Andy Golden
also referred to as: andy goldens
36 statements across 7 episodes · 9 bullish · 8 bearish · 4 people on the record · first statement Jun 26, 2017 by Andy Golden · said 23 times in 9 episodes since 2017 · across every show →
On the record as a speaker too: Andy Golden's record, appearances and statements → this page counts the times other people say the name.
Mentions by year
brought up most by Ted Seides (8), Jen Birmingham (8), Tony Yoseloff (1), Margaret Chen (1), Kip McDaniel (1)
tap a year for its mentions
2024 4 mentions in 1 episode
2023 14 mentions in 4 episodes 4 per episode
2021 2 mentions in 1 episode
2018 2 mentions in 2 episodes 1 per episode
2017 1 mention in 1 episode
Everything said about Andy Golden, oldest first
Jun 26, 2017 negative
Jun 26, 2017 neutral
Golden: PRINCO concentrates independent returns across roughly 15 manager relationships
“Our opinion of the asset class is quite different, if you want to call it an asset class, opinion of, you know, the, that collection of managers is quite different from the opinion of our 15 or so relationships that we have there.”
Jun 26, 2017 neutral
Golden: True time horizon is enduring discomfort without changing course
“But the real horizon is not what you claim your horizon is. The real horizon is this thing that you maybe don't even discover until after the fact. It's how long Can you go with a large amount of discomfort without changing your path inappropriately?”
Jun 26, 2017
Golden: I originally proposed a Yale-style committee governance model
“It was really unusual, and in fact, was not what I originally proposed. I said to Ed, I don't want to reinvent things when there's a good model. You know, here's a kind of Yale-like model where the major decisions, manager hires, fund re-ups, would still flow …”
Jun 26, 2017 positive
Golden: PRINCO mandates blind pre- and post-meeting voting on all investments
“By the way, everyone walks in the room, the first thing they do is they get a ballot, and they have to say what their vote is going into the meeting, and then at the end of the meeting, they write down what their vote is, and then that piece of paper is set as…”
Jun 26, 2017
Jun 26, 2017 neutral
Jun 26, 2017 negative
Golden: Lateral investment hires often fail to adapt beyond fixed recipes
“And what we're really looking for are first principle thinkers as opposed to learn a recipe and just use that recipe, which is one of the reasons why it's often difficult to bring the lateral higher in because they've got a certain way of doing it, and it's ha…”
Jun 26, 2017 neutral
Golden: Early career advice should be to follow your like, not passion
“There's a cliche about following your passion. I feel that it's true, except for I want to modify that and say, follow your like. The problem with telling someone follow your passion is it presupposes that they know what passion is, and, you know, it's almost …”
Jun 26, 2017 negative
Jun 26, 2017 neutral
Jun 26, 2017 positive
Golden: LPs should optimize private equity fees, not just minimize them
“On the specific point about fees, we believe it's important to optimize fees, not minimize fees. And we want to make sure that the firms actually have, you know, revenues to the principles that are enough to make them silly rich without having to find some oth…”
Jun 26, 2017 neutral
Jun 26, 2017
Jun 26, 2017 negative
Jun 26, 2017
Golden: PRINCO targets 25% private equity, 25% hedge funds, 19% real assets
“If we just kind of go around the pie chart, it's 10% dedicated to domestic equity, long-only managers, six percent to other developed markets, long-ish only managers, 10% to emerging market public equity managers, 25% in the category we call independent return…”
Jun 26, 2017 neutral
Jun 26, 2017
Jun 26, 2017 positive
Golden: PRINCO relies almost entirely on hiring undergraduates directly from college
“But where we think the future of PRINCO is, is mostly, if not entirely, on our grow our own. And so we're hiring one to three or maybe more kids out of college, primarily Princeton, where we have some unfair recruiting advantages.”
Jul 3, 2017 positive
Time Horizon Is the Only Durable Risk Premium Left in Investing
“He said that all of the risk premia have been arbitraged away, except for one. He said, horizon. People just need cash sooner. And by being a long-term liquidity provider, you know, if we can be, he, I think his phrase is BLT investor, if we can be a beyond th…”
Dec 18, 2017 positive
Seides: David Swensen's Yale disciples consistently outperformed peer endowments
“There is something to the structure of what Yale did and the discipline that has been proven that David has been able to teach other people. It could Seth Alexander, who I worked with, and Paul Valente at Bowdoin, and Andy Golden at Princeton, and Peter Ammon …”
Apr 23, 2020 negative
Apr 23, 2020 negative
The 2020 crisis may accelerate asset manager adoption of drawdown vehicles
“I think one of the issues that may come out of this current crisis, Is that for those few managers who were willing to just play it more informally, they're going to be processing the advantage that some of those managers with the legal draw had, and it may ac…”
Apr 23, 2020
PRINCO requires every investment team member to record advance votes
“Every time we have a major decision, we move the entire investment team from the room we normally sit in to a board-like room. And everyone, even if they're in their first week, they're a twenty-year-old fresh out of college, attends that meeting and has to wr…”
Apr 23, 2020
Apr 23, 2020
Apr 23, 2020 positive
Universities must evaluate liquidity holistically rather than isolating the endowment
“One of the lessons that we actually learned as opposed to were reminded of during the global financial crisis was a benefit of looking at liquidity in a unified way across the university. So it's not so much about how we're deploying liquidity within the endow…”
Apr 23, 2020 positive
Apr 23, 2020 neutral
Princeton built emergency liquidity reserves outside its endowment post-GFC
“The intersection is that coming out of the global funders crisis, the university explicitly built up a little bit of reserve outside the endowment for liquidity, so that in a kind of Break glass situation, then we could defer some spending coming out of the en…”
Apr 23, 2020
PRINCO prioritizes post-crisis culture over exploiting immediate market opportunities
“In terms of big worries right now, a surprisingly large share of my worries are not about getting through this crisis, not even about Exploiting as much of the opportunity created by the crisis as possible. It's more about what happens after the crisis and how…”
Apr 23, 2020 negative
Allocators avoid offbeat strategies when traditional assets are cheap
“I think it's also interesting that the really kind of off the beaten path investments, like a Sports betting fund. That's interesting that you would think that I would think that what I need right now, when very traditional things are on sale, is to go far afi…”
Apr 23, 2020 bearish
Mar 22, 2021 neutral
Ted Seides: Allocators Are Probably Better Off Balancing Growth and Value
“You're probably better off being balanced between the two. Because if you get too far ahead of your skis and you're wrong, if you're right in the long term but you don't survive to the long term, I think as Andy Golden said on one of the shows, finish first, y…”
Sep 1, 2022 positive
Sep 4, 2023 positive
PRINCO intentionally preserves inefficient large meetings to improve organizational learning
“It is ok to be inefficient sometimes if you are more effective in the learning process. So we have huge meetings. One might say that would be much more efficient if there was just five of us. We'd probably come to the same decision. Be done with it. However, y…”
Sep 4, 2023
PRINCO Mandates Every Team Member Vote on Investments Without Abstaining
“The culmination of all of that work comes to a bull bear decision meeting, and that is just the Prinko team, and we all vote. So we have this voting dynamic, two right pound the table, two left Negative, or one and one. You have to vote, though. You can't abst…”