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
We talked about what is the edge of the manager?
Why possibly could a manager that has generated alpha and large cap public equity, which everyone is trying to do the same thing and it's very competitive, why is that person going to possibly continue to have that edge, which has existed over an extended period of time?
Why will that continue in the future?
So that notion of underwriting people, understanding edge, and how the fact that that edge could change over time, I think are the two most important.
But then getting back to edge is this notion of being introspective.
You as an allocator, as an asset owner, don't need to do everything.
You don't necessarily have to be good at everything.
I've never invested with, you know, speaking of Stanley Druckenmiller, I've never invested with macro hedge funds.
And he's obviously, if you look at his historical track record, it's exceptional.
But I've never felt that I had any edge at either accessing someone like Stanley Druckenmiller or be able to identify the next Stanley Druckenmiller.
And so trying to make sure you focus on where you have your own edge of your network, the institution's network, and where you have areas where you think
You have no edge.
And maybe you could get better.
Maybe you add someone to the team that can do it.
But even if you add someone to the team, ultimately you as a CIO have to have conviction because if someone is getting you outside of your comfort zone because they have a track record and a history of doing it, and then all of a sudden it doesn't work out short term, as a CIO, you might be prone to the behavioral mistake of pulling the plug at just the wrong time.
And this relates to what we talked about early in terms of being embedded in an institution and really enjoying the fact that you have a board or investment committee or both who have experience of in the corporate world, investment banking, hedge funds, private equity.
And these are individuals that have clearly signaled they will do anything to help you.
they want you to succeed, of trying to leverage them.
And so each institution has a different composition of that board.
And then even beyond that, the alumni network of an institution.
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