Adam Shapiro
16 statements across 1 episodes · 7 bullish · 3 bearish · 1 people on the record · first statement Jun 5, 2023 by Adam Shapiro · across every show →
On the record as a speaker too: Adam Shapiro's record, appearances and statements → this page counts the times other people say the name.
Everything said about Adam Shapiro, oldest first
Jun 5, 2023 positive
Non-investor operational managers best serve families uninterested in direct investing
“For families who want to spend 95% of their time thinking about something other than investing and other than the asset base and how it's protected and managed. For most of those families, finding a great air traffic controller, a small number of employees, an…”
Jun 5, 2023 negative
Jun 5, 2023 positive
Goldman occasionally closed distressed deals with immediate Day-1 value certainty
“And when I got to Goldman once in a while, we would make an investment and we'd celebrate as if we had already had a success. The money hadn't come back. We hadn't realized any profit, but we knew that what we had just invested in was worth more than we paid.”
Jun 5, 2023 positive
Jun 5, 2023 neutral
Assessing spinouts from mega-funds like Goldman or Blackstone is uniquely difficult
“The irony is the stronger the firm, the harder that assessment is. So it's harder to assess people actually out of Goldman or Blackstone or some of the really great firms, because it's just harder to tell was it them or was it the firm. If somebody just did an…”
Jun 5, 2023 neutral
The outsourced family office sector remains nascent and dominated by mega-institutions
“When I look at our sector, define my sector as this world of managing family capital. On some basis that is essentially outsourced rather than an in-house family office. I think our sector is nascent. Like, I think in some ways what I just described to you, th…”
Jun 5, 2023
East Rock fields a dedicated team to track talent before spinouts
“We have A whole team that is dedicated towards figuring out who those best people are at those larger firms and dedicated to spending time with them sort of in any way that makes sense, which could be inviting them to events, providing career advice, making in…”
Jun 5, 2023
Jun 5, 2023 positive
Valuing assets via scrap and collateral creates asymmetric downside protection
“The use of structure and the fact that diversification could work in your favor, the way you could value assets, not just on EBITDA, but on a variety of things, which included collateral value, scrap value, or alternative use type of value.
And so that you cou…”
Jun 5, 2023 positive
Investing in shrinking businesses insulates portfolios from macro and valuation risks
“One of the things I believe in terms of downside protection is you can protect your downside several different ways. One way is to have some specific hedge. Another way is to be high up in the capital structure, have some structural protection. And a third way…”
Jun 5, 2023 positive
Personal character and long-term relationships matter more for alignment than co-investment
“There's a personal element to alignment that has to do with your relationship with the person, the character of that person, them caring about alignment. And that in many cases is much more important than just the financial flows of what do they put in and wha…”
Jun 5, 2023 positive
Jun 5, 2023 negative
East Rock's worst losses occurred when not investing simultaneously with sponsors
“We at East Rock have probably made 140 or so private investments, and a very small number of them, thankfully, have been poor investments, but a majority of those poor investments were cases where we broke our own rule, and our own rule is we must invest our m…”
Jun 5, 2023
Emerging manager reference checks must be 60-plus minutes and off-list
“In any case, there's no substitute for a massive number of references done a certain way Ideally done, for example, in person, ideally done, not in 10 or 15 minute conversations, but in 60 plus minute conversations, and ideally off list, and even more ideally,…”
Jun 5, 2023 neutral
Replicating public managers' edge is harder than replicating private market diligence
“I guess this is ironic because in the public markets, we ought to have the same amount of information, but it's much harder to replicate a public manager's knowledge base. When they see edge in a public name, they're talking about the primary research they did…”
Jun 5, 2023 negative
Cynical short pitches make hedge fund managers sound deceptively smart
“Everybody knows that if there are 20 hedge fund managers around the table and you want to sound the smartest, you do a really colorful short pitch. There's even, I think some psychological research that says like cynicism, negativity, those things actually sou…”