Golden: Lateral investment hires often fail to adapt beyond fixed recipes
Andy Golden · Andrew Golden – Beyond the Long Term (Capital Allocators, EP.13) · Jun 26, 2017 · at 53:35
Andy Golden, head of Princeton University's endowment (PRINCO), explains to Ted Seides why the fund prefers first-principles thinkers straight out of college over lateral industry hires.
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“And what we're really looking for are first principle thinkers as opposed to learn a recipe and just use that recipe, which is one of the reasons why it's often difficult to bring the lateral higher in because they've got a certain way of doing it, and it's hard to know just through any kind of recruiting engagement whether or not they will be the type that will adapt to a somewhat different set of circumstances when appropriate.”
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