36 Burst results for "Capital"

Fresh update on "capital" discussed on This Week

This Week

00:47 min | 1 hr ago

Fresh update on "capital" discussed on This Week

"In the sense that if it were to spread this consequential that's all they told me The White House COVID response coordinator says the U.S. is just not done with COVID-19 yet It's still quite disruptive and 300 people a day are still dying of this disease That's way too much Appearing on ABC's this week doctor Ashish jha urged people to get vaccinated get boosted and to wear masks in crowded indoor spaces Ja also noted that The White House was planning for a variety of scenarios concerning the coronavirus including the possibility of a massive fall winter surge The New York Post is reporting capital grille has signed a lease for a 15,000 ft² steakhouse along east 45th street This to replace Naples 45 at the MetLife building 200 Park Avenue the opening is said to be set for mid 2023 Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is Bloomberg daybreak weekend our global look at the top stories in the coming week From our daybreak anchors all around the world Just to him on the program it's all about Davos we're live in Switzerland all week for the World Economic Forum I'm John Tucker in New York I'm Amy Morrison Washington the global food emergency in what nations are doing to keep it from getting worse I'm Brian Curtis co host of Bloomberg daybreak Asia Didi global's USD listing what it means for the company going forward I'm Stephen Carolyn London We're looking at a major new rail line That's all straight ahead.

Covid Ashish Jha White House The New York Post Bloomberg Metlife Building Susanna Palmer ABC U.S. Naples Amy Morrison John Tucker Brian Curtis World Economic Forum Switzerland Washington New York Stephen Carolyn Asia
Jan. 6 committee wants to talk to Loudermilk about Capitol tour given the day before attack

AP News Radio

00:41 sec | 3 d ago

Jan. 6 committee wants to talk to Loudermilk about Capitol tour given the day before attack

"The house panel investigating the capitol riot wants to talk with another GOP congressman The committee wants to know about a tour of the capitol Georgia's very loudermilk led the day before the attack in a letter the panel says there are indications some people and groups try to gather information about the capital's layout The committee is now asked for cooperation from at least 8 lawmakers whom it believes have information key to the attacks planning and execution along with former president Trump's potential role in inciting it The request loudermilk comes a week after a dramatic move to subpoena top House Republican Kevin McCarthy and four other members Sagar Meghani Washington

Loudermilk GOP Georgia Donald Trump Kevin Mccarthy House Sagar Meghani Washington
Beijing locks down more people in China's 'zero-COVID' fight

AP News Radio

00:47 sec | 5 d ago

Beijing locks down more people in China's 'zero-COVID' fight

"Authorities authorities authorities authorities in in in in Beijing Beijing Beijing Beijing restricting restricting restricting restricting more more more more residents residents residents residents to to to to their their their their homes homes homes homes in in in in analysis analysis analysis analysis three three three three week week week week long long long long effort effort effort effort to to to to control control control control a a a a small small small small but but but but persistent persistent persistent persistent could could could could nineteen nineteen nineteen nineteen up up up up break break break break in in in in the the the the Chinese Chinese Chinese Chinese capital capital capital capital seven seven seven adjoining adjoining adjoining areas areas areas in in in the the the cities cities cities thank thank thank K. K. K. district district district could could could be be be designated designated designated lockdowns lockdowns lockdowns ovens ovens ovens for for for at at at least least least one one one week week week the the the areas areas areas near near near a a a wholesale wholesale wholesale food food food market market market that that that was was was closed closed closed indefinitely indefinitely indefinitely on on on Saturday Saturday Saturday following following following the the the discovery discovery discovery of of of a a a curve curve curve in in in nineteen nineteen nineteen cost cost cost of of of that that that he he he added added added restrictions restrictions restrictions come come come as as as Shanghai Shanghai Shanghai slowly slowly slowly starts starts starts to to to ease ease ease a a a city city city wide wide wide lockdown lockdown lockdown that's that's that's trapped trapped trapped most most most of of of its its its population population population for for for more more more than than than six six six weeks weeks weeks between between between breaks breaks breaks in in in Beijing Beijing Beijing and and and Shanghai Shanghai Shanghai the the the focused focused focused attention attention attention on on on whether whether whether China China China consisting consisting consisting it's it's it's strict strict strict zero zero zero covert covert covert approach approach approach I'm I'm I'm Charles Charles Charles de de de Ledesma Ledesma Ledesma

Beijing K. K. K. Shanghai China Charles Charles Charles De De
McConnell, GOP senators meet Zelenskyy in surprise Kyiv stop

AP News Radio

00:46 sec | Last week

McConnell, GOP senators meet Zelenskyy in surprise Kyiv stop

"A a a a delegation delegation delegation delegation of of of of Republican Republican Republican Republican senators senators senators senators are are are are in in in in Ukraine's Ukraine's Ukraine's Ukraine's capital capital capital capital I'm I'm I'm I'm Ben Ben Ben Ben Thomas Thomas Thomas Thomas with with with with the the the the latest latest latest latest as as as as the the the the media media media media including including including including president president president president Vladimir Vladimir Vladimir Vladimir salen salen salen salen ski ski ski ski met met met met the the the the delegation delegation delegation delegation on on on on the the the the streets streets streets streets of of of of key key key key city city city city posted posted posted posted on on on on his his his his telegram telegram telegram telegram account account account account shows shows shows shows him him him him greeting greeting greeting greeting Republican Republican Republican Republican leader leader leader leader Mitch Mitch Mitch Mitch McConnell McConnell McConnell McConnell along along along along with with with with senators senators senators senators John John John John Brasso Brasso Brasso Brasso with with with with Wyoming Wyoming Wyoming Wyoming Susan Susan Susan Susan Collins Collins Collins Collins of of of of Maine Maine Maine Maine and and and and John John John John Cornyn Cornyn Cornyn Cornyn of of of of Texas Texas Texas Texas Instagram Instagram Instagram Instagram posts posts posts posts the the the the once once once once he he he he calls calls calls calls the the the the visit visit visit visit a a a a strong strong strong strong signal signal signal signal of of of of bipartisan bipartisan bipartisan bipartisan support support support support for for for for Ukraine Ukraine Ukraine Ukraine from from from from the the the the United United United United States States States States Congress Congress Congress Congress and and and and the the the the American American American American people people people people Senate Senate Senate Senate is is is is working working working working to to to to approve approve approve approve a a a a nearly nearly nearly nearly forty forty forty forty billion billion billion billion dollar dollar dollar dollar aid aid aid aid package package package package for for for for Ukraine Ukraine Ukraine Ukraine passage passage passage passage was was was was delayed delayed delayed delayed Thursday Thursday Thursday Thursday by by by by senator senator senator senator rand rand rand rand Paul Paul Paul Paul also also also also a a a a Republican Republican Republican Republican is is is is demanding demanding demanding demanding an an an an inspector inspector inspector inspector general general general general be be be be appointed appointed appointed appointed to to to to scrutinize scrutinize scrutinize scrutinize the the the the new new new new spending spending spending spending I'm I'm I'm I'm Ben Ben Ben Ben Thomas Thomas Thomas Thomas

Ukraine Wyoming Ben Ben Ben Ben Thomas Thomas Maine Vladimir Vladimir Vladimir Vla Ski Ski Ski Ski Key City City City City Mitch Mitch Mitch Mitch Mcconn Texas John John John John Brasso Susan Susan Susan Susan Collin John John John John Cornyn Cornyn Cornyn Cornyn United United United United St Congress Congress Senate Senate Instagram Congress Senate Senator Senator Senator Senato
Panthers beat Caps in OT, win 1st playoff series since 1996

AP News Radio

00:43 sec | Last week

Panthers beat Caps in OT, win 1st playoff series since 1996

"The the the the Panthers Panthers Panthers Panthers have have have have advanced advanced advanced advanced to to to to the the the the Eastern Eastern Eastern Eastern Conference Conference Conference Conference semifinals semifinals semifinals semifinals with with with with a a a a four four four four three three three three overtime overtime overtime overtime win win win win over over over over the the the the capitals capitals capitals capitals in in in in game game game game six six six six series series series series star star star star Carter Carter Carter Carter he he he he followed followed followed followed his his his his five five five five point point point point performance performance performance performance in in in in game game game game five five five five by by by by scoring scoring scoring scoring two two two two forty forty forty forty six six six six into into into into the the the the extra extra extra extra session session session session the the the the goal goal goal goal came came came came after after after after T. T. T. T. J. J. J. J. Oshie Oshie Oshie Oshie tied tied tied tied it it it it on on on on a a a a power power power power play play play play was was was was sixty sixty sixty sixty three three three three seconds seconds seconds seconds left left left left in in in in regulation regulation regulation regulation Claude Claude Claude Claude Giroux Giroux Giroux Giroux had had had had a a a a goal goal goal goal and and and and two two two two assists assists assists assists for for for for Florida Florida Florida Florida your your your your goal goal goal goal is is is is to to to to keep keep keep keep moving moving moving moving forward forward forward forward but but but but more more more more series series series series and and and and the the the first first first step step step is is is done done done now now now we we we move move move on on on we we we turn turn turn the the the page page page and and and how how how we we we focus focus focus on on on wrong wrong wrong tutors tutors tutors for for for eighty eighty eighty had had had six six six goals goals goals and and and twelve twelve twelve points points points in in in the the the series series series for for for the the the Panthers Panthers Panthers who who who hadn't hadn't hadn't won won won a a a playoff playoff playoff rounds rounds rounds is is is reaching reaching reaching the the the nineteen nineteen nineteen ninety ninety ninety six six six Stanley Stanley Stanley Cup Cup Cup final final final the the the caps caps caps haven't haven't haven't won won won a a a series series series since since since one one one of of of the the the twenty twenty twenty eighteen eighteen eighteen Stanley Stanley Stanley Cup Cup Cup on on on the the the ferry ferry ferry

Panthers Panthers Panthers Eastern Eastern Eastern Easter Carter Carter Carter Carter T. T. T. T. J. J. J. J. Oshie Florida Claude Claude Claude Claude Gi Stanley Cup Cup Cup Stanley Stanley Stanley Cup Cup
Russian soldier to go on trial in first war-crimes case

AP News Radio

00:42 sec | Last week

Russian soldier to go on trial in first war-crimes case

"The the the the first first first first war war war war crimes crimes crimes crimes trial trial trial trial of of of of a a a a Russian Russian Russian Russian soldier soldier soldier soldier since since since since the the the the start start start start of of of of the the the the war war war war in in in in Ukraine Ukraine Ukraine Ukraine has has has has opening opening opening opening kickoff kickoff kickoff kickoff a a a a twenty twenty twenty twenty one one one one year year year year old old old old captured captured captured captured members members members members of of of of a a a a tank tank tank tank unit unit unit unit is is is is accused accused accused accused of of of of shooting shooting shooting shooting a a a a sixty sixty sixty sixty two two two two year year year year old old old old man man man man in in in in the the the the head head head head in in in in a a a a northeast northeast northeast northeast in in in in Ukrainian Ukrainian Ukrainian Ukrainian village village village village join join join join the the the the war's war's war's war's first first first first week week week week sergeant sergeant sergeant sergeant that that that that in in in in she she she she she she she she marine marine marine marine faces faces faces faces up up up up to to to to life life life life in in in in prison prison prison prison under under under under the the the the penalty penalty penalty penalty is is is is spelled spelled spelled spelled out out out out in in in in the the the the section section section section of of of of the the the the Ukrainian Ukrainian Ukrainian Ukrainian criminal criminal criminal criminal code code code code that that that that addresses addresses addresses addresses the the the the laws laws laws laws and and and and customs customs customs customs of of of of war war war war schools schools schools schools of of of of journalists journalists journalists journalists packed packed packed packed into into into into a a a a small small small small courtroom courtroom courtroom courtroom in in in in the the the the Ukrainian Ukrainian Ukrainian Ukrainian capital capital capital capital where where where where the the the the suspect suspect suspect suspect appeared appeared appeared appeared in in in in a a a a small small small small glass glass glass glass cage cage cage cage I'm I'm I'm I'm Charles Charles Charles Charles so so so so that's that's that's that's not not not not

Ukraine Marine Marine Marine Marine Ukrainian Ukrainian Ukrainian Charles Charles Charles Charle
Jan. 6 panel subpoenas McCarthy, four other GOP lawmakers

AP News Radio

00:54 sec | Last week

Jan. 6 panel subpoenas McCarthy, four other GOP lawmakers

"The the the the house house house house panel panel panel panel investigating investigating investigating investigating last last last last year's year's year's year's capital capital capital capital riot riot riot riot has has has has issued issued issued issued subpoenas subpoenas subpoenas subpoenas to to to to five five five five colleagues colleagues colleagues colleagues including including including including the the the the house's house's house's house's Republican Republican Republican Republican leader leader leader leader it's it's it's it's an an an an extraordinary extraordinary extraordinary extraordinary step step step step with with with with little little little little precedent precedent precedent precedent subpoenas subpoenas subpoenas subpoenas for for for for five five five five sitting sitting sitting sitting members members members members of of of of Congress Congress Congress Congress including including including including house house house house GOP GOP GOP GOP chief chief chief chief Kevin Kevin Kevin Kevin McCarthy McCarthy McCarthy McCarthy investigators investigators investigators investigators have have have have been been been been looking looking looking looking into into into into his his his his conversations conversations conversations conversations with with with with then then then then president president president president trump trump trump trump as as as as the the the the riot riot riot riot unfolded unfolded unfolded unfolded less less less less than than than than a a a a week week week week after after after after the the the the insurrection insurrection insurrection insurrection McCarthy McCarthy McCarthy McCarthy had had had had said said said said trump trump trump trump bared bared bared bared some some some some responsibility responsibility responsibility responsibility he he he he should should should should have have have have immediately immediately immediately immediately denounced denounced denounced denounced the the the the mob mob mob mob when when when when he he he he saw saw saw saw what what what what was was was was unfolding unfolding unfolding unfolding the the the the panel panel panel panel wants wants wants wants to to to to know know know know about about about about McCarthy's McCarthy's McCarthy's McCarthy's talks talks talks talks with with with with trump trump trump trump before before before before during during during during and and and and after after after after the the the the riot riot riot riot along along along along with with with with the the the the details details details details on on on on meetings meetings meetings meetings the the the the four four four four other other other other subpoenaed subpoenaed subpoenaed subpoenaed lawbreakers lawbreakers lawbreakers lawbreakers had had had had with with with with the the the the White White White White House House House House and and and and the the the the big big big big smoke smoke smoke smoke Brooks Brooks Brooks Brooks Jim Jim Jim Jim Jordan Jordan Jordan Jordan and and and and Scott Scott Scott Scott Perry Perry Perry Perry the the the the subpoenas subpoenas subpoenas subpoenas come come come come as as as as the the the the committee committee committee committee prepares prepares prepares prepares for for for for public public public public hearings hearings hearings hearings this this this this summer summer summer summer Sager Sager Sager Sager make make make make Connie Connie Connie Connie at at at at the the the the White White White White House House House House

GOP House House House House Congress House's House Kevin Kevin Kevin Kevin Mccart Mccarthy Mccarthy Mccarthy Mccarthy Mccarthy Mccarthy Mccarthy Mcc House Brooks Brooks Donald Trump White White White White House Jim Jim Jim Jim Jordan Jordan Jordan J Scott Scott Scott Scott Perry Committee Committee Committee Sager Sager Connie Connie Connie Connie
Comeback Cats do it again, rally to top Caps 5-3 in Game 5

AP News Radio

00:41 sec | Last week

Comeback Cats do it again, rally to top Caps 5-3 in Game 5

"The the the the Panthers Panthers Panthers Panthers earned earned earned earned a a a a five five five five three three three three victory victory victory victory over over over over the the the the capitals capitals capitals capitals to to to to grab grab grab grab a a a a three three three three two two two two lead lead lead lead in in in in their their their their opening opening opening opening round round round round series series series series carver carver carver carver he he he he collected collected collected collected points points points points in in in in five five five five straight straight straight straight goals goals goals goals after after after after Washington Washington Washington Washington took took took took a a a a three three three three nothing nothing nothing nothing lead lead lead lead on on on on T. T. T. T. J. J. J. J. Oshie Oshie Oshie Oshie second second second second goal goal goal goal of of of of the the the the night night night night Sentinel Sentinel Sentinel teammates teammates teammates from from from lot lot lot of of of friends friends friends and and and I I I mean mean mean yeah yeah yeah I I I mean mean mean it's it's it's it's it's it's nice nice nice hearing hearing hearing from from from family family family and and and friends friends friends and and and just just just so so so reaching reaching reaching out out out for for for Haiti's Haiti's Haiti's first first first goal goal goal of of of the the the game game game open open open to to to come come come back back back and and and a a a second second second put put put the the the Panthers Panthers Panthers ahead ahead ahead forty forty forty three three three just just just over over over three three three minutes minutes minutes into into into the the the third third third period period period he he he also also also set set set up up up goals goals goals by by by Patrick Patrick Patrick corr corr corr Quist Quist Quist Sam Sam Sam Reinhart Reinhart Reinhart and and and Claude Claude Claude Giroux Giroux Giroux our our our question question question Reinhardt Reinhardt Reinhardt scored scored scored two two two fourteen fourteen fourteen apart apart apart late late late in in in the the the second second second period period period tying tying tying the the the game game game game game game six six six is is is Friday Friday Friday in in in Washington Washington Washington I'm I'm I'm Dave Dave Dave Ferrie Ferrie Ferrie

Panthers Panthers Panthers Washington Carver Carver Carver Carver T. T. T. T. J. J. J. J. Oshie Sentinel Sentinel Sentinel Haiti Patrick Patrick Patrick Corr Corr Corr Quist Quist Quist Sam Sam Sam Reinhart Reinhart Reinhart Claude Claude Claude Giroux Giroux Giroux Reinhardt Reinhardt Reinhardt Dave Dave Dave Ferrie Ferrie Ferrie
Musk says he would reverse Twitter's ban of Donald Trump

AP News Radio

00:50 sec | Last week

Musk says he would reverse Twitter's ban of Donald Trump

"Ilan Ilan Ilan Ilan mosque mosque mosque mosque says says says says if if if if he he he he buys buys buys buys Twitter Twitter Twitter Twitter he he he he will will will will live live live live to to to to Twitter's Twitter's Twitter's Twitter's permanent permanent permanent permanent ban ban ban ban of of of of former former former former president president president president Donald Donald Donald Donald Trump Trump Trump Trump trump trump trump trump was was was was banned banned banned banned for for for for what what what what Twitter Twitter Twitter Twitter called called called called incitement incitement incitement incitement of of of of violence violence violence violence following following following following the the the the capital capital capital capital right right right right this this this this was was was was a a a a fraudulent fraudulent fraudulent fraudulent election election election election but but but but we we we we can't can't can't can't play play play play into into into into the the the the hands hands hands hands of of of of these these these these people people people people we we we have have have to to to have have have peace peace peace speaking speaking speaking virtually virtually virtually at at at a a a summit summit summit in in in London London London must must must call call call the the the trump trump trump ban ban ban a a a morally morally morally bad bad bad decision decision decision and and and foolish foolish foolish in in in the the the extreme extreme extreme at at at the the the White White White House House House press press press secretary secretary secretary Jen Jen Jen Psaki Psaki Psaki says says says it's it's it's up up up to to to Twitter Twitter Twitter to to to decide decide decide who who who is is is allowed allowed allowed to to to tweet tweet tweet our our our effort effort effort is is is to to to of of of course course course make make make sure sure sure that that that freedom freedom freedom of of of speech speech speech is is is protected protected protected across across across the the the country country country but but but that that that also also also these these these platforms platforms platforms are are are not not not used used used for for for format format format forms forms forms for for for disinformation disinformation disinformation Donald Donald Donald Trump Trump Trump has has has previously previously previously said said said he he he has has has no no no intention intention intention of of of rejoining rejoining rejoining Twitter Twitter Twitter preferring preferring preferring to to to focus focus focus on on on its its its own own own platform platform platform truth truth truth is is is social social social I'm I'm I'm a a a Donahue Donahue Donahue

Twitter Ilan Ilan Ilan Ilan Mosque Mos Donald Donald Donald Donald Tr Trump Trump Trump Trump Trump London White White White House House Jen Jen Jen Psaki Psaki Psaki Donald Donald Donald Trump Tru Donahue Donahue Donahue
Sheriff: Ex-jail official, inmate she helped escape caught

AP News Radio

00:49 sec | Last week

Sheriff: Ex-jail official, inmate she helped escape caught

"Hi hi hi hi Mike Mike Mike Mike Rossi Rossi Rossi Rossi a a a a reporting reporting reporting reporting a a a a former former former former jail jail jail jail official official official official and and and and an an an an inmate inmate inmate inmate she she she she helped helped helped helped escape escape escape escape have have have have been been been been caught caught caught caught after after after after a a a a tense tense tense tense manhunt manhunt manhunt manhunt that that that that lasted lasted lasted lasted a a a a week week week week and and and and a a a a half half half half this this this this is is is is a a a a product product product product of of of of our our our our press press press press conference conference conference conference we've we've we've we've been been been been talking talking talking talking about about about about all all all all week week week week that that that that we we we we wanted wanted wanted wanted to to to to call call call call Lauderdale Lauderdale Lauderdale Lauderdale county county county county sheriff sheriff sheriff sheriff Rick Rick Rick Rick singleton singleton singleton singleton in in in in Alabama Alabama Alabama Alabama announced announced announced announced late late late late Monday Monday Monday Monday afternoon afternoon afternoon afternoon escaped escaped escaped escaped inmate inmate inmate inmate Casey Casey Casey Casey white white white white a a a a jail jail jail jail official official official official Vicki Vicki Vicki Vicki white white white white were were were were apprehended apprehended apprehended apprehended tasty tasty tasty tasty white white white white and and and and Vicky Vicky Vicky Vicky why why why why are are are are in in in in custody custody custody custody singleton singleton singleton singleton said said said said U. U. U. U. S. S. S. S. marshals marshals marshals marshals caught caught caught caught the the the the two two two two fugitives fugitives fugitives fugitives after after after after chase chase chase chase in in in in Evansville Evansville Evansville Evansville Indiana Indiana Indiana Indiana but but but the the the program program program Katie Katie Katie white white white surrendered surrendered surrendered Vicky Vicky Vicky wider wider wider than than than French French French Quarter Quarter Quarter the the the hospital hospital hospital sound sound sound courtesy courtesy courtesy WAAY WAAY WAAY TV TV TV authorities authorities authorities had had had been been been searching searching searching for for for the the the two two two since since since April April April twenty twenty twenty ninth ninth ninth with with with Vicki Vicki Vicki white white white helped helped helped engineer engineer engineer the the the escape escape escape of of of Casey Casey Casey white white white who who who was was was awaiting awaiting awaiting trial trial trial in in in the the the capital capital capital murder murder murder case case case hi hi hi Mike Mike Mike Rossi Rossi Rossi

Mike Mike Mike Mike Rossi Ross Alabama Lauderdale Lauderdale Lauderda Evansville Rick Rick Rick Rick Singleton Casey Casey Casey Casey White Vicki Vicki Vicki Vicki White Indiana Vicky Vicky Vicky Vicky Singleton Singleton Singleton U. U. U. U. S. S. S. S. Marsha Katie Katie Katie White White Vicky Vicky Vicky Hospital Hospital Hospital Vicki Vicki Vicki White White Casey Casey Casey White White Mike Mike Mike Rossi Rossi Rossi
The Growing List of Problems by the American Marxists

Mark Levin

01:17 min | Last week

The Growing List of Problems by the American Marxists

"And when you attack the American commerce system and you attack our financial system and you tack our fossil fuel system you're attacking little babies who need formula People who need energy and on and on and on Meanwhile the Democrats are viciously and violently fighting their culture wars Trying to turn the United States into one massive abortion mill And they're being egged on by Biden the Democrat party Pelosi and the media We'll break these down one at a time But we're having problems now with meat wheat corn I read 20% less is being planted which means at least 20% less will be harvested Major companies are not prepared to spend the massive amount of resources capital necessary to drill for more wells when the government is telling them number one not to despite the leases and number two telling them that they're going to put them out of business

Democrat Party Biden Pelosi United States
Pulitzer Prizes award Washington Post for Jan. 6 coverage

AP News Radio

00:50 sec | Last week

Pulitzer Prizes award Washington Post for Jan. 6 coverage

"The The The The Washington Washington Washington Washington Post Post Post Post won won won won the the the the Pulitzer Pulitzer Pulitzer Pulitzer Prize Prize Prize Prize in in in in public public public public service service service service journalism journalism journalism journalism the the the the post post post post was was was was honored honored honored honored for for for for its its its its coverage coverage coverage coverage of of of of the the the the capital capital capital capital this this this is is is Marjorie Marjorie Marjorie Miller Miller Miller says says says the the the post post post found found found numerous numerous numerous problems problems problems and and and failures failures failures and and and political political political systems systems systems and and and security security security before before before during during during and and and after after after the the the riots riots riots nineteen nineteen nineteen with with with thorough thorough thorough lynching lynching lynching one one one of of of the the the nation's nation's nation's darkest darkest darkest day day day five five five Getty Getty Getty images images images photographers photographers photographers were were were awarded awarded awarded one one one of of of two two two Pulitzer Pulitzer Pulitzer prizes prizes prizes in in in breaking breaking breaking news news news photography photography photography for for for their their their coverage coverage coverage of of of the the the right right right the the the other other other went went went to to to Los Los Los Angeles Angeles Angeles Times Times Times correspondent correspondent correspondent and and and photographer photographer photographer Marcus Marcus Marcus yam yam yam for for for work work work related related related to to to the the the fall fall fall of of of Kabul Kabul Kabul in in in Afghanistan Afghanistan Afghanistan the the the Pulitzer Pulitzer Pulitzer prizes prizes prizes also also also awarded awarded awarded a a a special special special citation citation citation to to to journalist journalist journalist of of of Ukraine Ukraine Ukraine acknowledging acknowledging acknowledging their their their courage courage courage endurance endurance endurance and and and commitment commitment commitment in in in covering covering covering the the the Russian Russian Russian invasion invasion invasion which which which is is is still still still ongoing ongoing ongoing I I I made made made Donahue Donahue Donahue

The Washington Washington Wash Pulitzer Pulitzer Pulitzer Pul Post Post Post Post Marjorie Marjorie Marjorie Mil Miller Miller Pulitzer Pulitzer Pulitzer Getty Getty Getty Los Los Los Angeles Angeles An Marcus Marcus Marcus Yam Yam Y Afghanistan Kabul Kabul Ukraine Kabul Donahue Donahue Donahue
Overturning Roe v. Wade Will Return Abortion Law Back to the States

Dennis Prager Podcasts

01:12 min | Last week

Overturning Roe v. Wade Will Return Abortion Law Back to the States

"The hair is on fire. On the left. The, these people, with their constitutional fictions, with their earth hurtling out of its orbit, panic, and what's brutally ironic is they are the ones who are talking about rights, when the left approaches the abortion issue. They do so often by concocting rights that don't exist, like the right to terminate a pregnancy. That's not a right. It never has been. In 1973, roe V wade fictitiously invented it as one, but we're about to take care of that. And that's why they are going crazy. No, the right that has steadfastly held forever is the right to live the right to actual life. Now, when does that kick in? Conception, implantation, first trimester, ever those are the debates that play out across America, and those debates should take place in every state, capital, with every state, legislature. That's how the constitution works.

Roe V Wade America Legislature
Call Pence or Trump? It's decision time for Jan. 6 panel

AP News Radio

00:49 sec | Last week

Call Pence or Trump? It's decision time for Jan. 6 panel

"Members members members members of of of of the the the the house house house house committee committee committee committee investigating investigating investigating investigating last last last last year's year's year's year's deadly deadly deadly deadly capital capital capital capital insurrection insurrection insurrection insurrection are are are are said said said said to to to to be be be be weighing weighing weighing weighing whether whether whether whether to to to to ask ask ask ask the the the the former former former former president president president president and and and and vice vice vice vice president president president president to to to to appear appear appear appear the the the the nine nine nine nine member member member member legislative legislative legislative legislative panel panel panel panel has has has has already already already already interviewed interviewed interviewed interviewed nearly nearly nearly nearly one one one one thousand thousand thousand thousand people people people people but but but but as as as as the the the the investigation investigation investigation investigation winds winds winds winds down down down down the the the the question question question question remains remains remains remains if if if if it it it it will will will will seek seek seek seek to to to to question question question question former former former former president president president president Donald Donald Donald Donald Trump Trump Trump Trump about about about about pressuring pressuring pressuring pressuring his his his his vice vice vice vice president president president president Mike Mike Mike Mike pence pence pence pence to to to to use use use use his his his his role role role role in in in in presiding presiding presiding presiding over over over over the the the the January January January January sixth sixth sixth sixth twenty twenty twenty twenty twenty twenty twenty twenty one one one one election election election election vote vote vote vote count count count count to to to to try try try try to to to to block block block block or or or or delay delay delay delay Joe Joe Joe Joe Biden Biden Biden Biden certification certification certification certification some some some some lawmakers lawmakers lawmakers lawmakers on on on on the the the the panel panel panel panel say say say say they've they've they've they've obtained obtained obtained obtained all all all all the the the the information information information information they they they they need need need need from from from from other other other other witnesses witnesses witnesses witnesses and and and and documents documents documents documents without without without without needing needing needing needing to to to to hear hear hear hear from from from from trump trump trump trump or or or or pence pence pence pence I'm I'm I'm I'm Jackie Jackie Jackie Jackie Quinn Quinn Quinn Quinn

House House House House Commit Donald Donald Donald Donald Trump Trump Trump Trump Mike Mike Mike Mike Pence Joe Joe Joe Joe Biden Biden Biden Biden Jackie Jackie Jackie Jackie Qu
Preliminary 3.3 magnitude quake jolts South Carolina

AP News Radio

00:49 sec | Last week

Preliminary 3.3 magnitude quake jolts South Carolina

"Hundreds hundreds hundreds hundreds of of of of people people people people reported reported reported reported the the the the earth earth earth earth shaking shaking shaking shaking overnight overnight overnight overnight with with with with a a a a three three three three point point point point three three three three magnitude magnitude magnitude magnitude earthquake earthquake earthquake earthquake jolting jolting jolting jolting parts parts parts parts of of of of South South South South Carolina Carolina Carolina Carolina a a a a relatively relatively relatively relatively rare rare rare rare east east east east coast coast coast coast earthquake earthquake earthquake earthquake jolted jolted jolted jolted people people people people from from from from their their their their beds beds beds beds around around around around the the the the capital capital capital capital city city city city of of of of South South South South Carolina Carolina Carolina Carolina the the the the quake quake quake quake center center center center just just just just twenty twenty twenty twenty five five five five miles miles miles miles northeast northeast northeast northeast of of of of Columbia Columbia Columbia Columbia the the the the temblor temblor temblor temblor which which which which struck struck struck struck around around around around one one one one thirty thirty thirty thirty in in in in the the the the morning morning morning morning lasted lasted lasted lasted just just just just a a a a few few few few seconds seconds seconds seconds but but but but people people people people flocked flocked flocked flocked to to to to social social social social media media media media to to to to report report report report feeling feeling feeling feeling their their their their homes homes homes homes shake shake shake shake for for for for several several several several seconds seconds seconds seconds some some some some said said said said it it it it sounded sounded sounded sounded like like like like a a a a heavy heavy heavy heavy truck truck truck truck moving moving moving moving nearby nearby nearby nearby the the the the U. U. U. U. S. S. S. S. Geological Geological Geological Geological Survey Survey Survey Survey says says says says it's it's it's it's the the the the latest latest latest latest in in in in a a a a small small small small series series series series of of of of shakes shakes shakes shakes in in in in recent recent recent recent months months months months and and and and geophysicist geophysicist geophysicist geophysicist say say say say people people people people can can can can expect expect expect expect smaller smaller smaller smaller aftershocks aftershocks aftershocks aftershocks in in in in the the the the coming coming coming coming days days days days and and and and weeks weeks weeks weeks I'm I'm I'm I'm Jackie Jackie Jackie Jackie Quinn Quinn Quinn Quinn

Earthquake Earthquake Earthqua Carolina South South South South Caroli Earth Earth Earth Earth Columbia East East East East Coast Coas U. U. U. U. S. S. S. S. Geolog Jackie Jackie Jackie Jackie Qu Quinn Quinn
Capitals rout Panthers 6-1 in Game 3 to take 2-1 series lead

AP News Radio

00:32 sec | 2 weeks ago

Capitals rout Panthers 6-1 in Game 3 to take 2-1 series lead

"Ilya Ilya Ilya Ilya Samsonov Samsonov Samsonov Samsonov gave gave gave gave up up up up an an an an early early early early goal goal goal goal but but but but then then then then went went went went on on on on to to to to make make make make twenty twenty twenty twenty nine nine nine nine saves saves saves saves the the the the capitals capitals capitals capitals beat beat beat beat the the the the Panthers Panthers Panthers Panthers six six six six to to to to one one one one to to to to take take take take a a a a two two two two one one one one lead lead lead lead in in in in their their their their best best best best of of of of seven seven seven seven series series series series Jonathan Jonathan Jonathan Jonathan Huberdeau Huberdeau Huberdeau Huberdeau gave gave gave gave the the the the Panthers Panthers Panthers Panthers to to to to lead lead lead lead to to to to forty forty forty forty five five five five into into into into the the the the game game game game but but but but T. T. T. T. J. J. J. J. Oshie Oshie Oshie Oshie tied tied tied tied the the the the game game game game with with with with twenty twenty twenty twenty six six six six seconds seconds seconds seconds to to to to go go go go in in in in the the the the period period period period in in in in the the the the second second second second goals goals goals goals by by by by mark mark mark mark is is is is your your your your Manson Manson Manson Manson and and and and Trevor Trevor Trevor Trevor van van van van Riemsdyk Riemsdyk Riemsdyk Riemsdyk made made made made it it it it three three three three one one one one Alex Alex Alex Alex a a a a veteran veteran veteran veteran had had had had a a a a goal goal goal goal and and and and an an an an assist assist assist assist the the the the capitals capitals capitals capitals of of of of shut shut shut shut down down down down all all all all nine nine nine nine power power power power play play play play chances chances chances chances by by by by the the the the Panthers Panthers Panthers Panthers in in in in the the the the series series series series game game game game four four four four is is is is Monday Monday Monday Monday night night night night Craig Craig Craig Craig heist heist heist heist Washington Washington Washington Washington

Panthers Panthers Panthers Ilya Ilya Ilya Ilya Samsonov Samsonov Samsonov Jonathan Jonathan Jonathan Jon Huberdeau Huberdeau T. T. T. T. J. J. J. J. Oshie Mark Mark Mark Mark Manson Manson Manson Manson Trevor Trevor Trevor Trevor Van Van Van Van Riemsdyk Riems Alex Alex Alex Alex Monday Monday Monday Monday Ni Craig Craig Craig Craig Washington
Challenge over Marjorie Taylor Greene's eligibility fails

AP News Radio

00:49 sec | 2 weeks ago

Challenge over Marjorie Taylor Greene's eligibility fails

"A a a a judge judge judge judge in in in in Georgia Georgia Georgia Georgia ruled ruled ruled ruled congresswoman congresswoman congresswoman congresswoman Marjorie Marjorie Marjorie Marjorie Taylor Taylor Taylor Taylor grain grain grain grain is is is is qualified qualified qualified qualified to to to to run run run run for for for for re re re re election election election election Georgia Georgia Georgia Georgia secretary secretary secretary secretary of of of of state state state state bred bred bred bred rapids rapids rapids rapids burger burger burger burger has has has has accepted accepted accepted accepted the the the the judge's judge's judge's judge's findings findings findings findings green green green green will will will will be be be be on on on on the the the the ballot ballot ballot ballot a a a a group group group group of of of of voters voters voters voters filed filed filed filed a a a a complaint complaint complaint complaint saying saying saying saying green green green green should should should should be be be be barred barred barred barred from from from from running running running running for for for for re re re re election election election election under under under under a a a a seldom seldom seldom seldom invoked invoked invoked invoked provision provision provision provision of of of of the the the the Fourteenth Fourteenth Fourteenth Fourteenth Amendment Amendment Amendment Amendment having having having having to to to to do do do do with with with with insurrection insurrection insurrection insurrection she she she she has has has has been been been been a a a a staunch staunch staunch staunch ally ally ally ally of of of of former former former former president president president president Donald Donald Donald Donald Trump Trump Trump Trump and and and and his his his his claim claim claim claim the the the the twenty twenty twenty twenty twenty twenty twenty twenty election election election election was was was was stolen stolen stolen stolen but but but but at at at at a a a a hearing hearing hearing hearing last last last last month month month month green green green green was was was was asked asked asked asked about about about about the the the the capital capital capital capital Ryan Ryan Ryan Ryan I I I I only only only only knew knew knew knew what what what what I I I I was was was was told told told told I I I I heard heard heard heard I I I I heard heard heard heard a a a a gunshot gunshot gunshot gunshot we we we we all all all all heard heard heard heard it it it it and and and and we we we we were were were were so so so so confused confused confused confused with with with with that that that that antifa antifa antifa antifa was was was was breaking breaking breaking breaking in in in in or or or or beyond beyond beyond beyond green green green green calls calls calls calls the the the the challenge challenge challenge challenge an an an an unprecedented unprecedented unprecedented unprecedented attack attack attack attack on on on on free free free free speech speech speech speech elections elections elections elections and and and and the the the the voter voter voter voter I'm I'm I'm I'm a a a a Donahue Donahue Donahue Donahue

Georgia Congresswoman Congresswoman Co Rapids Rapids Rapids Rapids Burger Burger Donald Donald Donald Donald Trump Trump Trump Trump Ryan Ryan Ryan Ryan Antifa Antifa Antifa Antifa Green Donahue Donahue Donahue Donahu
Panthers rout Capitals 5-1 in Game 2 to even series

AP News Radio

00:32 sec | 2 weeks ago

Panthers rout Capitals 5-1 in Game 2 to even series

"The the the the Panthers Panthers Panthers Panthers got got got got back back back back on on on on track track track track tying tying tying tying their their their their first first first first round round round round series series series series at at at at one one one one game game game game apiece apiece apiece apiece by by by by whipping whipping whipping whipping the the the the capital's capital's capital's capital's five five five five to to to to one one one one the the the the game game game game was was was was scoreless scoreless scoreless scoreless until until until until Aaron Aaron Aaron Aaron Ekblad Ekblad Ekblad Ekblad and and and and Alexander Alexander Alexander Alexander Barkov Barkov Barkov Barkov tallied tallied tallied tallied one one one one thirty thirty thirty thirty eight eight eight eight apart apart apart apart late late late late in in in in the the the the opening opening opening opening period period period period Mason Mason Mason Mason Marchment Marchment Marchment Marchment restored restored restored restored Florida's Florida's Florida's Florida's two two two two goal goal goal goal lead lead lead lead just just just just twenty twenty twenty twenty seven seven seven seven seconds seconds seconds seconds after after after after Nicklas Nicklas Nicklas Nicklas Backstrom Backstrom Backstrom Backstrom put put put put the the the the caps caps caps caps on on on on the the the the board board board board to to to to forty forty forty forty four four four four into into into into the the the the second second second second anytime anytime anytime anytime on on on on Delacorte Delacorte Delacorte Delacorte over over over over he he he he added added added added second second second second period period period period goals goals goals goals and and and and Sergei Sergei Sergei Sergei Bobrovsky Bobrovsky Bobrovsky Bobrovsky handle handle handle handle twenty twenty twenty twenty six six six six shots shots shots shots for for for for Hagan Hagan Hagan Hagan Berkoff Berkoff Berkoff Berkoff also also also also had had had had one one one one assist assist assist assist apiece apiece apiece apiece the the the the series series series series shifts shifts shifts shifts to to to to Washington Washington Washington Washington for for for for game game game game three three three three on on on on Saturday Saturday Saturday Saturday I'm I'm I'm I'm Dave Dave Dave Dave Ferrie Ferrie Ferrie Ferrie

Marchment Marchment Panthers Panthers Nicklas Nicklas Backstrom Backstrom Panthers Aaron Aaron Aaron Aaron Ekblad Ekblad Ekblad Alexander Alexander Alexander Florida Mason Mason Mason Mason Delacorte Delacorte Delacorte Sergei Sergei Sergei Sergei Bo Bobrovsky Bobrovsky Hagan Hagan Hagan Hagan Berkof Washington Dave Dave Dave Dave Ferrie Fer
Hong Kong reopens beaches, Beijing relaxes quarantine rules

AP News Radio

00:49 sec | 2 weeks ago

Hong Kong reopens beaches, Beijing relaxes quarantine rules

"Hong Hong Hong Hong Kong Kong Kong Kong has has has has relaxed relaxed relaxed relaxed located located located located restrictions restrictions restrictions restrictions as as as as beaches beaches beaches beaches and and and and pools pools pools pools reopen reopen reopen reopen in in in in the the the the southern southern southern southern Chinese Chinese Chinese Chinese city city city city restaurants restaurants restaurants restaurants are are are are also also also also allowed allowed allowed allowed to to to to now now now now seat seat seat seat up up up up to to to to eight eight eight eight people people people people at at at at the the the the table table table table up up up up from from from from four four four four previously previously previously previously a a a a further further further further round round round round of of of of easing easing easing easing is is is is scheduled scheduled scheduled scheduled to to to to begin begin begin begin may may may may nineteenth nineteenth nineteenth nineteenth one one one one thousand thousand thousand thousand cups cups cups cups will will will will be be be be allowed allowed allowed allowed to to to to reopen reopen reopen reopen and and and and restaurant restaurant restaurant restaurant curfews curfews curfews curfews are are are are extended extended extended extended until until until until midnight midnight midnight midnight the the the the situation situation situation situation in in in in the the the the capital capital capital capital Beijing Beijing Beijing Beijing is is is is a a a a very very very very different different different different picture picture picture picture as as as as officials officials officials officials close close close close sixty sixty sixty sixty subway subway subway subway stations stations stations stations to to to to stop stop stop stop the the the the virus virus virus virus from from from from spreading spreading spreading spreading however however however however restrictions restrictions restrictions restrictions on on on on international international international international flights flights flights flights have have have have been been been been decent decent decent decent as as as as for for for for travelers travelers travelers travelers need need need need to to to to quarantine quarantine quarantine quarantine in in in in a a a a hotel hotel hotel hotel for for for for ten ten ten ten days days days days as as as as opposed opposed opposed opposed to to to to fourteen fourteen fourteen fourteen days days days days previously previously previously previously with with with with a a a a further further further further seven seven seven seven days days days days now now now now to to to to be be be be Spencer Spencer Spencer Spencer home home home home the the the the movie movie movie movie is is is is mainly mainly mainly mainly symbolic symbolic symbolic symbolic to to to to show show show show authorities authorities authorities authorities are are are are willing willing willing willing to to to to compromise compromise compromise compromise for for for for the the the the sake sake sake sake of of of of the the the the economy economy economy economy must must must must also also also also responding responding responding responding to to to to demands demands demands demands to to to to be be be be less less less less intrusive intrusive intrusive intrusive I'm I'm I'm I'm Karen Karen Karen Karen Thomas Thomas Thomas Thomas

Hong Hong Kong Kong Beijing Kong Spencer Spencer Spencer Spence Karen Karen Karen Karen Thomas
"capital" Discussed on Capital Allocators

Capital Allocators

10:04 min | 8 months ago

"capital" Discussed on Capital Allocators

"Not my favorite thing in the world to do to talk about mastercard. And why i believe. It was a screaming by at the time of its. Ipo which are relatively rare for an ipo in my opinion but mastercard great business. Bob cost ameris of wells. Capital management happened to be watching one of those segments a few days later i get a call from him and he said ryan. Let's explorer whether you'd like to come to the buy side at wells cab. That's a great call. It was wonderful. Call it wasn't a slam dunk. He was based in the milwaukee area. I was in chicago. My family and i we were well. Established had children in school and some special programs that we didn't want to leave but he found a way several months later through a man named dick weiss who's a fantastic investor opened up his office in chicago. So i could work remotely with bob. Customer service team small team we manage small-cap mid cap and large cap assets. But i was one of only two senior analysts on the team. When i was hired and essentially my job in two thousand seven i was brought in to cover financial services and also being a generalist which fits to the state in two thousand seven. Obviously an interesting time to join the buy side. Bob had identified that there. Some excesses in the market. Specially in financials zero financials waiting for value manager. That's unbelievable yeah coming into seven and then of course we know what happened after that and my job was to pick through the rubble and find the best ideas. I could in the financials and in some other areas of that wonderful experience bob wonderful investor especially a deep value investor. One of the things i learned and honed during my time at wells capital was the idea of having odds severely in your favor before you make an investment in a deep valley company so oftentimes i think deep value investors. Get in trouble just buying cheap stocks. Stocks are often cheap for a reason. So bob wanted to know. Find some catalysts for these companies. What's going to cause them from going. From deeply undervalued towards a fair value estimate within a reasonable timeframe and importantly another aspect of his investing was three to one reward to risk ratio. At least three times more potential upside towards a fair value estimate then potential downside meaning. How much stock drop. This is a little bit different. But essentially we came up with a draconian scenario of. Let's say things get worse. Stock remains out of favor. How much lower could it go from our by price as long as we saw three times more potential upside to a reasonable fair value than downside using that type of a draconian estimate. We felt really good about the odds being in our favor. So that's something. I learned a ton from bob. He was a great trader great investor and then in twenty ten wells going through some transactions and it was a great time to start clifford capital partners as the last remaining senior analyst on that team after the financial crisis. We actually did quite well. We exited the financial crisis a five star fund in our flagship mid cap product. But it was time to start. Clifford capital so in two thousand ten way in and i were linked arms and jumped and started clifford capital partners in april of twenty and started managing money in august of two thousand ten. And here we are eleven years later still kicking. That's an amazing story. And starting a firm believer people that love investing. But they're very few that have the gumption to start their own companies. So is that an easy transition. It's a journey and we're thankful for all the lessons we've learned from this journey ultimately. Why did i start my own firm. We firmly believe that managing money the way we do. We'll help our investors over time a concentrated portfolio Twenty five to thirty five names and our stock portfolios. Every name is going to make a difference. We have a margin of safety type value philosophy. These aren't differentiator just the nuts and bolts of how we do what we do bottom up research every name. We have deep knowledge of trying to find ideas that the market is temporarily discounting for a variety of reasons but we have the ability to go in a very bottom up focus in a market this increasingly top down. We focus on individual stocks. The end result of that concentration. Bottom focus is Higher active share our all cap is our flagship. it's been around for about eleven years now russell. Three thousand values are benchmark. It's not a particularly great benchmark. There really isn't one for an all cap manager. We're aware of our benchmark but we're not driven by benchmarks. Those are the nuts and bolts. But i'll tell you what i think. Actually differentiates us. There's a few things. We identified five things that we believe our differentiator edge if you will. The first is a blend of core value in deep value. So wide moat high-quality competitively advantaged businesses and then deep value opportunistic investments. So the core values site is the majority of our portfolio. Fifty to seventy five percent deep. Value is just based on opportunities. We think of these. And they're very different types of return streams but they're both alpha rich areas of the market in our opinion when you combine them at a discount using an analogy. I'm a lifelong phoenix suns fan. I grew up in the phoenix area. One of the reasons. They're a good team this year. Is they have a great defense. They have a wonderful offense but offense isn't always there. There's some nights your offense just isn't going to be clicking. The defense keeps them in the game. So when i look at our core value deep value split deep values are offense. The reason we buy a deep value stock is we see a tremendous bargain. Our highest return stream since inception and looking forward. We would expect to be from the deep vice leave. It's been that way in the past. We expect it to be that way in the future. That's the only reason we would buy a deep value stock. We see tremendous upside versus limited downside. But the offense isn't always there so the core value keeps us in the game. You can think twenty twenty great microcosm of this when the market rolled over hard during the beginning stage of the pandemic our core values sleeve held up. It kept us in the game. And then we found some tremendous bargains on the deep value side. And that's the second competitive edge if you will or differentiator of our strategy is when the opportunities arise. We have the ability to overweight the deep value sleeve of our portfolio. So we think the mix is relatively unique. Most managers focus on one or the other either wide moat or deep value. Pretty rare to see the combo but we have the ability to purposefully. Increase that deep value sleeve waiting when it makes sense to do that from stock by stock basis. We've actually done analysis of this and over the first eleven years almost eleven years of our all cap strategy. It's added an incremental. Fifty percentage points to the total return the ability to opportunistically overweight that deep values leave and then the third point is key thesis points for every individual stock that we research the entire aim of our bottom up researched identify fundamental catalysts long-term catalysts that will improve the prospects of the businesses. We invest in. This is really important because finding cheap stocks computer can do. It's very easy to see statistically inexpensive companies and that's not enough in our opinion were looking for companies that have key catalysts that will propel their futures over and above what the market expects. I think that's a great point because one of the arguments i make on y values struggled over the last ten or fifteen or twenty years is that computers can really arbitrage away a lot of your advantages if all you're looking at the numbers so you've got to look at something very different because the numbers can be arbitrage away. There's nothing special about that. And that's one of the the lessons. I think that i've learned over. The last thirty years is a competitive advantage of just crunching. Numbers doesn't exist anymore. Maybe thirty or forty years ago at did not today. So that idea of looking around catalysts for change i think which is a more artsy subjective side. Is i think exciting one of the reasons you had so much excess return. I couldn't agree more. Paul one of the things we learn about active management. We actually as i think about it. I view the computer as one of our biggest competitors. One thing computers not very good at is identifying which opportunities better than another which catalysts are more important than another kind of going back to my kpmg experience i think core competitive advantage of clifford. Capital of my personal investment style is identifying those things that really matter the most. It's usually only a handful of things that make the difference between a great investment and us. Oh investment the ability to identify those focus on those helps us ignore the noise in the marketplace and focus on each company what they can actually control. They can improve their fundamental. They can improve their financial statements. They can prove their balance sheets which leads to better stock price performance. We think that's absolutely absolutely critical to our process in a high conviction way and the other thing a computer can do is tell me how much of my portfolio should be an individual opportunity..

clifford capital partners Bob cost ameris dick weiss mastercard bob wonderful wells capital bob Clifford capital chicago milwaukee ryan Bob phoenix suns russell phoenix clifford Paul
"capital" Discussed on Capital Allocators

Capital Allocators

04:18 min | 8 months ago

"capital" Discussed on Capital Allocators

"To be here. Thanks a lot ted. So i wanna ask you a couple of questions about ryan and clifford cap and i guess i is. How did this relationship come about you know. It started a long time ago with one of my partners. Mike trig who worked with ryan at morning star and i've always been a big fan of morningstar analysts because we've actually plucked three of them out of there. And i always ask mike. Who's the next mike trigger. Sanjay air mike team and one of the guys that he mentioned was ryan and the days that he worked at morningstar he had a very very high opinion of ryan and isobel. Where is he said well. He started his own. Firm clipper capital. And i said well. I guess that's going to be tough to pull them out of there. Maybe we can buy and started the discussion. And what was that process like. Pretty simple like all of our processes are here. Wcm we met with them. In person in our office he and wayne pearson and my telltale sign is. I always want to invest with really good people with these people. I think it was buffeted. Said right. he's never done a good deal with a bad person. So i start their wayne and reiner just terrific people with with really similar outlooks on life as we have when you talk to somebody long enough. That's been investing if they love what they do. That comes out pretty quick so to me recipe for success and investing in firms and people. Do they love what they do. And are they a good decent person. That just wants to work hard. Stay humble in. They're pretty smart. And if you get those characteristics together in a group which. I think we have with clifford. And i think they have in their organization. We found that's worked out pretty well for us. So with all the due diligence processes that you've been through on the other end at. Wcm how would you compare. You're efforts when you're thinking about working with ryan and clifford cap with all the other investors that have done work on sam over the years. It's probably less than two percent of the work that most people as i said like them passionate. Good track record. Probably high probability of success going forward and then it really comes back to this ted twenty years ago when we started. Wcm curtain at the time. Were begging people to come alongside us and help us and he was very difficult to find anyone to do that. We were learning. We're trying to figure out the investment equation. We're trying to figure out how to build a firm. And i always said at that time you know if we ever get in a position where we can actually the best in people and help people with their own firms. Then that's something that we really wanna do. It really is the simple as that. I wish i told you that we did this. Full analytics on their track record and look. They're rolling three years and one year and in dug into the process. We didn't in part of. That's because mike trig had a great relationship with ryan for a lot of years. So he knew he was a good investor and plus clifford also had a couple of really well known investors invested in the firm like them. It's probably going to work out pretty well. And then lastly how do you think about the fit of clifford. Capital into wcm's ethos and investment strategies. It's very different growth. Stock managers run international and global portfolios. They're focused on the small cap value. Area it's not an area that i love but i will tell you that it's an area that in march of two thousand and twenty when the market sold off really hard. I decided you know what probably good time to allocate some capital of value. So i made a pretty significant investment. Luckily at the trough. I of course had no idea it was the trough and it could atrop- for the next few months but i took a couple cuts adam in march and then another one in april and they've performed brilliantly from those bottom so it's a very different strategy but it's a strategy that that you need smaller company value companies obviously do different than large cap growth companies. Which is the world we live in so for my perspective it was a great way for me to diversify but also get a true stock picker. That's actually working on a lot of active. Share and trying to add alpha papa. Paul thanks for bringing ryan into the fold and sharing this conversation..

ryan clifford Mike trig Sanjay air mike clipper capital wayne pearson mike isobel morningstar reiner Wcm mike trig wayne sam wcm adam Paul
"capital" Discussed on Capital Allocators

Capital Allocators

10:16 min | 8 months ago

"capital" Discussed on Capital Allocators

"Be a time. We probably would either reduce our exposure to those sets of firms or largely exit. Just because of the forward opportunity isn't as interesting. I think that in general a lot of things in the alternative assets arena are as do the underline investments sometimes they have more of a cyclical nature to their inclusion in portfolios or just a shorter duration of attractiveness of the opportunity set. How do you go about addressing those investments knowing that there may be that kinda cyclicality when you're also underwriting an organization presumably that you'd want to be around. They can take advantage of the opportunities when they're that sizing for the most part. That's where you doesn't have to be completely either in or out. If the part of that is having some capital hanging around the proverbial hoop right with the highest quality organization. That you keep an amount of capital there but not the same as you might choose to do if you were really ek super about the robustness of the opportunity. So what are the types of characteristics on the margin from the managers that are in your portfolio's compared to similar ones. That aren't we have a very very very. I would say strong. Bias to fundamentally oriented strategies across the board as opposed to trading oriented strategies. Getting back to what's the opportunity can be captured. And what's it's replica ability. I would say that over my career. I have much greater confidence. In understandable if you will spreads or opportunities to be captured fundamental basis the replication of trading strategies sets. Probably one of the things that is is across really all asset classes so from where you sit starting the business effectively out of the buyout world and certainly near silicon valley. We'd love to hear your perspective on. Let's just start with private equity these days so as we know that is a big term that encompasses a huge range of strategies. I would say that in the world of buyout growth capital actually true venture. We think the ones that are most interesting are those that are actually really doing something. More than providing just capital and cheap debt and high leverage. There has to be much more of a strategic contribution again that takes all different forms. But that's actually critical. We are definitely seen valuations. Go up up. This been enormous beneficiaries of cheap and plentiful leverage. And i think could we continue to worry about that but the intention audi and the cautioned that people feel around that is important. Understanding that we have is. We're making an underwriting re underwriting different investment opportunities so the beginning of your career you're in merger orb and then the opportunity set really went away and you eventually shifted into something else. How have you thought about that. Corollary in your portfolio's where let's say that example of private equity prices are going up and we all know that whether it's private equity or somewhere else. How do you go about making a decision to make a meaningful shift in even one area that you're investing in because of that opportunity set. It really is less. The big asset class opportunity set ed much more allah arab or allah distressed or allah leverage. Credit that it becomes much more of a sub opportunity set evaluation as opposed to ask the class operation. And that is. They're really hard calls. Because it's as we know it's so hard to leave or pare back with things are looking great and one of the things that we've actually talked about a lot internally as we have had spectacular performance coming from particularly in some of the ventures particularly some of those have a lot in enterprise seen it in buyout lands. We've seen it actually seen in the public portfolios and it's really the discipline to keep trimming back as opposed to feeling these make the all the way all the way out call but maintain that discipline trimming back is really what you have to do. Curious about the two probably. Most topical areas of change crypto. and yes she deny. But why don't we start with crypto and love to hear how you thought about it on the research in decided to or not decided to make investments. We have spent a ton of time over the last five years although predating that trying to get smarter and there is so much that i think that we still need to learn couple of my colleagues. One in particular has mild. Danielson is really quite the expert on it at knows a ton and has really helped inform The whole firm as we continue to move down the path but i would characterize as big picture as explorers as opposed to advocates in the crypto space. We have made a couple of small commitments. to some bencher oriented crypto players. Really viewing that as something that could be significant particularly in around defy. And some of the things we've seen where a lot of the business activities happening in land today field with all the attendant risks. We also have for where it's appropriate which again it's a definitely a subset of our clients. Small but i would call index by index positions. Bitcoin theorem positions. That we basically are joined as if an index but this is way out of the risk reward spectrum review it is way out of the spectrum but absolutely something that is interesting and suddenly we need to continue to push ourselves to learn more and more about and how about yesterday so i think now going back probably ten years ago when we were really getting the next round of investment esp investing was really taking hold and there was much more discussion about impact investing and the role of impact investing. And all that sri two point zero at the time right which your sri was basically just filters and then we're moving more towards the impact we slash. I sort of had a lot of frustration with the way that people were using these terms because there reason all different ways it meant different things to other people so we devised if you will our own terminology. Our own methodology that we refer to as full consequence investing and we were really trying to do with that liba leaner descript. Her is to actually capture. What people are trying to do. Or i think the goal the real objective a so-called ese investing in which is to incorporate much were explicitly and holistically other factors into investment decision making processes. And so we're saying by full consequence. Investing we think that if investors regardless of sort of the as a class are really taking into account all of the consequences of the investment people really thinking deeply about sustainable use of human capital of financial capital physical capital in the business which they're investing. And how you actually will reach the right answer from an es g perspective and so we've actually been using that framework to evaluate really all the different investment people with whom we invest across asset classes. And we do definitely see a growing interest in people having much more explicit pieces of that and we have basically group the different managers who we invest into having f. c. i. factors as really central to what they're doing or more just one of the many inputs in which they're everybody does to certain extent and to the extent that people want to build portfolios that are consist of just those that have a high degree of centrality to the factors in their investment. Just one we can do that. Global multiasset class portfolios. That are really we think. Have the same return as a more broad based if you will. What are the impact consequences that you see differently from how others are perceiving the label. It's really changing. I do think that there are still remnants of people thinking about espn as rooted in negative filters none of this no fossil fuel. Know something which you get. Those are perfectly legitimate things. But that i don't think captures the real power of holistic. Espn investing. I actually think that if you in the world state that i see in the end people won't really be incorporating these things fully and it won't even be something that will describe yourself how it will just be an expected part of a person that's going to be an active investor that it's a necessary a key piece of that though is time horizon. I think that energy's a good example of that. We probably stopped investing in making commitments to private energy funds. Now probably four years ago and we didn't stop because we thought they were inherently bad but we stopped because the price deck became so much more insert on forward oil prices because of the substitution because of the risk of regulation because of the technological advances and those things in our mind just made the risks reward of those investments. Just less appealing. And i think that that's a time horizon conversation. That.

audi Danielson sri espn Espn
"capital" Discussed on Capital Allocators

Capital Allocators

08:54 min | 8 months ago

"capital" Discussed on Capital Allocators

"Company and it's served us very well so i know in your organization and certainly a lot of organizations that you invest with we hear a lot about broad ownership incentives in alignment. And we've talked about how much you've implemented on that. And i was wondering if you could share your thinking about what that ownership culture means. It does relate to really being willing to give up a meaningful portion of ownership and today out of our i know. Give or take hundred and ninety employees. Thirty eight are owners in the firm so we really have worked to continue to have that build on that sense of partnership and continued to expand that ownership. And we've also done it through generational. Transfer that i really do believe that better to own a smaller part of a big big pie then a lot of smaller pie. And i think that we've been able to grow our pipe you will substantially because everybody is working together and the senior leadership has meaningful steak and meaningful ownership in that and we have over the years work to further that transition of ownership through essentially borrowing and repurchasing parts of my steak parts of john steak parts of our outside owner steak and then reallocating that to the senior people and throughout the firm. How have you seen that shared ownership play out in the motivations of the people on your team i think has played out in the sense that there really is again the sense of one team and that is something that we have tried to set up really throughout the way that we incentivize and count people. We don't pay people for client acquisition. 'cause we view that as something that the entire firm is responsible for terms of we have each of our senior people that are leading teams views that team as their responsibility and their whole teams working for that but we are all collectively doing what we can to support that. Make it work. So i think it's really trying to reinforce this idea that we all are going to benefit from actually doing very well by our clients in every way possible starting with investment performance but then very much be they're aligned problem solving partner in other ways. I'm curious what you've learned from running this business about what really works. And what doesn't oh my god. There's so many things that mistakes scars good news bad news over the time i've been doing this. I would say that. I deeply believe and i think has been reinforced that a long-term investing perspective is the right one and it's the winning strategy. I also have been reminded periodically that that is a really hard thing to do and that even people have said absolutely. We have a long term perspective. We're committed to that. We believe in it when they come times to those uncomfortable. Discontinuities between short term performance and index performance. And you say well. Don't i really want to adopt a more short-term relativists strategy we've been served absolutely consistent in saying the right one is the long. Let's stay focused on the long one. But that i'd say i've learned that that is the right answer but it is a really hard path often between those conversations with their clients and maybe later we'll talk about some of the investment committees. You've sat on. Have you found any particular methodologies that when you're in that moment help in terms of the conversation you have with the person across the table to reframe them into that long term time horizon. I think that it is actually continuing to reexamine the data to to actually help get into more nuance layers of attribution. So that in shorter terms people can understand if what might be leading to something that feels distorted interesting. That's one of the things that i have found. Having particularly talking about equities when we have used active management quite extensively an active in our vocabulary typically is very concentrated managers having the ability to actually talk about specific companies as really good real life examples of why there might be valuation differences performed. Differentials can help build that understanding beyond just the aggregated numbers. Well along the way here. You've mentioned a long term time horizon. You mentioned active management concentration. Let's dive into the investment side. And maybe start with how you approach. It could be a new client and describe what it is from a philosophical perspective that you're trying to deliver for all your clients. Well there's a couple of things one we have again. This goes back harks back to the beginning. We don't think that there is a right asset allocation. We don't have a model portfolio. We don't have any of those. We really believe that the right allocation the right road map for any particular client whether it be a foundation or a family is a function of what we're specifically trying to accomplish with that pool of capital under those circumstances so the first thing that we do in any relationship is to actually really dig in to dig into a deep understanding of what are the goals the objectives the explicit constraints the implicit constraints to really try and develop a much more nuanced way of understanding of what are all of the elements and objectives and constraints that would inform what ultimately becomes an asset allocation. And once that is if you will agreed upon that actually is the roadmap we use them as roadmaps not as point targets is really much of a range mindset but again we have a direction we do believe in diversification across asset classes long-term diversified portfolio is the winning hand in most cases and we believe within asset classes that it makes sense to have as much concentration as tolerable that you're really getting the diversification across the asset classes primarily as well as with inside and so then across different asset classes. What are your biases in terms of effectively. What the opportunity set should be for any one of your clients. What we as large buckets of asset classes. So we talk about core cash fixed income we talk about equities we talk about alternative asset slash headphones. We talk about private equity. Private investments encompasses private equity venture growth capital. We talk about hard assets so you start with big buckets as opposed to narrowly defined and so. I think that that in some sense answers the question. We're trying to get over away from trying to tilt towards any one narrow return pattern targeted return pattern. I'd say that that is a place for their differences. There's differences based on intervals individual circumstances but there's also that is a place where there's individual differences based on tax status. It is very common for us to have a higher percentage on some alternative assets in tax exempt institutions as opposed to taxpayers for the obvious reasons but our portfolios are generally or heavily oriented towards overall capital appreciation and were getting that disproportionately through equities and private equity slash venture curse that even though you don't have a model portfolio if you were to think about your clients in terms of their composition right soa. A tax exempt looks a lot different from a taxable. Maybe a certain type of taxable investor looks different from another one. How why is variety of where you end up in terms of allocating to those different buckets. Actually surprisingly varied the places where there is difference in the probably. This is more true in the family. World is in what's needed in core cash.

john steak
"capital" Discussed on Capital Allocators

Capital Allocators

06:48 min | 10 months ago

"capital" Discussed on Capital Allocators

"When you've seen investors investing in these types of funds that are buying stakes. Where do they tend to put them in their asset allocation. That's a great question and one. I'll say there isn't really an answer for but i've heard everything from some investors looking at it as a type of fee reimbursement and so you're effectively being paid fees and kerry just as you pay out and so that's how at least one or two students have thought about it. I've heard it going in these special sits bucket. The credit special sits bucket growth equity secondaries. Some people just put it in the too hard category and just put it in other. But one of the things that i saw i thought was maybe. My favorite idea was looking at the allocation and splitting it effectively into the capital that comes in from management fees and the capital of comes in from kerry and where the balance sheet and so. Let's say it was a one hundred million dollar allocation splitting fifty five of that into what comes from the management fees and about forty five. That what comes into the balance sheet so the management fees might sit in the credit special sits bucket because you can think it's a pretty steady contractually obligated return whereas the balance sheet aspect and the carried interest is going to be more just broad private equity other bucket and so i think that was a pretty interesting one but in general if you had to place it in one i think growth equity does make some sense. These are minority stake. Investments typically going to be used for some sort of kroth action. She mentioned dial now. Blue owl peter sell goldman blackstone. Who are the other players in this game if someone was interested in looking maybe in that mid market or the smaller end of the spectrum. I think the first one probably have to name is bon accord capital. So they've done quite a few deals the most notable of which is monroe capital. So it's a about a ten billion dollar firm and pretty sizable deal. You have to imagine. They were competing against dial blackstone. Peter syl on that size of a transaction and another name in the space is adamant alternative capital partners so they're part of a larger milan-based firm and so they're actually investing some balance she capital and then using some of the distribution with these asset management network that they have to distribute some of these products. If you will of the firms they buy a few of the other. Sponsors hunter point capital. Which a lot of questions on what they're going to do and haven't really heard too much about them. We have invest core. We have ridge lake which is an interesting joint venture from rdc corp so large family office and then new york life and then the other one in the mid market would be stony rock capital so quite a bit on the smaller end. I think a couple of interesting names to look for our volunteer park capital which is actually here in seattle. And then cou they do some ara investments in the private capital space. But there's quite a number of names out there. Some internal a bit to the manager's perspective if these deals coming for investors to have such attractive risk word characteristics why are these savvy investors who are running these management companies doing these transactions. So i would say it's a couple of things i think in general. You're looking for some sort of partnership and in a lot of cases one thing that's interesting is that these deals don't always go to the highest bidder just because of the value out that some of these teams are able to bring now maybe the second or third highest bidder was still close. But it's not that every dollar effectively as the most important and so i think there's a huge value add proposition here of similar to the capital constellation model of bringing in several of these large. Gp's and being able to share best practice being able to share strategic. Lp's being able to have great advice when it comes to launching new credit fund. Or how. should you be thinking strategically or how do you retain senior talents. And i think the other aspect is taking a little bit of chips off the table. I think that is totally valid. And when some of these founders have created institutions that are worth a billion plus dollars. I don't think it's unreasonable. To especially as you get to the later part of your career looked to monetize on some of what you've made just because whether you go the band model which is more private partnership or you go some of the models of these other firms. I think it's very reasonable to look for options to monetize as i've had these conversations recently with a lot of these legendary private equity managers a lot of them have at some point in time sold a stake and there does seem to be this question. The founders who built this franchise saying hey this is our way of cashing out. And basically creating a purchase price if certainly in the public companies to trade out their ownership. What type of dynamics does that create if you look at the big public. Companies are carlisle compared to a bane cap. Where it's still private partnership between that. Founding layer that next generation of leadership in the organizations yeah. I think the interesting thing is that each of those models are totally valid and can work. I think one of the guests you had on recently said it pretty well which is that. Typically the next generation of non foundered doesn't quite expect to get compensated to the same level. And i think that's reasonable and i think also whether it's the public's where a rather large portion of the outside ownership is shareholders or whether it's you know selling a stake to dial or whoever i think they're able to still manage effectively having that outside ownership as well as being able to try to grow the business because typically the vast majority of their wealth is still going to be in these businesses in a lot of times. Some of these deals can help push equity down further to the next generation their options to potentially by some of that back when there is a succession plan. I think in general talking to some people in the next generation. Some of them find attractive in that you are partnering with again some of these jeep stakes buyers and they really see it as someone who's going to help shepherd you to the next wave of growth slash ownership because these are perpetual deals. When dial buys in any of these large firms buy in they buy in with the thought that we're going to hold this thing for twenty thirty years. Even though it maybe only underwritten out to twelve or fifteen if owners of these businesses are trying to either cash out a little bit or get some kind of liquidity. What are there other options other than just selling a piece of equity in their firm. There's a few other options. I would say it's really on the left side or debt on the deal. It's typically going to be a five year deal where the lenders trying to make one and a half times their capital back and for some type of growth capital where you don't want to give up equity that can be an attractive route and then on the debt side. It's a little bit more difficult..

Blue owl peter sell goldman bl kerry monroe capital dial blackstone Peter syl hunter point capital ridge lake rdc corp stony rock capital milan seattle new york carlisle
"capital" Discussed on Capital Allocators

Capital Allocators

10:40 min | 10 months ago

"capital" Discussed on Capital Allocators

"Pretty narrow product and was broadened from the nine hundred ninety eight period. We were very lucky. When we joined the jim carey was here and been here briefly and he's spectacular and partner today and we went out and recruited david wermuth and so david and jim steve and nikolai really set the strategy in nineteen ninety eight ninety nine two thousand that has basically made us what we are today over twenty three years we were happily working inside of the marsh mclennan network until two thousand and four. When eliot spitzer sued marsh mcclennan for bid-rigging which we had nothing to do with and so we were given the opportunity to spin out. Take the track record. The team investors and the platform change the name from mc capital two stone point capital and take the ownership of the firm and that was in many ways a wonderful thing because we now controlled our own destiny and marsh was a great partner. We certainly had a good experience with them. And they're good friends to this day. But that was a pivotal event in the development of stone point capital someone a dive into how you've approached investing in the space and so let's start with you. Have this focus on financial services. How did you take what was initially. Just as property casualty investment business. And then decide how. You're going to tackle a pretty big space well again. A lot of debate and discussion among steve. Jim nick david and myself particularly with others. And by the way many people have now contributed enormously to the evolution of that question because we continue to evolve and the segments and the sectors that we cover which are now seventy different sub-sectors inside of twelve general areas that has evolved and basically we started with a number of key concepts and just give you a handful of them and obviously. This is an oversimplification. We wanted to figure out what we would go after. And we wanted to start this proactive multi-year outbound targeted search. We really wanted to specialize because it seemed like private equity was like investment banking where it was going into specialization. Generalist funds like general practitioners in medicine and alike. We thought the industry was going to evolve so we wanted to specialize in financial services. Broadly defined we definitely put enormous emphasis on the owner operator again. When i look at my dad and the way he backed owner operators that was really critical to us. We decided that we wanted to hire and train and mentor and build from within. Because people that come laterally have a different way of doing things and we wanted to have this elongated bass ackward investing where you do your homework ahead of time and you really know what you wanna do. And then when the opportunity comes you can move instantly but when you see an opportunity you haven't done the multi year study of then we're pretty plotting about that. And we wanted to do it. In a culture that was really caring and sharing and teamwork and camaraderie oriented so everything in stone point from the compensation structure to the sharing the carry to the way businesses are assigned to the fact that every deal. We try to do has a devil's advocate. Everyone here feeds from the same trough. Everyone's in this together and because all these segments maybe on correlated in terms of whether they're interesting to invest in their very correlated in terms of the regulatory environment. They're in the clients they serve and the market so the knowledge that we have in all these sectors his very relevant to the sectors alongside of it. So it's very important that people share information with each other. And i think it was not that premeditated that we chose financial services broadly defined and when you add benefits brokerage and workers comp insurance underwriting to financial services which clearly is and then you end up with third party administrators. Managed care services. You get into healthcare. We're not investing in the manufacturer of defibrillators but we are in healthcare from an indemnity benefit standpoint. That's about twenty five percent of the economy and it's wonderful that all of that relates to every other part of it whereas if you have a sector fund like energy oil goes from twenty one hundred brilliant if oil goes from one hundred to twenty. It's hard to get out of the way of that. So we're very fortunate that we have the biggest industry sector in the economy and the way we define it. It really is a robust area for opportunity. And i give jim nick. David steve and a lot of people here enormous credit for how we've built out the concentric circles of those sub-sectors and we're doing deals today. That were in parallel universes to the things. We are looking at twenty years ago and that has added enormously to our capability and flexibility of where we put our clients in our investors money. I'm curious about this research process coming before the deal there. twelve twelve. Thirteen sectors seventy sub-sectors. What is that process. What are you doing to prepare for when these opportunities come up. Well everyone here is about sixty investment professionals supported by a tremendous team that includes about one hundred twenty people in total and finance and accounting and legal and compliance and it the investment professionals are all assigned to a small handful of these sub-sectors or sectors and their job. We joke that we do in three or four or five years. What mackenzie does in three to five weeks. We basically go out. We call on all the companies. We go to the conferences. We read the newsletters. We meet with the competitors suppliers. Customers the mckenzie consultant. That knows the business and everyone we can meet with and we are looking for what we call the twenty-foot pole vaulter and the twenty-foot pole-vaulter ted is. If you came from mars. And i took you to a high school track meet and you saw us some kid. Pole vault twelve feet. I think you'd be blown away. How did that kid go. Full speed down a track with enormous poll sticking a little hole bended and jump his whole body over twice as high as his height. And i would say to you ted. That's great but that kids struggling to make his high school track team. The world record is over twenty feet when we meet an owner operator in one of these segments. And let's just say for argument's sake there's twenty competitors in the sector when we meet him or her they know more than we do about their business and we don't know if there are twelve foot pole vaulter or sixteen footer or twenty footer. Because they're impressive because everybody runs a business knows a lot about that business. We have to call on every single one of them. Line them up against each other. Ask him about each other. Talk to their customers suppliers and go to the conferences and read the newsletters and study the business and try to figure out who is the best of breed in this sector. Who is the twenty-foot pole-vaulter and often in these seventy subsectors we never find a twenty foot pole-vaulter and we're talking about an individual but great individuals. Great leaders bring posses with them. So it's really about the team but we're looking for that team once. We find the twenty-foot pole-vaulter then the work begins. How do we get into business with this. Twenty-foot pole vaulter and there's basically three simple ways. If he or she owns the business. We try to get him to sell us. Thirty fifty seventy percent. We don't want to buy one hundred percent and we don't care whether we control the company or the management does really because the management controls the destiny of the company. Were there to help. We can make a good situation better. We can't make a bad situation good so if they own the business try to get them to share the ownership if they work for a big company we hope that at some point their business will be sold and we can buy their business from the big company and we've bought over twenty companies from citibank and travelers and swiss re and all the big financial institutions. The third way is they don't control the company they don't own it. It's not available. Maybe they've sold in there on the beach we will do a de novo startup. And that's an unusual tool to have in your toolkit because most private equity firms won't do that we don't think of that as venture because we call them restarts. People are going to do again what they've already done successfully once so we've done over fifty startups and people say. Why did you do a start up there. And the answer is that's where the twenty foot pole falter was or the legacy issues in the existing companies are ones. We don't wanna take on. Were to buy into the business cost too much. So it really is a function of working with that twenty foot pole-vaulter and his or her team. How do we get into business together. Because they are the reason we're successful if we pick them correctly and again. You can't do that if you don't kiss all the frogs and spend years and years so our investment teams are out there on the road all the time bringing managing teams through so the senior investment committee. Folks meet them keeping us current on these sectors. So that when the opportunity comes we can move on a dime because our investment committee doesn't meet and vote on something that they haven't been talking about and learning about and being actively involved in for years and years in the sector and for months and months and often.

david wermuth jim steve marsh mclennan network marsh mcclennan mc capital Jim nick david jim carey eliot spitzer nikolai jim nick David steve marsh ted david
"capital" Discussed on Capital Allocators

Capital Allocators

04:25 min | 10 months ago

"capital" Discussed on Capital Allocators

"Pay down very quickly. You don't really know how the fund does to the weaker loans pay off which could be years eight or nine so we came up with this idea of. Let's create this pool of permanent capital. We'll get it hundred percent. Invested will list it. And if you're an investor and you want to go and put fifty seventy five million into direct lending you could go give it to the newest fund that's being launched but it's a blind pool there's no assets it'll take four years before it's all working or you could come to my office. You can sit down with my team. You can diligence every single loan in the portfolio and just by basically going and buying forty or fifty million of our stock. We have hundreds of dollars working and you have total liquidity. So we thought that was a real advantage for the investor for us. We thought having permanent capital would allow us to do some things that are purist. Couldn't do the best example. I can give you is. Let's say regular fund is in your four and so this is their last year to invest. They don't wanna do something. That might only have a six month horizon one year horizon. 'cause they're not gonna make a multiple on their money. They can't look at it but sometimes we get these opportunities and someone says listen. I wanna make this acquisition. And i'm going to take the company public i want to take the debt out will pay you a way above market rate will give you three or four points of fee. We'll let you make a fifteen sixteen percent for a year and it should price at a sex but you're helping us get it done and we don't want that debt outstanding when we lost those are the kind of things we can do and are purist camp. It's been a real advantage for us so we're still in the early stages if you were to ask me. What's the biggest negative to are. Permanent capital structure is that you're taking illiquid asset class and you're adding some volatility to it because it's tied to the public markets. So we have to do a better job of educating everyone. We traded a discount. You want to come in and buy it. Because we're not a stock. It's a senior secured loan portfolio but early on. Its behaved a little bit too much like just a regular common equity in through education and time people get a better understanding and play. We can dampen that volatility. Wanna turn to the last iteration in phase of where we're going with all this which more relates to the ownership structure of our rock so a couple years ago you sold the stake to dial and wonder if you could talk through the thinking at the time you asked early on about our initial fundraise and i think one of the things that got people's attention in that initial fundraise because i put a lot of my own money into the fund and each fund. We've done we try to be one of the significant investors will you can imagine. We've launched a series of products if we're writing hundred million dollar checks free fund. We've quickly run out of liquidity. So we were looking at the new funds were creating and we started thinking about. Everybody likes it and expects us to be a very big investor so we went to dial to give some capital and by the way. We didn't take any money out we could have. They offered that but we said listen. We're raising this money to put it all into our funds and that's what we've done with it and today all of us have the bulk of our liquid net worth invested in our various strategies. It's something that's resonated and that was really the rationale now. We roll forward a couple years after that and you heard now joined at the hip the dial back so why don't go through that and then we'll talk about what happens from here. Let me address. How he came together with dial. We can talk a little. Bit about the spock. Neither of these things. I would have anticipated six years ago. The one thing we've looked at since day one is trying to figure out. Where is the world moving. And how do we want to be positioned and one of our big themes was especially with private equity and venture capital firms. Both who we work closely with. How can we become more and more relevant to them..

"capital" Discussed on Capital Allocators

Capital Allocators

02:08 min | 10 months ago

"capital" Discussed on Capital Allocators

"Hundred to say six seven hundred million and that's a lot of the market. We're pretty good solution. Remember the big banks. They're trying to figure out what are the end buyers want and they structure those deals to meet the needs of the marketplace. We don't think about the syndicated market. We don't even look at it. We're focused on. What is the company need. How can we create something. That's unique for that issuer and by doing that get paid a premium and then maybe eighteen months two years from now maybe they wanted to make an acquisition maybe they needed more capital we can structure around that and then maybe then they when they're bigger now it's a billion and a half two billion dollar deal then maybe they go this indicated market. So i think we're in the really early innings. I think i've been pretty right on seeing mouse and more and more p firms are looking at not just what we do but the direct lenders in general has a pretty good alternative to the syndicated market. And as i mentioned specially coming out of cova you might pay more to us. But it's a very cheap option to make sure if things don't really work out that you have a party whose rational and that you can work with to try to preserve your equity option on the private equity side. We hear a lot more about permanent capital vehicles. And so this concept of reducing the velocity. That wall street had has to come with that side of the balance sheet. I wonder if you could talk a little bit about even from the early days of iraq. How you went about raising capital such that. Today you're sitting on really permanent capital base when we went out to raise permanent capital. It only been raised retail. Nobody had really done. Institutionally it's important understand. How a traditional gpl lp fund works for a credit fund so we usually have four years to invest. and you hit that four year period and then when the loans payback. You get back your capital the problem if you think about it. Think about the loans you make in nearest three.

cova iraq
"capital" Discussed on Capital Allocators

Capital Allocators

04:47 min | 10 months ago

"capital" Discussed on Capital Allocators

"So what i wanted to do was make sure we had a deal funnel that was as big as any of our competitors but probably have a little less capital at the bottom of that funnel so more deals per dollar of investible capital than any of our peers. That's what we set out to build. I can't prove it. But i can tell you. I feel pretty confident that we've achieved that we cover today over seven hundred private equity firms. We've worked with well over five hundred. We've done over thirty billion dollars of financing's i don't know the exact number of probably two hundred line items. I think the other thing we've done that most people aren't aware of is early on today. Retail high net worth is really invoke. So a lot of firms kkr blackstone a lot of firms are active in that but when we launched the firm we decided we were going to be very active in that space so we started that strategy six years ago and what. We did which is different. And i don't know how they're running it today. But i looked at a lot of firms with rebates and i noticed most of the rates were sold to retail and then there was institutional capital and the institutional capital and the recap were playing in different investments. What we decided was we were going to create a retail sleeve that would play in the identical investments as our biggest investors. So let's really bring to the retail market a true institutional quality product. I'm not saying the others aren't but we just decided to do ours. A little different and so we find alone. There's no cherry-picking we find alone. It gets allocated to institutional fund and our retail fund based on their assets so the portfolios not one hundred percent identical because of timing when they both started but pretty close when the investment team goes a narrows that filter are there either certain sectors or characteristics of companies that tend to make it through relative to others. Yeah i mean. We decided early on since preservation of principal was the key to us. First we start with industries and so we decided we're not going to play in retail. We're going to avoid oil and gas. We're really going to avoid things that are going through major secular change so you can imagine when we launched with six billion dollars. Were just getting going. Every newspaper chain in america came through our office who was a fresh pool of gap at all and they need capital now. Some of those newspaper chains are going to be fine. But the question which we couldn't answer if i made a five year loan. What is the value of that newspaper chain and five years. If it defaults we don't know and so we've decided to focus on things that are more annuity like so we're big insurance. Our single biggest sector is software software. I think today we are probably. I don't know if we're the largest but we are one of the largest dedicated lenders to the software space. We have twenty. Two people focused on software half new york half out in menlo park. So i mean clearly. Silicon valley bank is the single biggest player. But we're we're definitely. I think you know top two or three and if you think about software i think the cil summarize what we look for if you can find a piece of software. That's mission critical and so it's really involved in helping a company run and there is very little churn and we can look at cohorts over a long period of time that once. It's installed it doesn't turn off what that means. Is you have a credit where the revenue base is stable now. Private equity firm is buying it because they think they can really grow that revenue base. But we're looking at it and saying if that revenue-based does nothing but stays really stable. Will we get our money back. And the way we do that is by loan to value. We make sure that we're coming in at a reasonable to value. And i don't know where we are in software. Today i think around ten billion of loans every single software loan that we've made his hitting or exceeding its underwriting case and that's coming through the pandemic obviously we have some stuff that might touch hospitality or aerospace but our core sectors have really come through relatively unscathed then so healthcare is another one. So we're looking at things like that are that are more stable..

kkr blackstone Silicon valley bank menlo park america new york
"capital" Discussed on Capital Allocators

Capital Allocators

04:10 min | 10 months ago

"capital" Discussed on Capital Allocators

"Private equity masters is brought to you by pitchbook deciding where to allocate capital is challenging for even the most seasoned fund managers the margin of returns between a good and great investment can be wide especially in the private markets. So you need access to the best fund data available and that's pitchbook ninety. Three percent of pitch books clients save their fund. Data is better than any other provider. Pitchbook also publishes first rate research on all aspects of investing in the private markets. You can explore pitch books data and research today by signing up to get free limited access that free limited access to the largest database of private market intel to sign up visit pitchbook dot com slash capital allocators and see how pitchbook data can help. Give you that extra edge. Private equity masters is also brought to you by ilkka the institutional limited partners association dedicated to engaging empowering and connecting limited partners to maximize performance on an individual institutional and collective basis it also hosts voices of private equity a podcast featuring leading voices from private markets that delves into the most pressing issues facing investors. Today in its first season the podcast held candid conversations that revealed each guests personal journey in the industry rate review and subscribe to voices of private equity. Today today's show is sponsored by connections. I connection software platform seamlessly connects managers allocators for virtual meetings giving managers the ability to subscribe and share information with allocators who can efficiently select and meet managers all on one platform the scalable technology powering. I- connections can be used for bespoke events by managers allocators and service providers visit i- connections dot i o. to learn more Hello i'm ted saudis and this is capital allocators. This show is an open exploration of the people in 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 capitol allocators dot com over the last decade or two no asset classes generated as much interest and investments dollar returns as private equity. This eight part miniseries. Private equity masters is a set of conversations with some of the longtime leaders in the space will hear their stories those of their firms and their perspectives on this all important area of the capital markets. My guest on the six episode of private equity masters doug ostro over the co founder and ceo of blue owl capital a public company born out of a merger between our rock capital and dial capital. Doug is also the ceo and co cio of our rock capital a direct lender to middle market companies that he co founded in two thousand sixteen and today managed thirty billion dollars impermanent capital assets. The combined blue owl manages approximately fifty three billion dollars in assets over ninety percent of which is in permanent capital vehicles previously. Doug was one of the founders and the show in s. capital partners which today's blackstone alternative credit platform. He's been involved in leveraged finance working with private equity sponsors for thirty years. Our conversation covers doug beginnings and leveraged finance the founding of and kista his early success..

"capital" Discussed on Capital Allocators

Capital Allocators

05:47 min | 11 months ago

"capital" Discussed on Capital Allocators

"Us. It's a great one and let's talk about how you came to where you are who you are your background in which a path has been. Yeah well thank you for doing this. So i have sort of a long history winding road that led me to this seat as portfolio manager investor in life sciences. Both in the public margaret's in the private market. I'm a native new yorker. I grew up on the upper west side to a family that was from my birth in the capital markets investing. My father was a early investor in cable tv. He started a discount brokerage in business in the early seventies with when they deregulated the industry to to as he describes support is cable. tv habit. I come from a long line of entrepreneurs and sort of merchants and so he. He was a good business person he built. Let's call it. Fourth or fifth largest brokerage firm in their early eighties fidelity wanted in the discount brokerage ing and they acquired. My father's business was first lesson in that they offered him cash or the equivalent in stock infidelity and come run the brokerage business. My father said all these guys are crazy and so he took the cash. If he had taken the stock this would be a different odd. Cast about life on a boat like any began looking for the next thing in. That's when he stumbled on biotech. When back to street is one of the first biotech analyst at oppenheimer than merrill lynch and then started one of the early biotech funds in the late nineties old cooper he'll partners investing in public and private life science companies. And so my childhood dinner table at two conversations it was business which was the biotech investing or This house he was restoring in the berkshires. And so we called it the work camp so you could pick one conversation the other and i think i always settled in on on investing in biotech so i was sort of conditioned early on about the trials and tribulations and what to look for what's important and how to think about it in a sort of a broadcast receiver dynamic and i started my own business in college ultimately graduated from columbia business school and went to work for my father's firm with a goal of becoming a a great sort of investor. As i thought about it. I didn't really know what that meant. And started doing. Deep research and that was sort of the fundamental principle of my fathers process which was become the expert. So i've always sort of grown up that you can't sort of bs your way through any investment. You have to become the expert. Unfortunately my father passed away in late. Oh five i took the work. We were doing at his firm. I brought it over to alliancebernstien and worked there on life. Sciences and i began to appreciate the technologies. We're changing and i always had a vision. I caught alliancebernstien was like my program in investing and being an analyst and had spent about four years. They're really fighting the space and starting to recognize the technology. Were transforming the landscape and it was really going to accelerate the predictability and productivity of the industry which had their two four been really unproductive and cyclical boom bust. I published this black book. Which listeners can if they're having a hard time sleeping can download from the internet and read about one hundred and eight pages of how this industry would unfold. And i respectfully resigned and set out to start a fund. I raised a very small amount of capital from twelve pretty sophisticated investors. Who had been. They weren't life-science investors but one was a very successful private equity business builder. Some hedge fund managers and some other investors and they gave me a small amount of capital. I said they're very sophisticated. I think equally brave and set out to invest in the space under kasdan capital flag doing public and private investments. Today we manage three and a half billion or so in capital across public and privates we've invested in over one hundred private companies everything from the sort of picks and shovels enabling technology research technologies dna sequencing platforms. All the way and. This is another thing i learned from. My father was obviously early. Tech guy was that the picks and shovels generate the steady tractable returns but the big impacts come from the applications of technology and so in our world. Those are diagnostic companies are drug development companies. Or were starting even now to see opportunities outside of human health into what we call industrial or synthetic biology specialty chemicals bag bio seed modification livestock management. So the firm invest across that ecosystem. It was just me an office about a ten plus years ago now were team of close to forty and probably a little less than half that on research and so that's my path. There's a lot of learnings and twists and turns in there. It's an incredible path. And let me go to your phd program so your document is called the dawn of molecular medicine. And i read one hundred eight pages of it. I did not fall asleep. And i really appreciated the executive summary to but You identified sort of three or four themes and that was two thousand nine and sorta. We're where it's gone from what you originally identified. Which was the seeds of the firm to where we are now. How's that evolved today. The first element is that it was in a sort of wake up in the middle of the night in a cold sweat. Aw it was the product of interviewing every person. I could talk to have a sort of talk to anyone at least once policy. Good companies bad ones key opinion leaders. You know basic researchers.

oppenheimer columbia business school ing fidelity merrill lynch margaret kasdan capital cooper Us
"capital" Discussed on Capital Allocators

Capital Allocators

06:40 min | 11 months ago

"capital" Discussed on Capital Allocators

"An amazing job. I think it's speaks to the segmentation. It's going on our industry and the strength of our industry that these different models can thrive independent of health. There formed you mentioned balance she capital. I'm curious in the evolution of the business. At what point in time did you start thinking about retaining assets on the corporate balance sheet as opposed to maybe in the early years paying it out as people are generating their own wealth. Well i think that in some ways as i mentioned we're a bit of a family office right because just the amount of investment activity the amount of the amount of capital that each of us have personally in our own cooking is incredibly different than their industry. We have fifty percent of every dollar is our own capital and that's multiplied by a very large dollar amount so some ways at bound she has always been there but just the personal capital supporting the business. But look as we saw places where we wanted to incubate something new if we need risk retention for credit vehicles that emerged from a regulatory standpoint if we wanted to bridge certain activities across a fund and seed different businesses. You know. I think our ability to have a balance sheet was emerging as an effective tool at particularly given our scale because the cost of capital that we can derive a balance sheet with very very very low. And so it's just a tool and among many tools of being large as you can have a very low cost of capital and allow yourself to to use your balance sheet for those kinds of strategic purposes. I know alongside of all of these direct investment activities. Your partner's capital created a fund called partners capital that are outside manager investments and. I'm curious when you put the lp hat on. What are some of the lessons you've learned. From engaging in those activities that are different from the bain capital direct strategies. I think that effort and those investments are largely on things we don't do although it didn't start out that way. I mean it was a bit like you know. The partners had a lot of friends and we were doing direct stuff off our side of our desk and it wasn't the way to run a railroad in your own personal portfolio. And so i think we focus that effort a lot over the years to be one. Where we're really leveraging the white space that we're not engaged so merging market public equity seating investments in new managers that engage in activities and macro investing or. And so what we've used that vehicle to accomplish is to fill. In some of the some of the white space that are not mandated by our term investment activity which makes it more complementary and then fills out what channel asset allocation might look like at least an alternative assets and so from that standpoint. I think the lessons were alpha's all about the manager. You know it's not about the asset class so not only have. We learned that we want to invest behind some of these managers that are in that fund. We've actually seen it some of them so we actually want a piece of gp so it's a it's taken it one step further. Say look we want to make sure we qualify this for our own capital. We also want to make sure we can even vast behind making that business scale and so that's how we looked at it. No from your experience in working with a lot of lp's and being on some committees you've been on the other side as well. What are some of the lessons that you've learned from sitting on investment committees that are kind of broadly applicable for tv investment officers in those seats. One of the philosophies bring to our own investment activity is we are trying to do something pretty hard we've earned over a thousand basis points higher than the private equity mean during our history and part of the reason that were able to do that as one. It's pretty simple. We aspire to do that. A lot of people don't a lotta people basically are targeting. Maybe premium returns but they're largely looking at averages and saying hey look if i could put more money to work at a return that's acceptable to investors that i'll just put more money to work whereas our optimization function is hey i wanna earn exceptional return and the reason that's important in our business is portfolio construction if we could have fifteen shots on goal to make three to some cases ten times or money. We won't do it every time but if we do it a third of the time then we're gonna earn that thousand basis point premium. It's so so. I think when you sort look at the strategy of of an investment firm is what are they aspiring to do. Are they trying to achieve that return. How are they gonna do it. Obviously and you feel like the portfolio construction lines up relative to that. Because i find too often that people are saying okay. We're on january twenty percent return but it's not about twenty percent it's about the symmetry of that return and how much upside can get. And so i think it's just a different worrying tation towards portfolio construction. That i think needs to be understood in studied. Better what do you think holds for you and bank capital over the next five ten or thirty two years i think we're at an incredibly important inflection point at. I thought we'd been here before. But i think we're at one again and frankly i think it's a bit of an existential crisis for our for our industry and i really mean this. We have an enormously negative stereotype. That's associated with our with our industry. I think it's incredibly inaccurate but nevertheless perception is reality if that's the conventional narrative now what's what's interesting about our industry particularly in the nature of what's happening in the corporate world more. Broadly is that people are focused. On multiple stakeholders people are focused on long term impacts. That are not physically seen in Exposure and so this notion of what is it to be a good steward in the corporate world and how that affects how people view the corporate world. I think that's times ten in private equity in terms of exposure and adversity. If we don't do it right. The positive side of this course. Is that incredibly great virtues. If we do it right. I think we are long term in our orientation we do control these companies so we can make espn for tap and we can control boards and make diversity happen. We can create a constructive stakeholder engagement more broadly and build and businesses. The way i think we do. And if we get that right in this next chapter not only will we be not negatively stereotyped but will actually be the constructive force. I think we are in an environment. That's looking for that kind of solution. And so i think it's very interesting inflection point. I see enormous activity at our own firm but also.

fifty percent fifteen shots january twenty percent One each three ten thirty two years every dollar third of the time one step over a thousand one five ten
"capital" Discussed on Capital Allocators

Capital Allocators

07:30 min | 11 months ago

"capital" Discussed on Capital Allocators

"Our assets longer. One of the unique elements of our firm is that we've always been our largest investor so we didn't really think about raising money and we weren't great on wall street with were great at raising debt. We weren't actually that even that good being dealmakers but we were really good at this strategy and operation intervention and and so that was what it was like. It worked really well and it works. Well today it's just a lot more competitive just so we can lick our chops. What were the kind of multiples you remember paying back. Then where my first deals that you know. I do a lot of healthcare investing and there was a business that a company called baxter. Healthcare big healthcare company owned a lot of different divisions and. we did a lot of corporate carve outs. But this business one that was an orphan. Inside baxter that he'd never invested in. It had lost one of their key suppliers. The business was going. Negative are pieces for learning some money somewhere losing some money and they just wanted out but what was really important to them as they wanted a partner who would still distribute the products through baxter and so we negotiated a carve out three times. He thought that time which obviously today diagnostic world. Things traded fifteen to twenty times. So that's a in of itself a big opportunity for us but we also had to do some heavy lifting about turning the business around. Would there a marquee deal or something that as a firm you look back on today and tell the story over and over again of particular situation from the early years. The way i was introduced to bank capital was we were looking at the oilfield equipment industry which in the late eighty s. You know when oil went to its lowest level that point there's a lot of carnage a lot of challenges and baker hughes had bought an oilfield equipment business and that happened. You know all of that carnage happened to this business. It was in the offshore drilling and subsea wellhead business very exciting business. I spent a lot of time. In aberdeen scotland and singapore and houston. But we ended up convincing the sellers that we would be the best operators of the business and so the sellers in this case had two hundred million dollars preferred on a business that was losing fifty million dollars and they asked us to put up some money at least to show that we had risk capital so we put up seven million dollars for a business. It was losing fifty now. The good news is that we did operate it well. The oil business stabilized. We invested in some really interesting new products and we ended up making forty to fifty million dollars by the time we we exited to say brown of ra. But it's great deal because it had shown at the time that we could do what we wanted to do which is understand industry and dislocation. We can do what we wanted to do. Operationally invested a new products. But actually the thing. I love about that story. Most is that the confidence that the seller put in us because they rolled over a big stake in the investment and the fact that we were able to purchase it based on that preferred stock being something that we would recover for them. It allowed us to have a really great partner. And i think that partnership story in terms of how we talk about carve outs with counterparties like to sheba today or or others like the big corporations that we see out there investing today at one of many important chapters that show how we can partner with those kinds of counterparties so at some point in that early evolution. Any one of these boutique specialists investment managers runs to this point. In time. Where you say should we keep doing exactly what we're doing or should we evolve into something else. How did that start to take hold at the firm. I didn't get there at the founding so there were five partners there in the early days but there was about four or five of us that came along in the late eighties. Maybe you're to after me couple around my time and and of course we were very sure of ourselves and we thought well gee how are we going to have your job. How are we going to be partners in this stink together and yet pretty flat partnership and he really felt like growing. The size of the pie was the way to win long term so they didn't have a choice being capital but to grow up because they have satisfy the ambition of a lot of probably overly confident. Young bucks who felt like look unless we grow this firm. We're not gonna be able to keep our talented people. And i tell that story a lot because every time i have somebody come in my office and tell me seattle. No if the firm can get bigger. Where's my opportunity. I i say. I've had that conversation with over a thousand people being capital since i've been there for thirty two years and as long as we keep growing as we keep providing opportunity for people. It's gonna all workout. It's interesting because at that time. One of my peers went on to run our and star public equity business. One of my peers started our credit business. One of my peers. Reinstituted are venture business as a dedicated business when my peers went onto star europe business and then one of the other ones went off to become. Ceo of sierra leone three of our company so a little bit of a strategy i which resulted in really a growth strategy. All along the way. How did you balance that opportunity set. You're providing for the people the up and comers on your team with clients who often look at those kinds of evolutions and say well. You should just stick to your knitting. We like what you're already doing. We do have the luxury of having investors that have been with since the mid eighties and have rolled over their capital and create a very large endowments as a result. They do challenge us all the time about what is the right growth strategy and i would say even there is an idea that growing too fast is a challenge but it really is the case that retaining people if you look at it through that prism and retaining talent that is in fact in their interest to do and if on top of that. You start off premise. Which i actually believe is true that you can achieve high performance at scale. There's this natural tendency to believe or feel like that scales correlate with lower returns and it is by the way but it doesn't meet its causal which is to say if you can find this elective opportunities at scale where you can generate high-performance which we think we've done over the course of our history. Our large deal performance is as good and sometimes even better than are smaller to mid size investments and we could actually build more capabilities. We can actually have a bigger team. We can be more global in our scope in all of that makes our business model. That much more effective. What were some of those challenges to growth along the way. It's never smooth bath. Well i think that one of the things that's unique. We don't have a ceo model. I'm a managing partner at bain capital. Which means i serve my highly ambitious and and highly needy partnerships desires for what i should do and the truth is when we started to build scale and we were in five businesses. We actually got into credit in public equity adventure before anybody else. In the late nineties we acted and operated as partners and were a consensus oriented team oriented collegial environment but we didn't have the single point accountability. That you really need as you scale. And so working through committees and working through part time jobs to manage business units or geographies or even the firm didn't work as well particularly through the the gfc. And so. I think that what we've done a lot over. The course of the last fifteen years is really built. The benefit of the partnership. And that..

forty fifty fifty million dollars fifteen thirty two years five partners two hundred million dollars late eighty s. singapore mid eighties seven million dollars houston late eighties five businesses baxter today five One Ceo three
"capital" Discussed on Capital Allocators

Capital Allocators

06:10 min | 1 year ago

"capital" Discussed on Capital Allocators

"Please enjoy my conversation with katie milkman. Katie thanks for joining me. Thanks so much for having me. I'd love to just start with how someone goes about on a path to academic research and studying change. Well my road was very winding. So i'm not sure i'm the example of how one goes about this but i went about it as an engineer. Actually as an undergraduate. I studied operations research and financial engineering. And then i decided to get a phd in computer science and business again. An engineering school. That was granting the degree and studying change was nowhere near my mind and i had to take a graduate sequence in microeconomics to get my degree and while i was in that class. I had sort of a revelation. The course was introducing all your classic economic concepts but then also blended in some of the new theories or coming out of this new growing field of behavioral economics which that people are imperfect decision makers that were impulsive an overweight present utility or present value and underweight the long term rewards of our actions for instance and so all of these problems that are systematic with the way we make decisions were part of the class and it just clicked for me. I loved it. I thought. Oh my gosh this is. This is a perfect description of me. My life everyone. I know it's fascinating. And once i understood that there were these mistakes people made. I started seeing opportunities in my own life to try to correct them. I started actually doing work on change initially just as a program of me search rather than research. Why can't i get myself to go to the gym. Why can't i get myself to do my problems. That's at the end of a long day. Oh here's an idea. And then it would grow into a research project. So i pivoted and then it really all clicked for me. Actually when i was an assistant professor at warton. I'd been doing research on behavioral science. A little bit of it was change oriented work due to my research interests but it was all over the place and i went to a seminar presentation over at the medical school at the university of pennsylvania. And i saw this graph. The probably aren't that many people can say. Their lives were changed by graph but my life was changed by graph and it was a graph showing the percentage of premature deaths in the us that are due to different causes and the largest wedge in that graph was forty percent due to behaviors that we could change so decisions about things like eating drinking smoking vehicle. Safety i just couldn't believe how large the effects were of those small decisions. The way that they accumulated was it was vastly larger than i would have expected an order of magnitude and that moment really changed my focus. I realized okay the stuff that i've been doing sort of as a hobby for fun this me search on behavior change if i really focus on this. There's a huge opportunity here to have a big social impacts because if we can figure out what it takes to help people make better decisions around their health and then of course you can extrapolate to other domains financial decisions and their decisions about their education and happiness. The accumulation is clearly much larger. Than i appreciate it. So that's when. I became really focused on behavioral change. And that's what i've been really studying ever since. What was the first insight you got before you started diving in from your research love the term the first insight from my search had to do with the struggle. I had as a graduate student when i was an intense engineering program. I had to take econ classes and computer science classes and all these problems. That's and i would come home exhausted from listening to the lectures that i had to attend and i needed to get to my work. I use you. My problem sets and write code. But i also needed exercise because that was only frankly that kept me sane was to be in good shape and moving and could motivate myself to do either. I'd come home. And all i wanted to do was curl up on the couch with a juicy page. Turner binge watch tv and i couldn't figure out. How do i resolve this problem. Not getting any of the things done. I needed to get done and i came up with the solution. I call it now. Temptation bundling. I've studied it in me search research and the idea was just only allowed myself to enjoy those temptations those entertainment temptations when. I was exercising at the gym. I actually did it with audio books. Because i found the sensory input from tv was a little too much for my puny little brain at the end of a long day. But i'd go to the gym. I'd listen to the latest in my james patterson novel or sometimes harry potter or hunger games. Twilight pick your lowbrow fiction. That's fast paced. I couldn't wait to get there. I'd come home rushed to the gym to find out what happened next time when fly. While i was at the gym i even notice it was passing so we got a great workout and i came home and i was ready to get my work. Done and my grades improved. My happiness improved. It was fabulous. And i realize okay. What had happened there was. I'd recognize the challenge of getting myself to do the things that were good for me in the long term required me to find a way to make them instantly. Gratifying make them. Rewarding in the short term or i would never motivate myself to do it and so i recognize that barrier. I found an engineered solution and for me. It was a huge huge gain and temptation. Bundling of course. I have since realized and recognize can help with lots of things not just getting you to the gym but you can use temptation bundling as a lawyer or a hook to get you to do things like studying by only allowing yourself to pick up your favorite coffee drink or other snack on your way to hit the books or only letting yourself. Listen to your favorite podcast while doing household chores or cooking a fresh meal for your family. There's all different ways that i've found temptation. Bundling that can make it exciting and fun in the moment to do the thing. That's good for you in the long run so all of this research.

Katie james patterson forty percent Twilight warton katie milkman harry potter first insight university of pennsylvania one hunger
"capital" Discussed on Capital Allocators

Capital Allocators

03:26 min | 3 years ago

"capital" Discussed on Capital Allocators

"Investment universe. Do you play that by looking at a regional community banks in those opportunities owns I think that is certainly one way to invest in it. It's very very early. Please keep that in mind. We don't even have the regulations from the internal revenue at this stage. All we have is a box of framework from the tax Bill. And this was something. Being different people worked on for six years, actually, the progressive wing of the Democratic Party along with Republicans. Cory Booker, Senator Warner is a great example of what the country sometimes can accomplish. When it does come together. Instead of just ripping the shreds out of each other every single day, and it will have an impact you'll have impact over time in terms of creating hundreds of thousands of jobs and opportunities when you think about taking advantage of an opportunity like that in the markets. What you're talking about to potentially a long horizon theme, how do you balance that against the needs desires of your clients and funds who are looking at generally shorter time horizons? Well, this fortunately has added advantage of forcing people to look at it long term because this allow. Tells everybody United States, whether they are have a one thousand dollar gain a fifty thousand dollar capital gain have a four billion dollar capital gain. It means everybody can take advantage of this because using this investment opportunity if you keep it over five years seven years in ten years. So it forces you to think long term, which is quite brilliant. Because we all have a tendency to think too short term if you do that, and you can defer your gains is mind boggling just think there's a trillion dollars of gains a year in capital gains in this country. There's probably three four five six trillion dollars that are capital gains that people haven't taken no one really knows what the number is it allows people to take those gains invest in these areas. Create jobs. And crate housing, and, you know, take ten year horizon because otherwise you're not going to get to defer your gains period, dad's, a huge advantage, a huge appeal to millions and millions of people. So let's take the other side. What do you see as the biggest risks in the financial system today? The biggest risk in the financial system. Again, is that unknown non linear system? So you have these unknowns that theoretically could happen, you know, coup and major countries or riots in different countries. What if North Korea gets angry at Trump bird doesn't go? Well, and they send an atom bomb to wake island. Okay. To me, the biggest risk of financial system is that gigantic macro unknown. And therefore, it's an unknown. And we don't even know what it is..

Cory Booker Democratic Party wake island Senator Warner United States North Korea three four five six trillion d fifty thousand dollar four billion dollar one thousand dollar trillion dollars seven years five years six years ten years ten year
"capital" Discussed on Capital Allocators

Capital Allocators

02:47 min | 3 years ago

"capital" Discussed on Capital Allocators

"So that's comforting to the capital, and of course, being able to access of incredibly broad group of capital providers, by way of our events the combination of all of this. I think really gives us a strategic advantage that it's hard to see who else in the marketplace comes with each one of these pieces are I wanna go onto storytime. Now, I want to start with softball, which is among your stable of funds that you've partnered with what story is most fun for you to tell. I'd say one of the deals that I've had the most fun on is deal. We did recently with true capital management. So Doug and Peter troop. Who are our partners and were in a private equity joint venture with them. These guys have just been amazing partner. So as and the part that I've really loved is that they're just hard core entrepreneurs. They're great investors for sure, and you can't do a deal with someone who's not a great investor, but the get it you can say to them. Hey, I've got a meeting in London with XYZ. And you know, they're going to be hopping on a plane tomorrow to go to London to do that meeting. So it's been fun watching our business kind of Volvo over time where I think the opportunities that are presenting themselves now are just at a higher quality level. And that's been fun for me just being in business with guys who are really aggressive, and they're just know they're gonna win has translate over to what they're doing any message. They're in segment of the market. We're deal flow is absolutely critical. And they have the best deal flow of ever seen part of the reason they got together with us. Was to also take advantage of the deal flow that can come through summits. So they're in a segment of the market where they can generate deals from the limited partners who attend our events as well as the GP's so attend events. So the marriage of the machine that they've already built, you know, they've got fourteen people in their office. They were very actively generating and managing a pipeline of deals, and then combine it with what we have in our some it's business, and it's really proving to be a great engine to kick those deals up it on the summit side or their stories of success that you've seen from someone who attended the conferences. And then some months later, you get a thank you Email. And you wonder why didn't charge them multiple to show up? He'll be a great business. If we're getting basis points instead of charging so without naming names. Yes, we hear stories all the time about funds who attend our vents and go on to raise tens of millions of not. Hundreds of millions of dollars at our events. We've heard from investors actually,.

partner Volvo London Doug Peter troop
"capital" Discussed on Capital Allocators

Capital Allocators

03:35 min | 3 years ago

"capital" Discussed on Capital Allocators

"Quality active management, and it's a three trillion dollar asset class just in hedge funds there's enough capital there and enough portfolio size among investors that they always have a need to retool their portfolio, if you look at the dispersion between in particular categories in the. Hedge fund space it is much much larger than the dispersion in traditional markets like long only, for example, you'll see a much tighter performance band in the traditional asset classes, then you will in hedge funds, which I think drives the need for events like ours. I think investors come every year. Religiously and you'll see investors. I mean, they're working hard at these events there guys coming every event, and they're taking twenty thirty meetings over two days, it's grueling to sit in crank through that number of meetings and ashore period, but it's really really helpful to them and extremely efficient for them to do it in this way as a way to take a look at what's the new stuff that's out there. What do I not know about that? I should know about. And who do I not know I'll say for context one of our greatest assets really for the conference, but it clearly benefits are seating an accelerating business is that we have the best deal flow in the industry. At least I believe I think there are. Are lots of players much much bigger than us. But our megaphone is so loud, you know, our marketing is so strong now as a result, especially of the Miami event that we are getting more deal flow than really anyone in the industry. We're touching thousands of funds per year over the course of the four five events that we typically run. So let's bring these two things together you have hundreds of managers coming to present them capital. And on the other side, you have capital partners business where once in a while, you'll partner with one of these managers. So that deal flow sounds like almost too much to handle. It is significant. I would say our criteria on the seating. And exceleron business is very stringent. My partners have such deep investment experience. They've seen so many different strategies. They're very tough group to please. So they filter through things relatively quickly. But. It does take work, and it is a process, you know, my partner John Culbertson is working feverishly trying to get through all those managers just coming into Miami. To get a sense of. Okay. Is this group that we can partner with when you back reporter with someone and you're giving them whatever that ticket size twenty thirty million dollars for them to be successful. As you said, they have to grow a lot. You have all these investors coming in. What have you seen in terms of the appetite for someone to accelerate your exceleron? That's something that we're really just beginning to spend more time on in a more strategic way. Given the deal flow that we have the expertise that we have on the investment side capital partners. We really are well positioned to see some of the best product coming through the funnel. And we are in several conversations right now with groups that could write substantially larger checks who are sophisticated and have the capital. Probably don't have the same level of deal flow that we have and they also were comforted by the fact that we can provide the service platform to help these funds operate in a more institutional way, they need to be institutional grade. So we helped get there faster..

partner Miami John Culbertson reporter twenty thirty million dollars three trillion dollar two days