18 Burst results for "Endowment Foundation"

How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank

Unconfirmed: Insights and Analysis From the Top Minds in Crypto

05:42 min | 8 months ago

How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank

"One other question. When as he was. Who Do you expect your customers to be well for Vanity? We're going after the institutional market there are a couple of others that are hanging around the hoop and Wyoming who are going after the retail market. And we hope to be able to do some things with them if we all make it through the process and get our licenses. But there wasn't anybody stepping up for the institutional market which is where I saw a need in particular. The best example is the universities that would like to receive digital asset gifts from alumni but are not in a position to accept them because there isn't a third party that's willing to work with them to provide the services that they need for example under an in in the US under the custody rule. Asset managers are required by law to have a third party store their assets that the the management of the assets has to be separated from the custody of the assets and again the big custodians are FDIC insured banks so as a result were in that catch twenty two where there was a log jam that needed to be broken. And so I was GonNa ask you like who your competitors would be but I realized in a way. Maybe it's set your sort of forming a new category. Or would you say like are you 'cause Gascoyne base does serve some institutions right with Coyne? He's custody and stuff like that. Sure source her. I think the difference is the definition of institution. There are a lot of folks in the crypto world who look at You know small. Twenty five million dollar Crypto Fund and say. That's an institution and technically it is. But what I'm looking at is the markets that I came from earlier in my career. The Pension Funds Endowments Foundations Sovereign Wealth Funds. These are the really big money. Investors for whom the ASSET CLASS UP UNTIL. This point has actually just been too small and not investable will. Now we're getting to the point where it to the extent that Bitcoin does continue to go up. It becomes a bigger asset class. It starts to become too big to ignore and then they start looking around and saying where's the infrastructure. One of the other points that that I've noticed is that the the institutional infrastructure in this market isn't ready for primetime with these very big traditional big asset owner institutions again. It's more more aimed at the the smaller. More risk risk-taking institutions like hedge funds or small small funds that already exist and most most folks when they say there are institutions in Crypto. That's what they mean again. The big guys really are not there. They have a much much much higher standard of professionalism that they require and when I looked around at the folks that are that are that are serving the institutional market right now first of all their trust companies from a regulatory perspective and there are two issues with trust companies for the big big investors. One is that they're not directly connected to the Fed because they're not banks and there's a reason why stay straight and Bank of New York you know in the securities industry are banks. They're connected to the Fed and that's what the institutions WanNa see And then the other is that the the trust companies are that you don't know what your status in bankruptcy is and again. This is another one of the reasons why the banks win from a regulatory perspective. But there's a there's also another issue that I I started looking at the terms and conditions of the folks that are serving the quote unquote the institutional market right now and it is it to be honest in in some cases it's a joke There there's one that serving the institutional market that defines bitcoin as quote a digital asset. If they all of a sudden wake up and decide that bitcoin suddenly bitcoin cash and the customers go to sue them. They would have no claim in court because the contract was so vaguely drafted. There was really nothing promised. The four policy is another one where I was looking at one again institutional firm and the Ford Policy said that they had in their sole discretion the ability to follow a fork. If any and again what's the legal legally enforceable promise in the language there there's nothing So when when an institutional attorney and again I'm talking about a pension fund type of attorney starts looking at the terms and conditions in the contract. They're they're going to say look that that's not even close to the standards that I need. And lastly there's another piece of this you alluded to it in in your question. Why Oh Ming defined the status of digital assets under Wyoming's commercial law. We're the only state to have done that. And that would therefore the only state that would be allowed to start a bank because you have to know what the status of those assets would be in in a legal dispute again. This gets back to institutions needing to have clear clear rights and obligations in the transactions. And if you don't know what the status of the asset classes in a legal dispute. You're taking a lot of risk that a judge is is Is is going to determine a lawsuit you rather than in your favor and institutions. Just can't take that risk they also can't take the bankruptcy risk and again if a judge doesn't know what the exact status of the assets are under the law. Then then you don't know what your outcome is going to be in bankruptcy so all these things are important building blocks that had to get put in place before we really go prime time.

Wyoming FED Attorney Crypto Fund Fdic United States Gascoyne Coyne Bank Of New York Ford Policy
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

02:34 min | 1 year ago

"endowment foundation" Discussed on Capital Allocators

"Investment fund can put in place processes and decision making bodies that will work better in proposed criteria for us moving in the future but i just think that's crucially important because thirty years ago data was scarce scares and i remember when i got into business. Sometimes you'd have stuff overnighted to get information quicker. I'm swimming and information our teams swimming and information now. It's not so much what information you get. It's how you synthesize that information and how you make decisions the edge today so i just think understanding these dynamics and how the human mind work is really important you head off the conversation talking about how passionate you are about competing. How do you think about cambridge's business through through the lens of competition. It is really interesting so endowment foundation side is i think probably most of our listeners know today. We have significant market share in most cases were fifty sixty percent of the market and the competitors we have there tend to be boutiques. Tends tends to be the large pension shops that are trying to come in and build some endowment foundation business so mercer a on towers or it's the c._e._o.'s that have spun out of the endowment or foundation foundation offices and started their own shops. There's your competition there on the pension side. It truly is the big three and a few others. It's a on towers mercer. Yes sir all these shops have their qualities and their good points. Then private client is just very fragmented. No one has more than two percent of the market. It's boutiques. It's multifamily offices. It's banks so it's really interesting that our business the competition is really different everywhere and what i've described as basically the u._s. and western europe europe to asia competitor kinda change a little bit as you get over there too so very very different as you look out over the next five or ten years. What do you think are the next steps for cambridge associates. We're constantly can be focused on making sure we have the right talent in place to generate great returns for our clients and to be great partner so five ten years. That's not going to change what i think will change is that our footprint grant and asia will expand for multiple points one because there's just a lot of interesting investment ideas over there and we already have a good team over there but that should continue to expand as as we continue to look for great ideas specifically in china venture and growth equity but also i think our business will expand asia. What's going on in the private..

asia cambridge associates cambridge europe partner china fifty sixty percent five ten years thirty years two percent ten years
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

02:34 min | 1 year ago

"endowment foundation" Discussed on Capital Allocators

"Investment fund can put in place processes and decision making bodies that will work better in proposed criteria for us moving in the future but i just think that's crucially important because thirty years ago data was scarce scares and i remember when i got into business. Sometimes you'd have stuff overnighted to get information quicker. I'm swimming and information our teams swimming and information now. It's not so much what information you get. It's how you synthesize that information and how you make decisions the edge today so i just think understanding these dynamics and how the human mind work is really important you head off the conversation talking about how passionate you are about competing. How do you think about cambridge's business through through the lens of competition. It is really interesting so on the endowment foundation side is i think probably most of our listeners know today we have significant market share in most cases were fifty sixty percent of the market and the competitors we have there tend to be boutiques. Tends tends to be the large pension shops that are trying to come in and build some endowment foundation business so mercer a on towers or it's the c._e._o.'s that have spun out of the endowment or foundation foundation offices and started there oh c._i._o. Shops there's your competition there on the pension side it truly is the big three and a few others. It's a on towers and mercer. Yes sir all these shops have their qualities and their good points. Then private client is just very fragmented. No one has more than two percent of the market. It's boutiques. It's multifamily offices. It's banks so it's really interesting that our business the competition is really different everywhere and what i've described as basically the u._s. and western europe europe to asia competitor kinda change a little bit as you get over there too so very very different as you look out over the next five or ten years. What do you think are the next steps for cambridge associates. We're constantly can be focused on making sure we have the right talent in place to generate great returns for our clients and to be great partner so five ten years. That's not going to change what i think will change is that our footprint grant and asia will expand for multiple points one because there's just a lot of interesting investment ideas over there and we already have a good team over there but that should continue to expand as as we continue to look for great ideas specifically in china venture and growth equity but also i think our business will expand asia. What's going on in the private..

asia europe cambridge cambridge associates partner china fifty sixty percent five ten years thirty years two percent ten years
"endowment foundation" Discussed on C-SPAN Radio

C-SPAN Radio

01:45 min | 1 year ago

"endowment foundation" Discussed on C-SPAN Radio

"The world range from pension funds and retirement funds endowments foundations large and small businesses state and local governments startups individuals, and what remains true today is that our employees work every day to provide these clients with best in class service and to work hard to earn their trust today. Hey, the US financial system is substantially safer more resilient, financial institutions, hold significantly more capital. And they've materially reduced their leverage and their holdings the liquid assets since the end of two thousand seven Goldman Sachs equity has more than doubled. Our leverage is decreased by more than sixty percent. And our liquidity has more than tripled. We're confident that we could withstand very substantial market shocks and the Federal Reserve's rigorous stress test farms that Dodd Frank is made the system safer and we've made important progress in adopting to that regulatory environment. However after ten years of experience, it seems appropriate to assess whether improvements can be made to avoid duplication inconsistency and undo cost in particular on our customers on our clients. In addition to the Dodd Frank reforms, we've made a number of important handsome that relates to our business. Goldman Sachs we undertook a three year review of the firm's business standards and practices. Most extensive review on the firm's history and implemented a number of important recommendations ranging from conflicts of interest, but transparency. And disclosure. The changes we made or part of a much longer much larger ongoing commitment by our firm to be more self aware open to change learn the right lessons from experience we know that we will inevitably make mistakes, but we commit to learn from them and respondent way that needs the high expectations of our clients, and our customers shareholders employees regulators congress as well as the broader public as it relates to our business strategy since the crisis Goldman Sachs's recently entered the consumer.

Goldman Sachs Dodd Frank US Federal Reserve sixty percent three year ten years
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

03:34 min | 1 year ago

"endowment foundation" Discussed on Capital Allocators

"And it's a good idea few to look at. But also if you do something wrong, I'm always going to tell people and their bit shocked by that's why if I pick up the phone to these people they. Listen, and they trust me to me. That's what matters more than anything because manages come and go, but those endowments foundations from us around forever. So it's a different mindset. So people don't think about that. And I think too many people sit there saying I'm going to do XYZ and over sudden, they realize actually when that manager closes down will they leave whatever they're sitting in this world where all these people have all these relationships. They can't cool those people again life. It's all relationships all of this thing. It's not about money is about relationships and everyone forgets that. So let's go back to your career TT. So you start your now working with the clients and what happens over the couple of years while you're there. So join TT is under two billion dollars of AM them. and the space of eighteen months ago to eight and a half billion dollars in eighteen months in eighteen months. We just winning business from everyone the performances insane. We have close in the interim at three billion. But as soon as we ripen accused whiting, and it's just insane. Anyone we want getting money from them? And then this firm decides become everything to everyone, and we won't shouldn't as bond event driven fund everything you could think we do that. But as you do that, the organization grows becomes more institutionalized become more processes, we Roker say and glossy and comes over, and I'm like, okay, I can stay forever and enjoy and it's great. But I'm not going to learn I want to learn and a taker sidestep gun, join a private Swiss bang. So worst decision of my career two thousand full I resign off to six months. So what happened is everything that I hated it's nepotistic. It's bureaucratic is not focused on the client is on the organization is just. It's not what I'm about. And the role was I was told it was either father was a comb. So I was just like I'm done. And in the meantime, I get cooled from a headhunter who'd cool matchy year before taking this job and said, there's a roll out the these guys want to meet you. I'm like, well who is it? And he to this day day friend, Tuesday still respect for he wouldn't tell me who is full K. And then he said will send your job description. I look at us. It's my dream job where the description say it, basically said you will lead the business element investor relations for prominent hedge fund that's going to build a platform. Someone who's gonna take charge can off declines boating out the business to depend the strategy that branding the cost of the con- reporting and your sponsors include attending conferences, looking after the investors Billingham invested. I all that sort of stuff. And I was like this is great because these guys are clearly at the cusp of sort of becoming huge. And they wanted someone who. Kosovo grow with them. So I went for an interview I'm at the COO on we loft for an hour. And then the principal came in. And we sat there for two hours and the anti said give me twin to references. So I can call not play Todd bull and said, you give me someone I'll tell you. I note them came up with twenty and then he could win extensive already wanted to come into speak to Morin. Yeah. So since two thousand five basically been now at the helm of raising the money and looking after transfer than just off and that portfolio manager was Chris HOGAN persona from TCI. Yeah. So now, you're getting ready to launch a TCI and your tasks with raising money..

TCI Todd bull portfolio manager Roker whiting Morin Kosovo Billingham COO principal eighteen months two billion dollars billion dollars six months two hours
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

03:43 min | 1 year ago

"endowment foundation" Discussed on Capital Allocators

"Please enjoy my conversation with Raul mood gull. Bro. It's so wonderful to see you Gracie. You Ted while I love starting with people's background. So why don't you just dive right in so grew up in London went to university in the UK, Russia, Japan and the states and then hold on a second. Yeah. Russia, Japan and the state and the state's. Yeah. What brought you to all three. So I did a PHD on how regions with resources use as also to gain political and economic leverage over central governments. Mckay study was the Russian far east which sits between Siberia and the Pacific Ocean. So Russia Japan oversee and then the top guys in the welder in the US the stint Hallward university of Illinois urban champagne university, Washington Seattle and university of Hawaii not so bad. So what degrees did you end up with after this whole path? I have an undergrad and international relations Moss's in economic development and pitch day in political economy Elysee. LLC? She finished all the schooling. And then do what? Well in the interim. I get pulled onto Bush's government project, which is connected to I'm researching an Olsen my own Versi in boxing to go and teach that so I spend four years commuting between three cities living the one in the middle, which is Birmingham studying London and teaching at kill which is sort of in the Midland so name Manchester so full four years just commuting between. What were you teaching in such a particular quantum e to undergraduates, which is great you realize how smart you'll note when they all ready questions, and I learned as much as I hope help them to to what did you learn from teaching? I learnt to be patient. I learned that this people who are smaller than you. And I learned to listen, I think those are the things I think she those things I took with me in my post career. So what led you out of? Academia, the British government push. It was coming to an end. I wanted to be back in London and academe is a great world. But it's full of stifling huddles a lot of slow processes to get anything done. Just kind of a hope I'm more dynamic than that. And I wanted to just come slamming feel that energy so plot loads and loads of jobs, and they finance. They were diplomacy that lots of different things. Nothing was kind of concrete while I was going to do on. Then Joe came out with a small booty as it manager said, well, you'll background in teaching is kind of what we're looking for for someone who can occur the clients. You haven't got anyone who looks through our clients. So it okay fine. Can you on newsletter for us, can you sort of make sure that off too? So those skills teaching Riddick came across the writing Paul the patients Pau making show people on the stem what you'll doing so explaining things. So is a lot of synergies so. Yep. Saucy nineteen Ninety-Eight. What was that for? I 's matter that firm was t t international on that that time they were the number one international IBA manager in the world. So we had biggest endowments foundations best corporations in the USO straits where I was thrown in to me all these guys day one. I was wow. I'm speaking to all these amazing people with HUD of but of the number can offs them handed, you tackle this new role. I am just sitting that surrounded by all these really smart people who knows an equitize Noah bench monkeys. No, Alfred some beats raise I have no clue. So I just sat that I literally like a sponge Assan absorbed..

London Russia Japan Olsen Bush Hallward university of Illinoi Raul Gracie Ted USO university of Hawaii Pacific Ocean US UK Mckay British government Moss Noah Alfred
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

04:19 min | 2 years ago

"endowment foundation" Discussed on Capital Allocators

"If you really need. Need to get the ones at the right end of the dispersion. We're just your process start the world is a big place. And so we try to be smart about how the pipeline is put together. And so we've got fifteen different places that were sourcing from we look to our board. We have a lot of practitioners on the board. We've got people who are deep in private equity. We've got people who are deep in hedge funds. We've got people who are deep in risk management. And so that's a tool for us. What are the other fourteen? Oh, well, peers other family offices, wells, other endowments and foundations I think the idea for the institute is one of our their competitive advantages were smaller where about a billion dollars. We're we can afford to be in smaller more esoteric more unknown things that larger endowments foundations might not be interested in we hear there's direct reach outs. There's third party marketers. There are cap intro groups, I. Welcome all of the inputs. What does that first meeting? Look like for you and your team. We don't have a lot of time. So let's just get down to it. Why are you different? How do you take risk, and how do you manage risk institutional quality risk management, and it's a foreign language to a lot of managers when I joined Ford, I remember one of the first meetings. I had with a manager. I had brought in my brand new risk dashboard. And we've taken your returns we have put them through our risk calculations. And we've looked at fit with our portfolio, and this and that and it looks to us like you have a little bit of a value tilt in your portfolio. Can you explain it this particular manager took it, and they put it inside a folder, and they closed the folder on top of it. And they said we don't think about the portfolio like that. At that point. I think I was educate me, how do you think about the portfolio? I welcome diversity of thought welcome diversity of portfolio management where have you made mistakes on the manager basis? Well, I think operationally focusing on smaller managers entails risks that you you have to be aware of and we've had the misfortune of investing with groups that we thought had fantastic ideas, and IP and failed operationally. And so were pushed out either from having not the right investor base or not the ability to actually sustain a business long-term. So is there a size that is your sweet spot for managers? We have managers ranging from four hundred million dollar hedge fund to the tens of billions of dollars. And we. I've seen all the research is well smaller managers this end. It's don't disagree with any of that research. But by and large we think that you can make money in lots of different ways. And if you're large and you're playing in an illiquid area or your large, you're not able to pursue high-quality deals, then sure you're not gonna make a lot of money. But if you're large in you're playing in a very liquid area, and you have an edge or your large? And you're the only game in town who can take deal down. Then you're gonna make some money. Right. So it's all about edge. And yes, I see in general by and large smaller managers are making more money than larger managers. How do you approach? The scarcity issue in private equity of needing to be with the best performing private equity firms. Yeah. That is very very difficult. Right. And that's hard because it appears that skill is persistent going back putting my management consulting hat on. Hamilton, always talked about power in business. He's written a book called seven powers, which I recommend on business strategy. What you've ended up with these private equity firms and the ones with persistent. Good performance in ventures. Well, they're incredibly powerful businesses their franchises. They have access to deals. They have all sorts of levers of power. They control their suppliers and they control their customers..

Hamilton wells Ford four hundred million dollar billion dollars
"endowment foundation" Discussed on CNBC's Fast Money

CNBC's Fast Money

02:18 min | 2 years ago

"endowment foundation" Discussed on CNBC's Fast Money

"A big brand name pension endowment foundation insurance company came out and said in a filing over the course of the last three months, I took a one percent location of my equity risk bucket because bitcoin basically has zero correlation to stocks and by going one percent bitcoin and ninety nine percent equities might risk profile is lower, right? Like square is half as volatile as bitcoin, right? So if I own one hundred dollars of square and fifty dollars bitcoin, I basically got the same risk on. So as soon as institutions start thinking about bitcoin like that and not as the scary thing that needs to be regulated. I mean, it's about smart regulation. It's not about more. I don't think we need more regulation. I just think we want smart regulation and we went regulatory clarity real quick question. About bitcoin because one of the things that somebody pointed out months ago was a lack of volume and as as it was plummeting volume completely dried up, yes. Has the volume return to give you the confidence that maybe it has sort of found that sixty eight hundred bottom in that maybe it's going to start rising again, he's all return. Can there's as whereas k. always points out. The majority of the majority of the volume happens outside the US US volume is what I care about because that's what's going to get it bitcoin ETF and US institutions into bitcoin that that has been pretty consistently at four hundred million dollars a day. It had dipped down to two hundred work on bottomed out. And now it's right back up to forty million dollars a day. CFCC me futures combined six last seven days over four hundred million dollars a day. So it's four dollars is not nothing. It's enough that a big insurance company or CalPERS or a state pension could put a little bit of money in there. And I think that would be the sign that you know what I gotta get in now. Because right now think every institution is looking on the dance floor and nobody's dancing and. One wants to be the first person out there as nobody done that. I, I think he's calling for a long time. Nobody's even taking a one percent position. I don't. I'm not saying I'm talking about someone who's a big brand. Someone I haven't seen the filing where someone who said, you know what? A big brand name that has one percent filing in in the futures and the absence of a qualified custodian that can't hold spot. So. So I think that that's going to be a catalyst. I mean, you know, there's other things to the IRS had a diminished tax exemption for transactions under six hundred dollars where you don't have to report capital gains. That would be a big thing because then people might want to buy, you know McDonald's with bitcoin. But right now,.

US IRS McDonald k. one percent four hundred million dollars forty million dollars ninety nine percent one hundred dollars six hundred dollars fifty dollars four dollars three months seven days
"endowment foundation" Discussed on Money For the Rest of Us

Money For the Rest of Us

02:46 min | 2 years ago

"endowment foundation" Discussed on Money For the Rest of Us

"The ten year annualized return for the average college endowment in the us was four point six percent only four point six percent that's down from the previous ten years ending june thirtieth twenty sixteen for that fiscal year five point zero percent so think about that inflation over the ten years on an annualized basis ending june thirtieth two thousand seventeen was one point six percent so the real return the four point six percents nominal return less inflation was only three percent the goal of an endowment in order to to make sure that it's there for generations of ahead is to make sure that real return at least equals its spending rate the average endowment college endowments spent four point six percent of the i'm sorry four point four percent of their assets in that fiscal year ending june thirty two thousand seventeen you're spending four point four percent and you're only earning three percent negative inflation the value of your performance is shrinking over time and if those trends continue that will have a real impact on colleges ability to or endowments foundations to support the colleges mission john d walder he's the president and chief executive officer of nico wrote in the press release with the study here's his quote continued substantial increases in endowments spending dollars despite lower longterm investment returns demonstrate the deep commitment colleges and universities have to student access and success however continued longterm growth of five percent or less along with the coming changes to tax and charitable giving laws under the recently passed tax cuts and job act will make it much more difficult for colleges and universities doing crease and dowman dollars to support their missions despite this year's higher returns we remain concerned about the continued long term results for most endowments catherine keating she's president and ceo of common fund says the goal of achieving rio returns to cover spending has been a daunting task for higher education for more than a decade.

us nico president and ceo president and chief executive catherine keating rio six percent three percent four percent ten years five percent zero percent ten year
"endowment foundation" Discussed on Animal Spirits Podcast

Animal Spirits Podcast

02:02 min | 2 years ago

"endowment foundation" Discussed on Animal Spirits Podcast

"To a you own because as a publicly traded company they also own private shares or private amounts in in private companies but let's say you own berkshire hathaway stock and it performs in line with the market you're paying no fees on that stock to get ultra diversified group of businesses and holdings and if this is a closet index fund with no fees is that almost a win at this point at their size absolutely there's also no taxes yeah yeah if you're just a longterm shareholder then i think you should be happy with that result when they're this large because there there's no way you can expect on the dow performance this size and buffet himself said in the past that you know sizes the enemy of performance so the bigger you get the harder to sell perform i sorta got the mentality that people sort of over buffet among her and especially the people that do nothing but quote buffett and munger all day long they can get really tiresome but there are much worse people that you can emulate and people that are like totally anti buffet he's a hypocrite and that's that i don't really understand it's the contrarian being contrarian against the contrarians because everyone who files buffet thinks they're contrarian but then those who go against buffet or the actual contrarians and my head hurts from thinking but yeah that's kind of the idea that people i think there's always going to be a five percent faction on one the other that's gonna take things too far think so in his latest annual letter for the dominant fund david swanson who's a cio of yale and has been for thirty roughly thirty years or so took buff the task a little bit because buffett himself has actually said that a lot of these large intitial funds endowments foundations pensions should stop the game of trying to pick managers in simply index their assets because lower cost thing think more long term and swanson took exception to this because yale is one of the best performing documents for a very long time now going back to the early eighties when swinson took over so swinson showed ten different ivy league endowments over the past twenty years and how all of them have have sort of destroyed sixty forty.

buffett cio yale berkshire hathaway dow david swanson five percent thirty years twenty years
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

02:02 min | 2 years ago

"endowment foundation" Discussed on Capital Allocators

"Well you know we went and we could meet the guy we fail this test the numbers didn't make sense to everything blows up later and i don't want to go into detail but i ended up getting subpoenaed only by the government that wanted to know what i knew when i knew it and why i knew it told me what happened and we moved on while let's talk a little bit about hedge funds particularly starting with the private bank seat in you mentioned yeah there's a there's a big tax difference enormous not just little right i mean given the gap between earned income taxes underined income taxes on capital gains at times taxation can be an enormous differentiator between the value proposition for hedge funds for endowments foundations orissa plans and individuals taxed at high brackets so i've always thought that was a very important part of the allocation process and so our allocations to hedge funds for different client types did reflect those issues and then you have also the complexity that with europe you can have european client that's got off shore money and they've got onshore money and so it's very important to keep those differences in mind what are the other big differences that you implemented in terms of what an asset allocation might look like for a private client and then more institutional business where you're sitting today i had a there were a few things will i i tried not always successful i tried to live by the lessons i learned a decade earlier which is when things look really good in to be lightening up and but be aggressive taking risk after things collapse and i've tried always to do that in terms of specific asset allocation i was comfortable having our asset allocation process dr returns and discussing those i never wanted my views on the dollar to be more than five minute discussion because if there's anything i've learned in my career the quantitative models don't work the qualitative models don't work there is a random to casting nece associated with currency markets in a world where some are fixed some are floating.

europe five minute
"endowment foundation" Discussed on Capital Allocators

Capital Allocators

02:01 min | 2 years ago

"endowment foundation" Discussed on Capital Allocators

"And the annual md meetings the chairman at the time invited a couple of ceo's to come and talk and i'm blanking on the name of this company but when you typed its name into bloomberg there was no description like the company doesn't have a business model and so even jp morgan is a firm got sucked into the notion that people that were running a business model with no profits or definition or business plan were the right people to come and address gathering of the firm's managing directors and so that was a confusing time that was a sign that people had kind of lost their minds so you get through this two or three year process and one of the a lot of the conversations i have are with cio's of single pool of capital they're serving effectively one client that might be an endowment foundation family you're sitting in a cio seat at this point in time of the private think which is a type of client but many many different constituents how do you think about how you bring your investment beliefs to the table how they can impact effectively diverse group of clients in some ways it makes your life easier because if all of the clients that came to you have the same investment objectives you would run out of ideas and liquidity in the market to implement everything so it's actually helpful to have clients that come to us saying i just want capital preservation i worked my whole life i sold my business i'm in hundred million dollars and here are my objectives capital preservation and living off the income at cetera et cetera and then another client that comes in and says no you know this particular account is on behalf of delaware trust which has generations of future beneficiaries and i have a high risk profile and you know show me what you got to family endowments and foundations which.

chairman ceo bloomberg cio jp morgan delaware hundred million dollars three year
"endowment foundation" Discussed on Money For the Rest of Us

Money For the Rest of Us

02:15 min | 2 years ago

"endowment foundation" Discussed on Money For the Rest of Us

"But he used four point eight percent in for stocks the average return for the different stock acid classes he used us smallcap international was nine point eight percent now that's possible but not likely given valuations so i redid my analysis that showed ninety eight percent chance of success and i used not historical returns but expect to returns 5 percent for us stocks six point two percent for nine us stocks three and a half percent for bonte assuming an active bond managers in some noninvestment grade bonds chance of success he spent four percent in the first year retirement on a fifty eight percent success probability's of success in thirty years forty two percent in 35 years using reasonable assumptions they use it three and a half percent rule was a seventy seven percent chance of success for thirty years and thirty 62 two percent for thirty five years tammie discouraging when you do that analysis such a low probability sixty seventy percent chance but that's what the numbers are i found that same level discourage meant when i worked with endowments university endowments foundations we would do an analysis we would do monte carlo analysis and we would show if you use your current spend rate of four and a half 5 percent and we assume something reasonable for inflation in that early analysis i assure at the are used to and a half percent inflation so let's say and endowment spent five percent and we assume two and a half percent inflation i met their target return was seven and a half percent in i'd run that analysis and it was show that a 60 percent chance of achieving discouraging.

monte carlo analysis eight percent thirty years 5 percent seventy seven percent sixty seventy percent thirty 62 two percent ninety eight percent fifty eight percent forty two percent thirty five years five percent four percent two percent 60 percent 35 years
"endowment foundation" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:24 min | 3 years ago

"endowment foundation" Discussed on Bloomberg Radio New York

"Altar of investment space is a very institutional space today and you've raised about four point five billion for managers over the years is that right correct so this or that raising about five hundred million a year and it's for raising money for hedge funds private credit funds that type of investments hedge funds private credit uh private equity and real estate so who who your clients beyond the well so our clients are the managers and then we actually engage with a top one thousand or so institutional allocators in america so uh anything from a large endowment foundation bank down to a medium and smallsized family off of this so you are in a great position right now to tell us how and if strategies have changed in terms of investments with russia finally looking at yeah were were very uniquely position because we meet with 100 to 200 asset management companies year but we're also engaging in thousands of lp conversations ears we really do see both sides the market unlike an investor who's primarily meeting with managers only or an an a a manager has mainly meeting with investors were actually on both sides of that engagement process and facilitating at once we take on a mandate okay so how have the investments changed in the time that you're doing it seems to me that they're going really specific the're not just a a broad range of investments but really really specific these times you've seen a lot of trends over time i there's been a huge institutionalization and i think in today's world either you've become a multibillion dollar collar asset management firm that has a whole platform of strategies or to succeed today you really need to be a a more specific asset management company has in nizhny uh that's quite defendable and has a lower capacity and different types of opportunities okay give me some examples that can be anything from sectorspecific you have real deep specialization two niece hips areas such as private credit or litigation finance i litigation finance is what happens is if a plaintiff wants to pursue a case and they choose to not finance entirely for legal costs though you often get.

hedge funds russia real estate america nizhny
"endowment foundation" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:36 min | 3 years ago

"endowment foundation" Discussed on Bloomberg Radio New York

"And run says it will retaliate against new sanctions imposed by the us correspondent nick paid wash on the trump administration's move they agreed to continue waving the specific sanctions in place but the reward for iran agreeing not to continue its nuclear research on elements that say they say it's awards getting a nuclear weapon china today pledged to play a constructive role in implementing and maintaining the iran nuclear deal i'm anne cates laura this is bloomberg vitamin slick john tucker and taking collins on bloomberg radio we had somebody alternative ansett options the decisions on what and where to invest your money can be pretty intimidating peggy that's right john antics plain to us a bit more about where people are putting their money in the alternative space we have david shrank ceo and managing partner at stonehaven in new york joining us in studio david thanks for being with us thanks begi thanks sean for having me so they even make what we could start with what you're firm does its known as a placement agent but what is that so a policeman agent is a firm that raises capital for asset management firms deal sponsors and individual deals in assets it was a fragmented industry when it first got into the business about seventeen years ago and today it's really follow the institutionalization of the altar of investment space and his a very institutional space today and you've raised about four point five billion for managers over the years is that right correct so this early raising about five hundred million a year and it's for raising money for hedge funds private credit funds that type of investments hedge funds private crowder uh private equity and real estate so who who your clients beyond that well so our clients are the managers and then we actually engage with the top one thousand or so institutional allocators in america so uh anything from a large endowment foundation bank down to a medium and smallsized family off of it so you are in a great position brighten up the tell us how and if strategies have changed in terms of investments with her actually looking at here were were very uniquely position because we meet with a hundred to two hundred asset management companies a year but we're also engaging in thousands of lp conversations ears we really do see both sides the market unlike an investor who's primarily meeting with managers only or an an.

nick john tucker collins peggy ceo managing partner stonehaven new york hedge funds iran anne cates bloomberg ansett david real estate america seventeen years
"endowment foundation" Discussed on Money For the Rest of Us

Money For the Rest of Us

01:32 min | 3 years ago

"endowment foundation" Discussed on Money For the Rest of Us

"More freedom which you know assists apprising because i i didn't really have a boss and i worked in i tell a committed so i live in idaho my my home offices in cincinnati so i adult a ton of fruit of you know suppose it freedom but i i sort of felt like there was more i could do more could travel more could you know just more i i sort of felt like i peaked any kind of get obviously my midforties sorted it was kind of he felt let your kind of waiting out the clock and i just wanted more opportunity more challenges and so i left uh be that must have been the no uh wooded are you married to her i am married yet it would end what would you i think about that uh when you told us she was she was off for it ratio encouraging me assure and well for example so once i quit i didn't have i'd still had some i had about twelve client since two you know endowment foundation clients but that in addition to my other responsibilities i had i had meetings i was flying everywhere and so this allow me no we took three months to travel with our family in europe and asia and it's been five six years now and that that's precious time i've been able to spend a home with her youngest daughter and so it it was a great move personally well so looking back no regrets about walk in wave of not none at all no no.

cincinnati asia idaho europe five six years three months
"endowment foundation" Discussed on 77WABC Radio

77WABC Radio

01:32 min | 3 years ago

"endowment foundation" Discussed on 77WABC Radio

"To make stock market history even if it does nothing next week the sp is one week away from setting the longest winning streak without a three percent correction in history the broad market has an experienced a decline of three percent or more since november of 2016 that's the best round and twenty years so with the longest winning streak in market history every major stock index it matters had historic highs low volatility in synchronized global economic growth you would think the average investor would be wildly bullish not so says rich burgeoning the former investment strategist at merrill lynch rich pending this week dead actual equity allocation among individual investors pensions endowments foundations in hedge funds remains more focused on limiting their downside risk other stock portfolio than on potential opportunities investors tended the wildly bullish global market is in the bottom of the ninth inning with two outs in two strikes on the batter we can find no investor class that showing such over enthusiasm for stocks he goes on the right there are three indicators he watches to determine if a bear market could be on the horizon those three things or corporate profits liquidity and sentiment valuation now corporate profits are accelerating liquidity within the united states remains abundant in stock valuations mount they're still relatively low when you compare them to the yield available in cash and bonds he.

merrill lynch hedge funds global market united states stock market three percent twenty years one week
"endowment foundation" Discussed on 77WABC Radio

77WABC Radio

01:46 min | 3 years ago

"endowment foundation" Discussed on 77WABC Radio

"Chief investment officer pain capital management and the market continued its winning ways this week with many markets across the globe hitting new highs and the sp five hundred is poised to make stock market history even if it does nothing next week the s p is one week away from setting the longest winning streak without a three percent correction in history the broad market has an experienced a decline of three percent or more since november of 2016 that's the best run and twenty there's so with the longest winning streak in market history every major stock index it matters at historic highs low volatility in synchronized global economic growth you would think the average investor would be wildly bullish not so says rich burgeoning the former investment strategist at merrill lynch rich pen this we that actual equity allocation among individual investors pensions endowments foundations and hedge funds remains more focused on limiting their downside risk while their stock portfolio than on potential opportunities see investors tend to be wildly bullish global market is in the bottom of the night sitting with two outs in two strikes on the batter we can find no investor class that showing such over enthusiasm for stocks he goes on to right there a three indicators he watches to determine if a bear market could be on the horizon those three things or corporate profits liquidity and sentiment valuation now corporate profits or accelerating liquidity within the united states remains abundant and stock valuations mount they're still relatively low when you compare them to the yield available in cash buds he continues to believe there's plenty of opportunity in a global equity.

merrill lynch hedge funds global market united states Chief investment officer stock market three percent one week