[REPLAY] Dan Ariely – Investing in Irrationality (Capital Allocators, EP.93)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 17 May 2021

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan Ariely is a renowned behavioral economist, author, entrepreneur, and investor. He is the James B. Duke Professor of Psychology and Behavioral Economics at Duke University and a founding member of the Center for Advanced Hindsight. Dan is the author of six books, most of which have the word “Irrationality” in the title and has a weekly column in the The Wall Street Journal called “Ask Ariely.” Dan’s TED Talks have been downloaded more than 10 million times.

Dan also is a Founding Partner of Irrational Capital, an investment firm that identifies and quantifies the nuanced relationship between companies and their employees, and invests in human capital factors that are linked to long-term stock price performance. Last month, Irrational Capital announced a strategic partnership with Jeff Ubben’s ValueAct Capital, a firm that shares their belief in the importance of the impact of corporate culture on long-term enterprise value.

Our conversation starts with Dan’s journey studying pain and intuition and turns to applications of his research in the corporate setting. We discuss his research process, measurement of human capital, applying experiments to an investment strategy, employee motivation and compensation schemes as investment factors, and constructing a portfolio of factors based purely on human capital. We close by touching on Dan’s projects in government and with start-ups.

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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.
1:33.4	Capital Allocators is also brought to you by SRS Aquium.
1:37.2	Want to make sure your M&A processes aren't stuck in the past?
1:43.6	How about partnering with a company that's been defining the future of dealmaking for nearly two decades instead?
1:46.0	When it comes to M&A innovation,
1:52.7	SRS Aquium has reshaped the way deals get done more than anyone else, streamlining processes for maximum efficiency and minimum headaches. Professional shareholder representation, online
1:59.2	M&A payments, digital stockholder solicitation,
	...

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