How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
I have learned to appreciate that true investment talent is rare. Once I’ve found an
investment partner that I wish to invest with,
I work to form a real partnership beyond
being a source of funds.
I’ve pushed on this in three ways while at
1) I’ve volunteered to join fund advisory
boards, where I help managers think though
issues ranging from governance and fund
structure to investment strategy/focus.
2) I’ve helped build a co-investment program that provides a solution to our partners
so they can get deals done that can’t fully be
funded by existing capital, and I co-designed
a process with our committee where we can
provide an answer to our partners in under
two weeks from being notified that an opportunity exists. This allows us to provide the
speed and certainty that our partners value.
3) Finally, I take it as a great compliment
and a privilege to be a reference for our partners to other like-minded investors.
What is the asset class or investment
that keeps you up at night, and why?
The many trillions of dollars of long-dated
government bonds that are trading at near-or below-zero yields to maturity, and the
unintended consequences of the mark-to-market losses on those assets if/when long-term developed world sovereign rates start to
What methodologies have you adopted
within your institution?
We are believers that risk isn’t just one number. In addition to the standard quantitative
metrics around value-at-risk and mean-vari-ance optimization, we have also begun to
estimate portfolio-wide equity and interest
rate betas, measure style factor exposures,
run stress scenarios, estimate liquidity, and
monitor our various concentrations. We
have worked to look through all our funds
and understand our underlying holdings and
exposures. We have also spent a lot of time
analyzing the commitment and liquidity
requirements of our illiquid investments to
model our capital calls and distributions by
Where do you fall in the passive vs.
Active management is like venture capital,
it has un-inspiring results on average, but
doing it well can add tremendous value to a
portfolio. Unless an organization can clearly
articulate how it expects to win the alpha
zero-sum game, it should stick to passive
What are the changes you’d like to see
the institutional investing community
make in 10 years?
I’d like to see the industry continue to
Who is a manager you don’t currently
work with whose brain you’d like to pick?
Igor Tulchinsky at WorldQuant.
Ideally, where would that meeting take
Over lunch at the Cloud Bistro in the Com-
Director of Investments, Princeton Theological
Seminary, (Princeton, NJ)
An early adopter of “quant” investment strategies,
PTS endowment has achieved exceptionally good
performance during his time there.
puter History Museum in Mountain View.
What is the software investment tool
that helps you most?
I’ve been working with the Novus software
platform for almost a decade. It is a great
platform that helps decompose the value
creation of each of our managers into its
atomic units. Novus also helps us understand
our portfolio by aggregating our underlying holdings and estimating risk on a forward-looking basis.
What would improve the relationship
between you and managers?
Why did you choose your current path?
I help people achieve their dreams while
exploring fascinating questions and learning
from incredibly talented investors.