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 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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How I Invest with David Weisburd · E302: Legendary CIO Larry Kochard On Where Alpha is Today · 11 Feb 2026 podcast

First of all, to get back to your point, I do think the notion of fundamental investing as opposed to being tactical, trying to be more of a trader, it's really important to me to opt for that long-term approach to investing.

If you do adopt this long-term approach to investing, it's really important to, again, have the buy-in from all the constituents because there are going to be times when that long-term approach is not going to work.

And making sure that you have the personal fortitude.

There's a long literature of behavioral finance that talks about why people fail in their own portfolios.

But then you kind of layer in the notion that you're investing on behalf of an institution and making sure that that institution is an asset as opposed to a liability, which could make you even more prone to behavioral mistakes is really a significant, you know, it was a significant epiphany for me of understanding that.

So again, there's this notion of trying to make sure that the investment portfolio is impervious to these behavioral biases and making sure that both the team is not susceptible to that.

And one of the ways you achieve that is by having diversity of thought in the team.

Having a team that's very comfortable

pushing back, having a team that's very comfortable changing their mind.

There's been a lot of evidence that people become intransigent, in particular when things go against them.

So they just don't change their mind.

They just hang on to their losers.

But then also having this notion that

the institution is supportive of this long-term approach and not constantly second-guessing for short-term reasons.

They could second-guess for long-term reasons if there's a flaw in the process.

If it does appear that the team is much more of a momentum-oriented investment strategy, that's certainly something that should be pushed back upon.

It could well be that the team does too much in a certain asset class.

But having that ability to sustain through the ups and downs of the market and sticking to that long-term approach to investing is what I talk about sustainability.

We were much more liquid.

And so some of the problems that a lot of other endowments had gotten themselves into is having too much in the way of unfunded commitments.

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