Ana Marshall
25 statements across 4 episodes · 5 bullish · 5 bearish · 2 people on the record · first statement Oct 21, 2019 by Ana Marshall · said 44 times in 1 episodes since 2026 · across every show →
On the record as a speaker too: Ana Marshall's record, appearances and statements → this page counts the times other people say the name.
Mentions by year
brought up most by Luis Laboy (34), Hank Sturmack (10)
tap a year for its mentions
2026 44 mentions in 1 episode
Everything said about Ana Marshall, oldest first
Oct 21, 2019
Oct 21, 2019
Oct 21, 2019
Marshall: Fundamental analysis is insufficient without trading experience to understand risk
“Unless you knew how to trade the bonds and how people were really pricing risk, all of the analysis in the world wasn't going to help you get to the answer. You needed to understand pricing of risk, and the only way to do that was trading.”
Oct 21, 2019 positive
Oct 21, 2019
Marshall: Hewlett Foundation executed secondary sale to reset real estate portfolio
“We had to accept that we made a pretty significant mistake in the way that we had constructed our real estate portfolio, and it happened to be at the time when we were also switching coverage, and we ended up basically doing a secondary sale and starting over.”
Oct 21, 2019
Oct 21, 2019 neutral
Oct 21, 2019 positive
Marshall: Large foundation CIOs conduct annual open-book portfolio sharing
“We also have a more dedicated group, which is the large foundations, who share I would say similar challenges in that the granting programs and just the board ambition for granting programs really does color the type of risk and the type of duration we can run…”
Oct 21, 2019 neutral
Oct 21, 2019
Ana Marshall conducted about 75 CEO and CFO visits annually at Hewlett
“I still, for the first, I would say, 10 years of being here, I still managed about 75 CEO, CFO visits a year. Of companies in the portfolio, or companies that were adjacent enough to the portfolio that would help me inform how to manage the portfolio.”
Oct 21, 2019
Marshall: Avoid investments without deep knowledge because you won't double down
“Know when you don't know enough. And if you don't know enough, don't do it. Because you're never gonna have the conviction to double down if it goes against you. Whereas if you know enough and you have enough of a sense or a conviction when it's something goes…”
Dec 19, 2022 negative
Marshall: The fund boom massively expanded the universe of non-excellent managers
“There are very few really consistently excellent stock pickers. There are very few consistently excellent bond investors, just like in venture and just like in buyout. The last 15 years have massively expanded the universe of funds and firms. That weren't exce…”
Dec 19, 2022 bearish
Marshall: Private equity managers must halt deals and focus on operations
“I'm a big believer that the people who we trust with our capital need to be pencils down and really working with the portfolio companies. We have had five to seven years of Massive amounts of capital going into buying private firms and taking companies private…”
Dec 19, 2022 negative
Jan 8, 2024 neutral
Marshall: Active investors must be 'clinically delusional' to think they will win
“The investment world, we have to all be clinically delusional to think that every morning we wake up and we're going to beat the market. Like, if you're a Publix market person, you wake up every morning thinking, I'm gonna beat the market, I'm gonna get myself…”
Jan 8, 2024
Marshall: Portfolio maturation reveals team burnout and relationship management mismatches
“Somewhere I would say between third camp and the summit, you start seeing people fray. It's funny because in climbing, you think these are all proportional, base camp to first camp to second camp. Going from third camp where you've built your portfolio to the …”
Jan 8, 2024 positive
Marshall: Public markets drive most institutional returns for the first seven years
“I would say at the early stages, having really strong public equity and hedge fund, Expertise is really important because that's where most of the assets are going to live. You can dream about getting into venture funds and buyout funds and all of that, but mo…”
Jan 8, 2024 positive
Marshall: Institutional allocators have an ethical duty to assist peer LPs
“If you're going up and they've got a person stuck, even though you're trying to make it to the next turn around the mountain, it's your ethical responsibility to help them out, and I am 100% in that camp. We are here to manage money on behalf of institutions t…”
Jan 8, 2024
Marshall: Allocator teams must match the portfolio's lifecycle stage
“If you're building from scratch, you need people who love finding new managers. The joy in their life is to meet with seven managers a day. Find really one or two, do a ton of due diligence. That gives them joy. If you put a person like that in a mature portfo…”
Jan 8, 2024 negative
Marshall: Copying the Yale endowment model ignores differing institutional needs
“When pioneering portfolio management came out, it seemed like, okay, there's this mountain to climb. Everybody does it like Yale. And then over the course of the last 1520 years, we've had so much more money run into this endowment model, yet every institution…”
Jan 8, 2024
Jan 8, 2024
Marshall: Allocators must separate opportunity set analysis from manager selection
“It's key, and it's a great bridge to manager selection, is to separate the opportunity set. Because I think sometimes we pull together manager selection and opportunity set, and I think you have to separate those out between the GP quality, which we can get in…”
Jan 8, 2024 negative
Marshall: Skipping governance straight to manager selection risks portfolio failure
“And so I think too many people try to run the sexy part of the job is manager selection. But there's so much that has to be done beforehand, and if you just skip to manager selection, it's highly probable you could fall off the ground.”
Jul 20, 2026 positive
Jul 20, 2026
Laboy: Hewlett separates evaluating macro opportunity sets from specific manager selection
“When we're selecting a manager, we break apart opportunity set and manager selection. The steps are, we gain conviction on the opportunity set. Because we run as one team, one approach, Once we have an idea of the opportunity set, like at Everest, we're lookin…”