Capital Allocators Monthly Newsletter - May 2023

It’s been a theme of my whole career that nobody told me I couldn't do it. I live by the 11th commandment, thou shall not take oneself seriously.
Sam Zell

What Ted's Thinking

I Don't Know. I have questions on my mind for which my best answer is "I Don’t Know." These include issues around sovereign debt, asset allocation, an economic slowdown, the stock market, private credit, and life itself.


Capital Allocators University Registration is Open. We’re hosting the fourth cohort of CAU in New York City on September 14th. Join a few dozen allocators to learn frameworks on Interviewing Money Managers, Investment Decision-Making, Leadership & Management, and Investing. CAU is designed for allocators only with 5-15 years of experience in the role. You’ll have a chance to meet some great peers and learn a lot in an information-filled day.

Apply Here


1. Are Fund Manager Meetings a Waste of Time?  Joe Wiggins. Well no, but Wiggins does a nice job of laying out behavioral biases we should consider when interviewing managers.

Read Behavioural Investment Article

2. Mastering LP Relationships, John-Austin Saviano. Former CIO at UC Berkeley and past guest John-Austin Saviano penned a terrific piece describing how managers can improve their relationships with investors.

Follow John-Austin on LinkedIn

Listen to John-Austin on Capital Allocators

Read Mastering LP Relationships

3. Sam Zell: the Passing of a Legend. Famed contrarian investor Sam Zell passed away this week due to complications from a recent illness. He was wise, irreverent, and witty. Our podcast episode last year has quickly become one of the top three in the show's history, and in short order will be the most listened to of them all.

Listen to Sam Zell on Capital Allocators

Watch Equity Group's Tribute to Sam

4. Four Types of Investors, Rich Falk-Wallace. Former hedge fund analyst and PM at Viking and Citadel, categorizes equity investors into Extrapolators, Imposers, Followers, and Synthesizers.

Read LinkedIn Post

5. The Age of Average, Alex Murrell.  Across media, fashion, marketing, architecture, and transportation, our preferences and tastes around the world have converged.

Read Blog Post

BONUS: Smoothest ping pong shot I've ever seen. Calm, cool, and collected, this table tennis player gets one over on his opponent to win the point.

Watch Video


Capital Allocators Episodes

EP.312 Ashby Monk - Executive and Research Director of the Stanford Research Initiative on Long-Term Investing, Dr. Ashby Monk discusses investor identity, navigation, and resilience.

Go to Episode

EP.313 Tony Yoseloff - Managing Partner of Davidson Kempner Capital Management, Tony discusses the 40-year tenure of the firm.

Go to Episode

EP.315 Marc Lasry - Chairman, CEO, and Co-Founder of Avenue Capital Group, Marc discusses his career, distressed investing, and the Milwaukee Bucks.

Go to Episode

EP.316 Amy Falls - CIO at Northwestern University, Amy discusses going from bonds to boards to leading Northwestern.

Go to Episode

EP.318 Hedge Fund Panel - Craig Bergstrom, CIO and Managing Partner of Corbin Capital Partners, Adam Blitz, CEO and CIO of Evanston Capital Management, and Dan Fagan, portfolio manager at GIC, Singapore’s sovereign wealth fund give a true master class in hedge funds.

Go to Episode
Private Equity Deals Episodes

S.2 EP.06 Selective Search - Founder and CEO of Permanent Equity, Brent Beshore discusses the exclusive matchmaking service.

Go to Episode

S.2 EP.07 Mavis Tire Express Services - David Roux and Tom O'Rourke of BayPine discuss bringing the tire service into the modern era through digital transformation.

Go to Episode
Sponsored Insights

EP.314 Richard Craib - Numerai - Richard discusses crowdsourcing data science for returns.

Go to Episode

EP.317 Kiyan Zandiyeh - Sturgeon Capital - Kiyan discusses another empty room: venture capital on the emerging frontier.

Go to Episode

Word from our Sponsors

Numerai. Numerai is building a next-generation long/short market neutral hedge fund, gathering the best data scientists in the world to contribute machine learning models on the highest quality stock market data.

Learn More About Numerai

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

Bipsync. The great divide in private market investing. Once a private equity commitment is made, the type, depth and volume of information insights available to the investor can change significantly. Read the blog where we explore how an enduring research management system can bridge this divide in private market investing.

Read Report

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
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