Inflation – Improving Alpha:

Improving Alpha: Catherine Ulozas on Innovating a Billion Dollar Endowment

By Improving Alpha | September 9, 2024

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Information overload can occur in even the most skilled institutional investor when considering the amount of managers and intelligence competing for their time and attention. How can a leading endowment CIO or portfolio manager navigate the volume of financial statements, capital calls, risk/reward ratios, and more? How can they mentor junior analysts to find the diamonds in the rough to help generate alpha?

In our latest Improving Alpha podcast, host Michael Oliver Weinberg sits down with Catherine Ulozas, Chief Investment Officer, Senior Vice President, Investment, Drexel University. Catherine shares her extensive background from the early years at ING Direct prioritizing safety in fixed-income investments and how that brought her to the CIO role at Drexel University.

Additional highlights from Catherine’s podcast interview include:

how is Catherine looking at the endowment risk today, especially in light of increased inflation, increasing spending rates by the university, and more.
why was it a critical mission of the endowment to save St. Christopher’s Children’s Hospital in Philadelphia, and how did the $40 million line of credit get paid back in record time.
the innovations that her team is making both on an operational level and through advanced analytics.
how Drexel’s endowment considers ESG and why Catherine believes the “G” tends to drive a lot of progress across the environment and social aspects of this acronym.
positive aspects in real asset investing and the appeal of emerging markets for future asset allocation.
how was Drexel able to overcome the deployment challenges of assets in private markets and what are the red flags that her endowment team uncovers when considering investment opportunities.
and more

Resources:

Quit by: Annie Duke
To Rescue the Republic by Bret Baier & Catherine Whitney
St. Christopher’s Children’s Hospital
Aetna

Connect with Michael Oliver Weinberg:

Connect with Catherine Ulozas:

About Catherine Ulozas:

With over 30 years of investment experience, Catherine Ulozas is a senior executive who has managed pools of capital for endowments, insurance companies, the largest US thrift, and a state pension fund. Catherine is the Chief Investment Officer at Drexel University and has continued to improve the Drexel Endowment’s quality and returns, scoring in the top 10% in the Wilshire Consulting Foundations and Endowment Universe for the last 5 years.

The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Vidrio Financial, and/or our host, Michael Oliver Weinberg. The Content has been made available for informational and educational purposes only. The Content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.

The release date may not correspond to the recording date.

Improving Alpha: Sandro Salsano exploring synergies in investments, philanthropy and deep value strategies

By Improving Alpha | January 8, 2024

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

When it comes to geopolitical risk, company risk, or even balancing the costs of capital with the desire for quick profits, institutional investors are now taking a long-term approach to their future investments. How does this perspective impact the risk-reward dynamic for future returns, and are there sectors that may not be as flashy but offer better opportunities for generating alpha?

To answer these questions and more, Michael Oliver Weinberg, host of the Improving Alpha podcast invited Sandro Salsano, President of the Salsano Group, to get a sense of what he’s seeing in the world of emerging markets, private equity, philanthropy, and more.

Sandro discusses:

the fascinating story behind his family office and Goldman Sachs interactions, and his insights into his innovative global strategies in the realm of private equity, emerging markets, and more.
his core sectors and investment horizon, and how they’re delivering alpha and positive cash flows in this market.
how he views partnerships with larger institutions to assist in putting capital to work for longer periods of time.
his view of the Latin American markets (including Brazil, Mexico, Colombia, and Peru) and how inflation plays a role in his strategic investments across the region.
balancing investments across philanthropic ideas and how these moves led him to a seat on the Board of Trustees at the University of San Diego.
how he applies a measure of psychology to investing, and how being humble in life and investing has led to his overall success.
And more!

Connect with Michael Oliver Weinberg:

Connect with Sandro Salsano:

About Sandro Salsano:

Sandro Salsano has been at the forefront of successful initiatives in investments, philanthropy, and education for more than two decades. Forbes called him the Warren Buffett of Central America on its cover and one of the world’s most iconic visionary and financial titans. The World Economic Forum named him Young Global Leader for his exceptional vision, courage, and influence to drive positive change in the world. In 2014 he formalized his philanthropy by co-founding the Salsano Shahani Foundation to focus on education. He is a Chairman of Global Dignity, a Member of the Judging Academy for the World’s Best School Prize, a Partner of the Tent Partnership for Refugees, a Member of the Academy for Global Teacher Prize, a Steering Committee member of 1640 Society, and pledged his support to TerraCarta. Sandro is President of Salsano Group, a multi-billion dollar private conglomerate holding company investing in private equity, real estate, and technology globally and he is President of Salsano Family Office. Sandro serves as a Trustee for the University of San Diego California and is on the Investment Committee for the Endowment of the University. A graduate of Bocconi University Milan with full grades, he also studied at Harvard, Oxford, and Princeton University. He and his wife Johanna have been married since 2014 and have two children.

The release date may not correspond to the recording date.

Improving Alpha: Paul C. Sohn on targeting the ‘fat pitch’ in institutional investing

By Improving-Alpha | December 4, 2023

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Mastering the timing of investment markets is a formidable challenge that demands unwavering commitment to a well-defined methodology. It entails navigating through risks, optimizing volatility, and steering clear of managers who adopt a reckless “spray and pray” approach.

Today, allocators must carefully consider the current market cycle, strategically position their incentives, and strike the right balance between liquid and illiquid assets. By embracing this approach, they can shield themselves from the anguish of overallocating in underperforming asset classes.

Join Michael Oliver Weinberg as he engages in a captivating conversation with Paul C. Sohn, Chief Investment Officer at Mont Alto Capital, in the latest episode of the Improving Alpha podcast. Paul provides his front-row insight and expertise on what he has observed over the last 20 years in hedge fund investing, macro portfolio management, and the formation of his family office, Mont Alto Capital. Listen to Paul as he discusses:

his background and what strategies he’s specifically leveraging to capitalize on ‘fat pitches’ in institutional investing.
his thesis on the Greek recovery trade, what Kyriakos Mitsotakis leadership means for the future of the country, and what the US could learn from his examples.
how his family’s timber business influenced Paul’s beliefs on ESG and why ESG in its current form is very similar to child brain thinking.
where is private equity allocations moving now that the wind in the sails has died down in comparison to the last decade of returns.
if commercial real estate will be a ‘whimper’ or a ‘bang’ in the coming years and does that create an opportunity for distressed buyers.
And more!

Connect with Michael Oliver Weinberg:

Connect with Paul C. Sohn:

About Paul Sohn:

Mont Alto Capital is the family office of Paul Sohn. Paul spent 15 years as a portfolio manager at Soros Fund Management, Kingdon Capital Management, and Duquesne Capital Management. Areas of focus included tech, media, consumer, and macro. Mont Alto Capital seeks out proprietary deal flow in early and growth-stage private companies. Basic investment tenets include a search for asymmetric return profiles, a contrarian desire to be active in areas where other pools of capital are not, and an ability to execute a time arbitrage strategy that can focus on long-term returns.

Paul Sohn takes an active role in a variety of investment projects. Vertical areas of focus include tech, media, natural resources, intellectual property, and real estate. The portfolio page includes a sample of projects where Paul Sohn has either a founding, board, investment, or advisory role.

Improving Alpha: Tobias Read on Removing Political Grandstanding from Oregon’s Hybrid Pension Plan

By Improving-Alpha | August 7, 2023

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Warren Buffet has been quoted in the past about what happens to investors when the tide goes out and we see who’s been swimming naked. This quote can be aligned quite well to the environment that many institutional investors find themselves in today, given inflation, net zero regulations, fiduciary responsibilities, and more.

In our latest episode, Michael Oliver Weinberg is joined by Tobias Read, State Treasurer, Oregon, where Tobias discusses the approach that his team has taken towards innovation, why running a pension isn’t simply about just maximizing a return number, or why a pension plan can’t do it alone when it comes to climate change regulations.

Additional listener highlights include:

early takeaways from the public and private sector and how that grew Tobias’ interest in the ways businesses and government interact with each other.
with assets under management at $100 billion representing 400,000 members, we learn how Tobias looks at asset allocation for the future of the plan.
even though Oregon was the first state pension in the country to go into private equity investing, what does that mean for the future deployment of resources given current market conditions?
how Tobias considers the debate between divestment, exclusion and engagement when it comes to ESG asset allocation and the challenges in moving the plan to a net zero position by 2050.
And more

About Our Host:

To learn more about our host visit: https://www.vidrio.com/blog/improving-alpha-podcast-tobias-read-oregon-hybrid-pension

About Tobias Read:

Tobias Read understands that financial empowerment, wise investments, and sound management are foundational to the quality of life and economic opportunities for Oregonians, and key to the long-term vitality of our state.

Elected Oregon’s 29th State Treasurer in 2016, Tobias is a collaborative problem solver who draws upon his management, political, and finance policy experience to serve Oregonians as Treasurer.

He worked in the U.S. Treasury and as a liaison between designers, engineers, and manufacturing units for Nike Inc. In 2006, he was elected to the Oregon House of Representatives, where he served a decade and championed legislation to invest in public education, improve state financial management, finance critical infrastructure improvements, and help Oregonians save for a more secure future.

As State Treasurer, Tobias knows that financial confidence helps Oregonians get ahead, no matter where they live. He supports efforts to connect Oregonians with their unclaimed property, improve financial education, encourage Oregonians to invest in themselves, and promote smart and accountable government reforms that improve transparency and stretch dollars for taxpayers and beneficiaries of public trust funds.

The State Treasurer is a constitutional officer and the state’s navigator for sound and responsible financial policy. The Treasurer protects the state’s credit ratings, sits on the Oregon Investment Council and State Land Board, and oversees public investing, banking, bonding, and financial empowerment programs. Those include the Oregon 529 Savings Network, which allows families to save for higher education, job training, and disability-related expenses, and the Oregon Retirement Savings Plan. The Treasury manages an investment portfolio worth roughly $106 billion.

Tobias earned his bachelor’s degree from Willamette University and his MBA from the Michael G. Foster School of Business at the University of Washington. He has been a volunteer for Start Making a Reader Today (SMART), a youth sports coach, a member of the Willamette University Athletic Director’s Advisory Board, and a founding board member of Hoopla, Oregon’s largest three-on-three charity basketball tournament.

Improving Alpha: Jose Eduardo Siman on Succession Planning Challenges and Innovating the Family Office

By Improving-Alpha | July 10, 2023

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Given the continued volatility and inflationary pressures in the financial markets, many family offices are looking to shift their asset allocation to help provide better performance and lower overall risk. With pressures mounting, we wanted to get a sense of how global family offices are answering the innovation question for not only their current technology solutions but also in terms of succession planning.

In our latest episode of Improving Alpha: Innovation in Investing, ESG & Technology, Michael Oliver Weinberg sits down with Jose Eduardo Siman, President, Intradeco Inc. who talks about what is needed for family offices to succeed today, in terms of governance, innovation and more.

Jose discusses:

how the Warren Buffet model of decentralization from holding company to subsidiaries may be a future innovation.
how Jose strives to reinvest 70% of the profits while allocating 5% into socially responsible projects.
innovation by way of improving his retail sales operations, recycling textiles, and reducing overall sanitation costs through these processes.
succession planning and how to separate governance/ownership from management for the next generation of professionals to take over operations.
fraud and how he dealt with an investment that didn’t turn out to be what was expected even following lengthy due diligence discussions.
And more….

Connect with Michael Oliver Weinberg:

To learn more about our host visit: https://www.vidrio.com/blog/improving-alpha-podcast-jose-siman-family-office-challenges

About Jose Eduardo Siman:

Born in San Salvador, El Salvador. Mr. Siman received an MBA from the Columbia University Graduate School of Business, New York, New York in 1969. Mr. Siman began his professional career with Procter and Gamble in Toronto, Canada, before joining his family’s business in 1979. Since, this business has grown from one department store in San Salvador, El Salvador to a multinational business group with significant operations in retailing, consumer finance, apparel manufacturing and real estate in twenty six countries throughout the Caribbean, Central America and the United States currently living in the United States. Mr. Siman is President of the Salvadoran American Humanitarian Foundation (SAHF), Miami, Florida.