ALO14: Investing for a Decade of Dispersion ft. Clint Stone
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 31 May 2023
⏱️ 72 minutes
🧾️ Download transcript
Summary
Today we are joined by Clint Stone SVP of Investments at the Larry H Miller Company to hear about running an endowment style investment approach at a family office. We discuss Clint’s approach to asset allocation which is focused on long term capital appreciation. A key pillar of the portfolio is a large allocation to private markets and we discuss the rationals for this. We delve into the foundation’s approach to portfolio construction, how to estimate the volatility of private markets exposures and discuss Clint’s belief that the volatility of a private market portfolio may even be lower than a corresponding public market portfolio. We also talk about the challenge of manager selection, what Clint looks for in managers and why he likes both market neutral long/short equity strategies and directional strategies like global macro and trend following in his absolute return portfolio.
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Episode TimeStamps:
02:48 - Introduction to Clint Stone
07:07 - Their approach to investment
12:12 - A challenging decade for equities?
15:06 - Stone's perspective on equity valuations
18:32 - Building a model and strategy
23:04 - Modelling the risk of a private equity portfolio
30:52 - Getting the correlation right
34:14 - Correlation in economic downturns
39:04 - Building a multi-asset...
Transcript
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| 0:00.0 | What's luck? What skill? |
| 0:09.0 | There are times where, you know, you can ride some waves and look like a complete genius. |
| 0:15.0 | It's a really difficult thing to pull apart, like all these risk factors. And am I just looking at something that was an artifact of the environment of that, |
| 0:26.9 | of that five, 10 year period? |
| 0:28.6 | Am I looking at just like how am I? |
| 0:31.4 | And I've got various quantitative tools to kind of try to pull us apart, but it's, |
| 0:36.3 | it's never black and white. It's almost never black and white. It's, it's but it's never black and white. |
| 0:38.0 | It's almost never black and white. |
| 0:40.7 | It's trying to assess and understand and pull apart luck versus skill, |
| 0:46.5 | and it's not an easy thing to do. |
| 0:51.4 | Imagine spending an hour with the world's greatest traders. |
| 0:55.0 | Imagine learning from their experiences, their successes, and their failures. |
| 0:59.0 | Imagine no more. |
| 1:01.0 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world, |
| 1:07.0 | so you can take your manager, due diligence, or investment career to the next level. |
| 1:12.5 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:16.5 | All the discussion we'll have about investment performance is about the past, |
| 1:20.1 | and past performance does not guarantee or even infer anything about future performance. |
| 1:25.2 | Also understand that there's a significant risk of financial loss |
| 1:28.1 | with all investment strategies, and you need to request and understand the specific risks from |
| 1:33.1 | the investment manager about their product before you make investment decisions. Here's your host, |
| 1:38.4 | veteran hedge fund manager, Nealz Kostrup Larson. |
... |
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