Christopher J. Ailman
speaker
229 appearances
1 recordings
1 series
first heard Feb 2026
last heard 3 Feb
Christopher J. Ailman’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
But the asset allocation operating very cost effectively.
When you're a big fund, you're going to hopefully capture the beta of whatever the markets give you any given year.
Boss saw a headwind in that and a drag and portfolio changes then kick up more transaction costs.
So trying to be a steady long term investor, I constantly told the staff that, you know, one year is like a mile in a marathon.
What we care about is the pace and keeping our eyes on the long term.
Britt Harris said it in one of your podcasts.
At that scale, you've got the power of negotiation, using your size to an advantage when you negotiate, but also by not chasing the latest, greatest idea.
So often I would see investors go after new ideas here and there that proved to be very, very expensive.
And by paying attention to the net cost, we did a lot more passive.
We spent the money on active management fees where we thought it made sense.
We ran our fixed income in-house.
We ran most of our passive equity in-house, very, very low cost.
And even back then in private equity, we were trying to negotiate.
We didn't really get into co-investments until later on.
But trying to pay attention in real estate, we started investing in real estate operating companies.
literally before the 07, 08 crash.
But that provided another opportunity where instead of partnering with a firm and paying them a fee to manage your assets, you could own part of that firm.
Because one thing is clear in money management, they do make money up and down markets and you're going to pay fees.
better said than I could.
I borrowed ideas from everybody.
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