Ted Seides’ Post

Top quotes from my conversation with Sarah Samuels, CFA, CAIA from NEPC, LLC. 1. "Performance, investor age, and next generation grooming are predictive indicators of managerial succession." 2. "Running a firm is a completely different skillset than managing money. It requires coaching and training from both the outside and the inside." 3. "We want to see carry distributed among the people who are doing the deals. That's table stakes." 4. "Another soft indicator is the naming convention of the firm. If it’s somebody’s last name, it’s a bit of an indicator that perhaps there’s going to be some difficulty in imagining a firm without them." 5. "In some strategies eat what you kill can make a lot of sense. More often than not, we're looking for a team-based approach." 6. "There will be tension in the economic exchange. There needs to be a price at which the founder will sell and the next generation will buy. Everyone should feel like they’re leaving something on the table." 7. "9 times out of 10, the next generation has no idea what the firm's plans are for them." 8. "Thinking about succession is understanding that you need to take chances on people if you want create a sustainable firm." With thanks to iConnections and SRS Acquiom.

Retired CIO Roz Hewsenian and current CIO Joshua Fenton discuss their successful CIO transition at The Helmsley Charitable Trust. With thanks to iConnections and SRS Acquiom.

On Investment Management Operations, building an investment firm: people and process. Scott MacDonald's conversation with Adam Weinstein from New Mountain Capital. With thanks to Intelligo.

Succession and generational transitions. My conversation with Sarah Samuels, CFA, CAIA from NEPC, LLC. With thanks to iConnections and SRS Acquiom.

Top quotes from my conversation with Todd Simkin at Susquehanna International Group, LLP (SIG). 1. "We focus on the decision process - the information available, how we use that information, and what trade we make - before we discuss results. A lot of other people have that upside down."   2. "Other people can give better feedback than you can give yourself."   3. "Ultimately, everything comes down to pricing risk. Even though there are asymmetries in the market, what we care about is fair value." 4. "We only pursue something if we think we can be excellent at it. We don't want to raise our hands and just be another participant in something that other people are doing." 5. "Traders are made, not born." 6. "There are some things that you cannot teach in a classroom. There's no substitute for learning how to trade by trading." With thanks to 10 East and SRS Acquiom.

The game of trading at Susquehanna International Group, LLP (SIG). My conversation with Todd Simkin. With thanks to 10 East and SRS Acquiom.

Quotes from my conversation with Jeff Assaf of ICG Advisors, LLC. 1. "We want to protect our clients so we spend a lot of time with them understanding what it is they want and making sure that they understand they really know what that means." 2. "There’s a reason they say most money managers don’t beat the market. Because most money managers don’t beat the market even though they’re smart." 3. "We are more on top of managers where the bar is higher, and the bar is higher when the fees is higher." 4. "Capitulation is a bad word in the investment business." 5. "The pain of the manager being right and us being gone is much more than the pain of six more months of mediocre returns." 6. "Should you really be able to earn as much more as you have been earning in private credit than you could in public credit? You should get a premium for the illiquidity, but should it be that much? I don't think so." With thanks to 10 East.

On Investment Management Operations, Scott MacDonald speaks with Steven Schwab from Thoma Bravo shares how to make best use of your legal resources. With thanks to Intelligo.

Protecting clients and assets at ICG Advisors, LLC. My conversation with Jeff Assaf. With thanks to 10 East.