Peter Stein

Featuring Peter Stein

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.

Published on
4 August, 2015
Topic
Risk Management, Portfolio Management, Positioning
Duration
16 minutes
Asset class
Bonds/Rates/Credit, Commodities, Equities
Rating
85

Comments

  • tW

    tgwtom W.

    10 8 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 8 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 8 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 8 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 8 2015 18:08

    0       0

    Haha... Enron had cheap endowments too back in the good old days

  • KT

    Kevin T.

    5 8 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 8 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 8 2015 08:42

    2       0

    Markets are broadly efficient?!

  • DH

    Dale H.

    4 8 2015 23:56

    1       1

    Found thoughts on energy investment timing good.

  • MM

    Milly M.

    4 8 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 8 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 8 2015 15:46

    8       2

    meh