Institutions

“There's this romantic notion that change comes about because you're the outsider, the rebel, the disruptor. Actually, the change happens more because people become part of the process. They become part of the institutions. They change from the inside through a…”

“Some institutions have long used alternatives, some too much, and they've had to borrow against some of those holdings recently to meet liabilities.”

“That's one that I think is going to be a pretty popular point that's going to come up in the next year or two, particularly in the next election cycle.”

“I think institutions don't do a good job of asking GPs about sell decisions in general.”

“One problem a lot of institutions fall into is thinking, I'm just as smart as these guys. Why are they so much richer than I am? I'm on this side of the table, but I could easily be on that side of the table, and they make things confrontational, especially if…”

“Private wealth portfolios, particularly the so-called mass affluent, typically hold only two to five percent of their assets and alternatives, compared to a range of 20 to 50% per institutions.”

“Most institutions fill a bucket. They say, I want to invest X amount in private equity or private credit. Individuals don't. They just want to know, What are the absolute returns?”

“There's a surplus of block space, so there's a surplus of blockchains that you can use that are fast and cheap today. It's not really the bottleneck. The bottleneck is figuring out user experience, regulatory, understanding of KYC, AML, and making sure these p…”

“I think institutions have four horsemen of risk. There's shortfall risk, which is the probability that over time you will just not meet your liability stream. So you need to have a portfolio that Gives you a fighting chance to get there over long periods of ti…”

“The world believes you don't even require institutions till you get to 10,000 dollars per capita GDP. To support 10,000 dollars per capita, you don't even require institutional strength.”

“Yale provides cover for more institutions to create similar programs and for those with existing programs to continue.”

“I think in the long term, best is to do a read structure, educate people like Karan said, And allow them to invest in the REIT instead of institutions. Get the retail investors into it. It'll be a win-win. In fact, your REIT value will be much higher.”

“A lot of institutions fall down is if it's not clear who is deciding what. The other place where you can fall down is if you have a solution that might be clear But it doesn't even remotely take into consideration the history or the portfolio itself, then the …”

“I don't think it's because of malice. I don't think it's because pharma is some kind of evil, you know, group trying to kick over the world. They're doing their thing, and everyone is. Doctors are. Institutions are. So I don't assign any malice.”

“Anything that lasts long enough in particular, I think any institution that outlives the people who started it can very quickly run into this problem because the more successors you have, the more they tend to mimic the old way of doing things without necessar…”

“If you're an institution that already has had perhaps a smaller endowment and they get a big gift, it's as if you start over.”

“The very, very best in the world are, the brain structure is different. One of the things that our institutions underestimate, but we're, we have an advantage in America because we have this tech scene, is that people think that there's like, you know, they're…”

“The reality is for most institutions, not all, but for most institutions, they're simply not resourced enough to do co-investments. And so our view is they either ought to do every co-investment that walks in the door and just make sure you do enough of them, …”

“Institutions are still signing up at a massive rate.”

“And the largest consumers of DeFi will be banks, will be fintech companies, and will be institutions.”

“I think at this point, It is considered a sub-allocation to venture capital by the vast majority of institutions, and it's just a much more volatile subset of venture capital because there, there's early liquidity, you know, portfolios start having marks, they…”

“Prior to any rebundling, I think we're on track for quite the unbundling.”

“All these institutions over time kind of end up run by lawyers, right, of one form or another, right? There's sort of, you know, people who kind of deal in words, right, people who deal in kind of symbolic manipulation at the word level you know, sort of the s…”

“So I find myself actually saying, yes, you should discount fees. You should agree to these requests from the institution. May it be around transparency. May it be around governance. May it be around structure. They're really meant to align incentives. And you …”

“No institution is going to invest if they don't believe in the person and the process and the portfolio. So once we get that right, then we can say, okay, are we going to invest in all the back office that supports this? That's the much easier one to solve tha…”

“Jack Bogle had a view of Really, you should index everything, and over the long term, you'll get there at much lower fees, and everything will compound, but the reality is, is that most institutions can't invest that way for just by their very structure, or by…”

“Institutions to me are like any living organism. They want to grow. And so, you know, every government wants to add laws, spend more money, grow its budget. Every company wants to have more power, grow its top line. Even every university, Harvard's endowment w…”

“I'd say today we're proud to have every kind of institution out there as a client, maybe except for sovereigns.”

“We speak with institutions all the time and by and large, some have very small investments in the space, either through a venture deal that they did Or maybe with, there was someone at the investment team that had great foresight and said, listen, we should st…”

“So I think that like, we've gone from believing in institutions. And now I think we fundamentally mistrust institutions. Then we spent 30 or 40 years believing in companies. And now I think we basically don't believe in companies anymore. And now we're sort of…”

“Families, it's a little different than institutions, because a lot of these factor weights like momentum and valuation and quality are pretty heavily traded. So they're not as effective for families as they are for institutions.”

“90% of the capital out there is actually in institutions”

“The problem today is that these institutions have become the gatekeepers of trust. We are strongly dependent on them to cooperate.”

“10% of trading at most was done by institutions.”

“There is no way that institutions are actually going to get into this space until the compliance team actually leads from the front.”

“At the same time, the required rate of return that many institutions have for their hedge fund portfolio has just gone down and down and down and down and down. So that the large pension fund who is using hedge funds, not as an asset class, so they're not taki…”

“For the most part, when institutions come with you, they'll stay with you and think about you in a ten-year lens, almost.”

“I think most institutions are much more prone to over-diversification or its cousin de-worsification, as Pierre Lynch would say than they are the opposite issue.”

“Otherwise, if you have stars, once the stars leave, you don't have something that remains as an organization.”

“When entrepreneurs come in and say, We're gonna bootstrap you know, one side of our market, the demand side or the supply side, by going to institutions or going, you know, kind of bypassing the little guy and going to large chunks of supply or demand. That al…”