Peter Stein

Published on
August 4th, 2015
Duration
16 minutes

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85

Peter Stein

The Interview ·
Featuring Peter Stein

Published on: August 4th, 2015 • Duration: 16 minutes

In this episode of The Asset Allocators, Senior Consultant of Angeles Investment Advisors, Peter Stein, speaks about the equity beta of a diversified endowment portfolio, the importance of stakeholder communication around long-term positions, and the natural conflicts that occur between endowments with long time-horizons and the far shorter time-horizons of the individuals who run them.

Comments

  • tW
    tgwtom W.
    10 August 2015 @ 00:49
    1 0
    Only when investing for and answering to oneself can ‘the long term' be a pure concept. If subject to others' fears, greed, etc., the concept will break down. Almost impossible to control own behavior
  • JW
    John W.
    9 August 2015 @ 14:55
    1 0
    re bonds, given the bonds available to most of us these days, cash is king waiting for the inevitable correction in public equities...and his commenst on oil/energy were spot on; for some, XON ok now
  • JW
    John W.
    9 August 2015 @ 14:52
    0 0
    notably he did not dwell on long-short strategies, the poster child of most HF these days, but this is a poor substitute for access to decent long provate equity deals.
  • JW
    John W.
    9 August 2015 @ 14:49
    0 0
    I found this thoughtful, but who has access to the deal flow that Yale, U Chicago, etc has ??! If I could scale up to buy whole forests, mines, soccer teams, railroads, Id look smart and make $$$ too
  • BG
    Branislav G.
    5 August 2015 @ 18:08
    0 0
    Haha... Enron had cheap endowments too back in the good old days
  • KT
    Kevin T.
    5 August 2015 @ 16:07
    1 1
    All kinds of things out there that are cheap.... such as? Ok, now I know if I ever run an endowment that communication with my board is important. And buy long term. Unless that would get me fired.
  • JD
    John D.
    5 August 2015 @ 14:35
    3 0
    Bonds are a 'reserve of liquidity'? Apparently this guy never tried to move paper during a credit crisis when anyone holding high grade as collateral is sh*t scared of counter-party risk.
  • JS
    John S.
    5 August 2015 @ 08:42
    2 0
    Markets are broadly efficient?!
  • DH
    Dale H.
    4 August 2015 @ 23:56
    1 1
    Found thoughts on energy investment timing good.
  • MM
    Milly M.
    4 August 2015 @ 20:21
    5 1
    Sorry gents, disagree. Peter raised some v. good points abt liquidity and bonds. Endowment model is always featured in CAIA exam for a reason. Endowments are big HF investors. Wish I heard it 2y ago!
  • AA
    Ali A.
    4 August 2015 @ 17:35
    3 1
    meh 2. Anyone here run an endowment? I don't see how structural/agency issues around institutional investment management are relevant to majority of RTV viewers
  • MC
    Matthew C.
    4 August 2015 @ 15:46
    8 2
    meh

Chapters

  1. 00:00:00
    Background
  2. 00:00:35
    Endowments
  3. 00:04:47
    Asset Allocation
  4. 00:09:04
    Market Ineficciencies
  5. 00:10:54
    Communication
  6. 00:12:23
    Investment Outlook