Stan Miranda
Chairman Emeritus, Partners Capital. On 1 show, 1 appearance. The Shows tab opens the full record on each.
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In 2001, Miranda co-founded Partners Capital, serving as CEO until 2020 and building it into a global outsourced CIO firm. Prior to that, he spent 17 years at Bain & Company, later founding the True North Institute to focus on climate-tech investing.
1shows
1appearances
39statements
1resolved
1supported
0contradicted
100%fully supported
Everything Stan Miranda said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Miranda: Partners Capital seeks to pay performance fees only on alpha
“We're always trying to make sure we're only paying performance fees on the alpha, not the beta.”
Miranda: Information ratio is probably the most important metric in liquid securities
“Turns out information ratio is probably the most important metric in liquid securities or asset classes, ok?”
Miranda: Partners Capital is exploring an internal brown-to-green energy transition strategy
“Right now, we're looking at one in the energy transition space. It's all about owning brown to green. We cannot find anyone else doing it.”
Alpha in niche alternative assets decays rapidly without deep specialization
“The problem with them is that they have limited capacity. And as soon as I start talking about them on a podcast, then all of a sudden the alpha goes away. But in most of those categories, it has gone away unless they're in certain specialist areas.”
Investors should avoid double promote fee structures in real estate
“Real estate, first of all, stay away from the double promote. You don't pay a private equity firm to pay a private equity firm.”
Miranda: Partners Capital avoids crypto except through blockchain venture capital
“On crypto, we have studied it. And we have come to a decision not to invest other than in blockchain venture capital.”
Miranda: Succession requires giving candidates the job before they officially take it
“I think succession in all companies, not just investment companies, is about giving the job to the individual before they take it on.”
Catastrophe insurance investments failed because global warming outpaced insurance pricing
“I think invest in catastrophe insurance. You already said we're long global warming. That's what catastrophe insurance is, but global warming has always been ahead of pricing, so that was a painful experience.”
Miranda: Board meetings should focus on underperformance rather than pitching successes
“You don't go into the board meeting to convince them that our investment performance is great. You find the area that's not great. You spend all the time on that, and you're honest about it, and you focus them on it, and you face into the unvarnished truth.”
Miranda: Portfolio Customization Focuses on Allocation Sizing, Not Asset Selection
“Almost all asset classes are included in almost all client portfolios, even the private equity GPs today. So the customization came down to really sizing of managers or simple allocation decisions, whether it's eight percent private debt versus 10% private deb…”
Partners Capital averages 300 to 500 diligence hours per private equity fund
“We do, on average, 300 to 500 hours of due diligence on the average private equity fund, for example. So later in the due diligence, we learn that, but also from references. We do a ton of reference. Typically, 20 references”
Miranda: Partners Capital uses liquid futures and ETFs to offset overweights
“The main impact is that we will counterbalance certain overweights that we don't want as intentional overweights. So we have to have enough liquidity in the portfolio where we can use ETFs or index funds or futures that we can offset those.”
Partners Capital passes on Fund I spin-outs to monitor for Fund II
“We'll typically meet the management team the first time. We pass in most cases, not in all cases. We've done some fund ones, but generally we say, we're going to watch you. Please hold some space for us for fund two, and we're in fund two.”
Partners Capital capped growth at $1.5B annually before the financial crisis
“The next year was three billion, and we capped ourselves about one and a half billion a year until the global financial crisis.”
One line per show, most statements first. The link opens Stan'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 | Chairman Emeritus, Partners Capital | 1 | 39 | 100% 1/1 | full record on Capital Allocators → |