How have you been a change agent at
your organization? What are you particularly proud of?
I am a member of the Global Equity team
at CalSTRS. I am particularly proud of my
contribution to our risk management process. Reflecting on how our team analyzes
risk in our portfolio today compared to when
I first started, I think we have significantly
improved and I would like to think I had
a little to do with that. Aside from process
improvements or investments, I am proud of
the culture our team has built. I am fortunate to have worked with some great people
on the Global Equity team, and we truly
care about and look out for another beyond
work. I am not sure how many people can
say that in our industry.
What is the asset class or investment
that keeps you up at night, and why?
I would have to say the asset class that I have
focused on for the past nine years, public
equities. More specifically, I would say US
equities. US equities make up over 30%
of our $200 billion fund, and I think most
would agree valuations appear extended.
With all political bias aside, to the degree
that Republicans are unable to deliver on
their agenda, I think it is pretty easy to see a
pullback from here.
Where do you fall in the passive vs.
This is a difficult question. The active vs.
passive management debate has persisted for
decades and will likely continue for decades.
Here at CalSTRS, we have conducted sev-
eral active vs. passive studies over the years,
and our equity portfolio continues to main-
tain allocations to both. Personally, I see the
merits in both. However, the more compli-
cated issue is how much to allocate between
each style and how your active portfolio
should be constructed.
Who is a manager you don’t currently
work with whose brain you’d like to pick?
Warren Buffet. No explanation needed.
Ideally, where would that meeting take
Omaha, Nebraska. Like everyone else, I
have read that he has lived in the same home
he purchased in 1958. While I expect his
house to look nothing like it did in 1958, I
still want to see his home.
What is the software investment tool
that helps you most?
FactSet, easily. Just as I find myself checking
my smartphone numerous times throughout
the day, be it to check my calendar, text message, or to read the latest Facebook post, I
find FactSet has become a similar luxury.
I utilize FactSet constantly throughout the
day, be it to run portfolio attribution on an
investment manager, perform risk analysis at
the aggregate fund level, or catch up on the
most recently reported economic data.
What would improve the relationship
between you and managers?
Greater transparency. In our role, we invest
in people as much as we invest in a stock
or strategy. Transparency builds trust. We
only physically see the managers we invest
with once or twice each year. Therefore, to
the extent that managers can continue to
provide greater transparency into the inner
workings of their investment process, it will
Investment Officer, CalSTRS
His education, experience, strong analytical skills, and
positive attitude make him valuable and well-respected.
only help build greater trust and longer-last-
ing relationships, while also giving us greater
confidence that we are making the very best
decisions for our fund and the many teachers
we invest on behalf of.
Why did you choose your current path?
Since I was a kid, math has always been
my favorite subject. I went into undergrad
focused on Mechanical Engineering and
shortly realized it was not what I wanted
to pursue. A friend convinced me to take
an economics course, which I enjoyed, so I
took another. Shortly after, I took my first
investments course, earned an internship in
private equity at CalPERS, and my path has
been clear ever since