Global Endowment Management
also referred to as: gem
35 statements across 2 episodes · 7 bullish · 10 bearish · 2 people on the record · first statement Nov 25, 2024 by Matt Bank · said 31 times in 2 episodes since 2024 · across every show →
Mentions by year
brought up most by Jay Ripley (18), Ted Seides (12), Matt Bank (1)
tap a year for its mentions
2025 23 mentions in 1 episode
2024 8 mentions in 1 episode
Everything said about Global Endowment Management, oldest first
Nov 25, 2024
Nov 25, 2024 positive
Bank: Carve-outs favor buyers because corporate sellers prioritize divestment speed over price
“So corporate carve outs are always been our classic example, where on the other side was a big public conglomerate, new CEOs installed, wants to divest from a particular business unit that's underperforming. That's a great setup. They typically have a time clo…”
Nov 25, 2024 neutral
Nov 25, 2024 bullish
Nov 25, 2024 neutral
Bank: Deal Teams Need Dedicated Sourcers to Prevent Dry Pipelines
“The sourcing construct is something that Jay brought over from his private equity days, which was this view that if your deal people are doing a deal, then your pipeline is running dry. And so you need a separate set of people that are constantly refilling tha…”
Nov 25, 2024
Bank: Outsourced investment offices face the highest trust bar in finance
“I always say anytime you're trying to be the investment office for an institution or a family, you have to clear the highest trust bar in asset management. For a family, it's their hard-earned legacy. For an institution, you're often engaging with a committee …”
Nov 25, 2024 neutral
Bank: Next decade will require alpha engines amid persistent inflation volatility
“More inflation volatility likely. Higher interest rates for longer likely. U.S. Stocks have a huge valuation premium relative to the rest of the world. Maybe that persists, but maybe it doesn't. And maybe expected returns going forward are lower. And maybe you…”
Nov 25, 2024
Bank: The Best Portfolio Is What an Investment Committee Can Stick With
“I have a very strong view that the portfolio a committee can stick with is the best portfolio for them, and if you constantly bang your head against the wall trying to get someone to believe that active can be better, The first whiff that it underperforms, the…”
Nov 25, 2024 bearish
Nov 25, 2024 positive
Bank: Allocators must secure capacity rights early before manager success becomes obvious
“One of the things that we do with a lot of relationships is look to secure capacity rights in the future. That tends to be the scarcer resource because once it's obvious, the manager's good, it's too late. And so you'd better have a relationship early.”
Nov 25, 2024 negative
Nov 25, 2024
Bank: Institutional portfolios face the 'Four Horsemen of Risk'
“I think institutions have four horsemen of risk.
There's shortfall risk, which is the probability that over time you will just not meet your liability stream.
So you need to have a portfolio that
Gives you a fighting chance to get there over long periods of ti…”
Nov 25, 2024 neutral
Nov 25, 2024
Bank: Asset managers divide into AUM-maximizers and returns-maximizers
“I've come to view the money management world as really being subdivided into firms that are looking to find their way into the AUM Hall of Fame and others that are looking to find their way into the Returns Hall of Fame. And those are very different sets of in…”
Nov 25, 2024
Bank: Passion develops through mastering skills rather than preceding them
“The idea that passion comes from the pursuit of mastery, not the other way around. It's a big hoax out there that you're supposed to find what you're passionate about and then go do that. That's not where it comes from. The idea that you get up every day and t…”
Nov 25, 2024 negative
Nov 10, 2025 positive
Nov 10, 2025 neutral
Ripley: Hedge fund investing is an apprenticeship business learned at top firms
“In almost all the cases, though, it's an apprenticeship business where you've trained at a good firm. You've been shown what good looks like from a research perspective, and most importantly, from a portfolio management perspective.”
Nov 10, 2025 negative
Nov 10, 2025 negative
Ripley: Buyout investors trained to accept 2x gross returns struggle to unlearn that standard
“We're generally looking for folks that trained at firms where the investment committee is a little more difficult, there's more of a culture of asymmetry internally, because if you're trained to the two X gross is acceptable, It's hard to shake that later. Tha…”
Nov 10, 2025 neutral
Ripley: Buyout investing is fundamentally an apprenticeship business with high barriers
“A buyout is an apprenticeship business, fundamentally. You can't walk in off the street with no credibility or history and complete buyout deals, generally speaking, because you've got to get an investment banker to show you a deal. You've got to get a commerc…”
Nov 10, 2025
Nov 10, 2025 negative
Ripley: Endowments wrongly prioritize manager pedigree over strategy base rates
“I tend to weight the quality of the game the manager's playing more heavily than most do. Most of the endowments I talk to tend to say we're looking for the best people, and the quality of what they're trying to do, or how hard it is, or the base rates around …”
Nov 10, 2025 positive
Nov 10, 2025 bearish
Nov 10, 2025 bearish
Nov 10, 2025 negative
Ripley: Broad mandates turn off allocators and overburden emerging managers
“In those cases, they do themselves a real disservice because one, it turns folks like us off who say, now I don't know how to define you. And two, it makes the job a lot harder because then you're trying to cover four or five massive markets instead of one.”
Nov 10, 2025 positive
Ripley: Pre-fund co-investments are the best diligence before backing a Fund I
“We felt like the best diligence you could do on a sponsor before they raised a fund one was to make pre-fund co-investments, because that would give us the insights to see the things that matter before you back someone in a blind pool.”
Nov 10, 2025
Nov 10, 2025 negative
Ripley: Retail meme trading makes short-side alpha much harder to generate
“We're living through another era now where meme stocks are going to the moon, and so the more short of the stock, the more it's being put up on Reddit and Robin Hood and places like that. That game has gotten a lot harder over time, and so we're looking for fo…”
Nov 10, 2025 neutral
Nov 10, 2025 neutral
Ripley: GEM evaluates emerging buyout managers by their apprenticeship firm
“We think that as a general rule, we need to have an opinion on the firm you came from to have an opinion on you, because almost all the folks that we evaluate on the emerging manager side are a product of wherever their apprenticeship occurred.”
Nov 10, 2025
Nov 10, 2025 positive
Ripley: GEM Allocates to Concentrated Long-Only Managers Holding 5 to 25 Stocks
“And most of the long only managers that we invest with are going to have a fairly concentrated portfolio of fundamentally driven investment decisions. Call it maybe as low as five or six and up to maybe 20 or 25 kind of thing.”
Nov 10, 2025