Capital Allocators Monthly – February 2019

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Come join me on the other side of the microphone. Jon Brolin, founder of Edenbrook Capital and an adjunct professor at Gabelli School of Business at Fordham, is going to flip the microphone and interview me on March 12 in NYC. See here for more information.

Watching
1.  CNBC clip
I went on Kelly Evans’ show to discuss off-the-run investments I’ve pursued in my ‘day job’. Let me know if you’re researching any exciting, uncorrelated opportunities.

Reading (Ordered by reading time: tweets first, books last, and blog posts and articles in between) 

1.  The Price That Makes Hedge Funds a Steal
My latest in Institutional Investor poses the question at what price (fee) are hedge funds attractive.

2. David Brooks, The Choice Explosion,
I read this opinion piece from 3 years ago as an introduction to a fascinating dinner organized by How I Decide, a non-profit started by Annie Duke and Eric Brooks whose mission is to empower students to become better decision makers. The organization has done terrific curricular work and is working hard to implement in scale. Have a look at the website and chip in however you can.

3 .Cambridge Associates on Cryptoassets
Remember when Bitcoin was all the rage in 2017?  Turns out that despite the price crash, developers have made a lot of fundamental progress deploying blockchain technology.  JPM announced an internal JPM Coin, and Cambridge wrote a thoughtful framework for institutions considering an investment.  If you have access to Cambridge’s research, I recommend the read.  If not, the link to our blog shares some articles summarizing their work.

4. Matt Levine and more Matt Levine, Bloomberg View
Matt’s daily has become my go to source of corporate news.  He is clever, insightful, and astoundingly prolific.  I can’t get to it every day, but I store each email and every now and then binge read as if it were the newest popular show on Netflix.  For those with more time for ears than eyes, Matt is on the docket for an upcoming podcast.

5. Russell Ackoff, A Lifetime of Systems Thinking
This timeless piece popped into my inbox this month. Russell Ackoff spent two decades as a professor of organizational design at Wharton before passing away in 2009 and summarizes the concept of design thinking.

Listening
Capital Allocators
1.  Matt Botein, private equity investor and former head of Blackrock’s massive alternative business, shares insights on investing and institutions.

2.  Rahul Moodgal, famed hedge fund marketer, discusses his career and lessons learned in raising billions for high quality funds.

3.  Chris Ailman, CIO of CalSTRS, shares how he oversees and manages massive public pension fund.

4.  Steve Kuhn, retired hedge fund manager, talks about playing games, hedge funds, and his IDEAL immigration proposal.

Best of the Rest
1.  Celeste Headlee on The Knowledge Project, Shane’s interview with Celeste is entitled The Dying Art of Conversation.  I was drawn in by her description of the difference between and interview and a conversation, and kept on listening.

2.  Bill Belichick on Paul Rabil’s Suiting Up. After yet another Pats Super Bowl victory, I queued up this interview again.  It’s the only time I’ve heard Belichick share, well, anything.  Paul is an athletic star in his own right and is shaking up the lacrosse world with The Premier Lacrosse League that launches this spring.  Paul is on the calendar for my next sports-related podcast conversation.  Stay tuned.

Have a good one,
Ted