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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And so you already have a little leverage.
You just have to be careful.
The total portfolio approach, there are a number of endowments that they don't call it that, but they do a version of that already.
They're not bucketing a target allocation to buy out, target allocation to venture, target allocation to this and that across the portfolio.
And they're thinking of it more as, okay, what is my beta to public equity?
Which is the way I've approached it, which is, you know, it can do a total portfolio approach.
The endowment model, which...
has different elements.
It's to some extent embedded in some of the things that we talked about, whether it's being long-term, focusing on illiquidity, focusing on your edge, focusing on inefficiencies, being able to be unconventional and contrarian, playing to the strength of the organization because you have these alumni that are really willing
and able to help you, which does give you an edge and access.
That's all elements of the endowment approach.
I'd say a couple tweaks is one is endowments historically have been very benchmark, less benchmark sensitive.
than say pensions.
Pensions run at a certain tracking error and the way they think of risk is not just absolute level of drawdown, but also how much they're deviating from their benchmark in terms of return.
They're so much more benchmark sensitive and aware than endowments have historically been.
It does appear that in light of the fact that there's been this, you know, enormous gain in the public markets over the last few years, driven by mega cap stocks, which has caused private investments to lag.
that there are a number of endowments that have been lagging public benchmarks, which I think is causing a rethink in terms of being more benchmark aware.
That's more so more to pensions.
I don't think that's going to lead to big changes, but I do notice there's more of a discussion about that among CIOs.
I'd say where you're seeing, you're probably going to see differences is one is endowments have just gotten much less liquid.
Showing 381–400 of 464 · page 20 of 24
← Previous
Next →