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
Now, it could well be that you have a team that already possesses some of that and you've developed conviction in their ability to do that.
But even then, that's a learning experience of understanding who you have on the team.
So it's hard for me to give you a precise number of years or meetings, but I would say it's longer than most people appreciate.
And, you know, Warren Buffett always talks about this notion of waiting for the fat pitch.
And although there's rarely this pure no-brainer fat pitch, because there always are shades of gray that something, there's always something that you can come up with that you could dislike about an investment, but you don't want to make that paralyzed to make decisions.
But I do think there, the sense of patience is,
And this notion that you as an allocator should make very, very few decisions over a period of time should become, even if you have plenty of liquidity to do it, and even if you're fully invested in an approach similar to what we just talked about, where the default option is passive, of set this sort of this guideline of being very slow in terms of the number of decisions that you make.
I think is really helpful.
One natural way of doing that is by just having a smaller team.
So when I think of, you know, a typical team size at large endowments could be anywhere from say 10, 20, maybe 30 people.
Depends, they could be even bigger if they're doing, but is trying to keep that number of people, the team size small.
smaller is going to make you less likely to make decisions.
And I think that will just naturally force you to be longer term, force you to make things more slowly, have an inventory of things that you might do.
But I do think there is an advantage of being slow in terms of the number of decisions you make in a period of time.
Whether it's going slow or whatever that criteria is, you have to impress upon people the reason that you're doing that and what you're trying to prevent or what you're trying to guard against.
And then you communicate that rationale.
The logic to that is also it'll make you less prone to chasing fads.
But I think most people will get that if they keep on hearing that story over and over and over again.
The hard part is just the sense of patience, the sense of FOMO, the idea of just doing things.
People like to be doing things.
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