David Salem - Investment Wisdom from the Owner's Box (EP.409)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 30 September 2024

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

David Salem has been a pioneer, practitioner and student of institutional investing for the last forty years. David was the founding president and CIO of The Investment Fund for Foundations (TIFF), which he led for nearly two decades until 2010. Since then, he has managed a multi-family office, worked and wrote alongside Ben Hunt at Epsilon Theory, and now serves as the Managing Director of Capital Allocation at Hedgeye Risk Management. Along the way, David worked closely with and distilled lessons from David Swensen, Jack Meyer in his time at Harvard Management Company, Charley Ellis, Chuck Feeney from Atlantic Philanthropies, and many other leading CIOs and managers.

Our conversation covers David’s journey to investing, including sitting alongside Jeremy Grantham during GMO’s early growth stage and founding TIFF. We dive into manager selection, decision-making, investment committees, and risk management. We then turn to David’s views on China, Japan, private equity, and digital assets. Throughout our conversation, David shares his profound understanding of the unique pressures faced by institutional investors and the principles that guide successful investment strategies and leadership in complex environments.

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Transcript

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0:00.0	Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets.
0:10.5	Ten East brings benefits of having your own family office without the cost and headaches of doing so.
0:16.8	It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner.
0:24.2	Michael and his investment team offer members the opportunity to co-invest by offering at their
0:29.1	discretion. Michael and his team source, diligence, and commit material personal capital to each
0:35.3	investment. The opportunities shared on the Ten East platform
0:38.9	offer exposure to private credit, real estate, niche venture and private equity, and other
0:44.5	idiosyncratic investments that typically aren't available through traditional channels.
0:49.2	The principles have over a decade track record of investing in these types of exposures
0:53.5	across more than 350
0:55.7	transactions. Post-investment, the TENI's team conducts ongoing monitoring and reporting,
1:01.8	just as you'd expect from an institutional investment organization. I've known Michael for about a
1:07.0	decade, and after becoming impressed by the quality of 10 East offerings, its research
1:11.6	process, and high-quality investment team, I became an advisor to the organization, an investor
1:17.1	in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10,
1:25.4	east.co.O.
1:33.4	Capital Allocators is also brought to you by SRS Aquium.
1:37.2	Want to make sure your M&A processes aren't stuck in the past?
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1:46.0	When it comes to M&A innovation,
1:52.7	SRS Aquium has reshaped the way deals get done more than anyone else, streamlining processes for maximum efficiency and minimum headaches. Professional shareholder representation, online
1:59.2	M&A payments, digital stockholder solicitation,
	...

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