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849 total appearances

Appearances Over Time

Podcast Appearances

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

We were setting up appropriate governance that we were always asking ourselves, is this as agile as we can be?

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Are we learning from one another?

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Are we sharing and being transparent with not only ourselves, but with the board?

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

And again, a lot of that was just cultural, you know, really starting to think as a team.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Really, I used to use the phrase like, let's think like asset owners, not asset allocators.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

The word allocator is

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

really wasn't a term we used in the Canadian pension kind of space, if you will.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

We thought of ourselves as asset owners.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

We thought of ourselves as, you know, investors, not allocators.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Allocators feels very passive.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

And so it was really about positioning ourselves as a senior team and moving that culture through the organization so that we all felt like owners at the end of the day and be held accountable for those decisions through the lens of the total fund, not just our own individual asset class.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

First of all, finding a few initiatives that everyone could really rally around, taking the pulse of the organization to see like what gets folks excited.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Again, if you think back, you know, first and foremost, I was just excited and hoping to get bums in seats on the same days, you know,

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Years out doesn't sound like a big ask, but I think in the midst of it, it was a very difficult, it was difficult on the organization to have everyone aligned and agreeing, or at least, you know, if they didn't agree, buying into this idea that let's pick three days where we're all here and we'll work remotely on the other two.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Why was that important?

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

I think for an organization, an investment organization to be healthy, it has to be almost like a teaching hospital.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

I use that analogy a lot.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

We got to be around.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

Senior people have to be mentoring people.

How I Invest with David Weisburd
E292: How the Former CalPERS CIO Built a High-Performance Investment Culture

And training junior people, peers, need to be open-minded to the notion that you're not the smartest person in the room.