Capital Allocators Monthly Newsletter - November 2022

Only when the tide goes out do you discover who has been swimming naked.
Warren Buffett


CAU for Allocators (in-person): Learn from Ted and Rahul. Our next cohort of Capital Allocators University (allocators only) will be in-person on Thursday, March 9th, 2023 at the Harvard Club in New York City.

Allocators: Register for CAU LIVE

Capital Allocators Premium: Black Friday Deal. Enjoy 20% off your first year of Capital Allocators Premium membership by using the code CA2022 at checkout. Promo runs through the end of the year!

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Corporate Membership: The Spirit of Giving.  Corporate premium members generously and quietly support the show. Corporate members get all the benefits of individual membership for their entire organization plus a first look at all our activities.  Check out the roster of our wonderful corporate premium members.

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Hot Jobs to Share

Investment Analyst for J.Paul Getty Trust. The Getty's Investment Office manages a diversified portfolio of $9 billion in investment assets. Analysts join a rotational program that provides the unique opportunity to work in three rotations across Private Equity and Venture Capital, Public Equity and Real Assets, and Absolute Return and Credit.

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1. What I'm Thankful For, Sahil Bloom. Sahil used the Thanksgiving holiday to reflect on his daily grateful journal. What comes out is heartwarming and well worth sharing.

Read 'What I'm Thankful For'

2. The No-Stats All-Star, Michael Lewis. Sequoia Capital's Ravi Gupta interviewed his friend and former NBA champion Shane Battier on ILTB (see Best of the Rest below for link). Almost fourteen years ago, Michael Lewis wrote this piece about Shane's proclivity to be part of championship teams despite his lack of eye-popping statistics.

Read 'The No-Stats All-Star'

3. Expectations and Reality, Morgan Housel. Our expectations shape our world. Morgan beautifully describes the power of expectations. Separately, his own expectations for sales of The Psychology of Money set the bar extremely low. The windfall that ensued couldn't have happened to a better person. Read profile in MarketWatch here

Read 'Expectations and Reality'

4. Small Cap Quality, GMO. GMO's value-based, data-driven approach offers robust frameworks for calibrating current markets relative to history. Once in a while, extreme events yield opportunities where you can sense the GMO team is calling for the ball. This recent piece on small cap quality stocks feels that way.

Read 'Quality Time in Small Cap'

5. Crypto and FTX from Matt Levine. Matt is an extraordinary distiller of financial news. He put together a fantastic crypto primer employing his unique combination of deep understanding and comedy. Shortly thereafter, FTX broke and Matt delivered as a go-to source for understanding the nuance behind the news. Read Matt's take on FTX here.

Read 'The Crypto Story'


Capital Allocators Episodes

EP.279 Colin Smith and Farouk Miah - Founders at All Africa Partners discuss another empty room: investing in Africa.

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EP.280 Geoffrey Rubin -  Senior Managing Director at CPPIB discusses a modern version of the Canadian model.

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EP.281 Melanie Pickett -  Executive Vice President at Northern Trust discusses advances in technology inside the investment office.

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EP.282 Frank Brosens - Co-Founder of Taconic Capital discusses hedge fund culture and partnership.

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EP.283 Charles Van Vleet - CIO of Textron thinks differently about pensions.

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Private Equity Deals Episodes

EP.05 EQT - Partner and Global Co-Head of Technology, Arvindh Kumar from EQT discusses carving out two subscale, non-core businesses from public companies to form Innovyze.

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EP.06 Bain Capital - Managing Directors at Bain Capital,  David Humphrey and Devon O'Reilly discuss their healthcare technology buyout of Zelis.

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Best of the Rest

Shane Battier on ILTB.  Remarkably good conversation with broad applicability.

Word from our Sponsors

Janus Henderson Investors. This week from Janus Henderson's institutional blog, Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss why they believe collateralized loan obligations (CLOs) might be well aligned with a hawkish Fed.

Read 'The Fed and CLOs'
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Stream recently published a deep dive on the oil and gas industry by stringing together transcripts from its expert call library.

Read 'Oil & Gas Deep Dive'

Prosek Partners. Proactive marketing, communications and brand building has never been more important for firms given the competitive fundraising and volatile market environment. Jen Prosek, CEO of Prosek Partners, shares advice for proactively building, and protecting your brand.

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