institutions

“I think most institutions are much more prone to over-diversification or its cousin de-worsification, as Pierre Lynch would say than they are the opposite issue.”

“At the same time, the required rate of return that many institutions have for their hedge fund portfolio has just gone down and down and down and down and down. So that the large pension fund who is using hedge funds, not as an asset class, so they're not taki…”

“10% of trading at most was done by institutions.”

“Families, it's a little different than institutions, because a lot of these factor weights like momentum and valuation and quality are pretty heavily traded. So they're not as effective for families as they are for institutions.”

“We speak with institutions all the time and by and large, some have very small investments in the space, either through a venture deal that they did Or maybe with, there was someone at the investment team that had great foresight and said, listen, we should st…”

“I'd say today we're proud to have every kind of institution out there as a client, maybe except for sovereigns.”

“Jack Bogle had a view of Really, you should index everything, and over the long term, you'll get there at much lower fees, and everything will compound, but the reality is, is that most institutions can't invest that way for just by their very structure, or by…”

“No institution is going to invest if they don't believe in the person and the process and the portfolio. So once we get that right, then we can say, okay, are we going to invest in all the back office that supports this? That's the much easier one to solve tha…”

“So I find myself actually saying, yes, you should discount fees. You should agree to these requests from the institution. May it be around transparency. May it be around governance. May it be around structure. They're really meant to align incentives. And you …”

“I think at this point, It is considered a sub-allocation to venture capital by the vast majority of institutions, and it's just a much more volatile subset of venture capital because there, there's early liquidity, you know, portfolios start having marks, they…”

“And the largest consumers of DeFi will be banks, will be fintech companies, and will be institutions.”

“The reality is for most institutions, not all, but for most institutions, they're simply not resourced enough to do co-investments. And so our view is they either ought to do every co-investment that walks in the door and just make sure you do enough of them, …”

“If you're an institution that already has had perhaps a smaller endowment and they get a big gift, it's as if you start over.”

“A lot of institutions fall down is if it's not clear who is deciding what. The other place where you can fall down is if you have a solution that might be clear But it doesn't even remotely take into consideration the history or the portfolio itself, then the …”

“Yale provides cover for more institutions to create similar programs and for those with existing programs to continue.”

“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…”

“There's a surplus of block space, so there's a surplus of blockchains that you can use that are fast and cheap today. It's not really the bottleneck. The bottleneck is figuring out user experience, regulatory, understanding of KYC, AML, and making sure these p…”

“Private wealth portfolios, particularly the so-called mass affluent, typically hold only two to five percent of their assets and alternatives, compared to a range of 20 to 50% per institutions.”

“Most institutions fill a bucket. They say, I want to invest X amount in private equity or private credit. Individuals don't. They just want to know, What are the absolute returns?”

“One problem a lot of institutions fall into is thinking, I'm just as smart as these guys. Why are they so much richer than I am? I'm on this side of the table, but I could easily be on that side of the table, and they make things confrontational, especially if…”

“I think institutions don't do a good job of asking GPs about sell decisions in general.”

“Some institutions have long used alternatives, some too much, and they've had to borrow against some of those holdings recently to meet liabilities.”