Amy Falls
24 statements across 1 episodes · 7 bullish · 10 bearish · 1 people on the record · first statement May 22, 2023 by Amy Falls · said 35 times in 4 episodes since 2017 · across every show →
On the record as a speaker too: Amy Falls's record, appearances and statements → this page counts the times other people say the name.
Mentions by year
brought up most by Tom Lenehan (31), Paula Volent (3), Ted Seides (1)
tap a year for its mentions
2022 22 mentions in 1 episode
2021 4 mentions in 2 episodes 2 per episode
Everything said about Amy Falls, oldest first
May 22, 2023 positive
Falls: Niche investment managers need long-short capability to survive market downturns
“So I love the idea of niche managers, but the issue with niche managers is that if the sandbox gets bad, they're stuck in the sandbox. So generally with really niche managers, I'm a bit more in favor of long short if you can.”
May 22, 2023 negative
Falls: Relying on data over manager caliber causes the biggest investment mistakes
“I think the biggest investment mistakes were usually around too much reliance on data and not enough focus on the caliber of the person. Sometimes the data is either not right. The biggest mistake I ever made was really being swamped by how good the numbers lo…”
May 22, 2023 neutral
May 22, 2023
Falls: Allocators must not take on more positions than they can monitor
“The notion of don't sow what you can't reap, because the amount of waste that happens because you just can't get to the crop, it's very hard. It all comes at one time. So just a lot about not setting yourself up for failure, because you can't keep track of it,…”
May 22, 2023 negative
May 22, 2023 negative
Amy Falls: Endowment fixed income portfolios should only hold U.S. Treasuries
“For us, we wanted to have something that was liquid, highly safe, or would have a negative correlation with equities and not complicated. So I don't really want the Barclays Ag. I don't need a bunch of mortgage-backed securities in there that have complicated …”
May 22, 2023 negative
Falls: Siloed asset classes sacrifice cross-thinking across investment teams
“It's really easy to know what to do when you own an asset class. Each person runs their little business, and the CIO just makes sure that everybody's doing a good job running their business and sets the big picture. I think you lose some cross-thinking and cro…”
May 22, 2023 positive
May 22, 2023 negative
Amy Falls: Rejects full delegated authority to keep investment committee debate
“I have been offered in various situations, you know, you don't have to bring managers to the committee anymore. Just do what you think. I always say no, because I don't actually think I'm going to get to the right answer by myself.”
May 22, 2023 negative
May 22, 2023 negative
Falls: Public manager diligence risks floating along without cutting underperformers
“Private managers, you kind of do a deep dive re-up when the fund is re-upping. And the rest of the time you think, well, I can't really do anything until they come back to market. So there's this weird every two or three or last couple of years, every year, yo…”
May 22, 2023 positive
Falls: Northwestern uses an 'on-deck' section to involve committees earlier
“One of the things we do when we do committee meetings, we have an on-deck section, which is these are some managers that we're just starting the process on. So if you have a thought, let me know now. That's really intended to invite them into the conversation …”
May 22, 2023 negative
Falls: Allocators should avoid investing in solo GPs and one-man bands
“Don't invest in one man bands. And I sort of feel like I would just broaden that out to just be careful about the Lone Ranger and yourself and your team and the managers. And again, it gets back to this view that I have that an iterative process results in bet…”
May 22, 2023 neutral
Amy Falls: Equity long-short funds typically exhibit 0.7 correlation to equities
“Similarly, hedge funds or absolute return, I've typically divided that into two categories, equity-oriented strategies, i.e. Long short, because there we assume you're going to have a . Seven-ish correlation to stocks. But you're going to have less volatility …”
May 22, 2023 negative
Falls: Siloed compensation fails in multi-strategy funds by discouraging capital rotation
“So then if you have a strategy that pays people in a very siloed way, that's not going to work because you're not encouraging people to pass the puck. Compensation structures need to align with what the strategy is.”
May 22, 2023 positive
Falls: Young women in finance must seek mentors across gender differences
“I think women need to have good mentors, and I think there will be a world where there's a fifty-fifty chance that the mentor is a male or a female, but until we're in that world, it's very important for young women to be able to find mentors who don't look ex…”
May 22, 2023 positive
May 22, 2023 negative
Falls: Flooding investment committees with finished proposals suppresses critical feedback
“One is if you flood a committee with information, you won't get any feedback. If you come to committee meetings with every I dotted, every T crossed, very few people are going to say, gosh, I know you've done months of work here, and you have a point of view. …”
May 22, 2023
Amy Falls: Allocators should cull redundant managers instead of keeping all four
“One of the things we talked about was David's view of culling versus weeding. Like, you could have four really good managers that have very similar characteristics. You just don't need all four of them. So then you pick the two that you think are the best, and…”
May 22, 2023
Northwestern endowment assigns roughly 15 active managers per team member
“So the way we're trying to create a comparable kind of discipline is to actually assign managers. So everybody has a manager roster. It maps roughly to the old asset classes, but not entirely. And then each manager has a partner. So there's two people on every…”
May 22, 2023 positive
Falls: Allocators must visit manager offices rather than hosting conference room pitches
“I definitely think you got to go to their offices. This idea that people come and sit in your conference room, that's fine, and I'm happy to host people here in Evanston, but I really like to walk around and sense what the vibe is.”
May 22, 2023 neutral
Falls: Apparent portfolio diversification often masks concentrated underlying beta
“I use that analogy to think about when we talk about a diversified portfolio, you got to be sure they're not all secretly tomatoes. And I think that understanding what does create that diversity, there's diversity in public large cap equities, but not that muc…”
May 22, 2023
Northwestern endowment tracks three to four alternatives for every active manager
“And then we've sort of beginning to adopt a slot concept, like we're trying to have a more or less set number of managers. It won't be precise. And then always for every manager, we want to keep track of three or four alternatives.”
May 22, 2023 positive
Falls: Standardized manager analytics prevent cherry-picking data and references
“So I like to have a set analytics that you're going to do for every single manager could be different between private equity and public or whatever, but it's always the same. So that you don't end up just cherry picking data or cherry picking references.”