YouSaid · the spoken record

Ted Sides

lines on the record: 25
first: 2022-12-26
most recent: 2022-12-26
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

“None of this would be possible without the support of an unparalleled community of listeners, fans, and supporters. We have you to thank for our continued pursuit of compounding knowledge and relationships. I hope to see you in the coming year, Ted. Thanks so much for your engagement this year, and we'll see you in 2023.com, where you can access past shows, join our mailing list, and sign up for premium content. Have a good one, and see you next time.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Thought leadership, writing, and speaking. I poked my head out of the office this year as the world reopened, engaging in person with great allocators and managers provides a rich source of topical investment insights. At times a light bulb goes off in my head, and I put pen to paper to write a blog post. I wrote seven posts this year with my takes on Melvin Capital, ESG, and LBOs getting a lot of attention and positive unexpected responses. Those posts are available on the website under the tab blog. I increasingly have been asked to speak at industry events, sometimes as an interviewer, and other times as a keynote on the other side of the mic. I found both energizing and I'm looking forward to speaking more in the coming year.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our latest foray in manager storytelling is a joint venture with Gen Prosex Prosec partners and Rombas Gardi's eye Connections. The three of us came together to create LPTV, a forum where I conduct video interviews with managers about their strategies and topical insights, and we distribute the video across the iConnections platform, our website, and each of our social media channels. Our first session was a conversation with Robert F. Smith, Monte Soroya, and Michael Fosna from Vista Equity Partners about the deal making and operating environment for private enterprise software companies after the significant public market drawdown in the sector. We're excited to bring together our respective networks to share great conversations with the community next year. Interested managers can reach out to any of us to learn more.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“We continue to iterate on ways to help managers share their insights with the community. We receive incredible feedback on the value created for managers who appear on the show and allocators who find them. Many managers reach out to be guests on the show, but we have a limited number of slots and eye source all the guests internally. We conducted five sponsored episodes this year among those inbound requests. In each case, I prescreened and interviewed a manager that paid to appear on the show. Average downloads for sponsored episodes exceeded average downloads of non sponsored episodes, confirming our belief that a good conversation would not suffer audience dilution solely because of sponsorship.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Individual membership was roughly flat in 2022 from the prior year. Our data shows that 6% of listeners become premium members, so we're experimenting with ways to expand the top of the funnel. Our latest initiative is a fun segment of the show we call spread the word in between the introduction and interview. We hope you get a chuckle from our suggestions about how to tell others about the show. We are especially appreciative of our fifteen corporate premium members. The list of these investment organizations is available on the website under corporate members. This group quietly and generously supports the show without asking for much in return beyond sharing the benefits of individual membership with their team. They deserve our deepest gratitude. Manager Storytelling”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“The podcast business is a media asset supported by both sides of the platform, sponsors and listeners. Sponsors share their message at a scale unmatched in the institutional investing industry. We believe the value proposition of building brands through affiliation with capital allocators is second to none. Eleven sponsors advertised on the show this year, led by anchors Northern Trust and Janice Henderson Investors. We changed the way we deliver sponsor messages in the fourth quarter. Previously, when a sponsor advertised on an episode, their spot remained with that recording indefinitely. Our conversations have unusually long shelf lives. For example, the very first conversations we released five years ago still receive a few hundred downloads each month. In fact, new shows receive only fifteen percent of total weekly downloads. As a result, we previously offered new sponsors.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Podcast engagement continues to accelerate. Capital allocators reach thirteen and a half million downloads at year end, of which five point five million came in twenty two. Our library receives approximately one hundred thousand downloads each week, an increase of fifty percent from a year ago. Apple created a new metric this year called followers, and our show counts forty seven thousand at year end. Apple's platform comprises approximately seventy five percent of our downloads, so we extrapolate that our community is about sixty thousand strong. According to Spotify, capital allocators spans ninety eight countries and is in the top one percent of podcasts followed and those shared globally. Sponsors”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Podcast The hub of our ecosystem is the capital allocators podcast, which passed its fifth anniversary in April. We shared eighty conversations this year that canvassed CIOs, managers across asset classes, and interdisciplinary thought leaders, and included two mini series, ten manager meetings, and season one of private equity deals. Private equity deals is a new show where leading managers and private capital strategies describe a portfolio company or recent exit. The conversations resemble those GPs typically hold with LPs behind closed doors. Each episode describes a company and deal revealing how each GP practices their craft.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“After quitting the fund launch, I put the two most important intrinsic aspects of the fund into practice in other ways. Underneath my interest in launching a fund laid my desire to stay engaged as an investor and to share my investment ideas so I could benefit my managers and like minded allocators. On the former I added the new advisory relationships with FG, Ten East and Marblegate, each of which provides active engagement with investing. On the latter, our quarterly transparency report for premium members gets the ball rolling, and our CIO summit and future events will supercharge connecting industry leaders and investment ideas.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Additionally, the more time I had to focus elsewhere, the more I heard about the resonance the podcast is having in the community. It struck me that the podcast creates far more value than what I could deliver in incremental investment returns. If my own sense wasn't enough, in October I received with intelligences Citizen of the Year award at its inaugural allocator prizes. I imagine that unexpected honor would not have happened had I spent most of my time managing a fund.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Second, and fortunately in retrospect, I quit before it was apparent to anyone else that the project would not be successful. two Quitting on Time usually feels like quitting too early. I can't know for sure that fundraising wouldn't have been successful, which is the problem with quitting on time, but I do know that shifting my focus away from the fund led to the ideas for private equity deals, summits, and LPTV. four of the book Opportunity Cost”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“But again, my heart wasn't in it enough to dedicate the time and resources required to extend my investing beyond what I'm doing personally. So, as Annie would say, I quit. The decision making lessons from quitting the pursuit of investment fund come right out of Annie's book. First, I made an unforced error in building a pedestal before tackling the monkey. See chapter six of Quit, Monkeys, and Pedestals. I spent time and resources putting together an institutional infrastructure for the fund, the pedestal, without gathering sufficient information about the receptivity of capital, the monkeys.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Shortly after sending out that letter, I woke up with an empty feeling in my stomach. I anticipated that the reception of the fund would be binary, either sufficient capital would come in to allow us to build a small investment team, or we would face a slog to get to critical mass. My gut told me that our non institutional investment approach and structure did not have a natural audience in the institutional community, and we would not easily gather assets from individuals either. More importantly, I lacked the time and desire to push that boulder up the steep hill required to make it work. The activities around the podcast, events, advising, and thought leadership give me great energy. Investing does as well. Raising capital? Not so much. I made a quick decision to set aside raising capital and see what happened. It became readily apparent that creating a fund wasn't in the cards this time around. I considered a single strategy.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“To hold up for extended periods of time. Marblegate's office provides a wonderful local option for me to descend from the castle on occasion Any duke published quit in October. It's a phenomenal expose on the value of learning when to quit a direction that no longer has positive expected value. In last year's annual letter, I hinted at a new venture to start an investment fund. In January, I sent out a letter to the many of you who checked the box as an accredited investor that described a flexible vehicle to expand my personal investing.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is a former client from my protege days and the most thoughtful, investment driven, independent consultant I encountered from that time. I was tickled when Greg Dowling invited me to join their advisory board next year alongside highly regarded CIOs. Ten East is a startup investment platform that arose out of Michael Lafelle's family office. Michael was a partner at Davidson Kempner for many years who retired a while back. He's been investing his capital and sharing ideas with a club of similarly experienced investors ever since. The Ten East platform shares co-investment ideas more broadly than Michael's existing inner circle. Lastly, my longtime friend Andrew Milgram welcomed me to sit in Marblegate's Connecticut office space and I agreed to advise them in exchange. As an aside, my office is above our garage, which my wife and I affectionately call Rapunzel's Castle for my tent.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Advisory. Since leaving day-to-day asset management, I've advised a small number of allocators on their investment strategy and managers on their business and communication strategy. A list of my advisees is available on the website under advisory. Each relationship has been in place for several years with people I have known for as short as a few years with Jonathan Tepper at Pravat Capital to as long as over a quarter century with Richard Lawrence and his team at Overlook Investments. This year I started new engagements with Fund Evaluation Group and Marblegate Asset Management.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Excited to host the inaugural Capital Allocators CIO Summit in April. The event will gather a hundred senior decision makers from allocator and manager organizations to discuss topics of interest to them. Rahul and I extended invitations to allocator CIOs and were thrilled by the response. Neither of us recall seeing a comparable all-star list of CIOs coming together in this way. We quickly ran out of CIO slots and started a waitlist for future summits. Working off recommendations from the CIO attendees, we've been inviting managers to join us and are nearly sold out of those seats as well. We're looking forward to putting on a first rate event in April and are excited to organize more events going forward. Please reach out if you have an interest in attending one of our future summits.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Conceiving of capital allocators summits, we thought of putting together an event where all the attendees participate in the room where it happens from start to finish. We set a mission of fostering great conversations and connections that emphasized learning, sharing, and implementing to compound knowledge and relationships in line with our vision statement. Our concept is to thread the needle between passive thought leadership events and one on one capital introduction speed dating by gathering peers to actively participate in small group discussions.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“On the latter, I get excited ahead of time about attending an event with a great lineup of presenters, only to find my enthusiasm wanes after about an hour. No matter how good the quality of the roster, I find it hard to sit for hours, listen attentively, and learn much of value. COVID also accelerated the availability of leading investors on demand through videos and podcasts. It's no longer imperative to attend a conference to hear what's on the minds of great investors. As a result, the value proposition of thought leadership events has decreased, perhaps permanently. The only true value added of these events may be the conversations that take place during coffee breaks.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Rahul and I conceived of the idea to bring together small groups of allocators and managers three years ago, but the pandemic curtailed those plants. My experience attending investment conferences for a quarter century is a common one among allocators. Events are comprised of either capital introduction speed dating or high profile speakers. Capital introduction events serve a great purpose in the industry, directly connecting buyers and sellers. That need is well covered by our friend and adviseee Ron Buscardi and I Connections, whose flagship Miami event, charitable annual funds for virtual event, and best in class technology are powering the industry. Alongside i connections, Wall Street Prime Brokerage Cap Intro Events for Hedge Funds, ILPA's gatherings for private equity, and west and east coast industry matchmaking gatherings for venture capital do an outstanding job serving managers and investors. We see little additional value in creating a cap intro event in competition with these well run gatherings.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“and thought leadership Capital Allocators University and Capital Allocators Summits. Last year, after the release of my second book, we created a course to help allocators learn non investment frameworks required to succeed at senior levels of investment organizations. We conducted our second virtual cohort of capital allocators university this year and have now shared these lessons with a hundred investors. CAU attendees expressed a strong desire to get together in person coming out of the pandemic. For our next cohort, we're transitioning CAU from a virtual series to a one day seminar. CAU three will take place for allocators only at the Harvard Club in New York City on march ninth. We welcome allocators to join the cohort by registering at the website under university. Clear desire for high quality in person.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's begin with our traditional closing phrase. Internally, I refer to our activities as a series of experiments. We think of potentially productive ways to spend our time in line with our mission and take on each as an entrepreneurial venture. As you'll soon hear, we experienced the lows of a failure to launch an asset management business alongside the highs of growth in the podcast and new initiatives with storytelling and summits. In the coming year, we will aspire to achieve the following goals one make the podcast better than ever and share valuable content with the institutional community. two create summits and CAU experiences that leave attendees thirsting for more. And three, engage deeply in the community with ideas and investments. I'll walk you through these developments organized by our activities, events, advisory, investing.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“My ninth grade English teacher, Miss Wilner, advised to never use the words interesting or nice in composition when better descriptors are available. I thought of her when describing twenty twenty two as an interesting year. It's one of the few times I think she would find it appropriate. Across the volatility and uncertainty created by a hot war, a cold war, and a shifting global macroeconomic regime, we had plenty to discuss, digest, and learn. Hank Morgan and I, alongside our partner Rahul, experimented with new ideas, leaned into the ones that gained traction, and moved on from others. With the tip of the cap to my mom, who always reads the last page of a book before the first, I'd like to start with our goals for the coming year, turn to the exciting new things we have in store, and then review our activities from the year just past.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tune in tomorrow to find out which next episode you heard more than any other from Last Thanksgiving to this one. And with that, please enjoy my annual letter to you, describing our business, performance this year, and the year ahead. Your stakeholders. May you live in interesting times, ancient Chinese curse. I'm excited to share our third annual letter to set the table, I'll start with our why. Our mission is to learn share and implement the process of premier investors. We carry out that mission through a set of six shared values summarized by the motto compounding knowledge and relationships. You can read about our values on our website capital dot com under the subheader about.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · 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 join our mailing list and access premium content at capitalallocators.com. Hi everyone, it's that time of year where I share my annual letter and a rundown of the top episodes of 2022. We're adding a little drama to the results this year by counting down the top five each day this week. And here it is, coming in at number five is Annie Duke, the power of quitting episode 273. You likely noticed that we've replayed that episode in the field.”
2022-12-26 · Capital Allocators · Year in Review 2022 (Capital Allocators, EP. 289) · IDENTIFIED FROM THE TRANSCRIPT · source