Capital Allocators Monthly Newsletter - August 2022

Speak confidently as if you are right, but listen carefully as if you are wrong.
Kevin Kelly


Indus Capital joins Corporate Premium Membership. Following the positive response to their Manager Meetings episode with Howard Smith, Indus joined the stellar roster of our Corporate Premium members.

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The Global Securities Institute (GSI™). GSI is pleased to offer Capital Allocators Premium Members complimentary access to its new investment designations. GSI is a digital, subscription-based platform providing industry professionals with designations in alternatives, value investing, digital assets, and sustainable investing. Use the code 100ALLDISC for the all-access pass.

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1. Buttonwood Author's Lessons Learned. The most recent author of the FT's Buttonwood reminds us in a departing letter that there is nothing new on Wall Street. Thanks to AJO Vista for sharing the article.

Read Buttonwood

2. Annie Duke’s blog.  In anticipation of the release of soon-to-be-best-seller Quit, Annie restarted her blog sharing lessons and stories about effective quitting decisions. This piece discusses the negative stigma around the ‘Q-word’ and a button to subscribe.

Read Blog Post

3. Mud Monopoly. A fun story about the sole supplier of mud used by MLB teams to break in new baseballs. Apparently, no amount of technology or data science has been able to replace old-fashioned mud.

Read Mud Monopoly

4. How Inflation Swindles the Equity Investor. In 1977, Buffett discussed the impact of inflation on equities in what became his classic style:  make the complex easy to understand, include nuances, and offer irrefutable wisdom. The foundational issue of opportunity cost is one long understood by the E&F community with the goal of preserving the purchasing power of their corpus while providing for the current generation of scholars.

Read Buffett's Take on Inflation

5. Mind Playing Tricks. While kicking back in the summertime breeze, I listened to an episode of Malcolm Gladwell’s Revisionist History podcast, Free Brian Williams. It's an eye-opening discussion of how our recollection of facts naturally changes over time. Annie Duke describes a similar issue as one of the challenges to improving decision making.

Listen to Podcast


Capital Allocators Episodes

Sarah Samuels - Head of Investment Manager Research at NEPC discusses manager selection and rigorous due diligence.

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Brent Montgomery - CEO of Wheelhouse Group, discusses the flywheel approach of his family office.

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Paul Enright - Retired Partner from Viking Global, discusses long-short equity investing and managing his single-family office, Krainos Capital.

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Carla Harris - Senior Client Advisor and career professional at Morgan Stanley shares pearls of career wisdom.

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Rodrigo Bitar - Co-Founder of 3B1 Partners, discusses a proverbial empty room: private equity in Venezuela.

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Manager Meetings Episodes

Avichal Garg - In an interview with Maneesh Ghandi of Evanston Capital, Avichal discusses Electric’s investment strategy, differentiated team structure, investment examples, and the future of crypto.

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Howard Smith - In an interview with David Huang of UTIMCO, Howard discusses Indus’s investment approach, global team structure, corporate governance in Japan, and opportunities on the horizon.

Go to Episode

Word from our Sponsors

Janus Henderson Investors. This month from Janus Henderson's institutional blog, Portfolio Manager Andy Acker explains the impact of new health care legislation in the U.S. and why he believes the biopharma industry should be able to adapt to drug pricing changes.

Read Making Sense of Drug Pricing Reform

Northern Trust. Driven by data insights, focusing on core values, and working collectively, Asset Owners are taking a more active role in driving positive outcomes for their constituents and at the same time, creating a more powerful voice in the industry. Northern Trust experts explored the key trends that are shaping the future.

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