The Ledger
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Barth: BBR prefers errors of omission over errors of commission
“We think that there are two types of hiring mistakes you can make. One is you can hire a manager you wished you hadn't, or make an investment you wished you hadn't, or not make an investment you wished you had. And I would say we are comfortable with the latte…”
Barth: BBR secures fee discounts by providing acceleration capital to emerging managers
“You don't want to just be in the lowest fee managers, but you want to pay as little as possible, and one of the ways we do that is guys and gals who are earlier in their life cycle or smaller in their assets, where our asset base makes a difference, and we can…”
Barth: Music IP's real incremental revenue comes from licensing, not streaming
“That historically, artists made money selling albums, cassettes, CDs, that doesn't exist anymore. And that you make modest amounts, very modest amounts of money for streaming, and that the real incremental revenue to owning the intellectual property is from ot…”
Barth: BBR seeded three interval funds and private credit BDCs recently
“We've seeded some interval funds and some private credit BDCs, because if I can turn a high single digit, low double digit into a high double digit return, I'll pay tax on that and be really excited about it. We're expecting to see those flows, and if you can …”
Barth: BBR bought out founding partner Art Black with Lincoln Peak
“Our third founding partner, Art Black, decided he wanted to leave, and to facilitate that, he wanted to be bought out, and so we brought in a third party passive partner, these folks at Lincoln Peak, who are amazing and have been amazing partners for 15 years.”
Barth: BBR declined a 2x NAV bid on a 2022 venture fund
“We are in a venture capital fund that's a 22 vintage that bought a lot of things in 23 and 24. It's about 60% invested, and we just got a bid for two times NAV. We're not going to take it.”
Barth: BBR invested in industrial outdoor storage before institutional adoption
“Industrial outdoor storage. It's become a little more institutional, but two years ago when we first did it wasn't an asset class that anybody would own.”
Barth: BBR has never acquired a firm and has no plans to
“We've never bought anything. That doesn't mean we might not someday do something. We get approached all the time, but it's not part of our plan. It's not something we intend to do.”
Barth: Firm invests in US rail, barges, and light manufacturing onshoring
“We've invested in shipping businesses, rail car businesses, barges, domestic transportation, infrastructure funds in the United States, funds that focus on light manufacturing here in the U.S.”
Barth: Private REIT asset raises have swamped closed-end PE real estate funds
“If you look at assets raised By institutional real estate managers, the amount in private REITs versus private equity structured vehicles, the private REITs have swamped it.”
Barth: Firm has venture investments in blockchain and DeFi
“We have done a decent amount of investing, including venture investing in blockchain and DeFi.”
Barth: Indirect play on Venezuelan sovereign bonds has returned zero
“We've been long Venezuela through an indirect play on sovereign bonds for three plus years, and the underwriting has been perfect, and we've made no money.”
Barth: California carbon credits are one of BBR's top 2021 investments
“We've also made a lot of money on California carbon credits. Actually, year to date, one of our best investments.”
Barth: 1990s wealth management grew via new wealth, not manager turnover
“People didn't tend to fire their wealth manager. They just had, you had new wealth in the business. The universe was growing.”
Barth: BBR Partners is passive in U.S. large caps and municipal bonds
“U.S. Large cap. You could argue that we're passive in fixed income, where we own, you know, intermediate duration, high quality investment grade bonds, primarily munis again, because we're families.”
Barth: BBR Partners evaluates more than 2,000 investment managers every year
“We meet over 2000 managers across the spectrum, you know, literally from wireless spectrum to muni bond managers. So our database That's 2000 a year. Thousand A year.”
Barth: BBR Partners hires 10 to 20 managers annually
“We're going to hire people You know, 10 to 20 managers a year. That's a pretty small percentage of the folks you meet.”
Barth: BBR Partners maintains about 50 core public market managers
“We have about 50 public market managers that are core.”
Barth: BBR requires 7 of 9 committee votes and CCO veto power
“There are nine people total on the committee, and you need seven to vote yes to get an idea approved, and separate of that, our chief compliance officer who oversees operational due diligence, Has a unilateral veto as well.”
Barth: BBR Partners averages 15% annual manager turnover
“And so on average, our turnover has been about 15% a year. There's been years it's a little lower, a little higher than The highest number has been kind of low twenties. The lowest number is kind of high single digits, but we look at that data.”