David Weisburd

You've essentially shifted...

this tactical layer down to the manager.

So if you think about what are these multi-strats doing, they're basically trying to fit the best strategy, but it allows you to essentially office gate that layer from your day to day.

So you're not constantly making 53, 47 decisions.

Again, if you go one layer up,

Why does it matter that you're spending all this energy being tactical in your portfolio?

Well, there's opportunity cost to that.

And that opportunity cost is spending more time with your managers, finding the best opportunities and generating alpha where you could actually generate alpha to the manager relationships versus being the best hedge fund manager in the world.

It's very difficult to outperform 0.72 of Ballyasney, which essentially is on the other side of any tactical move.

I don't want to put words in your mouth, but it seems like you tolerate a lot of spikiness within specific domains of your portfolio because you're able to construct your portfolio in such a way that smooths out the returns.

Is that kind of your approach to it?

And is that a philosophy that you adhere to?

If you could go back to 1996, when you first started at San Bernardino County, so you first started as an investor, what's one piece of advice you would have given a younger Tim that would have either accelerated your career or helped you avoid costly mistakes?

Tim, on that note, thanks so much for jumping on and sharing your wisdom and looking forward to doing this again soon.

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Nate, so your family operated in the food business for nearly a century before starting a family office.

What did that teach you about building an enduring franchise?

Last time we chatted, you said that your first 15 years of your family office were mired by many costly mistakes.

Tell me about some of those mistakes.

So you started by outsourcing everything to large financial firms.