Raphael Arndt

“There's a whole lot of things over the last 50 to 80 years, a huge leveraging cycle, a huge demographic boom post-war, that have meant that certain things behaved the way they did, that I just don't think are likely to continue. So I think we have to go back t…”

“We don't think that skill is widely available in equity markets today. Technology means that it's being arbitraged away very quickly.”

“When we aggregated up all of the maybe 20 or so mandates we had across that portfolio, by and large they cancelled each other out at the whole portfolio level, and I would have expected we would end up with something like beta less fees. Now, actually, as I sa…”

“I think they're great at imbuing culture through their organization, and so I started to investigate And they actually have a thing called the Disney University, and they do this culture induction on the first day, and I've been fortunate enough to meet with t…”

“I don't use the word diversification because we don't assume asset classes behave differently in a particular way. We try to look through that in a more granular way to say, well, these subsets, let's say, of real estate in these geographies will behave this w…”

“We manage about two hundred and sixty five billion Aussie across seven funds. The future fund, which is the higher risk fund, is a bit over 200, and we've changed half of it in the last three years.”

“And so really, in saying the death of traditional portfolio construction, and my team made me put a question mark on the end of the title, because we're really calling for a debate, but I guess I personally think it is. What we're really saying is there might …”

“Most of the data we have comes from the era post-World War II, and in many cases, really only the last 30 or 40 years. And so we've been in a particular part of the cycle during that period.”

“My job actually is much more about team structure and process and strategy and most importantly, culture than about making investment decisions.”