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Capital Allocators: How the world’s elite money managers lead and invest Kindle Edition
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But these elite investors live outside of the public eye. Across the entire investment industry, few participants understand how these holders of the keys to the kingdom allocate their time and their capital.
What’s more, there is no formal training for how to do their work.
So how do these influential leaders practice their craft? What skills do they require? What frameworks do they employ? How do they make investment decisions on everything from hiring managers to portfolio construction?
For the first time, Capital Allocators lifts the lid on this opaque corner of the investment landscape.
Drawing on interviews from the first 150 episodes of the Capital Allocators podcast, Ted Seides presents the best of the knowledge, practical insights, and advice of the world’s top professional investors.
These insights include:
– The best practices for interviewing, decision-making, negotiations, leadership, and management.
– Investment frameworks across governance, strategy, process, data analysis, and uncertainty.
– The wisest and most impactful quotes from guests on the Capital Allocators podcast.
Learn from the likes of the CIOs at the endowments of Princeton and Notre Dame, family offices of Michael Bloomberg and George Soros, pension funds from the State of Florida, CalSTRS, and Canadian CDPQ, sovereign wealth funds of New Zealand and Australia, and many more.
Capital Allocators is the essential new reference manual for current and aspiring CIOs, the money managers that work with them, and everyone allocating a pool of capital.
From the Publisher
“My intent in writing is to help investors make better decisions.”
Who are these capital allocators and why have conversations with them on the Capital Allocators podcast been listened to four million times?
Ted Seides, CFA, created the Capital Allocators podcast in 2017 to focus on this last group, the people who sit at the top of the global food chain of capital. When he refers to “allocators” in this book, it is the CIOs and their teams that he has in mind.
Ted Seides has achieved a remarkable book that draws on the expertise and experience of a broad cross-section of industry leaders. He expertly distills interviews that he conducted directly into a book that seamlessly covers executive, leadership and investment skills and lessons. Capital Allocators is a well-crafted and informative read for existing and prospective investment professionals as well as for those who work with the investment industry in any capacity. --Gregory J. Fleming, President & CEO, Rockefeller Capital Management
This book boils down the most interesting insights and important lessons from the biggest and most powerful investors on earth -- the ones that literally put the capital in capitalism. It offers a glimpse into the thinking of capital allocators in a coherent and digestible format. It should be required reading for anybody interested in investing and certainly will be for my students! --Ashby H. B. Monk, PhD, Executive Director, Global Projects Center, Stanford University
Unlike many 'invest like the best' books, Capital Allocators does not pretend there is some magical trick that will turn anyone into an investing genius. Instead, Ted Seides details how great investors do the hard work that leads to better outcomes. You won't get rich quick reading this book, but if you take the time to really understand the lessons it teaches, you will be a better, more thoughtful investor. --Ben Inker, Head of Asset Allocation, GMO
Page by page, Ted Seides' Capital Allocators brings us tools, frameworks and a rich collection of wisdom captured from his professional network. Ted’s book allows us to discover how successful CIOs incorporate various aspects of the investment process and lessons learned in navigating financial markets. This book should be mandatory for any investment teams aspiring to evolve and win. --Mario Therrien, Head of Investment Funds and External Management, Caisse de dépôt et placement du Québec
The world of institutional investing needed Ted's voice -- it just didn’t know it yet. With this book, and with his unparalleled podcast, Ted has brought a whole hidden world to a broader audience, and anyone interested in how the world’s most prominent investors move money is better for it. --Kip McDaniel, Editor-in-Chief, Institutional Investor
I have learned something from every podcast, and this book pulls them all together. There is no one right way to be a CIO, we are all unique, but there are still lessons that we can learn from one another and value that comes from understanding the nuances among us. Thank you, Ted, for providing a forum for CIOs to share ideas and for writing this great collection of highlights. --James Williams, CIO, J. Paul Getty Trust
Capital Allocators is jam-packed with actionable advice from the world's leading investment experts on topics ranging from interviewing managers to decision-making. Ted distills the wisdom of his impressive array of podcast guests into a compendium that deserves highlighting on every page. Take it from me, choosing to read Capital Allocators is a good decision. --Annie Duke, former professional poker player, best-selling author, and decision strategist
Ted understands the nuance of investment management better than anyone I know, because he's talked to more investors than anyone I know. It's been said that books don’t change minds; sentences do. There are so many good lines in this book it's hard to put down. --Morgan Housel, Partner at Collaborative Fund and best-selling author
Capital Allocators is an excellent collection of toolkits and frameworks for investing that reflect both the institutions and the different styles of their CIOs. Capital Allocators is a starting manual for all the things aspiring CIOs need to consider as they develop their style and strategic vision. Importantly, Ted acknowledges that there are many ways to be a successful CIO and that CIOs can learn from each other in that diversity of viewpoints. --Ana Marshall, CIO, William and Flora Hewlett Foundation
Ted has made the world of capital allocation approachable for everyone across hundreds of conversations. Now he's further distilled the lessons into a package that will make any investor better at what they do. Required reading. --Patrick O'Shaughnessy, CEO, O'Shaughnessy Asset Management
Through his podcast, Ted has talked with the best investment minds in the world. Capital Allocators assembles this collective wisdom into an incredible guidebook for anyone who wants to be truly thoughtful about long-term investing. --Raphael Arndt, CEO, Australia Future Fund
A fantastically broad, deep guide to the asset allocator's world. I wish it had been written 25 years ago. The quotations in it are alone worth the price. You can quote me on that. --Andrew Golden, CIO, Princeton University Investment Management Company (PRINCO)
About the Author
- ASIN : B08N56SPN6
- Publisher : Harriman House (March 23 2021)
- Language : English
- File size : 680 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 233 pages
- Best Sellers Rank: #197,693 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
About the author
Top reviews from other countries
Part 1 gives advice on five skills every CIO needs:
- How to interview money managers
- Tips on decision-making
- Tips on negotiating
- How to lead the team
- How to manage the team and develop talent
Part 2 explains five frameworks of the allocator’s environment
- The critical but often overlooked impact of the fund’s governance structure
- The investment strategy
- Elements of a good investment process
- How to use new technology
- How to deal with uncertainty
Part 3 is a collection of the best quotes from his podcasts. Some of my favorites:
“Anyone who thinks nothing lasts forever has never invested in a bad private equity fund” – Karl Scheer, University of Cincinnati Endowment
“Manager skill is rare. It’s really hard to identify in advance. Sometimes it’s hard to identify after the fact.” – Matt Whineray, New Zealand Super Fund
“Emphasize the reflective over the reactive.” – James Aitken, Aitken Advisors
I also like that Seides gives a list of books and links to learn more about each topic. And he includes in an appendix an example of a preparation document with key questions to ask money managers during an interview.
Overall, this book is a valuable collection of wisdom and advice.
While did find some nuggets that I think I will be able to use, there were also some concepts that could have benefitted from a little more explanation. Some topics would have become more accessible.
Don't get me wrong. The author certainly is a subject matter expert. I'm not sure, though, this book reflects the best he can be as an expert.