WEBVTT - Businessweek Extra - Ted Seides

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovik from Bloomberg Radio. Welcome to the

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<v Speaker 1>Bloomberg Business Week Extra. It's our weekly podcast bringing you

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<v Speaker 1>a highlight or favorite interview from the week. This was

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<v Speaker 1>a fun conversation. This week it's with Ted SAIDs. Ted

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<v Speaker 1>began his career at the Yale University investments officer under

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<v Speaker 1>the famed and iconic David Swenson, later co founding a

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<v Speaker 1>multibillion dollar alternative investment firm. Today, Ted said is founder

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<v Speaker 1>and managing partner of Capital Allocators, host of the Capital

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<v Speaker 1>Allocators podcast, where he talks with some of the world's

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<v Speaker 1>top professional investors, and he's got a new book out

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<v Speaker 1>by the same name. It's called Capital Allocators How the

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<v Speaker 1>world's elete money managers lead and invest. We had so

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<v Speaker 1>much to talk about, including all the frenzy trends of

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<v Speaker 1>the past month from SPACs, crypto, e s G, and

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<v Speaker 1>so much more. Honestly, it's been one of the best

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<v Speaker 1>years of my life. Why well, it's a combination of

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<v Speaker 1>things on the professional side, the podcast. As it turns out,

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<v Speaker 1>right this medium can grow and continue in an environment

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<v Speaker 1>like this, so I've been able to focus. It's been

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<v Speaker 1>easier to get access to some of the people that

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<v Speaker 1>I get a chance to talk to because their schedule,

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<v Speaker 1>their travel schedules are down, and the engagement with the

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<v Speaker 1>content we've been putting out has just grown. It grew

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<v Speaker 1>over a last year in terms of downloads, so that's

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<v Speaker 1>been great. On the personal side, I got married last year,

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<v Speaker 1>so that's the love of my life and things have

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<v Speaker 1>been great. Congratulations, Wow, like kidding, get out of the park.

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<v Speaker 1>That is incredible. UM. You know, it's funny that you

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<v Speaker 1>say that about access to people, because I think that's

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<v Speaker 1>something we realized too, that everybody once you realized it

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<v Speaker 1>was kind of okay to talk. Uh, everybody was home

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<v Speaker 1>and in the same situation. And you're right, we had

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<v Speaker 1>like access to people too that we hadn't before. So

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<v Speaker 1>it's interesting that that that was your experience as well.

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<v Speaker 1>Let's talk about UM, your book and capital allocators, because

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<v Speaker 1>I do think we're in an interesting time where we're

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<v Speaker 1>watching a lot of investment trends. We're watching this back explosion,

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<v Speaker 1>the Reddit revolution, We're watching crypto bitcoin values continuing to

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<v Speaker 1>grow and actually go more mainstream. UM how do you

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<v Speaker 1>see it? What are some of the things that you

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<v Speaker 1>find interesting, what's worries and what screamed opportunity to you? Sure? Well,

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<v Speaker 1>you know, the people that I talked to regularly in

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<v Speaker 1>the world I came from are really these asset owners,

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<v Speaker 1>these long duration, long term pools of capital, and not

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<v Speaker 1>a lot changes in the way they go about investing

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<v Speaker 1>day to day or week to week. So there are

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<v Speaker 1>always a few key trends that come into play and

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<v Speaker 1>come in and out of their idea generation. But for

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<v Speaker 1>the most part, what they're finding, um is that generally speaking,

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<v Speaker 1>capital markets look expensive, and they all have spending obligations

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<v Speaker 1>they need to meet, call it, you know, five for

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<v Speaker 1>a foundation or a little bit more for pension fund.

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<v Speaker 1>So they're really scratching their heads and saying, how are

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<v Speaker 1>we gonna meet these long term objectives given that the

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<v Speaker 1>easy ways of accessing, say you know, index funds or

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<v Speaker 1>things like that, just don't look like they're priced to

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<v Speaker 1>reach these long term return objectives. Okay, So then having

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<v Speaker 1>said that, when you look at some of them more,

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<v Speaker 1>maybe you know other areas to go. Whether it's crypto,

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<v Speaker 1>I mean, you like crypto, correct the crypto do I

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<v Speaker 1>like it for a particular reason, which is we are

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<v Speaker 1>in this world of fiat money debasement, and all of

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<v Speaker 1>the risk assets, whether you like stocks or bonds, or

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<v Speaker 1>venture capital or private equity, they're all sort of predicated

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<v Speaker 1>on dollar based instruments. And so crypto is this kind

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<v Speaker 1>of asymmetric option for the potential of digital gold uh

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<v Speaker 1>and bitcoin in particular. So you have a combination of

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<v Speaker 1>the thought of something that may be very important ten

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<v Speaker 1>years from now in terms of maintaining your store of value,

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<v Speaker 1>and then you have attached to that sort of the

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<v Speaker 1>venture capital thesis, which is, if you look at we're

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<v Speaker 1>all the talent is going of these young people coming

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<v Speaker 1>out of school, all these engineers, something like twenty or

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<v Speaker 1>of them um And according to christisaid that Andrews and Horost,

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<v Speaker 1>who I had on the show, he said something like

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<v Speaker 1>of them, they're all going to build blockchain technologies. And

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<v Speaker 1>when all the talents, that's what Silicon Valley does. When

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<v Speaker 1>the talent moves in a certain direction, they go and

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<v Speaker 1>look to access it. And so you put those two

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<v Speaker 1>things together, and I have a small percentage of my

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<v Speaker 1>personal portfolio invested in crypto in particular, I'm taking baby steps,

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<v Speaker 1>so for me, it's just bitcoin and ethereum at this

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<v Speaker 1>point in time. Hey, Ted, one thing I want to

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<v Speaker 1>ask you, and we just did a story Charlie and

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<v Speaker 1>I um for some of our audience, and it's about

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<v Speaker 1>E s G. And it's an opinion column here at Bloomberg.

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<v Speaker 1>But it's just there is a feeling that because there's

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<v Speaker 1>so much money flowing into the E s G space,

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<v Speaker 1>it's where investors, a lot of institutional investors are increasingly

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<v Speaker 1>looking to commit new money that a lot of you know,

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<v Speaker 1>investment houses are fund offerings are just kind of slapping

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<v Speaker 1>a E s G label it. What do you think

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<v Speaker 1>about I know you like the E s G space

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<v Speaker 1>and that you are following it. How do you you know,

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<v Speaker 1>how do we make it purer and more true? Yeah? Well,

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<v Speaker 1>I think you have to start with that perspective. If

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<v Speaker 1>you look backwards, as this sort of research study showed,

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<v Speaker 1>there will be a lot of that. And the reason is,

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<v Speaker 1>as one of my guests, James Aiton had said, there's

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<v Speaker 1>a tsunami as capital coming into this space for all

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<v Speaker 1>the right reasons. And so really starting with Greta Thunberg

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<v Speaker 1>a year and a half ago. Her her description of

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<v Speaker 1>what was happening Davos just before COVID, every description was

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<v Speaker 1>about climate change. We know that this is really important

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<v Speaker 1>and it will be a very strong secular change and

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<v Speaker 1>how capital gets allocated worldwide. Now, as soon as money

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<v Speaker 1>starts flowing, it's not that surprising that people trying to

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<v Speaker 1>capture their share of it will do, you know, what

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<v Speaker 1>you call greenwashing. But let's not be too short term

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<v Speaker 1>about that. If you look over time, the first thing

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<v Speaker 1>is we now have interest. We have interest in doing

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<v Speaker 1>things that are better for the environment. We have interest

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<v Speaker 1>in promoting more socially diverse people throughout the economy, all

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<v Speaker 1>of which is good for the long term. Now, as

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<v Speaker 1>that happens, we need definitions. We need to understand in

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<v Speaker 1>the capital markets and public markets, we need benchmarks. And

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<v Speaker 1>if you look at the different benchmarks, nobody really knows

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<v Speaker 1>yet what is a good company what is a bad company,

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<v Speaker 1>And that will get worked out, but it does take time.

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<v Speaker 1>And in that process, I'm not that surprised that you

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<v Speaker 1>have products that want to say they have in the

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<v Speaker 1>s G lens for the first time, and maybe they

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<v Speaker 1>do and maybe they don't. But over time, I think

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<v Speaker 1>We'll see the stronger companies that have the those trends

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<v Speaker 1>and doing the right things for a broader constituency than

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<v Speaker 1>just the shareholder will be the winners over time. And

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<v Speaker 1>you know that will play out as capital markets do.

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<v Speaker 1>Until then, Yeah, there'll be a little bit of a

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<v Speaker 1>mess along the way, okay, but ultimately that the long

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<v Speaker 1>game is that we get to a better point. Yeah,

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<v Speaker 1>I think so. Hey, listen your book, your podcast, your approach.

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<v Speaker 1>There's a lot of useful information. Informative, it's you know,

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<v Speaker 1>really on how the best invest. It's very instructional. I

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<v Speaker 1>think even in maybe the forward call it a textbook. Um,

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<v Speaker 1>you talk with the best. Are there common threads among

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<v Speaker 1>the best capital allocators and elite money managers on how

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<v Speaker 1>they lead and how they invest? There really are, And

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<v Speaker 1>you could really break it down into two sets of disciplines,

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<v Speaker 1>one or the investment related and then the other are

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<v Speaker 1>the leadership related. So if you start with the ladder,

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<v Speaker 1>the investment industry is known for managing money well, not

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<v Speaker 1>for managing people well. And one of the things I've

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<v Speaker 1>had the benefit of doing on the podcast is interview

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<v Speaker 1>people from other disciplines who are talented at leadership and

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<v Speaker 1>management and things like decision making. Annie Duke the Great,

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<v Speaker 1>the great form of poker player, and so the great

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<v Speaker 1>c I O S are really like Baseball's five tool yers.

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<v Speaker 1>They really understand all of these different disciplines. And that

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<v Speaker 1>what I tried to do in that section of the

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<v Speaker 1>book is describe some of the basics, like how do

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<v Speaker 1>you do this well? Then you turn to the investment side.

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<v Speaker 1>And you know, I was very fortunate to learn in

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<v Speaker 1>the formative part of my career from David Swinson who

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<v Speaker 1>is sort of the dean of this and wrote the

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<v Speaker 1>seminal book twenty years ago. Um, And it does start

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<v Speaker 1>with really an understanding of what's the purpose of the capital,

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<v Speaker 1>what is the time horizon, what beliefs about investing the

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<v Speaker 1>people bring in, and then the discipline process that I

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<v Speaker 1>walked through in the book of how did these people

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<v Speaker 1>find their investment ideas, how do they do their research,

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<v Speaker 1>how do they make decisions? And then how do they

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<v Speaker 1>monitor and manage their portfolio, manage risk over time? Is

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<v Speaker 1>there something to like do all of them admit that

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<v Speaker 1>they've made some really big mistakes And that was kind

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<v Speaker 1>of a big learning opportunity. Not all of them, but

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<v Speaker 1>only the good ones. Okay, you mean admit that they

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<v Speaker 1>made a mistake. You know. The investment business in some

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<v Speaker 1>ways is very humbling. Morgan Howe will who recently with

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<v Speaker 1>the book Psychology of Money, has this great analogy that

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<v Speaker 1>he says, you could be trained at the greatest academic institution,

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<v Speaker 1>worked for the best place on Wall Street, and still

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<v Speaker 1>underperform someone who knows nothing. If you were a brain surgeon,

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<v Speaker 1>that would never ever happen. So yeah, the great investors

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<v Speaker 1>are only right six of the time in the public market.

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<v Speaker 1>So um. Yeah, it's a very humbling business and it's

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<v Speaker 1>important for people who learn from their mistakes. How do

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<v Speaker 1>you hope people use this book? You know, I wrote

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<v Speaker 1>this book in large part because it was what I

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<v Speaker 1>wanted to distill from my own investing in the investing

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<v Speaker 1>that I do. And what I hope is that people

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<v Speaker 1>see it as incremental ways that they can get better.

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<v Speaker 1>And that's what the podcast has been. This is just

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<v Speaker 1>phenomenal way of sharing in public with some of these

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<v Speaker 1>great investors how they go about doing what they do,

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<v Speaker 1>and every single one of them has a little nugget

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<v Speaker 1>of wisdom along the way, which in fact is the

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<v Speaker 1>whole third section of the book is just a series

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<v Speaker 1>of quotes that are some of the very best quotes

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<v Speaker 1>about how these people think about it, nuggets of wisdom,

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<v Speaker 1>nuggets of wisdom, and how they think about life too. Well. Listen,

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<v Speaker 1>I'm not going to ask you to say your favorite conversation.

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<v Speaker 1>That wouldn't be fair because I I, you know, somebody

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<v Speaker 1>who talks to a lot of people. When people ask

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<v Speaker 1>me that question, I'm like, I like everybody. I mean,

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<v Speaker 1>you know, it's just a it's fun to kind of

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<v Speaker 1>go back and forth. Um, but you have some that

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<v Speaker 1>stand out for you, It's hard. I do have two

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<v Speaker 1>hundred children, and probably nine of them have been outstanding students.

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<v Speaker 1>Um or any surprises, Yeah, go ahead, Yeah, there there

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<v Speaker 1>is one I loved to point to. Not so much

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<v Speaker 1>that it's so much different or better than any others,

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<v Speaker 1>but it really was what I thought I might be

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<v Speaker 1>able to get at. And that was the conversation I

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<v Speaker 1>had with Scott Malpass, who's the recently retired chief investment

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<v Speaker 1>officer at Notre Dame University. And I had known Scott

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<v Speaker 1>from when I worked at Yale, but I hadn't seen

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<v Speaker 1>him and I hadn't seen him in over a decade,

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<v Speaker 1>and when we sat down, that conversation for me was, Hey,

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<v Speaker 1>how have you evolved investing over the last ten years?

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<v Speaker 1>And he walked through every aspect of what they had

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<v Speaker 1>done in that office, and there was so much rich

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<v Speaker 1>information about his investment process. And he's uniquely positioned because

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<v Speaker 1>he had been in the seat for thirty years and

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<v Speaker 1>really had just stellar results. So that wasn't so much.

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<v Speaker 1>It wasn't my favorite or least favorite. It was just

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<v Speaker 1>something that was really emblematic over the lessons that people

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<v Speaker 1>can learn from listening to the show. Those Ted Siddy's

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<v Speaker 1>founding and managing partner of Capital Allocators, host of the

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<v Speaker 1>podcast by the same name, and author of the book

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<v Speaker 1>the new book Capital Allocators, How the world's elete money

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<v Speaker 1>managers lead and invest. You've been listening to Bloomberg Business

0:11:33.080 --> 0:11:35.240
<v Speaker 1>Week Extra, be sure to listen to our Bloomberg Business

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<v Speaker 1>Week Daily radio show. It airs live Monday through Friday

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<v Speaker 1>two on our daily broadcast on YouTube. Just searched Bloomberg

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<v Speaker 1>Global Days, and you can also see me on Bloomberg Quicktake,

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<v Speaker 1>available at Bloomberg Dot com, slash QT, and streaming platforms

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<v Speaker 1>like Roku, Apple TV, Samsung TV, and more. I'm Tim

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<v Speaker 1>Stanebeck and I'm Carol Masser. This is Bloomberg