Manager Selection

“If I don't have a set of clear criteria ahead of time, I'm going to end up picking the shiny object that resonates with me. Then you're going to be introducing a certain factor risk, which is your own biases into the portfolio.”

“Career risk aversion is a real thing, and it's an insidious thing, and it probably affects asset allocation and manager selection more than people are willing to admit.”

“I don't believe that we're trying to win in terms of portfolio construction in the way the assets are assembled. We're mostly trying to win through manager selection within those tools.”

“Success there was on the premise that we spend 90% of our time on manager selection, but really it's asset allocation that's going to determine returns.”

“The best managers will end up being the worst managers, and sometimes you have to almost be a little bit of a contrarian on that. You want to allocate capital maybe at times where managers are struggling rather than delivering really, really good returns.”

“There's a real difference that comes in in the manager selection piece. And I think one of the things that I started to realize over time is that the manager selection piece is as important and as impactful”

“Being most fundamental in my view, whether the key people who made the successful investment decisions of the past were still there, whether the investment decision making functioned well.”

“Manager selection is great, but portfolio construction is really where it matters.”

“And so I think too many people try to run the sexy part of the job is manager selection. But there's so much that has to be done beforehand, and if you just skip to manager selection, it's highly probable you could fall off the ground.”

“My guess is if you fast forward, there's gonna be more of that from manager selection over time because so many people have just copied this asset allocation model.”

“You know, all of our value add is in manager selection. It's not in calling the market or anything like that. When we do the attribution work, it's all manager selection.”

“If you could combine people orientation and kind of Intellectual curiosity in investing, there's, there might not be a better seat than that one.”

“The model of you coming together four times a year as trustees, getting sandwiches, picking managers, playing golf, this doesn't work. And it's gonna get more and more difficult as the market changes.”

“We think so much of manager selection and trying to figure out who's going to do well prospectively is based on much softer Factors such as, you know, why is the person doing this? What drives them? Do they really love this? How competitive are they versus are…”

“I think there's a bit of a false dichotomy that people draw between what's more important, manager selection or asset allocation. So let me first say, if you're selecting managers who can't outperform. That's a problem. Then it's a problem. You should just ind…”