Capital Allocators Monthly Newsletter - April 2023

Be humble at the mountaintops, strong in the valleys, and faithful in between.
Michael Lombardi

What Ted's Thinking

Playing for Tomorrow. The mismanagement of SVB’s balance sheet got me thinking about other times in the past investing through periods when asset prices felt inflated across the board. Playing for Tomorrow discusses one of my favorite long-term investing disciplines – positioning portfolios to play for opportunities yet to come.


We’re Hiring 2x. We are looking for a Community Engagement Manager to develop deeper connections with our community and continue to expand our roster of Content Associates to assist with the weekly production, distribution, and promotion of the podcast.

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Capital Allocators University  Registration for CAU4 in September will begin next week (for allocators only).

Join Waitlist for CAU4

Premium Perk - Transparency Report.  The quarterly report for our premium subscribers lists Ted's personal investments. In a recent update, the report includes four investment strategies in public vehicles, and our SPAC (NBST) announced a deal to merge with Infinite Reality.

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Hot Jobs to Share

Single Family Office, Chief Investment Officer. A single-family office in Nashville, TN is looking for an executive with a background in extensive public and private investing who also wants a great work/life balance.  The ideal candidate should have experience working in an investment role within a family office.

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1. A Legend Steps Down.  Andy Golden announced he will retire in July 2024 after leading PRINCO for 30 years.

Read Announcement

2. Next Generation of Portfolio Construction. What's after the Yale Model? Led by Australia's Future Fund, New Zealand Super Fund, and Canadian pensions, the Total Portfolio Approach is the next big thing. John Bowman from CAIA offers an overview, of the concept, and Raphael Arndt's team at Future Fund shares thoughts going into this year.

Read Chronicles of an Allocator

Read Future Fund Paper

3. Mismatched Books in European Real Estate. The ECB warned of a massive contagion risk in real estate investment funds, which apparently have long-duration assets and offer short-term liquidity.  Sound familiar?

Read ECB Warning Shot

4. The Bloomberg Money Machine. Michael Bloomberg's eponymous terminal and business are among the most influential in finance. Robin Wigglesworth tackles what the business will be like without its founder.

Read FT Article

5. Branding in Alternatives.  From a Bain & Company study, the playing field for mindshare among wealth advisors is wide open.

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Capital Allocators Episodes

EP.306 Tom Joy - Chief Investment Office of the Church Commissioners of England, Tom discusses divine diversification and responsibility.

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EP.307 Paul Assaiante - The winningest coach in college sports history and recently retired men's squash coach at Trinity College, Paul discusses leading people to greatness.

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EP.309 Private Equity Panel - Leaders of two of the largest private equity fund investors in the world, Mario and John canvass private equity markets.

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EP.310 Rod Wong - Founder and Managing Partner of RTW Investments, Rod discusses the increasingly emptier room of innovation in biotech.

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Private Equity Deals Episodes

S.2 EP.04 Yellowstone Club - Managing Partner of CrossHarbor Capital Partners, Sam Byrne discusses purchasing the exclusive Yellowstone Club.

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S.2 EP.05 Yahoo! - Partner and Co-Head of private equity at Apollo Global Management, David Sambur discusses the acquisition of Yahoo.

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Sponsor Insights

EP.308 Thoma Bravo - This is a special drop from Thoma Bravo's Behind the Deal podcast that discusses SailPoint.

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EP.311 Aaron Sack - Head of Morgan Stanley Capital Partners, Aaron discusses branded middle market investing.

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Word from our Sponsors

Janus Henderson Investors. This month from Janus Henderson’s institutional blog, past Capital Allocators guest and Portfolio Manager Andy Acker discusses how the sector’s medical advances are translating into record drug sales and creating opportunities for investors despite a sell-off in biotech stocks in recent years.

Read 'Biopharma Delivers Blockbuster Growth'

Northern Trust. Asset owners are becoming increasingly more complex and powerful in the way they manage their portfolios. EVP and Head of Asset Owners Americas, Melanie Pickett, discusses this complexity, the impacts of trends influencing asset owners, and how Northern Trust is supporting the asset owner community. One of these podcasts should be very familiar!  

Listen to Melanie on Capital Allocators

Listen to Melanie on Faster Forward

Canoe Intelligence. How are private markets investors and allocators navigating continued growth in the asset class? This paper explores the reasons behind the expansion in alternatives, the challenges it has created, and how technology, standardization, and industry expertise can provide a solution.

Download Whitepaper

Thoma Bravo. Thoma Bravo's Behind the Deal podcast brings listeners into the boardroom to hear strategies and stories from the world's largest software-focused buyout firm. Featuring interviews with high-profile CEOs from across the portfolio, including CEOs from ABC Fitness, SailPoint and Conga, among others, and hosted by Thoma Bravo's investors and operators, including Founder and Managing Partner Orlando Bravo, dubbed "Wall Street's Best Dealmaker" (Forbes) and "Private Equity's King of SaaS" (Financial Times). Episodes drop every other Thursday.

Listen to Behind the Deal
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