Steve Galbraith describes Rich Pzena's board construction philosophy at Pzena Investment Management.
Insight
Galbraith: Appointing trusted friends to corporate boards improves governance
“And so, you know, some people would argue that's nepotistic, or it's not the way you're going to lead to good governance. I couldn't disagree more. I mean, because we know each other, Joel Greenblatt's on the board as well, Charlie Johnston, who had run distri…”
Assertion Partly supported
Galbraith: Success Academy achieved New York's highest test scores with $35k average family income
“We're now up to 15,000 kids, and they had the highest test scores in the entire state of New York. The average family income is 35,000 dollars a year.”
Insight
Soccer clubs gain more value investing in bench depth over superstars
“Soccer, like American football, is very much a team sport, meaning you're much better off spending incremental money on the 1514, 13th And obviously, 12th, 11th player, the people coming off the bench and the less good players than paying a ton of dough for a …”
Opinion
Galbraith: Most university boards are unwieldy and dysfunctional
“Usually university boards are a huge, b unwieldy, and c not always that functional.”
Insight
Galbraith: Endowment CIO turnover stems from disconnected university leadership
“What you tend to find, and I did a lot of this as part of my due diligence, is when you have a lack of connectivity there, you typically have turnover. Because there's not a true understanding of what's going on at the endowment level, and oftentimes it's not …”
Opinion
Galbraith: Quant and AI data scraping is a tough arms race
“All the dough seems to be moving more towards quant, more towards artificial intelligence, more towards data scraping, all these kinds of things. And I just think that's a tough game to win. It's kind of like an arms race. And some folks can do it. I think at …”