly. When you give the money to a manager, how do you ensure that the manager's behavior is consistent with what you're espousing?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“How can you expect to get away with misbehaviour? And we need to generate returns that are like tens and twelve, not eighties and seventies. So the concept of supernormal extraction of wealth and abhorrent returns just isn't going to happen if you have pension fund owners. It's unnecessary.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Might in different jurisdictions, and that could be good or bad. But we have to be responsible owners of assets. Remember that Just because the copper in electricity wires is worth more than the electricity that's generated doesn't give you a right to shut down the electricity network and strip out the copper. If you did that once, what makes you think any government will ever deal with you again anywhere on the planet? So you can't misbehave not even once with someone else's asset, right? And that check and balance, you know, just a thought experiment again going back to that other notion.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“And as you look at those offshore, particularly on the infrastructure side, How much do you think about the political or the political economic aspects of, yes, if you owned a bunch of US infrastructure and that grew and grew and grew, does that have long-term political implications”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just under two thirds is offshore and about forty percent of it is domestic. There's a limit to how much we can do in a small country like Australia and over time that proportion will be increasingly forced offshore. We're looking to this country, to the US for infrastructure opportunities. You have an infrastructure need. I'm not telling you anything you don't already know. And pension funds in this country, your pension funds, pension funds in Australia, pension funds in Canada, pension funds in the Netherlands, good owners of assets. And together we could help build US infrastructure. And importantly, the infrastructure assets stay here. It's not like we're taking them away, right? So there's a whole conversation to be had about that.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Usually, when you think about those, to some extent, property and real estate, and certainly that's how people view infrastructure in those two areas, you mentioned you're using external managers. What's the split geographically?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody gets that, right? But your cash flows are pretty much guaranteed under those circumstances and you need to factor those in. Certain unlisted assets provide downside protection to equity markets. They are defensive in part”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Importantly we have no strategic asset allocation to cash or to fixed interest zero. It's not to say we don't have any cash, we have huge cash flows, just the SAA to those asset classes is zero. Our downside protection comes from unlisted assets. The volatility of the equity markets is dampened by the existence of unlisted assets in varying degrees and that's not just a valuation lag. It's also to do with the quality of the cash flows that you get from those assets. Ask yourself this. If the asset is an electricity generator or a water supply, how bad does the economic environment have to get before society decides to switch those assets off Cash flows are guaranteed. The returns may differ in a low returning world, everything goes south.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“We decided that the way to invest our pile of money With that time horizon and that demographic is to capture the equity risk premium and to capture the illiquidity premium. And so 53% of our strategic asset allocation is public equities, listed equities. It's a combination of domestic equities and international equities develop markets and international equities emerging markets. 53% in total. The other 47% is unlisted infrastructure, unlisted real estate, Hedge funds and private equity.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's hard to justify why I wouldn't trust Christian to attend on my behalf the airport meeting. I can't see how he could do something that would be of benefit to him and not to me. And so that communal investment spirit has served industry funds incredibly well, to the point where we own two asset management firms. So twenty or so industry funds and almost thirty or so industry funds own IFM industry fund management advisors or IFM advisors who does infrastructure globally and another entity ISPT industry super property trust who does real estate. When you own those vehicles and as I said twenty or so industry funds own those As vehicles, you can get preferential fees and you can deliver the fee saving directly to your members as a riskless return. How powerful is that?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“And if we take the whole airport, we can afford to get one tax advisor amongst all of us, share the cab fee, one legal advisor amongst all of us. Each fund would still reserve the right to get their own tax advice if they wish and their own legal advice if they wish, but I'm going to ask you, why would you do that? Why would you incur those costs? The assets the same. We'll all agree to use a substantial organization to provide tax and legal advice, etc. And then”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's also competition for a bigger slice of choice assets, but there's a communal investment spirit amongst industry funds that doesn't exist amongst retail funds. Let me give you an example, a hypothetical example. Let's say an airport is available for sale. If we could get together a group of industry funds that are interested in taking different slices of capital of the equity slice of that airport, then we can take the whole airport.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's look at the landscape Christian did a good job discussing the difference between retail funds and industry funds. He referred to retail funds as bank owned funds, for profit funds. So you can see why the answer there would be yes, there is a benefit to them, that they are a for-profit entity, so the more market share they can capture. Theoretically, the more fees they can generate, and that story is not an uncommon one anywhere in the world, right? Now let's talk about whether there's any benefit within the industry fund sector to compete with each other. Well, first of all, you can't help but compete simply by being in the marketplace together. So there's competition at that level. There's also competition for staff and resources.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“due diligence any way that you could erode value that is in your control you need to take action and if you do all of those things in the right way then the market will determine what the market delivers to you but it is incredibly important to have a board that is supportive and understands that landscape that you're operating in I don't need to solve the investment problems for planet Earth or for the Other investors I only have one pile of money to worry about, and that's host plus, and so it's just that characteristic that I need to worry about, and that characteristic has a particular dynamic, and if I can exploit that dynamic to their advantage, then why wouldn't I do it?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“They do, but there's no obligation for those core constituencies to remain. That's just the default that they are assigned unless they choose, but they have the right to choose at any stage. Back to your question about how do you handle the desire to be a long-term investor but the imperative to keep an eye on the short term? And the answer to that is it's always about risk adjusted return. It has to be. So ensure that you don't compromise on diversification. Ensure that you don't compromise on other sources of leakage of returns fees.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're fortunate the fiduciary system that we have has a board in place and a board that gets those characteristics, understands those characteristics, will understand the need to put a time horizon attached to the return objectives that's commensurate with your characteristics. So for host plus our return objectives are inflation plus 4% per annum over 20 year periods. So why am I focused on short term? Well, it's still a competitive environment, and we still need to protect members from short term advertising that might attract them to some other fund. And so there is a need to consider the short term but not be driven by it. And so the answer to that is invest in equities and ensure you have downside protection. There's the risk control.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“How can you not win under those circumstances? You could lose it by being careless, by doing poor due diligence by Miss kicking the ball, dropping the bat, whatever the case may be, but if you do good due diligence and you're careful you ought to win, time is a good lever, and this is what we find so over the last twenty financial years Host plus has been top quartile in sixteen of them, and you can conclude that that's all skill if you like, but that's a lot of flipping heads, so something special is happening with a fund with that type of characteristics.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Ask yourself if you have a long duration with a young underpinned by a young demographic and you have a huge positive cash inflow to mandatory system and so a lot of cash comes into my fund and not a lot of cash leaves so the firepower to take advantage of any or all opportunities that come around. So in the last financial year we had eight billion dollars of net cash flow come into the fund. It's quite substantial. But if you had a fund with those characteristics, how would you invest it? And the answer invariably is Capture the equity risk premium and capture the illiquidity premium, unlisted assets. Those two alone, because you can afford the time horizon ought to be a winning strategy. So the characteristics of this fund means that you get given a home run, a free kick. Before the game starts every game.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“With a time horizon of 30 to 40 years, and remember the fund never gets old. Individuals get old, but they're replenished by young people all the time, so the fund itself because the industry remains young, the fund remains young. So as long as the We remain industry specific than that characteristic remains solid and the implication for that is that whatever investment strategy we come up with is unlikely to change unless the demographic changes”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are two funds in our country Hospitality Fund and the retail or shop assistant fund. Both of those funds have young demographics. Think about a young person's job almost anywhere in the world. That's the kind of places they gravitate to. Waiting tables, serving coffees in coffee shops or working behind a counter in a retail outlet. That's typical. About half of the first time job entrants belong to those two funds. And every other super fund in the country gets the other half. So those two funds ought to capitalize on the time horizon that's attached to that young member demographic. And so that time horizon can be 30 or 40 years. So ask yourself this. If you have a young demographic,”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“In a system that you cannot take your money out of the system unless you reach retirement age, which is currently 65, but more likely going to be 70 by the time they get there. You die, and most people choose the first option and not the second one, right?”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“probably helps to understand a little bit about host plus and what drives the fund because one of the lessons I've learnt over the years is that a pile of money differs from another pile of money when it enters into the marketplace because those piles of money have different characteristics. It's not just money. It has obligations, it has characteristics, it has different time horizons, etc. So unless you understand your particular pile of money, it's really hard to understand the strategy that's attached to it, right? So HostPlus is the national superannuation fund in Australia serving the hospitality, leisure tourism. and sporting industry. It's a young person's industry. We have one hundred eighty thousand contributing employers. And one point two million members average age thirty four.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“The investment staff is currently eighteen people, but we do not manage any money in house. At this point in time, we prefer to outsource all money management, and so the internal team have various roles.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“impacted by the global financial crisis and that there was a job to be done to steady that ship and thankfully the system has integrity and as a result of that the whole superannuation system has integrity and as a result of that the system made it through and the country made it through but today host plus is $42 billion in size and so you can see that over a short 10 year period that growth has been remandable.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“The fund had other staff, there were just no investment people there, the board comprised of nine people as it does today. It's just that they were the two that were driving, it might have been two or three others, driving that particular investment, they recognised that that was not a sustainable activity and it was time to get some in-house expertise and to work much more closely with the asset consultant that they had and still have in place, which is Jana and that relationship has been strong for many years because they serve the fund very well. But I was hired in March of 08, 2008. And of course, you know what happened immediately after that and the fund was $7 billion at the time and we immediately were in.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“So eleven years ago host plus was seven billion dollars in size. At the time it was November of two thousand seven and the host plus board was considering the acquisition of part of a shopping centre in the UK and you had no internal Investment staff whatsoever in the fund and you had the chairman of the board who's a forensic accountant in want of a better term and you had the CEO of Literally firing up Excel building their own models, and they had recognised that the time had come to consider bringing in some expertise.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“His consulting firm Towers Perrin was something that I should consider if for no other reason than he was a theoretical physicist himself and that he would be prepared to mentor me and hold my hand which he subsequently did for a period of time and so I entered that organization as an investment consultant and that led to Eventually working for another investment consulting firm, Frontier Investment Consulting, which had a client called Host Plus, and I was the consultant to HostPlus. And again, as I say, the rest is history”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“The initial entry was out of the university system I taught at an Institute of Technology which later became a University of Technology teaching maths to business students so there was that pathway and I decided at that point that I would specialize in forecasting in finance and I attended a conference I gave a paper at a conference and someone in the audience heard it or heard about it I never quite got to the bottom line but called me at home and basically asked whether I would like a real job And my immediate reaction was I have a job, in fact I have tenure, which means I was shackled to the university. I didn't want to leave. But when I met with that person, his name is Andrew Goddard, he convinced me that”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“I wouldn't say there was a point, but there was a curiosity Being a theoretical physicist, we were taught to do thought experiments. Think about theoretical physics, think about Einstein and general theory of relativity and recently we've had a young lady from MIT develop an algorithm to photograph the first black hole. But think about Einstein and thinking about the existence of black holes where no one had ever seen one. These thought experiments are important. You should be able to think first and fire up a spreadsheet. and the curiosity was that in finance everyone seemed to do the opposite. They would fire up a spreadsheet first, fill it up with assumptions and models, and then place a few billion dollars there and wonder what went wrong.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Unbeknown to any of us at the time on either side of that equation, that the advent of the personal computer and availability of computing time and the complexity of analysis of mathematics and the hard sciences like physics would result in an ability to get an edge in finance. And some of us discovered sooner rather than later that was never going to happen. The tools were just that, but the human element in finance and that the assumptions that you need to make swamp any of the other benefits that the data provided at the time. Interestingly, we're back again with artificial intelligence and machine learning and better data and more powerful computers. Let's see what happens this time.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“Maths is the bridge between science and finance, and so there was a time in the late nineteen eighties and early nineteen nineties the initial foray of the quants into finance as misguided as that was by those hiring the quants they seemed to believe”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“I grew up aspiring to be an astronomer. I have early memories sitting in front of a black and white television on the floor of my primary school, watching the Apollo Lunar mission it would have been nineteen sixty nine I would have been just shy of seven years old. And so as far back as I can remember I was attracted to the pursuit of science and ultimately I completed a PhD in mathematics and theoretical physics but the dream of being an astronomer went by the wayside along the way.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is Sam Cecilia, the chief investment officer of Host Plus, Australia's $37 billion superannuation fund. Sam joined Host Plus in 2008 after a storied career in academia and the finance industry stretching back to the early 1990s. During that time, he held senior roles both in Australian internationally, consulting at Russell Investments, managing assets at the Bank of Ireland, and consulting with frontier investment consulting and Towers Perrin. Our conversation starts with Sam's mathematics training and turns to his work over the last decade at Host Plus, covering the fund's long time horizon, his strategy to take advantage of that horizon, infrastructure investing for downside protection, private equity, venture capital in Australia, public equity focusing on people, hedge funds as a liquidity buffer, and working with the board.”
2019-07-01 · Capital Allocators · Sam Sicilia – Seizing on a Long Time Horizon at HostPlus (EP.103) · IDENTIFIED FROM THE TRANSCRIPT · source