Jason Klein, CIO of Memorial Sloan Kettering, discusses institutional governance and why committee time should focus on top-level strategy and asset allocation rather than single-manager minutiae.
0:00 / 0:13exact quote · 13.1s
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“If we're pulling together that kind of a group, and we're discussing a one or two percent position, it's just not the best, highest impact that we can bring their experience to bear on behalf of Memorial Sloan Kettering.”
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More from Jason Klein
Insight
Klein: True institutional risk is loss sensitivity and liquidity, not volatility
“And by risk there, I don't really mean standard deviation or volatility, but I mean, what's the sensitivity to loss? What's the sensitivity to accessing their capital? How does their capital figure into their plans and their aspirations? And understanding How …”
Jason KleinOct 9, 2017▶ 13:19Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28)
Insight
Klein: Memorial Sloan Kettering targets a 100 bps annual illiquidity premium
“And then we came up with a Simple heuristic. Basically a hundred basis points per year. We think that we should be getting in terms of an illiquidity premium to lock up our money.”
Jason KleinOct 9, 2017▶ 17:31Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28)
Insight
Klein: Platforms Like Seeking Alpha Offer Allocators Genuine Investment Edge
“You look at the kind of information that people are sharing On Stock Guru, or Seeking Alpha, and you realize that a lot of the people that are sharing that information, or on Quora, for example, you realize that a lot of the people that are sharing information…”
Jason KleinOct 9, 2017▶ 51:53Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28)
Disclosure
Klein: MSK backed Harlem Capital for returns, not purely diversity
“And we didn't approach them as a diverse manager per se. We approached them as a manager that was going to make a lot of money and had a good objective, a good strategy, a good philosophy.”
Jason KleinDec 16, 2021▶ 5:28Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24)
Disclosure
MSK sizes early-stage emerging managers at half a typical allocation
“We tend to size that at about half the size of where we would size an initial relationship, all things equal.”
Jason KleinDec 16, 2021▶ 10:23Jarrid Tingle and Henri Pierre-Jacques – Harlem Capital (Manager Meetings, EP.24)
Insight
Klein: Deep specialized niche research creates substantial institutional investment edge
“The investment world is is a is a series of smaller worlds that are quirky, that are funky, that are differently understood, that are driven by some set of underlying fundamentals in the longer term, but many sets of technicals in the near time. Taking the tim…”
Jason KleinOct 9, 2017▶ 12:23Jason Klein – Investing to Cure Cancer (Capital Allocators, EP.28)
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