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Paul Black

13 statements across 4 episodes · 3 bullish · 2 bearish · 2 people on the record · first statement May 7, 2018 by Paul Black · said 64 times in 9 episodes since 2019 · across every show →

On the record as a speaker too: Paul Black's record, appearances and statements → this page counts the times other people say the name.

Mentions by year

brought up most by Sloan Payne (24), Ted Seides (22), Mike Trigg (7), Sanjay Ayer (5), Jim Falbe (5), Marcel van der Hoef (1)

tap a year for its mentions
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01220192020202120222023202420252026episodes it came up in
0013125220192020202120222023202420252026episodesmentions per episode
2026 24 mentions in 1 episode
2025 3 mentions in 1 episode
2024 8 mentions in 2 episodes 4 per episode
2023 5 mentions in 1 episode
2021 2 mentions in 1 episode
2020 20 mentions in 1 episode
2019 2 mentions in 2 episodes 1 per episode

every mention, scene by scene, with the transcript →

Everything said about Paul Black, oldest first

May 7, 2018 negative
Insight
Black: Allocators Chase Past Returns Instead of Rebalancing Into Lagging Strategies
“Most individuals still chase money. They still chase performance. We tell them all the time, look, if we've done particularly well, we completely understand you taking money away from us and why don't you put it into a, you know, a strategy, like maybe a value…”
Paul Black May 7, 2018 ▶ 52:17 Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
May 7, 2018 bullish
Opinion
Black: Allocator outflows make 2018 a great time to launch long/short funds
“It's probably a great time To build a long, short hedge fund.”
Paul Black May 7, 2018 ▶ 52:55 Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
May 7, 2018 bearish
Insight
Black: Rapidly growing companies can be massive destroyers of capital
“The most rapidly growing companies, although they're kind of sexy and fun, they ultimately, they can be massive destroyers of capital.”
Paul Black May 7, 2018 ▶ 8:51 Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
Sep 16, 2021 positive
Disclosure
Black: WCM did under 2% of typical due diligence on Clifford Capital
“It's probably less than two percent of the work that most people do on our firm. As I said, like them, passionate, good track record, probably high probability of success going forward.”
Paul Black Sep 16, 2021 ▶ 7:54 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)
Dec 20, 2021
Disclosure
Black: WCM built around weak performers multiple times over twenty years
“I can tell you that in the last 20 years, I've probably done that Seven or eight times where I've just built around somebody that was weak, as long as Mike said, they weren't toxic to the culture.”
Paul Black Dec 20, 2021 ▶ 50:22 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Assertion Not publicly verifiable
Black: WCM had only $3M in international strategy after five years
“That five-year record's phenomenal, but even after five years, we literally had three million dollars in the portfolio.”
Paul Black Dec 20, 2021 ▶ 7:36 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Insight
Black: Asset management succession requires founders to accept a significant haircut
“What we concluded is the best way to transition wealth is the founders have to be generous. The founders ultimately have to take a significant haircut in order to make sure that the company continues to prosper.”
Paul Black Dec 20, 2021 ▶ 53:40 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021 neutral
Insight
Black: Leaders must act the moment weak employees drag down top performers
“The moment they start bringing down your stars is the moment you've got to move.”
Paul Black Dec 20, 2021 ▶ 50:42 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Disclosure
WCM to sunset retiring founder Kurt Winrich's 20% stake over seven years
“So we've chosen to basically sunset Kurt. That means for the next seven years, he will receive his dividend every year for the next seven years. And then that will retire into treasury and it'll be accreted to everybody else.”
Paul Black Dec 20, 2021 ▶ 53:54 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Insight
Black: Firms in crisis should absorb income cuts at the principal level
“You make sure you don't fire any of your good young talent because you do want to live to fight another day, but you take the income hit all at the principal level.”
Paul Black Dec 20, 2021 ▶ 6:07 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Assertion Supported
Black: WCM lost almost all its $4B AUM after five years underperforming
“Running a large cap US domestic portfolio, you underperformed dramatically for five years. You get fired by pretty much all of that four billion dollars in assets.”
Paul Black Dec 20, 2021 ▶ 5:54 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Dec 20, 2021
Insight
Black: Research is the hardest role to hire for in asset management
“One, the single hardest position to hire for in a money management firm is research. Because at the end of the day, you don't know if that research analyst is really any good. Typically, they don't have a track record, they don't have an extensive body of work”
Paul Black Dec 20, 2021 ▶ 34:07 Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
Jun 8, 2023 positive
Assertion Not publicly verifiable
WCM's Paul Black serves on the board of Saguaro Capital Management
“Paul's actually on our board now because of that.”
Jim Falbe Jun 8, 2023 ▶ 30:04 Jim Falbe – Modern Value Investing at Saguaro (Capital Allocators, EP.320)
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