126: Lessons from 5 Decades of Investing – With Rosalind M. Hewsenian, CIO of Helmsley Charitable Trust

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 8 February 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Why does a teacher trained to help children with special needs decide to switch, earn an MBA, then work at Pepsi, become an investment consultant, and end up becoming CIO at an $8 billion dollar foundation?

In this conversation, Roz recaps on lessons learned with investing organisations, (including CalPERS) before arriving at Helmsley Foundation in 2010.

She describes what makes for an effective investment committee, why investment boxes like ‘growth’ and ‘value’ can be counterproductive, and instead why portfolio construction by tranches of liquidity appeal more.

She offers a range of valuable and pithy investment advice, including why “you shouldn’t worry about volatility, if you have ample liquidity”, and why for asset allocation it may be a case of “back to the future”.

The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors

Transcript

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0:00.0	People lump foundations and endowments together, but they're very different vehicles.
0:05.6	David Swenson at Yale could borrow. The university could borrow. Foundations are not able to borrow
0:13.3	easily. It's much more difficult for them to borrow money.
0:17.3	Welcome to the Money Maize podcast. I'm Simon Brewer, and Will Campion and I have created this show to explore and unravel some of the mysteries surrounding the investment business.
0:27.9	You can keep up to date by visiting MoneyMayspodcast.com, and please sign up to our newsletter to ensure you won't miss a release.
0:35.3	If you enjoy this show, please subscribe and we'd love
0:37.9	you to tell a friend or colleague about it. Thank you for listening.
0:42.2	Why does a teacher trained to help children with special needs decide to switch and earn an
0:48.2	MBA, then work at Pepsi, become an investment consultant, ultimately advising one of the world's
0:53.8	largest pension funds,
0:55.1	and after learning the trade for more than three decades, become chief investment officer
0:59.8	at an $8 billion foundation. Well, here to explain her decision-making, her approach to investing
1:05.9	capital, and today the philosophy, priorities and process being CIO at the Helmsi Foundation,
1:13.0	we're delighted to welcome Ros Huzinian.
1:15.8	You're in New York.
1:16.6	I'm in London.
1:17.4	Ros, welcome to the Money Ways podcast.
1:19.5	Thank you.
1:20.1	It's a pleasure to be here.
1:21.8	I have to thank our mutual friend Arjun Ragavan, the CEO of Partners Capital, who
1:26.9	made the introduction, and he's
1:28.4	been a guest on the show as well with a very interesting episode that was 18 months ago.
	...

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