Michael Phipps
speaker
218 appearances
1 recordings
1 series
first heard Jan 2026
last heard 30 Jan
Michael Phipps’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 Jan 2026 with 1.
Appearances
So for families below 250, joining a larger platform
It isn't about giving up control.
It's about gaining access, stability, and expertise that would be nearly impossible to replicate independently.
for the endowment model, it's one that helps set up a framework so that you can think about, as we were discussing earlier, what is that asset doing in my portfolio and how should I think about what its aim is in the portfolio?
To be crude, I think TPA is really a way for
CIOs and managers to really loosen a lot of the constraints that they have felt about an endowment model and give them much more discretion on where they can move capital ultimately.
Because the endowment model itself and having a strategic policy portfolio and having it set where you're working with a board, it's a great governance framework because you can create a great relationship as you need with the governance of that organization.
particular foundation or endowment and the hired hands that are meant to be stewards of that capital.
There's this tension about wanting to have flexibility and moving capital across asset classes.
And I think that can be built into the endowment model and the ranges that you give each of those asset class buckets.
In a vacuum, it's great to think about because you're having every asset or manager kind of compete against one another.
And so...
That is attractive.
Like we were mentioning earlier, you're always thinking about the opportunity cost and trade-offs.
But I think also you have to watch out because you've kind of loosened up a lot of the guardrails in why the endowment model works so well in making you think about having your factor exposure spread out or your diversification assets work for you as you intended.
Managers love it because they have more discretion and they have less...
belt suspenders and handcuffs as to how they can allocate capital.
But you can build that into the endowment model as well.
You want to be cognizant about anything that looks like market timing.
We know that does not pay off well over longer periods.
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