Three chief investment officers join us to talk about the craft of allocation: how they choose managers, how they benchmark what they own, and how they think about the illiquidity they take on behalf of the people whose money they steward.
The conversation runs from the practical to the philosophical, from the mechanics of pacing a private-markets programme to the temperament that lets a good allocator hold conviction through a bad year and resist the pull of a hot fund at the wrong moment.
The discipline that separates the best
A recurring theme is that the best allocators are defined less by the brilliant calls they make than by the quiet mistakes they avoid: the crowded manager they passed on, the fee they refused to accept, the hot vintage they underweighted. The errors that compound over a decade are rarely dramatic.
Our guests are candid about their own missteps and what they learned, and about the benchmarking discipline that lets them tell skill from luck in their own results. Listen for the full conversation on what separates a great allocator from a merely fortunate one.