StarZero All shows Try the podcast clipper →

Institute for Advanced Study

14 statements across 3 episodes · 9 bullish · 0 bearish · 2 people on the record · first statement Nov 26, 2018 by Mark Baumgartner · said 31 times in 3 episodes since 2018 · across every show →

Mentions by year

brought up most by Ted Seides (15), Mark Baumgartner (11), Ashvin Chhabra (5)

tap a year for its mentions
0010120120182019202020212022episodesmentions
01120182019202020212022episodes it came up in
00100.520120182019202020212022episodesmentions per episode
2022 14 mentions in 1 episode
2020 1 mention in 1 episode
2018 16 mentions in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Institute for Advanced Study, oldest first

Nov 26, 2018
Disclosure
Baumgartner: IAS must target 8%+ return with max 20% drawdown
“We've got to target an eight percent, perhaps higher return, just to keep our head above water, but yet we can't afford to have more than a 15% or 20% drawdown because we'll never recover. Our spend rate would be too much.”
Mark Baumgartner Nov 26, 2018 ▶ 25:10 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 bullish
Disclosure
Baumgartner: IAS is pushing private markets allocation to 25-35%
“We've decided that we can afford to have more illiquidity in the portfolio. So we've slowly pushed that allocation out Toward 25, 30, and maybe even 35% in private markets with a very high focus on managing those cash flows and liquidity.”
Mark Baumgartner Nov 26, 2018 ▶ 25:59 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 neutral
Disclosure
Baumgartner: IAS models 8% return at 5% volatility
“We have an expected return of eight percent on a volatility of around five. That's how we model our overall portfolio. We've achieved eight percent on less than two percent volatility.”
Mark Baumgartner Nov 26, 2018 ▶ 40:42 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 positive
Disclosure
Baumgartner: IAS targets high-risk hedge funds, not bond substitutes
“Well, we are targeting very high potential return hedge funds. High risk hedge funds. We're not looking for three percent fixed income substitute. We're looking for Even more than equities and even less equity beta and even more diversification.”
Mark Baumgartner Nov 26, 2018 ▶ 26:21 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018
Disclosure
Baumgartner: IAS endowment was 100% alternatives, 80% hedge funds
“So the strategy by and large was in place, and it was A hundred percent alternatives. That portfolio was in place, that strategy. It was 80% hedge funds and 20% private markets funds, mostly venture.”
Mark Baumgartner Nov 26, 2018 ▶ 25:33 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 positive
Assertion Not publicly verifiable
Baumgartner: IAS achieved median peer returns with only 2% max drawdown
“We've had median returns. Some people say, well, that's just junk. No, we've done it with so much less risk. We've achieved it with the maximum drawdown in the portfolio has been two percent.”
Mark Baumgartner Nov 26, 2018 ▶ 36:47 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 positive
Insight
Baumgartner: IAS's $1B size enables investing in esoteric niches
“I think the idea for the Institute is one of our other competitive advantages is we're smaller. We're about a billion dollars. We're, we can Afford to be in smaller, more esoteric, more unknown things that larger endowments and foundations might not be interes…”
Mark Baumgartner Nov 26, 2018 ▶ 43:17 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Nov 26, 2018 bullish
Disclosure
Baumgartner: IAS plans to increase risk budget to 6-7% volatility
“What we're saying is, well, let's take a five percent risk budget, which is about half of what we think peers have, and let's move that to six or seven.”
Mark Baumgartner Nov 26, 2018 ▶ 40:57 Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
Apr 2, 2020
Disclosure
Baumgartner: IAS Endowment Is Heavily Weighted to Hedge and Private Strategies
“Yes, we have a portfolio that Currently is heavily weighted to hedge funds and hedge strategies and private markets.”
Mark Baumgartner Apr 2, 2020 ▶ 25:59 Mark Baumgartner – Allocating in a Crisis at IAS (Capital Allocators, EP.128)
Apr 2, 2020 positive
Insight
Baumgartner: Military OODA Loop Framework Applies to Crisis Allocation
“A way of approaching that is with an OODA loop, and that's an acronym for Observe, Orient, Decide, and Act. It's from the Air Force, Colonel John Boyd. He designed it as a framework for pilots who were facing dogfights, and so you can use both of those as anal…”
Mark Baumgartner Apr 2, 2020 ▶ 4:22 Mark Baumgartner – Allocating in a Crisis at IAS (Capital Allocators, EP.128)
Apr 2, 2020 positive
Disclosure
Baumgartner: Institute for Advanced Study has liquidity to deploy in crisis
“We're fortunate through some luck and some planning to come in with a reasonable liquidity position, and so we're here to the ground to look for ways of putting that to work.”
Mark Baumgartner Apr 2, 2020 ▶ 10:12 Mark Baumgartner – Allocating in a Crisis at IAS (Capital Allocators, EP.128)
Apr 2, 2020 bullish
Opinion
Baumgartner: Travel and airline strategies offer double their pre-crisis expected return
“There are opportunities, especially in travel and leisure sector. It's been very, very affected. And in airlines, I There are some interesting strategies that probably have double the expected return that they had back in February, possibly double the expected…”
Mark Baumgartner Apr 2, 2020 ▶ 16:22 Mark Baumgartner – Allocating in a Crisis at IAS (Capital Allocators, EP.128)
Jul 4, 2022 positive
Opinion
Chhabra: Leon Levy took endowment risks that are unthinkable today
“Prior to Jim was a man called Leon Levy, who was the chair of the investment committee. Brilliant investor. Ran the portfolio himself pretty much. Probably took risks that today under an institutional setting you could not take.”
Ashvin Chhabra Jul 4, 2022 ▶ 26:52 Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
Jul 4, 2022
Assertion Not checkable as stated
Jim Simons hired Chhabra as CIO based purely on smarts
“At the end of the hour, Jim looks at me, and he says, clearly, you know nothing about this job. I was sort of like in a state of shock. And then he says, but I like you. You're really smart. I'll give you the job.”
Ashvin Chhabra Jul 4, 2022 ▶ 28:25 Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 700 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more