Ted Seides - Investment Industry Paradigms - [Invest Like the Best, EP.390]
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How has the investment industry changed since Ted first appeared on Invest Like the Best?
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My guest today is Ted Sides. Ted is the host of the Capital Allocators Podcast and an investment industry expert. It had been seven years since Ted and I last talked on the record, and he was one of my very first guests on Invest Like the Best. Now that Ted has a full time focus on all things capital allocators and has stepped away from traditional investing roles, he shares with us the wisdom he has gained from being a neutral third party in the conversations with countless industry experts. We discuss the evolution of the LP and GP relationship, the scale of institutional investing, and the nuance of asset allocation, and much more. Ted also has a new book out called Private Equity Deals that recounts many of the individual case studies that he has explored on the show.
Please enjoy my conversation with Ted Sides. So it's been seven years since we did this on the record, which is insane because originally my plan was to make seven episodes of this thing. And now here we are both seven years later, having made, I don't know, a thousand between us or something like this. How has your view of the investing industry changed the most as a result of being this neutral third party that gets to talk to everybody?
The first is the institutional investing world is just a lot bigger than I realized. That was the big joke when I started. How many of these can you do? And is anyone actually going to be out there listening? And the last thing I did was to do it for personal branding or anything. I thought I knew everybody in the world. So that's a big thing. And then with that comes Different people, different ideas, everyone trying to figure out incrementally how can they be better than what they had learned before. So I don't know that there are like these big revolutionary changes now people think about investing is sort of on the allocator side, but there's incredible brain power in thinking about how do you improve things on the margin.
And it feels like each person on that side that I have on the show, there's two or three nuggets. You're like, oh wow, I hadn't thought of that before. So I think that's the biggest thing. Broadbrush, I got lucky. I started in the business working for Swenson. there's almost nothing that he's said that's been proven incorrect in his thesis about how he went about investing. And so I don't know that there are like significant changes in how I've thought about investing or learned from it, but there's just so many things in the implementation of it from like the high level down that have come
through.
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Chapters
8 chapters
1
How has the investment industry changed since Ted first appeared on Invest Like the Best?
0:00–8:42
2
What are the biggest shifts in the LP‑GP relationship and why do they matter?
8:42–17:18
3
Why is the traditional asset‑allocation model considered outdated and what replaces it?
17:18–24:01
4
Which LPs are innovating with new portfolio‑management approaches?
24:01–31:57
5
What determines which capital pools (sovereign wealth, endowments, retail) win or lose?
31:57–38:53
6
How did the Yellowstone Club deal illustrate the complexities of private‑equity transactions?
38:53–45:53
7
What made the 3G Burger King acquisition the highest‑return private‑equity deal ever?
45:53–53:54
8
What are Ted’s biggest takeaways about communication, storytelling, and building lasting relationships?
53:54–59:29
Speakers
1 identifiedMore from Invest Like the Best with Patrick O'Shaughnessy
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