šļøCapital Allocators; šļøcapitalallocators.com
Ocean Ridge, FL
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- Followers 38,922
- Likes 8,002
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Ever wonder which episode to listen to next?
Weāve created eight playlists of the top episodes across the following categories:
Most Popular
Investment Legends
CIOs
Capital Formation
Interdisciplinary Knowledge
Public Equity
Private Equity
Private Market Allocation
Available on our website or Spotify.
capitalallocators.emlnk1.comā¦
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Seth Klarman on the current markets:
1. āThis is one of the weirdest environments in the 40 years Iāve been in the investment business."
2. "People have short memories. It would be wise to think back to 1974-1975 when everything didnāt get rescued, and to imagine a bear market that didnāt immediately lead to a buying opportunity."
3. "An investor must think about cyclical change like Graham and Dodd did, but now secular change as well. The combination of that has made finding mispricing harder and requires digging deeper."
4. "The nature of most Wall Street innovations is theyāre never stress-tested for a rainy day. That wouldn't be any fun."
5. "When the market is more expensive than historic averages, you can lose a lot to simple mean reversion."
6. "Warren Buffett wrote that no one should own common stocks who's not comfortable with a 50% drop in the market. Almost nobody is comfortable the 50% drop of the market, yet Americans own more stocks than ever before. I think people have forgotten that admonition."
7. "A great misunderstanding in recent years is that if you accept illiquidity, you automatically get a higher return. In reality, buying at a discounted price provides the higher return."
With thanks toĀ @Wellington_Mgmt andĀ Inflection Point Partners LLC.
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"Knowledge is the compound interest of curiosity."
ā@JamesClear
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Coming tomorrow: a conversation with @chamath you wonāt want to miss, including his latest venture backing emerging managers.
With thanks to @Coinbase Prime, @CanalystModels and @iconnections2
capitalallocatorspodcast.comā¦
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My thoughts on the David Swensen's passing:
Hail to the Chief (Investment Officer)
David Swensen was my first mentor in the investment business. As I reflected on his passing this week, I felt into how much of an impact he had on my career and life.
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Hey Chief,
Rest, laugh, play some squash and softball, take in hockey and football games, smoke those cigars, and keep some seats warm.
Long time coming maybe, but still too soon by a mile.
Love you.
president.yale.edu/presidentā¦
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"Be forgiving with your past self.
Be strict with your present self.
Be flexible with your future self."
ā@JamesClear
Just one hit after the next. James is in a class by himself.
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"Itās usually more important to be in the right room than to be the smartest person in the room.
A person with great judgement and average intelligence will usually beat someone with great intelligence and average judgment.
Judgment is knowing what room to be in."
ā@JamesClear
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Irresistible to leave this moment alone - a thread to share some investment lessons:
1/ Size matters.
Melvin entered 2021 circa $12 billion in AUM and runs a highly levered balance sheet. Thatās a lot of short exposure to move around if needed.
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Most anything ā¦@morganhouselā© writes is easy on the eyes and mind. This one is also magical in its application. collaborativefund.com/blog/hā¦
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Paying attention to my market-related self-talk:
-5% day: āThis could be really bad.ā
-5% day: āIs all that stuff I learned really true?ā
+9% day: āPat on the back for holding on. Maybe I should have bought more.ā
Fear and greed playing out in real-time.
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If youāre investing with a 100-year time horizon, nothing that happens today matters. Market goes up. Market goes down 20%. Thereās a crash. It doesnāt matter.
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Another gem from @JamesClear
āUltimately, the only way to truly be in control of your life is to be in control of your thoughts."
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"Almost 60% of all public companies since 1920 have failed to earn treasury bill returns, and they destroyed an aggregate of $9T of wealth. The other 40% have created $64T of wealth, so the aggregate wealth creation was $55T and the top 2% of that created $50T of the $55T."
- @mjmauboussin (EP.370)
With thanks to @Nasdaq Solovis.
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Have always struggled with the concept of goals. @JamesClear crystallizes beautifully what @patrick_oshag calls growth without goals. Took me a month to crack open Atomic Habits and am learning on every page.
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How I Invest, part 2...offering up my personal portfolio full transparency of line items. Welcome your feedback:
1/ Core public equity (65%)
US (50%)
PSH: Pershing Square Holdings
BRK: Berkshire Hathaway
Growth basket (GOOG,AMZN,SHOP)
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A special conversation with value investing legend Seth Klarman from The Baupost Group.
capitalallocators.com/podcasā¦
With thanks to @Wellington_Mgmt and Inflection Point Partners LLC.
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Big lessons of investing with incredible storytelling. My conversation with @morganhousel about his new book out this week.
capitalallocatorspodcast.comā¦
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"'You're probably right' has become of my favorite phrases.
When someone disagrees with you on a small matter, you can shrug, say 'youāre probably right' and move on."
Thank you @JamesClear for speaking directly to me!
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When a hedge fund dude met the king of indexing...
institutionalinvestor.com/arā¦
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The always enlightening @mjmauboussin on this week's podcast:
capitalallocatorspodcast.comā¦
- the paradox of skill
- research showing active management has potential
- decision-making
- optimal size of teams
- investing and sports
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Scott Bessent would be a remarkable Treasury Secretary, and we are lucky he is eager to serve.
I say that having worked alongside him as partners for 4 years and having been an investor in his first hedge fund for 4 more.
Itās telling that others who have worked most closely with him - notably Stan Druckenmiller - say the same.
I donāt know Howard Lutnick. I welcome Cantor colleagues to speak up. Have not heard any endorsements yet from those who know him best.
@wolfejosh @BillAckman
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Three greatest brand labels in asset management history:
1. Life insurance (umm, it's death insurance)
2. Smart beta (who doesn't want something smarter than beta)
3. Cannabis (last I heard, it was pot, weed or marijuana)
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Big Shorts and big longs. My conversation with @Seawolfcap (Porter Collins) and Vincent Daniel from Seawolf Capital.
capitalallocators.com/podcasā¦
With thanks to @Wellington_Mgmt and Inflection Point Partners.
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Capital Allocators podcast hit a million downloads - quite a way to start the new year.
Special thanks to you for listening, all the great guests for their wisdom, @patrick_oshag for the inspiration, and @MathewPassy for the perspiration.
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Check out my conversation with @AitkenAdvisors,
@gave_vincent, and @Geo_papic on geopolitics and market implications.
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I bought a copy of Klarmanās Margin of Safety at a place called a ābookstoreā in the mid-90s.
Lent it to a classmate at business school and never got it back.
I lacked the foresight of asset appreciation to care and the memory of who I lent it to.
Whatās your costly truth?
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The first episode of First Meeting - an inside look into @patrick_oshag āday jobā at OSAM.
-Quantitative investing and factors
-Explore vs. Exploit
-Lessons from podcasting
-Learning loop of learn, build, share, repeat
capitalallocatorspodcast.comā¦
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At age 19, I bought a full set of Topps cards as an investment. Found it, unopened, and worth about $30. Thatās 90% of venture capital.
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If you share my passion for sports, statistics, and investing, my conversation with @mschwimer may rank among #fintwit podcastās GOATs.
Capitalallocatorspodcast.comā¦
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"The most useful form of patience is persistence.
Patience implies waiting for things to improve on their own.
Persistence implies keeping your head down and continuing to work when things take longer than you expect."
-@JamesClear
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Psyched to learn the new book sold as many copies in 4 months as my first one did in 5 years.
I realized @morganhousel sells that many during the length of his sneeze, but Iāll take it.
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Just off the phone with @WarrenBuffett.
Was hoping to have him share some business, sports and life stories we've chuckled about over dinners on the podcast.
But he he wants to keep listening instead. In his words, "Ted, I'm already improving your demographics."
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"Without hard work, a great strategy remains a dream.
Without a great strategy, hard work becomes a nightmare."
ā@JamesClear
I can't recommend James's 3-2-1 weekly email highly enough. It is achieving his goal of delivering the most wisdom per word of any newsletter on the web.
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AAPL: iPhone rocks
ATVI: Call of Duty
BRK/B: Dad knows Warren
GBTC: It's a no-brainer. It's Bitcoin
JPM: They make money
MSFT: Love the XBOX and love the stuff that runs my computer
NVDA: Best graphics card
TSLA: Dream car
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2/ WSB/Reddit captured a market inefficiency.
Stocks are not supposed to have over 100% short interest. Naked short selling is illegal. This set-up should never happen. Kudos to those who took advantage.
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A special discussion of geopolitics and the market implications with @AitkenAdvisors, @gave_vincent, and @Geo_papic.
With thanks to WCM Investment Management and @MorningstarInc.
capitalallocators.com/podcasā¦
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Applying behavioral frameworks and good decision making in a time of crisis. Who better to ask than @mjmauboussin?
capitalallocatorspodcast.comā¦
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Inside long short equity investing with @pmje73 (Paul Enright) of Krainos Capital.
capitalallocators.com/podcasā¦
With thanks to @teamthirdbridge and @JHIAdvisors.
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The incomparable Thomas Russo on all things Berkshire Hathaway. And Tom reveals his latest purchase (the first in 8 years).
capitalallocatorspodcast.comā¦
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A set of gems from @morganhousel latest:
The more perfect you try to become the more vulnerable you generally are.
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Renowned global macro investor and Ted's partner at ProtƩgƩ Partners, Scott Bessent, shares insight from his 40-year career.
capitalallocators.com/podcasā¦
With thanks to @invest10east, @srsacquiom, and @MSCI_Inc.
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āThe biggest issue for hedge fund managers is many of them like themselves way too much. They're very powerful people both financially and personally, and they don't have anybody in their lives that is willing to speak truth to them.ā
- Randall Stutman (EP.150)
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Had a few too many notes about @joelmcohenās tweets about emerging managers not to share some thoughts:
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The challenge of maintaining both an edge and a business in investing.
institutionalinvestor.com/arā¦
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A look inside the world of innovation and venture capital. My conversation with @wolfejosh
Capitalallocatorspodcast.comā¦
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Opened an account for my 12-year old son. He picked the stocks and we created a journal for his rationale.
Here it is, verbatim. Theses Peter Lynch would love.
One day he may look back on it and smile.
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Today is the day! Two launches - the book and our new website.
Check out the site and sign up for our free email list at capitalallocators.com.
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Defining an edge, deployment of process over outcome, and the analytics of lacrosse.
My conversation with @mjmauboussin
capitalallocatorspodcast.comā¦
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With a shout out right back to @patrick_oshag for setting me on this path.
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The voice behind @ROIChristie in her podcast debut.
capitalallocatorspodcast.comā¦
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The incomparable @verdadcap on private equity, public equity, and preparing for a recession.
capitalallocatorspodcast.comā¦
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"A frequent complaint from analysts is they got the numbers right on a position, but the multiple contracted 50% & the stock got killed. Itās part of your job to understand what makes that multiple move. The best investments get both areas right."
- Dmitry Balyasny (EP.341)
Thanks @JHIAdvisors
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I just published Origins of an Investing Podcast medium.com/p/origins-of-an-iā¦
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A look inside the Yale Endowment - the team, managers, Investment Committee, and David Swensen's special skill.
My conversation with Charley Ellis.
capitalallocators.com/2021/0ā¦
With thanks to @iconnections2, @NorthernTrust, and @TegusHQ.
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"When we're stressed, we shorten our time horizons. So precisely when we should be casting our eyes out on the horizon, we sort of look down."
@mjmauboussin (EP.127)
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My conversation with @yliownyc from @Aravt.
- Long-short investing
- Owning 'horses'
- Challenges with compounders
- Art of short selling
- Game selection
With thanks to: @iconnections2, @NorthernTrust, @coinbase, and @JHIAdvisorsUS.
capitalallocators.com/?p=102ā¦
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Our relationship with money made simple(r).
- The purpose of money
- Wealthy vs. Rich
- Institutional vs. Private wealth
- Why volatility IS risk
My conversation with Brian Portnoy, author of The Geometry of Wealth.
capitalallocatorspodcast.comā¦
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My son picked this portfolio two years ago. He's up 11% vs. 0% for the S&P, and that's after selling GBTC at the bottom.
AAPL: iPhone rocks
ATVI: Call of Duty
BRK/B: Dad knows Warren
GBTC: It's a no-brainer. It's Bitcoin
JPM: They make money
MSFT: Love the XBOX and love the stuff that runs my computer
NVDA: Best graphics card
TSLA: Dream car
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A special conversation with Michael Milken.
And next week, an insiderās take on Mikeās prosecution.
capitalallocators.com/podcasā¦
With thanks to @invest10east and @Nasdaq Solovis.
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For those upset with twitter trolls, here's a beaut from our new YouTube channel:
"This f-cker has 300 subs and gets the chance to interview Chamath palihapitya (?sp) and has the f-cking nerve to throw in a ton of ads. The disrespect."
We mock what we don't understand.
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Why we're hard wired to make bad decisions and what we can do to improve our process. My conversation with decision-making expert @AnnieDuke
capitalallocatorspodcast.comā¦
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"When feedback is immediate, clear, and concrete, people learn quickly.
When feedback is delayed, abstract, and opaque, people rarely learn."
ā@JamesClear
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When you buy and hold for the long term, how else do you spend your time? My conversation with Tom Russo. capitalallocatorspodcast.comā¦
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A few from @patrick_oshag interview with me:
āPreparation is simple, just do it.ā
āYou're not going to learn a lot about somebody else by talking. You're going to learn by listening.ā
āAsk brief open-ended questions starting with the words how, what or why."
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"If you buy a great business that everybody thinks is a great business, you will overpay and you will not compound."
- @pmje73 Paul Enright (EP.26)
Thanks to @teamthirdbridge and @JHIAdvisors.
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āEverything in finance will be discovered and arbitraged away, except human judgement.ā
- Jason Karp (FM EP.12)
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3G Capitalās buyout of Burger King may be the most successful private equity deal youāve never heard about. My conversation with Alex Behring and Daniel Schwartz.
capitalallocators.com/podcasā¦
With thanks to @cartainc.
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The always insightful @BrentBeshore talking about the most attractively priced businesses in the US and how he buys them. Our conversation is a gem, as is his new book.
Capitalallocatorspodcast.comā¦
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Part 2 with Tom Russo, on his first new purchase in eight years.
capitalallocatorspodcast.comā¦
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Check out the first episode of my new podcast, Capital Allocators. capitalallocatorspodcast.comā¦ or on iTunes itunes.apple.com/us/podcast/ā¦
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The story of the Astros, or any innovative quantamental investor. My conversation with @BenReiter is one of my all time favorites.
capitalallocatorspodcast.comā¦
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5/ We don't know what will happen.
Peter Bernsteinās famous line about risk. A global pandemic leading to a soaring market? Negative interest rates? Online traders crushing monster hedge funds?
Beware those who think in certainties instead of probabilities. @AnnieDuke
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A value investing legend on his path, innovation, the value of value, and an answer to the education problem.
My conversation with Joel Greenblatt.
capitalallocatorspodcast.comā¦
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Owning stocks for 25 years (on average) must have great appeal. Pod with Tom Russo most downloaded so far.
capitalallocatorspodcast.comā¦
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Not quite a Shane Parrish (@farnamstreet) following, but I'll take it.
500K downloads. Thanks for listening!
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The wisdom and thesis of Dan Rasmussen (@verdadcap) in a tweet storm of quotes from our conversation (FM EP.15)
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What is left is love. I deeply loved David as a human being, mentor, and guru. And I wrote this to let him know.
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Itās book launch week!
First up, @patrick_oshag interviews me about the podcast, the book, and investing.
Special thanks to sponsors
@coinbase, @NorthernTrust, @iconnections2, and @CalvertUpdates.
capitalallocatorspodcast.comā¦
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