Capital Allocators Monthly Newsletter - July 2023

Be curious, not judgmental.
Walt Whitman (and Ted Lasso)


Capital Allocators University. Our September cohort has 9 seats remaining. Allocators with 5–15 years of experience can register.

MANAGERS:  Contact Hank if interested in sponsorship opportunities.

Learn More and Register

New Podcast: Investment Management Operations. Learn how the world’s most sophisticated investment institutions run their businesses. We’ll share conversations with key operating partners across operations, compliance, technology, finance, and other non-investment roles.

The latest release features PRINCO COO, Jenn Birmingham.

Subscribe on Apple Podcasts.

Subscribe on Spotify.

Listen to Jenn Birmingham's Episode

Hot Jobs to Share

Cedars Sinai Investment Office, Investment Analyst.   Cedars Sinai has two openings for Investment Analysts to support the Investment Office through a wide variety of functions including research, quantitative analysis, due diligence, preparation of presentation materials, and management of key systems and databases.

View Posting


The Seven Virtues of Great Investors, Jason Zweig.  Jason summarizes his series of essential attributes shared by all great investors.

Read 'The 7 Virtues of Great Investors'

ESG searching for ESG 2.0. My thesis in last year's WTT, What's in a Name: The Problem with ESG, appears to be taking hold. Larry Fink is backing off the first iteration of sustainable investing nomenclature.

Read 'Fink is No Longer Using the Term ESG'

Once upon a time, there were stocks. With the buzz around alternatives and bond yields, discussion about public equities has fallen out of the limelight, except for the magnificent 7. One big pension fund is shifting away from U.S. stocks, and Matt Levine describes NASDAQ’s rebalancing.

Read FT Article

Read Matt Levine's Article

Thinking in First Principles, Randall Stutman. First principles was a common refrain of David Swensen and a core tenet of Seth Klarman's brilliant investing mind. Randall offers a Field Note on how to apply the important concept that can lead to the elusive ideal of being different and correct.

Read 'Thinking in First Principles'

Art as an Asset Class. I struggle to invest in assets with no potential cash flow, but for others, art has had long legs and is coming to the public market (WSJ article). To better understand the implications, Matt Levine offers his take (scroll down to the second block in his piece).

Read Matt Levine's Take

Read WSJ Article

BONUS:  Is the changing of the guard in tennis upon us?  Check out this ridiculous point from Carlos Alcaraz and Jacob Sinner from earlier this year to see what the excitement is all about.

Watch Video


Capital Allocators Episodes

EP.325 Porter Collins and Vincent Daniel - Founders of Seawolf Capital, Porter and Vinny discuss The Big Short and big longs.

Go to Episode

EP.326 James Aitken - Founder of Aitken Advisors, James discusses the opportunities and risks from monetary policy.

Go to Episode

EP.328 Seth Klarman - Legendary investor and CEO of The Baupost Group, Seth discusses timeless value investing.

Go to Episode

EP.329 Kipp deVeer - Director and Partner of Ares Management, Kipp discusses the world of opportunities in private credit.

Go to Episode

EP.330 Ted Seides - An interview with the interviewer about interviewing guided by Matt Breitfelder from Apollo.

Go to Episode
Investment Management Operations

EP.01 Lauren Dillard - CFO of Vista Equity Partners, Lauren discusses the dynamics of being an executive in investment management.

Go to Episode

EP.02 Jennifer Choi - CEO of ILPA, Jennifer discusses ILPA's mission and engagement with LPs and GPs.

Go to Episode

EP.03 Antoine Forterre - CFO of Man Group, Antoine discusses managing regulations across a large global footprint.

Go to Episode
Sponsored Insights

EP.327 Ravi Viswanathan - NewView Capital - Ravi discusses venture secondaries and growth capital at his firm.

Go to Episode

Word from our Sponsors

Wellington. Co-head of private investments Michael Carmen shares his outlook for venture capital markets, including the state of deal flow, valuations, and the IPO market.

Read 'The State of Venture Capital Markets'

Inflection Point Partners. Recognized as one of the top coaches in asset management by Institutional Investor, CEO Matt Spielman is coach to several members of the Capital Allocators Community including yours truly, and leads a carefully curated team of certified coaches. Matt and his Dream Team partner with Chief Investment Officers, Managers, and their teams to achieve meaningful and consequential goals.

Learn More
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