David Weisburd

As a CIO at McKenna at University of Virginia at Georgetown, did you have a framework for figuring out how big a manager should be and how to tell when they're getting over their skis?

It's kind of like what got them there won't get them to the next phase.

In the beginning, you're underwriting them as investor, and then later on as a firm builder.

Doesn't mean that they can't do both, but it's a different skill set.

It's like that Dodgers pitcher, Tani.

Amazing pitcher and amazing batter, but literally once in a generation talent, somebody that can do both.

And this re-underwriting of people, you could think of that as the alpha in being an LP.

In the beta, everybody can more or less tell whether someone was a good manager, especially now with AI.

At some point, a high school student will put it in and say, is this a top quartile manager?

It'll be very easy.

That's going to be very quickly commoditized.

What's hard is all things being said, yes, they'd be a great manager, but now with all these different factors, different market environments, different team, different fund sizes, different strategies, will they continue to be?

How do we underwrite the future?

That's where the alpha is.

Well said.

Tell me about structural alpha.

How much was structural alpha part of your investment philosophy?

Reflecting back on your UVA and Georgetown days, you etched in stone the six investment principles.

What is the most important investment principle for creating a sustainable investment program?

Have you been waiting for the perfect time to upgrade your tech?