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

By Improving-Alpha | December 4, 2023

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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.

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.

Improving Alpha: Christopher Ailman, CalSTRS on Catching the Big Waves in Institutional Investing

By Improving-Alpha | October 31, 2023

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Since its establishment in 1913, CalSTRS has been fully committed to maximizing the retirement benefits for its extensive network of educators throughout California. With a staggering $310 billion in assets under management through its defined benefit plan, the pension scheme continuously strives to strike a harmonious balance between achieving targeted returns and addressing industry-wide challenges such as diversification, innovation, potential warning signs from managers, global investment prospects, and much more.

Experience the latest episode of the Improving Alpha podcast, where Michael Oliver Weinberg is joined by Christopher J. Ailman, Chief Investment Officer, CalSTRS. With an impressive 40 years of experience in the business, Christopher’s unwavering passion for constant learning in the face of market volatility and seeking alpha strategies shines through. Don’t miss out on this insightful podcast episode – click on the media player above to hear Christopher’s valuable insights on:

what is the true essence of ESG and how will it impact CIOs in the next seven or twenty years? Explore the potential opportunities, risks, and the global CapEx needed so we don’t fry the planet. Discover Christopher’s perspective on whether exclusion or engagement is the preferred approach when navigating these waters.
why governance experiences natural fluctuations and how CIOs can play a crucial role in driving the movement towards enhanced investment board diversity. According to Christopher, it’s the concept of “iron sharpens iron” that fuels this dynamic process.
how is technology being leveraged across CalSTRS portfolio, especially being a division of the state of California, and how is an environment of continual learning helping their investment teams in approaching the next Tesla.
how he navigates the world of venture capital investments in California, where stringent disclosure laws prevail.
the insights into CalSTRS’ perspective on the role of China in institutional investments – friend or foe? .
And more!

Connect with Michael Oliver Weinberg:

Connect with Christopher Ailman:

About Christopher Ailman:

Christopher Ailman has been the chief investment officer of CalSTRS since October 2000. He leads an investment staff of more than 200 and oversees a portfolio valued at $307.9 billion as of September 30, 2023. He has more than 37 years of institutional investment experience.

He has served on several boards and advisory boards in the U.S. and U.K. He represents institutional investors on the MSCI Index Editorial Advisory Board, the PRI Asset Owners Advisory Committee, the Sustainability Accounting Standards Board (SASB) Investor Advisory Group, and the Toigo Foundation. He is the chair of the 300 Club and co-chair of the Milken Global Capital Markets Committee. In 2016, he was part of the first cohort to achieve a Fundamentals of Sustainable Accounting (FSA) credential.

Ailman is recognized as one of the top CIOs both in the U.S. and globally. He has received numerous awards and recognitions: the Institute for Fiduciary Education’s CIO of the Year in 2000, the Richard Stoddard Award for service in the investment of public pensions in 2003, the Distinguished Service Award for Advancement of Latinos in Business from the New American Alliance in 2006, and Institutional Investor magazine’s Large Public Fund Manager of the Year Award in 2011. In 2013, aiCIO magazine named Ailman the No. 3 CIO in the world and Investment Innovator of the Year. In 2017, Ailman received Institutional Investor magazine’s first Lifetime Achievement Award, and in 2018, he was named the top CIO in the world by Chief Investment Officer magazine. He is a regular guest on television and radio and is frequently quoted in major financial publications.

Improving Alpha: Scott Pittman on Maintaining Convictions and Balancing Portfolio Diversification at Mount Sinai’s Endowment

By Improving-Alpha | September 20, 2023

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In today’s ever-changing investment landscape, not all institutional investors can conform to a one-size-fits-all approach. This is particularly evident in the healthcare endowment sector, where our esteemed specialist oversees a staggering $2.3 billion portfolio of endowed funds and long-term capital. When you add in the support for insurance-related assets, totaling approximately $4.0 billion, and benefit plan assets amounting to around $6 billion, it becomes clear that strong investment convictions are essential for navigating diversification challenges and driving innovation.

In this highly anticipated episode of the Improving Alpha podcast, join Michael Oliver Weinberg as he engages in a compelling conversation with Scott Pittman, SVP and Chief Investment Officer at Mount Sinai Medical Center. Gain valuable insights into Scott’s visionary objectives for the future and discover how he strategically harnesses the power of research, fundamental and quantitative analysis to drive exceptional performance and unlock investment value.

Scott discusses:

his career evolution and how his passion for investing and science led him to Mount Sinai’s endowment.
how a medical endowment compares and contrasts against other allocators and how the complexity of the healthcare industry impacts the team’s investment decisions.
where do directional risk taking strategies help to improve alpha across public and private markets, non-equity markets, and even credit.
his insightful perspective on diversification and its correlation with manager relationships, encompassing market exposure and active fees.
what sort of sector and industry trends does Mount Sinai research before diving into the regional investments in Europe, Asia, and other areas.
the significance of ESG considerations and the effective two-step process employed to align Mount Sinai’s views on ESG with their future investments
And more!

Connect with Michael Oliver Weinberg:

To learn more about our host visit: https://www.vidrio.com/blog/improving-alpha-podcast-scott-pittman-convictions-diversification-mount-sinai-portfolio

Connect with Scott Pittman:

LinkedIn: Scott Pittman

About Scott Pittman:

Scott Pittman joined the Mount Sinai Health System as the SVP and Chief Investment Officer in December 2008. The Investment Office is charged with managing the institution’s $2.3 billion endowment and long-term capital. The office also helps advise on $5.0 billion of insurance-related assets and $5.5 billion of benefit plan assets. Scott serves as the Chairman of the FOJP Investment Committee as well as the Investment Committee Chairman for Healthfirst. Scott also serves on the Investment Council for TIAA-Nuveen.

Prior to joining Mount Sinai, Scott was the Director of Investments at Baylor University. He also served as an instructor in the Hankamer School of Business and taught Baylor’s Portfolio Practicum course where students actively managed a $6.5 million investment portfolio. Before joining Baylor’s Investment Office, Scott taught Corporate Finance and Economics at the University’s business school, and he spent several years in the healthcare industry.