Brian Portnoy – From Complex to Simple (Capital Allocators, EP.57)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.8 • 806 Ratings
🗓️ 18 June 2018
⏱️ 63 minutes
🧾️ Download transcript
Summary
Brian Portnoy Brian is currently the Director of Investment Education at $100B investment solutions provider Virtus Investment Partners, where he strives to simplify the complex world of money in an effort to help investors make better decisions and lead a joyful life. For the past two decades, he has held senior investment, research, and strategy roles in the hedge fund and mutual fund industries at Chicago Equity Partners, Mesirow Financial, and Morningstar.
Brian is the author of “The Investor’s Paradox,” a book about manager selection rooted in choice theory. His second book, “The Geometry of Wealth” hits electronic and physical bookstores this week.
Our conversation covers Brian’s experience in manager research and lessons learned, choice theory and managing expectations, differences between institutional investment and private wealth management, distinction between seeking wealth and trying to get rich, his terrific new book, and why volatility is risk. Brian’s insightful take on investing and his journey from the complex to the simple is full of investment nuggets of gold.
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Show Notes
2:24 – Brian’s start in the business
5:18 – The useful skills he developed during his tenure at Morningstar
6:37 – The hard questions he would ask
7:15 – Why he left Morningstar
8:53 – What he learned at Mesirow that made him so detail oriented
10:57 – Leaving Mesirow
12:08 – What led Brian to writing The Investor's Paradox: The Power of Simplicity in a World of Overwhelming Choice
14:51 – The Art of Choosing
16:58 – What is the investors paradox
17:04 – The Paradox of Choice: Why More Is Less
19:29 – Reaction to the book
24:10 – Difference between his views on the asset management side vs the wealth management side
27:11 – The concept behind The Geometry of Wealth: How To Shape A Life Of Money And Meaning
30:58 – The shapes used to take people from confusion to comfort with money and investments, starting with the circle
36:00 – Moving on to the triangle in this formula
41:03 – The second triangle, focused on behavior
43:36 – The big blue square
49:29 – Hopes for the book
52:46 – Closing questions
Transcript
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| 0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
| 0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
| 0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
| 0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
| 0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
| 0:35.3 | investment. The opportunities shared on the Ten East platform |
| 0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
| 0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
| 0:49.2 | The principles have over a decade track record of investing in these types of exposures |
| 0:53.5 | across more than 350 |
| 0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
| 1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
| 1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
| 1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
| 1:17.1 | in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10, |
| 1:25.4 | east.co.O. |
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