Larry Kochard
speaker
464 appearances
1 recordings
1 series
first heard Feb 2026
last heard 11 Feb
Larry Kochard’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
Trying to make sure that you stick to those areas
where there is more likely to be this intersection of skill and edge or skill and inefficiency.
That to me is the definition of structural alpha.
I guess the one area that historically people said is structural alpha is this illiquidity premium.
I think that existed years ago.
You know, if you go back to even David Swensen's pioneering portfolio management is, you know, so many of the things that he was focused on is this notion of being unconventional.
So if you're unconventional, you're by definition is structural alpha.
But I think so much of that has gone away.
I'm just not a believer that there's going to be this beta to owning illiquid assets because there's just so much capital chasing all those illiquid assets.
And so the structural alpha is less about illiquidity and really more about this identifying this intersection between skill slash edge and inefficiency.
And some of those inefficiencies get harder, but some I do think persist just because they're so much harder to invest in.
I'll go through all six, but I'd say the last principle I have in the list is
is people matter.
And something I've already mentioned today is this notion of, you know, we're in the business of underwriting people.
What makes people special?
What makes people you think are going to not necessarily do the right thing on behalf of you as an investor or limited partner?
So constantly underwriting people
And then constantly underwriting, what is the edge?
What is the edge of the institution?
Because we didn't really spend a lot of time with that.
Showing 201–220 of 464 · page 11 of 24
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