Tim Barrett

The application companies are in serious, serious hurt with AI coming.

So we think it's a perfect opportunity to dig down to that next level, have discussions with our managers and try to find out how they're repositioning that portfolio.

Absolutely.

I've been doing this for almost 30 years, and I've worked in a number of different places, and I can tell you that governance is the hidden thing that nobody really talks too much about.

and it can radically impact your ability to manage your portfolio successfully depending on how tight that governance is at texas tech we have the government's authority to make those trades we don't go to an investment committee for approval our committee is myself and my investment team

So we're able to quickly do a co-investment if one comes across our plate that we really like.

Or if we want to go into office, we can do that.

We're held accountable at the broad portfolio level to that kind of global 65 plus 35 benchmark, which is our benchmark.

So that's how the board of regents thinks about our portfolios.

Are you beating that on a risk adjusted basis?

And luckily for us, we are.

But at times we aren't right.

I mean, markets go up and down.

We're probably a little more defensive than that benchmark.

Right now.

And I think that's the right place to be, but that governance authority to allow us to make trades, to move the portfolio around as we see fit is critical.

Just think about a regular pension fund that may have to go to a quarterly meeting.

They may have to go to two or three quarterly meetings before they get a change in the portfolio approved.

That's pretty standard practice.

A lot of times it takes two meetings.