Dave Morehead @CIO_Baylor Twitter profile

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Dave Morehead

@CIO_Baylor

6 months

Appreciative to @tseides for making this happen. Hopefully it’s helpful to those trying to improve their institutions and help their constituents!

Top Down Allocation at Baylor - Capital Allocators with Ted Seides

Podcast CAU Content div]:overflow-hidden group-[.filter-results-wrapper.list-view]:grid-rows-[0fr] “> Top Down Allocation at Baylor With: David Morehead Allocator E&F Episode: 381 April 22, 2024...

www.capitalallocators.com

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Dave Morehead

@CIO_Baylor

5 months

My experience in the CIO seat is that you (should) work more, not less; that you (should) become less, while the team becomes more; that you (should) play defense as well as offense; and that others’ wins (should) become the wins that matter. On the one hand, you lead the charge

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Dave Morehead

@CIO_Baylor

5 months

As with any organization, the leader of an investment office sets the tone for the team. I love this from @AdamMGrant . If it’s all about you, then your results will be sub-par as you won’t incorporate others’ good ideas. Humility is aspirational, as it’s both honest (no one

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Dave Morehead

@CIO_Baylor

6 months

Continuing with thoughts about the CIO seat, we’ve all had managers that were “nuts”, didn’t care, forced us to do non-productive busy work, and left us raging against the organization daily, weekly, whatever…and eventually we left those jobs. Studies have shown that great

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Dave Morehead

@CIO_Baylor

7 months

Strategies we’re not involved with and why…(this does NOT suggest one shouldn’t be involved…we simply aren’t)… Private credit - untested in credit downturn, riskier credits in a tight credit market, and pricing is suspect Multi-manager - intellectually dishonest to believe

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Dave Morehead

@CIO_Baylor

5 months

The older I get, the more sure I am that culture and people are the answer to (almost) everything. The following is about the above. It’s the CIO’s job to set the culture and be the gatekeeper for the organization on the people side. Obtaining resources and shielding the

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Dave Morehead

@CIO_Baylor

6 months

I think that one of the “tests” for any CIO or leader is this…at the end of the day, will you sacrifice your job for your team? As with families or pets, the team at work can sense the answer and will respond in kind. Loyalty comes from safety and demonstrated care, not more

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Dave Morehead

@CIO_Baylor

5 months

With an investment staff that is 80% female, we’re HUGE fans of Mother’s Day! Not only are our ladies top tier investors and moms, but are also, in turn, CFA charter holders, graduates from some of the top MBA programs in the country, instructors at Baylor’s Hankamer School of

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Dave Morehead

@CIO_Baylor

6 months

As a small team, productivity is one of our highest goods. To make sure this remains preeminent, we question our routines and processes repeatedly. And we also delve into the personal/professional crossover to ensure our office isn’t putting extraneous or unimportant demands on

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Dave Morehead

@CIO_Baylor

2 months

So, then students ask, “what do you do in a given day?” It’s a relevant question as college students are used to “doing” things within a structured schedule. But ours is a “thinking” job with broad reach…as the general manager, we’re not sitting around and watching “baseball

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Dave Morehead

@CIO_Baylor

3 months

Institutional Investor Allocator’s Choice Awards Congratulations to you and your team on being nominated in the Allocator with the Best Hedge Fund Portfolio category at the 2024 Allocators’ Choice Awards taking place September 12th at theMandarin Oriental in New York, NY.

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Dave Morehead

@CIO_Baylor

5 months

To summarize, we view quarterly reviews and details on individual companies as broadly unhelpful in our roles as allocators. However, we are VERY good at sharing anecdotes and information we glean across our platform to further our managers’ ability to make money. That, then,

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Dave Morehead

@CIO_Baylor

4 months

After two days in NYC visiting with managers, I have a few perspectives… (1) everyone is talking their own book…there isn’t a clear consensus trade that allocators are running to (2) that said, growth equities still receive the most interest, with energy not too far behind

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Dave Morehead

@CIO_Baylor

6 months

Just like in football, some endowment offices are set up with a “head coach” and then “sector coaches” who call the plays. We run a flatter structure where the “head coach” calls “marketables” and the one who calls “privates” is a de facto co-CIO. For us, the “marketable” and

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Dave Morehead

@CIO_Baylor

5 months

It is certainly not my personality to do so, but there is a lot of scientific evidence that operating at 85% is the proper way to employ one’s energy toward work. In tennis, professionals do not hit at max power 100% of the time (though club players often do). Energy is

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Dave Morehead

@CIO_Baylor

5 months

There is definitely a difference between a CIO organizational role and a CIO investing role. In the organizational CIO world, you have meetings, comp, HR, hiring, culture, roles & responsibilities, media relations, marketing, constituent engagement, asset class setup, strategy

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Dave Morehead

@CIO_Baylor

5 months

It’s been interesting to see first hand how great people + increased freedom leads to an exponential increase in deal flow/ideas. In the past four years, we’ve added 2 investors (to prior core of 3) and received new “tools” from our investment committee. The combination has

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Dave Morehead

@CIO_Baylor

7 months

For marketers…what should the first meeting be about? If an introductory Zoom call, we’re interested in what you do, how you do it, and why. We do NOT want to go page by page through a deck. How does the strategy do up or down 10% in the market? 20%? Why? What is the

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Dave Morehead

@CIO_Baylor

4 months

Longevity matters in endowment management…and for multiple reasons. At an individual level, one’s skillset gets materially better over time. This is true in any vocation. The difference in an allocation seat, however, is that the sandbox we play in is enormous. Unlike a

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Dave Morehead

@CIO_Baylor

3 months

With the close of June, the "endowment olympics" officially begins. Clearly, with the extraordinary performance of the market weighted equity indicies, the smaller endowments will take the podium this year (which is fantastic given it is these schools who are most at risk from

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Dave Morehead

@CIO_Baylor

6 months

In my opinion, the CIO seat is really about keeping the focus on the university’s students. It’s about taking on risk today in order to outperform tomorrow. It’s about constantly refining and executing one’s craft, no matter how much time or effort it takes. It’s about hiring

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Dave Morehead

@CIO_Baylor

7 months

It’s only fair to also provide some of the strategies we are interested in… L/S equity - typically in more volatile sectors like tech, biotech, financials, energy; probably currently have the highest allocation we’ve ever had to this category Idiosyncratic - have been

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Dave Morehead

@CIO_Baylor

5 months

Baylor named 1 of 64 pretty college campuses in US by Architectural Digest.

Baylor named one of the prettiest college campuses in America by Architectural Digest

The magazine says they searched the country to find the prettiest colleges campuses and compiled a list of 64 colleges.

www.kwtx.com

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Dave Morehead

@CIO_Baylor

4 months

The second learning is related to the first (that collecting investment “tools” matters). It’s that the makeup, flexibility, and timeliness of one’s IC is crucial. For starters, the IC is often where one goes to get more “investment tools”. Thus, an unresponsive IC becomes an

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Dave Morehead

@CIO_Baylor

3 months

One of the tenets of portfolio management is diversification, not just in returns, but factors, markets, cash flow, etc. Many of the coastal schools got out of energy markets 4-8 years ago, for political, non-investment reasons. But right now, while private equity is not

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Dave Morehead

@CIO_Baylor

5 months

In a manager meeting today, one of our favorites unveiled a “liquidity policy”. How many private managers have such? Shouldn’t they all?!! I suspect that going forward, GPs with strong DPIs will be rewarded at the expense of bottom DPI performers. It is in the business’ best

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Dave Morehead

@CIO_Baylor

5 months

We’d also like to applaud another manager of ours for using new fund capital to buy a company from a prior fund…with associated sign-offs from both fund LPACs. If the company fits the mandate and risk-reward of the new fund, use the capital you’ve already raised. We’d like to

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Dave Morehead

@CIO_Baylor

5 months

I’m a fan of (constant) tinkering. There’s something about moving puzzle pieces around that unlocks new ways for them to fit together. Yesterday at an investment committee meeting we discussed a new approach to two different “trades” that we’ve previously done. Today, I

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Dave Morehead

@CIO_Baylor

3 months

It seems clear that AI has captured the attention of investors (us too, by the way). But that also provides opportunity…if you look where others are not. Experientially, we’re finding LOTS of things to do outside of tech…energy, real estate, other hard assets,

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Dave Morehead

@CIO_Baylor

2 months

Following on from the last two posts…here’s how we think about this job and what are some predictors of success in this field… Capability with numbers Facility with puzzles Innate curiosity Willingness to pick up the phone Putting the pieces together Thinking about what

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Dave Morehead

@CIO_Baylor

6 months

Industries we think are interesting presently… Crude - supply deficit in next 5 years US nat gas - more LNG liquefaction coming online in 9 months; higher demand vs low price Helium - supply shortage and critical/crucial to semis (read through to AI and chip dominance) and

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Dave Morehead

@CIO_Baylor

4 months

I was asked to expound on top 3 learnings we’ve realized over the past 13+ years… The first one is that tools matter. It’s an overused analogy, but the more tools you have at your disposal, the “better” (more asymmetric) a portfolio you can build. Adding “convexity” to a

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Dave Morehead

@CIO_Baylor

5 months

One of the more consequential things we try to instill is thinking in a “connected” manner. In other words, how does the information you are in receipt of “connect” to other strategies and positions in the portfolio. We believe that taking copious notes in a manager meeting is

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Dave Morehead

@CIO_Baylor

4 months

Not saying this will happen, but it seems possible to us. We think AI drives margins higher…in the range of 200 bps or more market-wide. Times a 20x market multiple suggests market should/could be 40% higher in 5 years. (We think margin gain and timing could be conservative.)

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Dave Morehead

@CIO_Baylor

6 months

So we’ve discussed the importance of good governance…it’s the foundation for everything else. We’ve also reviewed team and culture, along with development of younger analysts. And we’ve dabbled in portfolio construction…at least hitting the high notes. What I haven’t offered

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Dave Morehead

@CIO_Baylor

6 months

I’ve thought a lot about how to best describe our team. It’s not a family, because family members are part of that group whether they want to be or not. It’s not a sports team, which I’ve heard recently, as money isn’t the primary object for joining the team. What I’ve settled

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Dave Morehead

@CIO_Baylor

3 months

Transparency within the workplace comes in many colors. It could be related to career progress, potential, compensation, and advancement. Or, it could reference knowledge, inclusion in strategy, go forward planning, and institutional goals. It could also relate to

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Dave Morehead

@CIO_Baylor

4 months

@jasongoepfert @erinarvedlund The 12 month out result looks pretty good

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Dave Morehead

@CIO_Baylor

6 months

I was reminded today (because it’s the time of year for personnel evaluations) of how important it is to have everyone on your team pulling together. (We do.) Our requirements for joining the team are (1) can you do it (not have you done it), and (2) do you want to do it. Then

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Dave Morehead

@CIO_Baylor

6 months

I frequently get asked about our office’s location requirements. We come down firmly on the side of in-office for investment staff. Ops/legal is easier to do remotely and tends to be task-oriented so our folks in those seats primarily operate from home offices. But for a

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Dave Morehead

@CIO_Baylor

4 months

For BU students/grads…sometimes I’m asked what math is required in investing. Here’s a brief summary… Accounting - not really math, but the language of finance, so really helps to know it (doesn’t mean you need a CPA…you don’t) Algebra - regular way, not trig; understanding

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Dave Morehead

@CIO_Baylor

7 months

Great article by Bloomberg on private credit (although this issue occurs in private equity as well). Any trader worth their salt will tell you the most important thing is being marked correctly, for only then can one make appropriate decisions based on good information. We push

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Dave Morehead

@CIO_Baylor

4 months

Finally, constituent engagement matters…a lot! Here, there is not a “do this” suggestion list because every university is different. The only reason I started offering perspectives via X/LinkedIn is because I was at a wedding where a fellow was wishing we could use endowment

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Dave Morehead

@CIO_Baylor

7 months

29 years ago today, two HS sweethearts wed. Marriage isn’t without its ups and downs, scares and surprises, with tears of loss and elation. But she’s still my best friend!

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Dave Morehead

@CIO_Baylor

7 months

The single biggest mistake that I see in portfolio construction (inclusive of allocators, consultants, OCIOs, board members, etc) is trying to outperform across every “category” in the portfolio every year. We’ve previously discussed the arbitrariness of categories. They are

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Dave Morehead

@CIO_Baylor

4 months

At the end of the day, on both the private side and public side of the book, one must avoid FOMO, plan beyond what others are doing, and be willing to underperform today in order to outperform over the long term. It’s not complicated, but it’s not easy. Standing apart or taking

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Dave Morehead

@CIO_Baylor

7 months

Which are you…an allocator or an investor? I get this comment from managers sometimes. To be honest, the first few times I heard this I didn’t get the distinction. The seat I’m in is, by definition, that of an allocator. But my growing understanding is that managers

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Dave Morehead

@CIO_Baylor

6 months

University endowment fytd preformance setup is a continuation from last year. A 70/30 S&P/Agg portfolio (approx for smaller endowments) is up 14.75% since June 30th. A 60/30/10 Burgiss Private (qtr delay)/S&P/Agg portfolio (approx for largest endowments) is up 6% -ish over the

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Dave Morehead

@CIO_Baylor

5 months

As we (gratefully) head into the weekend, it’s important to remember to have fun in this “Monday morning quarterback industry on steroids.” We do so, in part, by having prop/side bets with each other on…which side of the house outperforms the most (2-2 over past 4 years), whose

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Dave Morehead

@CIO_Baylor

8 months

One of our first lessons with new hires is around opportunity cost. “What are the odds we find a 20% return opportunity sometime in the next 4 years?” “I dunno…pretty high, I guess,” they respond. “Well then our opportunity cost is 5% per year. Add that to the 2-4 year

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Dave Morehead

@CIO_Baylor

8 months

We believe that much of corporate/financial decision-making can be described as long vol or short vol. Long vol positions mimic a long straddle, where you pay some amount for protection or exposure, but win if the move in either direction is large enough. Short vol is the

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Dave Morehead

@CIO_Baylor

8 months

Mentoring is a key aspect of staff development for our office…perhaps because we have a “younger” investment staff. Like with any mentor role, to do it right takes an immense amount of time and effort. But the payoff is on the back end, after the mentee has grown in

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Dave Morehead

@CIO_Baylor

7 months

We believe that good ideas can come from anywhere. While we don’t invest in all categories, we do listen to pitches from ALL sources. In the end, a portfolio is a system of linear equations. Truncating the inputs necessarily means that the system will not be optimized as well

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Dave Morehead

@CIO_Baylor

8 months

5 Do’s for investment management marketers… 1. Do be straightforward with the prospect about the firm you’re representing…you are the eyes/ears for the client. If you can’t be honest about your employer, it’s time for a new job. 2. Do be an advocate for your client within

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Dave Morehead

@CIO_Baylor

8 months

Another thought from this week’s conference…a lot of people are thinking/asking about how to “play” AI. I’m not sure that’s the right perspective. We view AI as far more impactful to corporate profits than the internet has been. The internet is a platform…AI is a value

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Dave Morehead

@CIO_Baylor

4 months

Fifth, use the benefit of your capital permanency. This is a key advantage of endowment pools…one that large PE and HF firms seek to replicate by going public. Marketable firms, in particular, are constrained in how they can invest lest they get into an asset/liability

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Dave Morehead

@CIO_Baylor

8 months

Diversification is a hallmark of nearly every E&F portfolio. But that’s primarily been a positioning focus. Given the inherent lag between public market returns and private market valuations, there is a good case to be made for diversifying this lag. A (roughly) 50/50 split

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Dave Morehead

@CIO_Baylor

7 months

Categories within the endowment are important, but primarily as a communication device. There isn’t anything sacred about names or meanings of internal portfolio categories. The markets certainly don’t care. We use broad categories to communicate with our constituents, but

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Dave Morehead

@CIO_Baylor

4 months

The third learning relates to portfolio construction and the process of assimilating into the allocator role. When I switched sides of the desk after 18 years on the direct trading/investing realm, I did what anyone new to a role does. I looked at what the “best” did and copied

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Dave Morehead

@CIO_Baylor

2 months

Again for Baylor (or other) students…it occurred to me that some of you might not fully understand how the industry breaks down. Let’s use a baseball analogy… University - owns the baseball club, but only as a means to create excess revenue which is then used to fund a

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Dave Morehead

@CIO_Baylor

5 months

@MebFaber @erinarvedlund @Vanguard_Group I’ll take the over

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Dave Morehead

@CIO_Baylor

7 months

For marketers…in person meetings vs Zoom? We, like everyone, are trying to be as efficient and productive as possible with a small team. Zoom is of great help in that regard, as video calls are MUCH more informative than phone calls in getting to know someone. Therefore,

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Dave Morehead

@CIO_Baylor

4 months

Here’s some other classwork, subject matter, that’s relevant to investing… Business Law - incorporation, bankruptcy, contracts, liens, torts; particularly necessary in credit/distressed Economics - this is easily the most important subject, outside of finance, for those

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Dave Morehead

@CIO_Baylor

5 months

More to the tinkering point…not only did we discuss new “trades” with the IC on Monday, but by Thursday we had further new ideas about improving/restructuring a completely different part of the portfolio. And this wasn’t even on our radar on Monday. New information plus new

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Dave Morehead

@CIO_Baylor

8 months

5 Don’ts for investment management marketers… 1. Don’t lie…it may not get found out in the moment, but when it does, you’ll lose all credibility and never make a sale with that prospect. 2. Don’t say that all of the firm’s products are equally good…this is intellectually

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Dave Morehead

@CIO_Baylor

7 months

Regarding portfolio construction, something as rudimentary as a 70/30 EQ/FI allocation or as complicated as a multi-manager pod book can be implemented. What’s important is that the manager of that portfolio understands the risk/return profile and interaction between EVERY line

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Dave Morehead

@CIO_Baylor

8 months

It’s important to keep in mind that the purpose of endowment investing is to create larger dollar distributions for students who might not otherwise be able to attend college. A few bits come from this…(1) sharing amongst endowment offices should be desirable as all students

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Dave Morehead

@CIO_Baylor

7 months

We begin all investment considerations with risk. Is it a risk we want to take? Are we doubling (or tripling) risk we already have? Is there an offset or mitigant for the risk associated with the investment? Is there knock-on or contingent risk that should be considered?

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Dave Morehead

@CIO_Baylor

9 months

It seems to me that there are a few general approaches to endowment management. There is the view that markets are efficient and investors can’t time markets, so focus is on category allocation, diversification and “winning”with manager outperformance; thus interviewing 3000

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Dave Morehead

@CIO_Baylor

7 months

Learning from others, particularly those who are more advanced or ahead of you on the path/journey, speeds your own progress and further develops your capabilities. We have long known that the larger endowments use “funds of one” structures in their portfolios. But we are only

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Dave Morehead

@CIO_Baylor

8 months

The reason having liquidity tomorrow requires a return give-up today, is because the markets and cash flow profile of a private portfolio are too variable to accurately estimate. To be certain of liquidity in the future, one cannot count on models or expectations. Contractual

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Dave Morehead

@CIO_Baylor

8 months

Speaking with the esteemable Ken Lee of Children’s Health earlier this week, we discussed the biggest “pain trade” for the market…or at least for the broader allocator community. Here’s my answer…a pickup in inflation. That would push rates back up, cause equities to decline,

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Dave Morehead

@CIO_Baylor

9 months

Governance…perhaps the most important aspect to drive (or throttle) returns, but arguably the category that gets the least amount of time and effort. Our investment committee is exceptional; not too big, not too small, no egos that are trying to control, good listeners,

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Dave Morehead

@CIO_Baylor

3 months

@AliciaMcElhaney Post 1yr, 5yr, 10yr? Post by size cohort? I think the key thing is to always frame as “these are returns for institutions that have different goals and objectives, and so returns aren’t directly comparable.” The KEY bit left out is the leverage and risk taken to achieve said

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Dave Morehead

@CIO_Baylor

8 months

On the private side, we don’t believe that size of company owned correlates to more risk. If one looks at the VC industry as a whole, I believe the answer is that it has never lost money over any 10-year period. If so, then VC is not more risky than energy, which has lost money

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Dave Morehead

@CIO_Baylor

6 months

This industry is full of A-type individuals and it’s important to realize such. Linear thinkers tend to prize efficiency and productivity and are frustrated by rules or regulations that impede their goals. Leading such people means being aware of and removing hurdles that

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Dave Morehead

@CIO_Baylor

8 months

Was at my first conference in a while, Institutional Investor’s inaugural West Coast conference. I always come away impressed at the capability and acumen of investors in this space. The degree of care about the mission of the respective organizations is encouraging and

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Dave Morehead

@CIO_Baylor

7 months

We assess everything that occurs in our office on an (unofficial) ROI basis. If it’s contributing to our goals/objectives then we’ll continue to engage in it; if not, we stop (particularly if we determine we’re bad at it). Trips have a 10x cost/benefit requirement. Development

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Dave Morehead

@CIO_Baylor

10 months

Each week I’ll discuss a topic related to endowment portfolio management. The purpose is to sponsor thought and discussion around the topic. Views are my own. Some perspectives may be more controversial than others. This work is a social good. The goal is to do better.

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Dave Morehead

@CIO_Baylor

8 months

My personal experience with selecting managers for the endowment is that 70% end up "fitting" in the portfolio as intended. (That means I get 30% wrong.) If this is a consistent "success" rate, then it necessarily takes 3 tries to get to a portfolio where 100% of one's managers

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Dave Morehead

@CIO_Baylor

8 months

Opportunity cost + the risk-free rate gives us the hurdle rate for marketable investments (where we're trying to make money...as opposed to investments that are used to lose less money in difficult markets). The hurdle rate on the private side is more involved...and is developed

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Dave Morehead

@CIO_Baylor

3 months

I like this Peter Thiel quote… “This is why I think competition is always this very two edged thing. When you compete ferociously, you will get better at that which you’re competing on but you will always narrow your focus to beating the people around you. And it often comes

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Dave Morehead

@CIO_Baylor

6 months

@eckertjon @Baylor Super awesome that this article quotes our team, but not me!!

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Dave Morehead

@CIO_Baylor

7 months

Portfolio construction should begin with the basic elements of finance…debt and equity. But that doesn’t mean one must remain there. Nor does it mean that the “new shiny thing” is necessarily good for the portfolio you are trying to build. At each stage and step along the

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Dave Morehead

@CIO_Baylor

7 months

@tseides Fair enough, if you’re focused on short-dated market movements and don’t want any economic exposure (we’re longer term focused and are ok w economic beta…a la Buffett betting on America). Still don’t like leverage and new market moves tail risk…but some are unconcerned w such.

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Dave Morehead

@CIO_Baylor

4 months

I was asked for top three learnings, but I'll continue through the end of the week. Fourth is, lean into your strengths. This goes to what we all know, individual investors and therefore particular endowments are good at different things. So, lean into it. We're particularly

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Dave Morehead

@CIO_Baylor

7 months

So how does one allocate given previous posts? Start by doing what makes sense to YOU, not what others do. Then, if you have ability or insight, lean into that. We are particularly good at energy, so it’s a higher hurdle than other categories. Don’t try to do everything,

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Dave Morehead

@CIO_Baylor

8 months

We believe that sectors or strategies should be classified or considered as secular and cyclical. Secular growth areas can be positioned and left alone; cyclical categories should be managed, either by the manager or the allocator. Private, locked up investments argue for the

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Dave Morehead

@CIO_Baylor

8 months

We employ a hybrid approach that seeks to split the difference between the generalist and specialization approaches as it relates to staff allocation. Such an approach particularly fits us as we’re top-down philosophically (academia has proven big factors drive the preponderance

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Dave Morehead

@CIO_Baylor

10 months

Merry Christmas from my better half and I…from Waco!

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Dave Morehead

@CIO_Baylor

7 months

@tseides @Nasdaq 100%…though far more difficult than selling an investment. That’s why extensive due diligence on the front end is so crucial!

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Dave Morehead

@CIO_Baylor

9 months

The specialization approach to investment office staff structure has an obvious benefit. Because of the greater focus, individuals in sectors or categories that require more technical expertise (financials, tech/biotech, energy, structured products, potentially even real estate)

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Dave Morehead

@CIO_Baylor

8 months

A big issue for institutional portfolios over the past 15 years has been liquidity…and having such at the right time. Solving this issue isn’t difficult, it simply needs to be addressed prior to when such liquidity is needed/desired. To have liquidity at a future point in

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Dave Morehead

@CIO_Baylor

6 months

@BrianKorchin Admittedly the linkage there is indirect…if shop has good culture, then the developed loyalty leads to less staff turnover (stability), which in our business is directly linked to better returns. We also screen hard to hire folks who are animated by the mission…that also leads

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Dave Morehead

@CIO_Baylor

7 months

@AnalystEgg Credit is the short and overwhelmingly obvious answer in our book.

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Dave Morehead

@CIO_Baylor

7 months

@pvtcreditguy Nope, we’re not. In fact we don’t take courtesy meetings. We start with a deck and decide if a Zoom call is useful. More productive for everyone that way.

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Dave Morehead

@CIO_Baylor

5 months

@LPLawyering I couldn’t agree more. I also have a view that our business plan is different than an outsourced service provider’s business plan. The service provider’s business is to gain and retain clients; our business plan is to generate the highest risk-adjusted returns. Those

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Dave Morehead

@CIO_Baylor

7 months

@pvtcreditguy Yessir…deck, Zoom, in-person…followed by a zillion questions and talking with all sorts of personal references (neighbors, college roommates, long-term friends, etc).

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Dave Morehead

@CIO_Baylor

10 months

Merry Christmas Eve Eve from a damp, rainy Waco, TX! @JanetLorin @AliciaMcElhaney @GZuckerman @nellmooney

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Dave Morehead

@CIO_Baylor

5 months

@GenY_Advisors Personally, I don’t think the details are as important as intention…and then the associated discipline. More along the lines of “if we’re up 3-4x, we’ll seek liquidity of our cost basis”. That doesn’t say when or how, but DOES put a pin in what the GP expects to provide to

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