David Morehead
13 statements across 1 episodes · 2 bullish · 3 bearish · 1 people on the record · first statement Apr 22, 2024 by David Morehead · across every show →
On the record as a speaker too: David Morehead's record, appearances and statements → this page counts the times other people say the name.
Everything said about David Morehead, oldest first
Apr 22, 2024 neutral
Morehead: Baylor stages liquidity to deploy capital at 10% market drawdown intervals
“We think about everything in terms of 10% market moves. If the market were down 10%, would we add? Maybe. Depends on what the value is. If the market was down 20%, would we add? For sure. And then we think about how many times we want to be able to add to the …”
Apr 22, 2024 positive
Apr 22, 2024
Morehead did a one-hour reference check with a fund manager's wife
“I have one manager in our book, and it was early in the life of this firm. I already had known the guy, but he was starting this new firm, and I actually called his wife. I was like, I need to know this is ok with your wife. So I called his wife and spoke to h…”
Apr 22, 2024 negative
Morehead: Baylor restricts marketable portfolio to highly liquid markets like US high yield
“And because we're running an active allocation portfolio on the marketable side, we can only be in liquid categories. We would participate in US high yield and European high yield, but we would not participate in Asian high yield because it's easy to buy somet…”
Apr 22, 2024
Morehead: Baylor pulls capital from top performers and funds struggling managers
“Look, when things are going right, and you're making lots of money, and people are knocking on your door trying to give you more money, we're going to be pulling money during that time. We just are. That's how we roll. And that shouldn't bother you because eve…”
Apr 22, 2024
Morehead: Investors are wrong 45% of the time; lacking humility causes blowups
“One of the key characteristics that we look for is humility, because in this business, you hope to be right, 55% of the time. Well, that means you're wrong 45% of the time, and so for the person who is unable to admit that they're wrong, that doesn't work for …”
Apr 22, 2024 neutral
Apr 22, 2024
Apr 22, 2024 neutral
Morehead: Baylor Moved Most Cyclical Allocations to Public Markets
“So for us, that's tech, healthcare, the consumer, and then we do have some private energy. We do have some private financials. Both of those are cyclical, but we've moved most of the cyclical stuff to the public side because we can trade around that.”
Apr 22, 2024 negative
Morehead: Insecurity masquerading as humility centralizes power and drives talent away
“Is that insecurity masquerades as humility. And insecurity is a big issue because it infects the organization. If you're talking to portfolio manager, who at their core is insecure. Then they're not likely to give authority or rope or opportunity to the other …”
Apr 22, 2024
Morehead: Baylor allocates between $250k and $100M across individual managers
“We allocate, broadly speaking, between zero and a hundred million to individual managers. And we have some managers right now that have a hundred million dollars from us, and we have other managers, strategies that have 250,000 dollars, and the high yield stra…”
Apr 22, 2024 bearish
Morehead: Baylor avoids high-yield credit when spreads are at 300 bps
“And so we can just follow what the high yield credit spread is. And when it's 300 over, like it is now, you could bet that we're not involved. But if it's 2000 over, like it was in oh eight, then we probably are involved. So we run our portfolio more that way.”
Apr 22, 2024 positive
Morehead: Equity distribution across an organization tests manager security
“One of the obvious ways to test that is how widely is equity pushed down in the organization, because secure people will trust the people around them, encourage them. They want smarter people than them sitting next to them. And we'll reward those people, push …”