David Salem
15 statements across 2 episodes · 6 bullish · 5 bearish · 2 people on the record · first statement Jul 3, 2017 by Chris Douvos · said 23 times in 4 episodes since 2017 · across every show →
On the record as a speaker too: David Salem's record, appearances and statements → this page counts the times other people say the name.
Mentions by year
brought up most by Chris Douvos (15), Matt Bank (4), Ted Seides (3), Patrick O'Shaughnessy (1)
tap a year for its mentions
2024 7 mentions in 1 episode
2022 6 mentions in 1 episode
2017 10 mentions in 2 episodes 5 per episode
Everything said about David Salem, oldest first
Jul 3, 2017 positive
True Outperformance Requires Taking Career Risk to Be Right and Alone
“They're so afraid of being wrong and alone and taking that career risk that they migrate from being alone and having conviction to being with the crowd. But when you migrate towards the crowd side, you take the right and alone box out of play. And that's where…”
Sep 30, 2024
Salem: Managers must establish client boundary conditions before announcing strategy shifts
“So answer your question is you have to set up the boundary conditions way before the conversation unfolds where you're going to impart to a trusted and valued client some significant, noteworthy, uncomfortable change in what you're doing.”
Sep 30, 2024 bullish
Sep 30, 2024 negative
Sep 30, 2024 neutral
Sep 30, 2024 negative
Salem: David Swensen cut contact after Salem refused a job interview
“It came from Swenson, actually. David just called me one day and said, look, I have some advice for you. There's this job that's open, and I'm involved in the search, and I want you to jump into the search, and I want you to take the job. And for various reaso…”
Sep 30, 2024 positive
Salem: Cash provides essential psychological freedom to seize rare market opportunities
“What you learned over the years is that it actually has a utility that goes way beyond its obvious help in meeting unexpected redemptions. Psychologically, it frees you up, and Buffett, more than any other actor in my lifetime, has proven the value because you…”
Sep 30, 2024
Salem: Investing's cardinal sin is abandoning a sound strategy at inopportune times
“The cardinal state of investing is, of course, to get into a position where you're either an involuntary buyer or an involuntary seller. That's for sure. And you want to avoid that. But the broader cardinal sin of investing is to just bail out of an otherwise …”
Sep 30, 2024 positive
Salem: 40 years of falling interest rates provided massive industry tailwinds
“Those of us who entered the money management industry roughly when I did had essentially a forty-year tailwind of falling discount rates in the global economy generally. Which creates multiple expansion. What does that favor? It favors all kinds of enterprises…”
Sep 30, 2024
Salem: Finance and endowment investing were deeply contrarian early career paths
“It took about two weeks of immersion in not-for-profit management to realize that the real action was in the endowments. It was early on when investment management, I could even say finance broadly defined, were extremely unpopular. It was a non-consensus, con…”
Sep 30, 2024 bearish
Sep 30, 2024 positive
Salem: TIFF required managers to provide ex-ante written decision write-ups
“So the emphasis that I placed from day one at TIFF, and I probably led us to miss and pass on managers that might have otherwise cleared the bar and made us even more money, Was I would basically insist on ex-ante written write-ups of decisions that produced t…”
Sep 30, 2024 negative
Salem: GMO's founding partners were famously not speaking to each other
“You look at GMO when I joined it, everything's firing on all cylinders. The returns are great. They're growing. The sun is shining. You get in there and after a week or two, you realize that founding partners don't even talk to each other.”
Sep 30, 2024 positive
Sep 30, 2024 negative
Salem: Throwing a golf club should immediately disqualify an asset manager
“If you get on a golf course and you see a manager that you either have money with or might consider giving money to, And they hit a bad shot and they throw their golf club. Disqualifying. Disqualifying for business, for managing money. Why? Because they can't …”