Institutional Investors Destroy Capabilities by Killing Programs During Cyclical Downturns
John Graham · John Graham – Evolution of the Canadian Model at CPPIB (EP.465) · Oct 13, 2025 · at 36:00
John Graham, President and CEO of CPPIB, discusses the necessity of maintaining institutional patience through market cycles rather than reacting to short-term underperformance.
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“Every asset class will have its moment in the sun. Every geography will have its moment in the sun. It'll also have its moment in the shade, and you can't kill a program every time it goes into the shade, or you won't have anything after so many years.”
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