YouSaid · the spoken record

Sandra Robertson

lines on the record: 100
first: 2020-04-13
most recent: 2020-04-13
sittings or episodes: 1
sources: podcast

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“I think it is, I hope that young women today don't have this as much perhaps as my generation, but have more self-confidence and belief because I suffered terribly from the imposter syndrome in my earlier career. I always had this weird thing that I get found out.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I grew up in a very Scottish Protestant background, so I think a work ethic, really strong work ethic my parents really instilled that into all of us.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“I read, I travel, I meet incredible people and constantly reevaluate what we do dries my team members nuts as you can imagine.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I can actually just isolate one. I think the biggest thing is the investment industry overcomplicates everything. Overcomplication and this fixation on relative returns drives me nuts.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I must confess I love walking. I have a group of friends and we regularly will go for girls walking weekends and then Yoga I do a lot of yoga.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Cash, well, a cache has actually been quite high recently. I think at the end of December, Cash and bonds was about 8%, and it's been around that level.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been super tough. We have no vanilla or plain vanilla, as your Americans say credit in the endowment fund at all. It's all specialist credit, and that tends to be with groups who can invest globally, public, private, semi-distressed, stray situations. It's quite a small portion of our book, it's about 6% or 7%.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just under the GP level, but a little bit frustrated because there's a lot of capital, braver and braver it's spinning out. And one of my colleagues David is fantastic in the UK market or being aware of who's good and that. So that's an area that we will continue to build out and develop a real estate or a property portfolio is an area we really want to build out even more. It's been quite tricky in the UK pricing, it's been very rich. We might have more opportunity now.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gosh, I think for us probably more on the thematic side, we've identified two or three things all related to resource efficiency where we actually just want to spend more time on understanding that. We've got a great group of public equity managers. We've got a little farm team. Again, that will always be something that's constant in the portfolio. We back quite a lot of new private equity groups. People experience investors that have come together and I think that's an incredible thing about the industry is that these young talented”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So our liabilities are annual distribution and our outstanding commitments. Our outstanding commitments are dollar liabilities. So that's another complication that we have to manage as well. So actually our biggest contractual liability is in US dollars. Biggest moral liability, which is my annual distribution to my investors, is sterling.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So something we look at every month, I was laughing because I was emailing Jack today about our currency hedge and given that it's a risk. Environment is the currency hedge appropriate? Should we lower it? Should we increase it? But to be very honest, it's really only the dollar that we focus on because although we have Exposure to a wide variety of currencies, it's the dollar really where most of our assets are. I mean, even that's where Chinese managers are managing to the dollar. So that's one things that we look at and think about a lot. But we don't have a strict formula in terms of what three things lend me to the right answer. You know, is it 120 or 127 at that point we'll hedge? constantly looking at it, re-evaluating it, looking at our underlying exposures are.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, every university CIOs listen to this, they'll be laughing. So we not only does oxystraate colleges, but as hundreds of separate trusts that have been set up over the years, that actually the Central University doesn't manage. So we have 40 different investors. The Central University is clearly our biggest and it's our corporate shareholder as well. But those Are mainly from what we would call the collegiate system. We have four to five investors who have come to us who are not Oxford charities, but they are charities and we've gotten to know them either through their donors to Oxford or through other investment committee members in the collegiate system.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we very much, it's all about having a long-term view. I don't know that makes us different. So we're structurally different. We got a lot more stakeholders or investors and we're very much focused on having a very simple concentrated approach that suits us and suits our skill set.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“There is an advantage to us being in the UK and a disadvantage to being in the UK in that we've got great relationships with our Endowment Foundation peers but we don't have that fear of missing out all the time. So I think we try and build on what our skill set is, building our investment committee are comfortable with, what our investors are comfortable with as well. And so we don't like to be different for different sake, but if you think about us compared to an ENF, we're business. We get inbound inquiries, but we have to convince investment committees to give us their money and lock their money up for five years. We have to make sure they know and understand what our performance is over that time period. We do not report quarterly numbers. I couldn't even tell you what my quarterly numbers were.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think rather than deliberately try to do something that's different, I think we try and do what's right for us and our pool of capital. And that actually Means that you have to be pretty strong, you have to have a very clear investment philosophy and approach and you have to be comfortable with missing out”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of selling a different line of the business, which he hadn't told us about. Yeah So we were really disappointed to cut the trade, as my old boss used to say.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it made the mistake of somebody, a placement agent, sent us a pitch with their business name on it, and that was quick phone call in.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“We made one we got in and out quite quickly actually. Very, very good idea on paper, young, eloquent, smart, smart guy addressing particular markets where you went looked at the underlying businesses, great free cash flow yields. So there were two things happened. He raised a lot of money and we found him in other areas through other managers that that's not why we'd employed him to do that. And we find I'm creating different business lines and also not being entirely honest with what he was doing. It wasn't criminal, it wasn't illegal. We really need honesty from our managers.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Particularly in areas like commodity. We've always tried to stick to what we know, and I knew nothing about commodities. We tried to find really smart people, and actually it was really tough. There are smart people, but they get it wrong as well. And of course, commodities, when you get it wrong, oh, you know, it's not pretty. So I think for us it was learning actually and being honest with ourselves about how little we knew.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think in the early days when we were setting out we had this inflation hedging area a lot of US endowments had it and we thought well Let's have that when we start off because that seems sensible. And then as we actually dug in more into it, and our committee were fantastic on this, which actually just doesn't make sense. Let's not do that. So that was a mistake. We didn't lose money, but we perhaps weren't as pure in our thinking as we should have been”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have to be very, very aware of all of this. Think we just got better at what we do. We're constantly revisiting how we think, we're constantly revisiting our assumptions about things, when we're wrong, understanding why we've been wrong on something and trying not to do it again. But you can't be an investor if you're not prepared to get something wrong.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think the sheer weight of money in the market is phenomenal. The pools of wealth that are now sovereign wealth funds, big pension funds, family offices, all investing with a very similar long-term view, that's really changed. There's a lot of demand for the types of investments that we like. The information flow, the noise in the market. Everyone feels they have to react to everything all the time. And then the jargon has just increased by at least 10x as well”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's actually just been a very long term sensible business decision. But the reality is we all still use fossil fuels. But we have to find innovative ways of weaning ourselves off them and doing it in a way that we don't disadvantage those where it's a cheap source of energy. So we've all got an obligation in this. And actually we've done a lot in our venture portfolio. We've found some great groups who are taking truly innovative ways, very focused on making money in addressing this resource issue as well whether it's through reforming what we do in agriculture and how we shop, how we eat, all of those things. You have a whole generation who really care about this and who are buying these products and that is a way for us to make money and again it was one of our themes.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we don't impose it. Again, it comes back to having really, really active management. We publish actually where our exposure is to fossil fuels. But because we have really long-term active management, we actually have very little in this. I think we've got 0.6 for a whole book in fossil fuel extractors. And that hasn't been because”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very difficult for people to get their arms round in some ways, and take it actually to, like, companies just have to manage their resources. They have to manage what their output and into the environment. They have to be responsible for that. But let's give people clear tools that they can actually measure it by.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think that you can imagine we have many engaged students and we have some of the leading climate scientists at Oxford. So for us it's always been on our agenda. I think for us it comes back to this resource efficiency. There is no doubt that we have to stop polluting the planet. Carbon is one of these areas. So I think that industries and companies, we just have to get better at understanding what the output is. And at the moment, there's so many different standards, there's different ways of doing it. So I think that's one of the clear things that we actually have to have agreement on in how do you measure this? Because if you can't measure it, you can't reduce it. And so I think that if we take it again away from the ethical, moral areas, which tend to be”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has come because there is this disconnect, whereas we just view it actually if we have great managers, we understand their culture, we know their interests are aligned. They're long term. They do incredible diligence on their businesses. They're engaged donors with their businesses. Then you generally come out to pretty good outcome anyway. But if you own 4,000 businesses in an index, you don't know what you own. So it's a funny when I think a lot of people get a bit scared about ESG because a lot of it has been mixed in with this ethical overlay as to thou shall not do. But for us, it's just common sense. You just don't want to be in poorly managed businesses that are going to have terrible reputational issues, therefore it's going to affect the stock price and it's ultimately not a great thing to own.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Active managers struggled without performing market indices because that was the mandate they were given by investors, there's been less emphasis on actually knowing and understanding what you own. So I think that there's become a disconnect between many asset owners and actually the companies that they manage. So I think this whole area of ESG”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we've always done them. I think that if you try and separate it out and make it a different activity, I think that's just bizarre. But if you take it back to one of the reasons I think that... Investors struggle with it today. I think it's because Truly active equity manag Know the businesses and they think about the companies they invest in as businesses and they think of themselves as engaged business owners. So they are having dialogue most of the time with the management teams on various issues. Because our managers want to own these businesses long term, they will tend to go for the highest quality managers with the best management teams. I think what's happened in the industry is of more and more people are”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Touched on this ESG, and it's certainly... Gathering momentum as a concept, particularly with climate change, and it seems in the UK has been well ahead of the US over time. How have you thought about integrating those principles into your investment approach?”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“If your venture fund is tiny and you've made billions, that's quite difficult. I think that comes down to the culture of the group and really understanding what drives them. And a lot of the very successful VCs have limited their investor base to endowments and foundations, and they love making money for them, for these causes. We invite our managers to Oxford once every two years for a dinner, and they really can see and we get a couple of the professors to come and talk about what they're doing. People love that and they can see actually the impact of the profits they're making.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“The whole venture capital world, and you mentioned Mike Morritz, these sort of legendary venture capitalists, you'd like to have them have a lot of their capital alongside of you. But the most successful ones have made so much they actually don't or can't. How do you think about alignment in a situation where the individuals managing your money by definition have to be doing something else with most of their money?”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Rarely it will be a fee decision. So It will be is this fee appropriate first of all is the structure appropriate for the strategy and what are the net returns likely to be after all the fees you know most of our managers are so transparent on the fees I think my issue is when people are not transparent on the fees as opposed to the absolute fee levels it's one of our best managers has always been really upfront on all the costs that are in there and they're big costs but his net returns are fantastic”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“But there's I can't say there's a particular fee that's right or fee structure that's right, but I would just say that it's something we look really careful How much usually very little L is going into the manager's pockets on an annual basis.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've raised the issue of fees Think for me is you really have to look at what is really driving these groups. Is it the carried interest and the profits they're making alongside you when they sell or do a fantastic job and make great investments? Or actually has the revenue from management fees got to a point where the carry is just icing, you know, it's a little cherry on the cake. It's not actually what the organisation is about. And I think unfortunately what happens is if organisations raise significantly larger funds but don't necessarily invest in their businesses that profit from the management company can be a real driving factor. And I think that is just every investor has to really make sure that they understand what is driving the managers and if their interests are aligned with”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really do vary from a flat AUM fee to One of her managers has quite rich one in twenty, but actually it only crystallizes when you leave the fund 20. So, yeah, of course, would like her feasts to be lowered, but the net returns from these guys are outstanding.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So the hedge fund managers that we have in our equity book, I think of them as equity managers just with a wider set of tools to manage risk. Some of them will be great at shorting. Some of them will tend to just hold cash in times of where you don't feel they can deploy that capital. I think hedge funds is really a very difficult. Thing to pin down for us, it's a structure and the fees”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we really only have global managers. We don't really separate it into US and UK. They might only do a UK mandate, but they're compared and contrasted against the opportunity site globally. But we do look at the risk and the liquidity and the terms and the fees of our whole book. We don't have a hedge fund portfolio. We will have hedge fund-like managers in our global equity portfolio.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we're now down in our equity book including our farm team managers. We've got 15 different managers now and we had about 20. After doing my maths because we've been adding quarantine. But last year we redeemed or sold from six groups.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Last year, we really trimmed the number of managers we had in the equity book. So we spent a lot of time with the existing managers making sure that we could get the capacity or we were on their list if they felt the time was right to buy. The great thing about a lot of our managers is they're quite disciplined as to when they'll accept capital. And so many of them actually use commitment lines, which is good and bad. And so actually quite a few of them have called those in the last two weeks.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“For as yet, you know, it's not particularly great that happened at the month end, that's never great, but you know, we just don't panic. It's just, let's get the facts, let's understand what's going on out there.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think for our team is to me this isn't a surprise and I think you might have a whole generation of younger investment professionals who haven't seen markets go down. And I always talk to them about 97, 98, two thousand to two thousand three and welcome we had three years of down, I think it was double digit negative returns. That's not a nice place to be. And so it's actually, let's just understand how our managers... What opportunities, what risks they feel that this has presented to them. So they will have a lot of dialogue, whether it's on WeChat, Slack, picking up the phone term managers. And thank goodness not many of our managers are panicking. In fact, some of them are really quite excited about looking at their expected IRRs from here going forward or public managers sitting on cash.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, one of the things about our structure is that OUBM, Oxford University Endowment Management is a regulated manager, so we make all the investment decisions. Our investment committee are there for guidance, policy, a fantastic resource to have, but effectively we as the team make the decisions. We meet on a weekly basis, but we have open dialogue. The team will all have areas or managers that they're responsible for, and the directors are responsible for making a call as to when to add, when to redeem, trim their portfolio. So they have a lot of responsibility, but we have open and frequent dialogue with that. A very detailed process on what information has to be included, but you can imagine over the last week there's been a lot of dialogue.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have Deputy CIO, and then we have investment directors, we have then a sort of midly layer, which is investment managers, and they're all trying to replenish that with a group of analysts coming through and encourage them to do their CFA. And we like to grow our own talent.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have two brilliant guys who only do property. They're the only specialists on our team. But in the UK property market, you really have to have people who know where to find things, how to source things. It's a really small market. Everyone knows everyone. And our two guys there both on the investment side and the asset management side have just an amazing job for us.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“We had a little flooding to oil and gas partnerships, but we just figured out that actually there's some great talented teams in there, but we just thought that perhaps they weren't thinking through the longer-term dynamics of the demand supply of the industry. These are long-term partnerships you've got to be in as well. So we didn't do that. We had, again, a little flurry with this whole idea that commodities were good inflation hedge, but we just figured out that was nonsense. So we got rid of those. And so now it's just pure property and we buy that directly.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“We would have to stop trash in the world in terms of its natural resources. You know, we'd have to really start using less so that we were outputting less, particularly in the needs of carbon. So resource efficiency for us has been a long enduring theme, although we've really struggled to find anything that Was data driven. because I think the They mean by these phrases, but we always thought about it as resource efficiency.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think they're not novel, most people have them, and one of our, I'll go through two of our sort of enduring themes. And one is really the shift from the West to the East in the terms of consumption and watching that over the last 10 years, particularly in China. So that has been one of our themes, and that's played out very well, and that's been reflected in both the public and private portfolio. One we've had for a long time, although it's top of most people's agendas now, is this idea of, we called it resource efficiency. It was pretty clear to us as far back as two thousand nine ten that”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, what we do find is that the great thing about this job is there's a lot of really interesting people doing different things and thinking about doing things in a different way. And yeah, some of those will graduate. One's graduated up into the main portfolio and the others are still, we'll see. We give them three years.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source
“How they're building out the team around them because often you'll have one person and a couple of analysts and maybe a CEO that's come in from a prime broker or whatever. And it's watching them build their organisation, watching them how they communicate, how they deal with difficult periods, watching how they build out their investor base, watching when they call capital. Over the last two weeks, a lot of our managers have called capital on the public side. So it's watching them understanding them really, and I know our team spend a lot of time with them on their positions, how they think about their positions, why they sold things, why they're buying them, how they think about the overall portfolio management as well. So there isn't just one thing. I'd love to say it's just a whole different group of things. And some of them are better, some things than others.”
2020-04-13 · Capital Allocators · Sandra Robertson – Oxford's Queen of Endowment Management (Capital Allocators, EP.130) · IDENTIFIED FROM THE TRANSCRIPT · source