Bill Spitz, former CIO of the Vanderbilt University endowment, discusses the hurdle of paying high alternative investment fees relative to low-cost market alternatives.
Prediction Not checkable as stated
Spitz: The Asset Management Industry Will Trifurcate Into Three Business Models
“I think, or maybe what's, what's the word for three, three Trifurcates? I think you have big time scale players, particularly in the low cost beta sorts of products. I think you have some, a small number of active boutiques that you know, do what they do very …”
Insight
Spitz: Investors lacking top-tier fund access should avoid venture capital
“Particularly acute in, for example, venture capital, where, you know, if you're not in the right funds, probably don't want to do venture capital investing.”
Opinion
Spitz: Identifying manager skill in advance is doubtful given competition
“I'm a little skeptical about how much of that is really around and whether it's so much competition that you can really identify it and capture it in advance, but there's some there.”
Opinion
Spitz: Private Equity Is the Ultimate Form of Capitalism
“Dave Swenson has said, and I agree with him, that the ultimate form of capitalism is private equity, and I really agree with that, because, you know, you have a long time horizon, you're not beholden to quarterly numbers, and you can do the right thing, and th…”
Prediction Open · timeframe Jan 2028
Bill Spitz Predicts 60/40 Portfolios Will Yield Mid-Single-Digit Returns Post-2018
“And where we end up is sort of a ten-year expected return on equities of Five-ish, let's call it five and some change, a little more for international stocks. Bonds are sort of three-ish. So I think looking ahead, the simple sixty-forty portfolio is going to g…”
Prediction Not checkable as stated
Spitz: Private Equity Will Deliver a 300-400 BPS Premium, Not 15% Returns
“And we're not going to see if we have five percent return on stocks, we're not going to have 15% returns on private equity. But historically you've gotten a three or 400 basis point premium, and maybe we'll get that kind of premium again, and that's real money…”