ALO36: The Endowment Playbook for Long-Term Investing ft. Paul Chai
transcript
show notes
Paul Chai joins Alan Dunne to discuss what it takes to manage a perpetual investment portfolio designed to support future generations. As CIO of the Kansas State University Foundation, Paul explains how disciplined asset allocation, thoughtful manager selection and strong governance create resilient long-term results. The conversation explores endowment investing, private markets, hedge funds, portfolio construction and the importance of building a decision-making culture where diverse perspectives are encouraged. It is a wide-ranging discussion about investing with humility, managing uncertainty and creating an investment process that can endure through changing market environments.
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Episode TimeStamps:
00:00 - Why better investment decisions start with diverse thinking
01:02 - Paul Chai's journey from engineering to institutional investing
04:50 - Managing a perpetual endowment for future generations
08:48 - Building resilient strategic asset allocations
11:54 - The advantages of managing a $1.2 billion endowment
15:29 - Portfolio construction beyond the traditional 60/40 model
20:57 - Strategic asset allocation versus total portfolio investing
24:05 - Lessons from the Yale Endowment model
26:26 - Finding unconventional investment opportunities
31:21 - Building a diversifying hedge fund portfolio
38:02 - Why CTA strategies no longer fit the portfolio
43:01 - Manager selection, due diligence and finding alpha
45:39 - The importance of grit when selecting investment managers
51:25 - Building better investment teams and decision-making cultures
57:20 - Advice for the next generation of long-term investors
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