David

But it appears that the availability of liquidity would have been helpful in both of the crises. So that's the lesson learned.

You need to really have a prepared mind. You need to be ready for it, almost a visualization exercise to get the whole organization behind the strategy ahead of time.

You need to really have a prepared mind. You need to be ready for it, almost a visualization exercise to get the whole organization behind the strategy ahead of time.

You need to really have a prepared mind. You need to be ready for it, almost a visualization exercise to get the whole organization behind the strategy ahead of time.

Implicit to this is CalSTRS seems to have a very flexible governance structure that you're able to move very quickly on opportunities. Talk to me about your governance.

Implicit to this is CalSTRS seems to have a very flexible governance structure that you're able to move very quickly on opportunities. Talk to me about your governance.

Implicit to this is CalSTRS seems to have a very flexible governance structure that you're able to move very quickly on opportunities. Talk to me about your governance.

CalSTRS is famous for utilizing structural alpha. What is structural alpha?

CalSTRS is famous for utilizing structural alpha. What is structural alpha?

CalSTRS is famous for utilizing structural alpha. What is structural alpha?

Speaking to people about David Swenson, this really reminds me of his style where he would both advocate for Yale, he would advocate for other LPs, and he would also advocate for the GPs. You take a step back and you say, that kind of sounds nonsensical, but really it's non-zero-sum. If CalSTRS comes in and anchors a fund or anchors a new strategy, that's massive alpha for the GP.

Speaking to people about David Swenson, this really reminds me of his style where he would both advocate for Yale, he would advocate for other LPs, and he would also advocate for the GPs. You take a step back and you say, that kind of sounds nonsensical, but really it's non-zero-sum. If CalSTRS comes in and anchors a fund or anchors a new strategy, that's massive alpha for the GP.

Speaking to people about David Swenson, this really reminds me of his style where he would both advocate for Yale, he would advocate for other LPs, and he would also advocate for the GPs. You take a step back and you say, that kind of sounds nonsensical, but really it's non-zero-sum. If CalSTRS comes in and anchors a fund or anchors a new strategy, that's massive alpha for the GP.

CalSTRS is able to come in and capture some of that alpha. It truly is a win-win. It's truly a non-zero-sum arrangement.

CalSTRS is able to come in and capture some of that alpha. It truly is a win-win. It's truly a non-zero-sum arrangement.

CalSTRS is able to come in and capture some of that alpha. It truly is a win-win. It's truly a non-zero-sum arrangement.

You manage 350 billion or over a third of a trillion dollars, kind of a crazy number. In what way is your capital base an advantage? In what way is it a disadvantage?

You manage 350 billion or over a third of a trillion dollars, kind of a crazy number. In what way is your capital base an advantage? In what way is it a disadvantage?

You manage 350 billion or over a third of a trillion dollars, kind of a crazy number. In what way is your capital base an advantage? In what way is it a disadvantage?

When we last chatted, you mentioned that you look for supply, demand and balances in the market. How do you find markets with supply, demand and balances? Thank you for listening to join our community and to make sure you do not miss any future episodes, please click the follow button above to subscribe.