Long Only Managers

“My personal view is that's a mistake. Over time, a well-curated portfolio of long-only managers can and should be able to outperform global stocks.”

“And most of the long only managers that we invest with are going to have a fairly concentrated portfolio of fundamentally driven investment decisions. Call it maybe as low as five or six and up to maybe 20 or 25 kind of thing.”

“The idea here is that unconstrained talented hedge fund managers have a better chance of beating a risk-free rate than highly constrained long only managers have the probability of beating a benchmark.”

“But if you're a long only manager in your closet indexing, you're going to get killed. You know, just, you can't possibly justify your fee structure.”