Bill Spitz
Co-Founder and Principal, Diversified Trust Company. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorfounderexecutiveauthordiversifiedtrust.com ↗
Bill Spitz is Co-Founder and Principal at Diversified Trust Company. He previously served as Treasurer and Vice Chancellor for Investments at Vanderbilt University from 1985 to 2007, where he oversaw the endowment's tenfold expansion.
1shows
1appearances
23statements
4resolved
2supported
1contradicted
50%fully supported
1said about them ↓ Everything Bill Spitz said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Spitz: The Asset Management Industry Will Trifurcate Into Three Business Models
“I think, or maybe what's, what's the word for three, three Trifurcates? I think you have big time scale players, particularly in the low cost beta sorts of products. I think you have some, a small number of active boutiques that you know, do what they do very …”
Spitz: Investors lacking top-tier fund access should avoid venture capital
“Particularly acute in, for example, venture capital, where, you know, if you're not in the right funds, probably don't want to do venture capital investing.”
Spitz: Identifying manager skill in advance is doubtful given competition
“I'm a little skeptical about how much of that is really around and whether it's so much competition that you can really identify it and capture it in advance, but there's some there.”
Spitz: Private Equity Is the Ultimate Form of Capitalism
“Dave Swenson has said, and I agree with him, that the ultimate form of capitalism is private equity, and I really agree with that, because, you know, you have a long time horizon, you're not beholden to quarterly numbers, and you can do the right thing, and th…”
Bill Spitz Predicts 60/40 Portfolios Will Yield Mid-Single-Digit Returns Post-2018
“And where we end up is sort of a ten-year expected return on equities of Five-ish, let's call it five and some change, a little more for international stocks. Bonds are sort of three-ish. So I think looking ahead, the simple sixty-forty portfolio is going to g…”
Spitz: Private Equity Will Deliver a 300-400 BPS Premium, Not 15% Returns
“And we're not going to see if we have five percent return on stocks, we're not going to have 15% returns on private equity. But historically you've gotten a three or 400 basis point premium, and maybe we'll get that kind of premium again, and that's real money…”
Bill Spitz: Historical Track Records Have Virtually No Predictive Value
“Well, first of all, I'd say my favorite way not to do it is by looking at track records and long believed that track records have virtually no predictive ability.”
Spitz: Asset Management Firm Acquisitions Are Almost an Automatic Exit Signal
“When firms sell, that's not an automatic red light, but it's close to it, because people who are hungry, who are Excited about being in the game, and they've recently made a stack of money, and now they're going to cruise.”
Spitz: Big macro hedge funds have delivered underwhelming returns for years
“Well, and regardless of what you think, for example, of the macro managers, most of them have not gotten it right for a number of years now, so I'm not entirely convinced that that provides a lot of value added. Yes, you need to be aware of what's going on in …”
Spitz: International stocks are significantly more attractive than U.S. equities
“One thing I would say is, at least from the valuation work that we do, we think the international stocks are a good bit more attractive than U.S. Stocks, so you can obviously do that on a relatively low cost basis as well.”
Spitz in Jan 2018: Volatility Is the Only Cheap Market Asset
“I don't see any overwhelmingly cheap assets today other than volatility, and I think volatility is cheap, but I have no sense whatsoever as to when it may turn”
Bill Spitz: The Illiquidity Premium in Private Equity Has Disappeared Recently
“Some people give up liquidity, and we all talk about an illiquidity premium in private equity and real It hasn't particularly shown itself recently, but you would think it would over time.”
Spitz: International Equity Managers Outperform Benchmarks More Often Than U.S. Peers
“Although when you look at the data today, there's still a much higher percentage of international equity managers that out Perform the benchmark than U.S. Domestic managers.”
Spitz: Institutional Equity Managers Generally Ignore Tax Implications
“Particularly on the equity side, one of the things we do is pay attention to tax efficiency, and whether the, you know, a lot of managers, primarily those who deal with institutional portfolios, don't think about taxes, so we do try to find managers who will t…”
Spitz: Firing top managers during cyclical underperformance usually fails
“I think the point is that the best people in this business underperform for significant periods, and if you pull the trigger in those periods, it's probably not going to work.”
Spitz: Endowments Will Struggle to Hit Required 6-8% Return Targets
“So if I'm an endowment fund, and to sustain the spending rate, got to earn seven, eight percent, six, seven, eight percent kind of return, I think that's going to be a pretty significant challenge, you know, looking ahead.”
Spitz: Esoteric Niche Strategies Lack Capacity for Large Endowments
“We're looking at all sorts of niche kinds of investments, but the problem is if you're a big endowment, a lot of these categories probably can't take a lot of capital.”
Spitz: Management fees in non-traditional categories will continue coming down
“I also think that fees will continue to come down in some of the non-traditional categories, but nevertheless,”
Spitz: Asset Management Remains a High-Margin Business Despite Fee Compression
“You look at the asset management business, even with the fee compression, it's still a very high margin business.”
Bill Spitz: Vanderbilt's First Distressed Debt Fund Returned a 40%+ IRR
“I think that that initial fund we did in the bankrupt bond space earned a forty-plus IRR, so that gave me a little bit of credibility.”
Spitz: Vanderbilt Endowment Held VC and International Equities in 1985
“So when I got there in 1985, you know, we had a couple percent in venture capital. We had some real estate exposure, traditional stocks and bonds. We had a large international exposure, which wasn't all that common at that point. So we were actually, you know,…”
Spitz: Most Mid-1980s Endowments Kept Conservative, Simple Portfolios
“In general, I think endowment portfolios were still relatively conservative and relatively simple in their structure. Now, Harvard had obviously evolved. Yale was beginning to evolve. Notre Dame and Duke and some others were starting down that path, but it was…”
The other half of the tape: Bill Spitz's own voice is left out of every number here. Other people bring the name up 1 time in 1 episode across the shows. every mention, with the transcript →
Who brings them up most Ted Seides 1
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Capital Allocators 1
2018 1 mention in 1 episode
One line per show, most statements first. The link opens Bill's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| CAPITAL ALLOCATORSLEDGER | Co-Founder and Principal, Diversified Trust Company | 1 | 23 | 50% 2/4 | full record on Capital Allocators → |