How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
I was hired to build the investments platform for a single-family office, so there was
a tremendous amount of change both structurally and philosophically to the organization. The most important part of building
out the family office, and what I am most
proud of, is creating an investment platform
that reflects the personality, interests, and
goals of the family, while at the same time
incorporating my own investment biases.
What is the asset class or investment
that keeps you up at night, and why?
Any direct investments in the private credit
or equity markets. By definition, all public market investments publish all relevant
information in the public domain in an easily digestible format. Once you take those
investments to the private markets, you
need to spend much more time, energy, and
resources making sure you are up to speed
on all aspects of the investment. It naturally
creates much more stress and concern that
you may be missing something.
What methodologies have you adopted
within your institution?
Examining all investments on an after-tax
basis. Ignoring short-term market volatility.
Where do you fall in the passive vs.
It depends on the asset class we are talking
about, but if we are only talking about pub-
lic equities and debt, I sit on the passive side
of this debate. Information as it relates to
public investments are disseminated in such
an efficient manner and there are so many
sophisticated players in the market place
that are trying to create alpha through secu-
rity selection is just incredibly challenging.
Incorporate fund fees to that and it becomes
an extremely challenging value proposition.
What are the changes you’d like to see
the institutional investing community
make in 10 years?
I would like to see an accelerated youth
movement of sorts. If you look at most of the
fastest-growing industries in the world, they
are mostly led by the younger generation
and I don’t think the Institutional Investing
Community should be much different.
Who is a manager you don’t currently
work with whose brain you’d like to
Ray Dalio. Whenever I am asked about
“must reads” from anybody wanting to
learn about the markets, I send them the
link to his 30-minute video “How the Economic Machine Works.” Bridgewater’s use
of historical analysis to examine where we
are today and where we could be headed
has always been the most useful approach
for me to formulate investment strategies.
Ideally, where would that meeting take
What is the software investment tool
that helps you most?
Chief Investment Officer, Carpe Investments
(New York, NY)
In the family office space for 8 years, he has a very strong
network and a wide range of capabilities on the investing
side in both direct investments as well as allocations.
What would improve the relationship
between you and managers?
Hard to generalize, but one thing I will
say is that it is always very obvious which
funds don’t put enough resources towards
client reporting and IR infrastructure. This
always becomes most obvious during times
of market volatility.
Why did you choose your current path?
To be fair, if I was actually able to choose my
path I would be playing for the NY Knicks.
I would describe my career thus far as less a
strategic path and more an iterative process
of working hard and taking advantage of the
opportunities as they were presented to me.
I would advise anybody in this business to
always keep their options open as much as