229 episodes

Meet the people who allocate vast pools of capital and the processes they employ.

New episodes release on Monday's

Capital Allocators Ted Seides

    • Investing
    • 4.8 • 536 Ratings

Meet the people who allocate vast pools of capital and the processes they employ.

New episodes release on Monday's

    Ben Reiter – Over the Edge with the Houston Astros

    Ben Reiter – Over the Edge with the Houston Astros

    Ben Reiter, longtime Sports Illustrated columnist, author of the NY Times best seller Astroball, and host and producer of The Edge, a documentary podcast about the scandal that tarnished the Houston Astros.
     
    Ben joined me on the show two years ago to discuss Astroball, which chronicled the Astros rise from cellar dweller to World Series champion in the 3 years after he predicted it would happen on the cover of Sports Illustrated. What happened after was a shock to his system. His podcast is his post-mortem on the team and on his work.
     
    Our conversation discusses what happened, Ben’s assessment of the team and his book, and his conclusions. In the end, Ben found that the Astros’ story is about much more than baseball. It’s about power, money, culture, and accountability. About a modern world where everyone is seeking an edge, and about who ultimately benefits from that world. It sure sounds familiar to our world of investing.
     
    If the conversation peaks your interest, I strongly recommend having a listen to his podcast, The Edge.
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    • 47 min
    Joel Greenblatt – Common Sense for Value at Gotham Capital

    Joel Greenblatt – Common Sense for Value at Gotham Capital

    Joel Greenblatt is a legendary value investor, founder of Gotham Capital, longtime teacher at Columbia Business School, and author of four investment books, the latest of which, Common Sense: The Investors’ Guide to Equality, Opportunity, and Growth recently hit the bookstands.
    Our conversation takes a tour through Joel’s career. We cover his background, early success running a concentrated portfolio, closing of the fund to manage his own money, and re-opening with a more diversified approach. We discuss Joel’s timeless investment beliefs and along the way also discuss the Value Investors Club, seeding managers, and applying investment lessons to education.
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    • 1 hr 11 min
    Shane Parrish – Learning to Learn at Farnam Street

    Shane Parrish – Learning to Learn at Farnam Street

    Shane Parrish is the founder of Farnam Street, host of the Knowledge Project Podcast, and author of Brain Food, a weekly email full of timeless insight for business and life. His goal is to uncover the best of what other people have already figured out.
    Our conversation covers Shane’s background, work in a three-letter-intelligence agency, and creation of Farnam Street. We then discuss the learning loop process and lessons from reading, interviewing and writing. Lastly, we discuss Shane’s application of those lessons to managing a team, investing, building relationships, and forming habits.
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    • 1 hr 3 min
    Karyn Williams – Measuring Risk Practically at Hightree Advisors

    Karyn Williams – Measuring Risk Practically at Hightree Advisors

    Karyn Williams is the founder of Hightree Advisors, a new independent consultant that is helping organizations improve the effectiveness of their invested assets through practical quantitative metrics of risk. Karyn is an engineer by training, who previously was a partner at Wilshire Associates, CIO of Farmers Insurance Group, and head of client solutions at hedge fund Two Sigma

    Our conversation covers the early days of financial engineering, taking lessons to portfolio analytics at Wilshire Associates, and discovering a disconnect in theory and practice with mean-variance optimization and the application of early factor models.

    We then turn to Karyn’s applying risk frameworks and factors at Farmers Insurance, joining Two Sigma, and creating Hightree to help institutions measure risk practically.
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    • 1 hr
    Mike Trigg – Defying the fade at WCM

    Mike Trigg – Defying the fade at WCM

    You may remember my popular first meeting from a few years ago with Paul Black of WCM, then a $25 billion asset manager in Laguna Beach, CA. Since then, WCM has gone up and to the right in every way, they sold a minority piece of the business to Natixis, continue to put big numbers on the board, and have grown to north of $66 billion, defying the fade of active management outflows.

    My guest on today’s show is Mike Trigg, a partner and portfolio manager of WCM’s Focused International Growth strategy that comprises the majority of the firm’s assets. We discuss Mike’s background, arrival at WCM in 2005, near implosion of the firm shortly thereafter, and the rising of the international strategy from those ashes. We then dive in deeper to the core tenants of WCM’s approach, discussing how the firm analyzes widening moats and cultures tied to competitive advantage. Lastly, we talk about how WCM’s growth has impacted the firm.
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    • 55 min
    [REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)

    [REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)

    Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989.  With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California.
    Our conversation starts with Paul’s trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside.
    Paul embodies the principals he preaches and offers some tasty food for thought.
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    Show Notes
    2:54 – How Paul got started in the business
    4:52 – Lessons learned in the early years of his career
                5:56 – Common Stocks and Uncommon Profits and Other Writings
                6:01 – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
                6:05 – The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel
    7:49 – What works about growth stock investing
    9:01 – What constitutes a great growth company
    13:47 – Defining and measuring a company’s competitive advantage
    17:50 – How does he assess a company’s culture
                19:41 – The Culture Cycle: How to Shape the Unseen Force that Transforms Performance
    20:26 – Questions that help assess company culture
    21:57 – Any data to back up claims that companies with good cultures perform better over time
    22:46 – Culture aligning with competitive advantage
    24:30 – Looking at WCM’s moat and culture
    31:23 – The landscape for active management
    33:53 – Weathering tough periods for the firm
    37:02 – How do they think about culture in other countries
    39:01 – Why does growth stock investing work when the data shows otherwise
    40:47 – What is he excited about in growth stocks
    43:45 – Tailwinds at the sector level
    45:10 – Downside protection in the portfolio
    46:38 – Patterns of positive and negative allocator behavior
    48:35 – How do they manage the change in the portfolio going from 200 million to 26 billion
    49:53 – Closing questions

    • 55 min

Customer Reviews

4.8 out of 5
536 Ratings

536 Ratings

BB Reiter ,

Essential

Ted Seides is a terrific interviewer - insightful, warm, funny - and his podcast pulls off a very difficult trick: it’s simultaneously essential to people who have spent their whole careers in the financial world, but also accessible to listeners who have never seen a balance sheet. Highest recommendation.

qtfnskkakgy ,

Highly Recommend

Really well constructed interviews and solid insights in how various institutions meet their return goals.

Joe Halwax ,

Relevant content, great format

This is a must subscribe podcast for people in finance. Ted has world class guests in a great Joe Rogan - like format, where we learn about the topics and importantly the thought process around decisions.

I miss being on flights and having uninterrupted time to listen and concentrate on Capital Allocators! Great work Ted and much appreciated.

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