Capital Allocators Monthly - January 2022

February 1, 2022 by Ted Seides

“Everything you want is on the other side of hard.”

– Monty Williams


CAU2 Early Bird Special. Our second cohort of Capital Allocators University will again have a discount for a limited number of early registrants (66 to be exact). Reserve your spot today!
Enroll Here!

Premium Member Virtual Gathering. Our premium community continues to grow! We’ll hold a virtual gathering on Thursday, February 24th at 10 AM ET for a Q&A with Ted and a chance to connect with our new community members.

Subscribe to Premium Here!
Hot Jobs to Share. Send interesting opportunities our way and we’ll share them with the community. For job hunters, our Premium members get an early look at Hot Jobs before the rest of the crowd.

Hackensack Meridian Health Investment Office. Donna Snider has a slew of openings on her staff. HMH is looking for early-career candidates to join an experienced team of institutional investors and business builders. View Posting for Investment Associate, Private, Investment Associate, Public, Investment Associate, Portfolio Construction, and Investment Ops Analyst.

Moore Foundation. The Moore Foundation Investment Office is looking for two early-career candidates to join as investment associates – one to focus on our hedge fund portfolio and the other to focus on real assets. View Posting for Investment Associate, Hedge Funds and Investment Associate, Real Assets.

Research Analyst, Real Estate. Third Avenue Management is seeking a new analyst to join its Real Estate team in the firm’s Austin, TX office. View Posting Here.

Investment Analyst, Global Emerging Markets Equities. This Sydney-based role will be working closely with the Head of Global Emerging Markets to launch a new strategy. You will learn from an experienced investment team and travel across emerging markets to grow your knowledge across multiple sectors and countries. View Posting Here.

A Word from Our Sponsors

Janus Henderson Investors. This week from JHI’s institutional blog, Head of Institutional Client Strategy, Suny Park, CFA, CPA, explores inflation-hedging assets institutional investors may consider in preparation for the end of the Great Moderation.
Read Still Think High Inflation is Transitory?

Atlas Technica. Atlas Technica is a premium service MSP (Managed Service Provider) that enables clients in the alternative investment industry to utilize best-of-breed Public Cloud solutions. Partner with Atlas for a white-glove IT Service that you can trust.
Learn More

Venn by Two Sigma. Venn is a modern analytics platform developed specifically for capital allocators. In recent weeks, Venn has fielded questions from clients about how to evaluate and interpret the impact of inflation. Their research team wrote extensively about the topic this year.
Read Forecasting Inflation Like a Data Scientist

Aumni. Wondering if the terms in that term sheet are market? Aumni’s Benchmarking Term Sheet tool can help you instantly view market data on a term-by-term basis while preparing a draft term sheet based on NVCA’s model legal document. Thanks to Aumni for sponsoring our latest mini-series, Venture is Eating the Investment World.
Learn More About Aumni

Canalyst. Back to sponsor Manager Meetings for the first half of 2022! Detailed, company-specific data and models on over 4,000 global equities with appropriate adjustments and relevant KPIs for each company. Join the hundreds of funds that already use Canalyst to spend more time on analysis, thanks to exceptional accuracy and coverage.
Learn More


Ordered by reading time: tweets first, books last, and blog posts and articles in between.

1. Two Sides of Crypto. Past guests Michael Sonnenstein of Grayscale and Chris Dixon of a16z remain bullish, as seen in Michael’s annual letter and Chris’ and a16z’s massive fund raise. On the other hand, crypto investor Regan Bozman of Lattice shared this warning to LPs given the surge in valuations.
Read Twitter Thread

2. The ESG Mirage. The concept of ESG is an incontrovertible good. The implementation of it in investment portfolios is a complex puzzle. This revealing piece peels the onion back on MSCI’s indexes to show how an evolving standard for ESG investing is not what it may appear on the surface.
Read Bloomberg Article

3. Michael Lombardi on Nick Saban. Nick Saban and the Alabama Crimson Tide suffered a heartbreaking loss in the College Football National Championship to Hank’s beloved Georgia Bulldogs. Michael’s daily blog offers a glimpse at Saban’s extraordinary leadership qualities.
Read The 7 Don’ts After Defeat

4. New Year’s Resolution Mega Study. Katy Milkman and a team of behavioral scientists recently examined why New Year’s fitness resolutions fail.
Read More

5. Derek DelGuadio, In and Of Itself. Part magic show, part illusion of identity, DelGuadio’s one-man performance is astounding. On Hulu, or sign up for a free trial. It’s a can’t miss.
Watch In and Of Itself


Capital Allocators Episodes

EP.229: David Rosenthal & Ben Gilbert – Acquiring an Industry (Venture is Eating the Investment World EP.1)

EP.230: Chris Douvos – The LP’s Perspective from Ahoy Capital (Venture is Eating the Investment World EP.2)

EP.231: Sean O’Sullivan – Start-Up Development at SOSV (Venture is Eating the Investment World EP.3)

EP.232: Fabrice Grinda – Canvassing Seed Stage Marketplaces at FJ Labs (Venture is Eating the Investment World EP.4)

EP.233: Ali Hamed – Novel Venture Investing at CoVenture (Venture is Eating the Investment World EP.5)

EP.226: Christopher Zook – Thematic Investing and Raving Fans at CAZ Investments

Manager Meetings Episodes

EP.27: Florian Bartunek, Constellation Asset Management – Interviewed by Greg Dowling