UVIMCO

“I was at UVIMCO when the GFC hit. Our five billion dollar endowment went to four billion. As the guy with risk in his title, when you lose 20%, sometimes somebody has to take the fall, and I was that person.”

“Being able to look at the Lone Pine portfolio and see how Steve Mandel and his team could see into the future about What these high quality businesses would be worth was eye-opening. It was a completely different model for making money than I had understood in…”

“I got down there, and they had 55% in hedge funds, and it was going higher. Almost nothing in loan only, and the rest in privates.”

“We try to target a beta that's just under .7 beta to global public equity. Our large peers are anywhere from, say.75.”

“You know, we've been running, I try to run between eight and 12% in cash and low duration treasuries, and it's been closer to the high end of that range. It's now kind of in the middle of the range, but that's still, you know, higher than what Yale and some of…”

“Our Private equity, which is a mix of buyout, growth equity, and venture capital, has come down from, over the last, say, six years, from low twenties down to 16%.”

“It's a minimum of 20% that we have access to within three months, a minimum of 30% over a year, and a maximum unfunded commitments of, to private Whatever, of 25% of the total pool.”

“Which right now is 60% public equity, 30% public bonds, 10% public real estate. All global. And that's a level of drawdown risk that we re-underwrite every year that the university is comfortable, would be comfortable with.”

“I'm a much bigger fan in less diversification when things are very liquid. When you can change your mind. But when things are illiquid, I size them smaller. And so I believe in more diversification.”

“A large position for us is going to be in the order of an, at the underlying company level, a hundred, maybe 200 basis points.”

“There's usually a correlation between bad performance And something else going awry. And so that's where it becomes a little more difficult in practice. There could be a situation where just bad luck that that concentrated portfolio produces a sort of an outli…”

“With that said, what could be a problem is if the manager themselves, the volatility that they're experiencing, does that cause their business to suffer? And so there's, it's an existential threat to the organization. So, so It could very be right that if you …”

“Partnering with great, extraordinary managers, which I would say at our size of right now, eight and a half billion dollars, we're at a sweet spot. And I don't know exactly where that sweet spot is, but it's probably four or five billion up to, you know, 15 to…”

“Meaning if there's been a lot of turnover, you're probably going to be more likely to To do those irrational moves and getting out at the bottom.”

“If you're managing someone else's money, you have to at least have an understanding that there's probably some either absolute loss or relative loss that you can't go beyond and really continue to sit in that seat.”

“In a lower return world, fees take a disproportionately larger percentage of the total return, and anything that can be done to knock those down a bit is, you know, going right to our bottom line.”

“In the instance of VRS, and you certainly see this a lot with some of the large public Canadian funds and other funds that have very big pools of capital to deploy, They can't be as active, meaning taking the type of tracking error that we take, hiring very co…”