Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
My guest today is Scott Malpass. Scott was the CIO of Notre Dame's endowment for 32 years and has always been a pioneer at the forefront of the endowment investing world - leading Notre Dame's early investments into Sequoia as well as some of the premier fund managers in China decades ago. Scott built the endowment into a powerhouse, scaling it from $400 million to over $12 billion of assets under management across 175 managers. In our conversation, we talk about the qualities he looks for in great investors, how asset classes have evolved over his 30 years of investing, and how Scott recruited top talent to work at Notre Dame’s endowment. Scott is clearly on the Mt. Rushmore of institutional investors, and I’m lucky to consider him a mentor and a friend. I hope you enjoy this great conversation with Scott Malpass.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
------
This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.
------
This episode is brought to you by Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com.
------
Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @patrick_oshag | @JoinColossus
Show Notes
[00:03:54] - [First question] - Finding his way to investing and Notre Dame
[00:06:11] - Key milestones of running their endowment for so long
[00:07:58] - What an endowment model is and how it’s evolved
[00:10:30] - The ingredients that unite their shared successes
[00:11:46] - His philosophy on building a differentiated investing team
[00:13:11] - How he approached talent identification when hiring new managers
[00:15:39] - The importance of understanding who someone was before they became an investor
[00:17:12] - Episode: Steve Mandel, Investing Behind Change
[00:17:28] - Whether or not someone has a reliable and solid core
[00:19:03] - Differentiating between self-confidence and an over-inflated ego
[00:20:27] - Evaluating real investing skills in an individual
[00:21:44] - The most memorable major early partner he brought on to the endowment
[00:23:14] - What made Don Valentine and Sequoia so special
[00:24:21] - Forcing good long-term incentive alignment with a firm
[00:26:35] - What makes a GP exceptional in how they treat LPs
[00:28:01] - How many managers actually have the ability to create alpha
[00:29:24] - His thoughts on venture capital and how he’s seen it evolve
[00:32:40] - The role private equity played in his success and how it’s changed over the years
[00:34:36] - Why diversify when managing such a large pool of capital
[00:35:58] - Public equity as an area of opportunity relative to private and venture capital
[00:38:08] - Bonds in an endowment and high net worth family offices
[00:39:32] - Whether or not equities are still appealing
[00:40:20] - Lessons from investing in China so early in his career
[00:42:59] - What he’s learned about effective leadership from leading the team at Notre Dame
[00:44:54] - Advice on building your own basic portfolio
[00:47:03] - Portable classroom lessons that lend themselves to effective teaching
[00:48:28] - Why it’s important to do team-building exercises and off-sites
[00:50:07] - His thoughts on cryptocurrency and how others should think about it
[00:51:52] - Students that he’s most proud of across his career
[00:54:56] - Ways you should spend your 20s if you want to become a great investor
[00:55:49] - What’s on the horizon for him over the coming years
[00:57:55] - The kindest thing anyone has ever done for him
Adam Sandow - The Power of Print Media - [Invest Like the Best, EP.376]
Howie Liu - Building Airtable - [Invest Like the Best, EP.375]
Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]
Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]
Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]
Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]
Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]
Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]
Tim Ferriss - Curating Curiosities - [Invest Like the Best, EP.369]
Ken Langone - The American Dream - [Invest Like the Best, EP.368]
Robin Dunbar - Optimizing Human Connection (Dunbar's Number) - [Invest Like the Best, EP.367]
Sean Feeney - Reinventing the Restaurant Business - [Invest Like the Best, EP.366]
Dave Fontenot - The Monastery of Code - [Invest Like the Best, EP.365]
Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364]
Aravind Srinivas - Building An Answer Engine - [Invest Like the Best, EP.363]
Ali Hamed - Building an Investment Firm - [Invest Like the Best, EP.362]
Cyan Banister - Investing for a Higher Purpose - [Invest Like the Best, EP.361]
Danny Meyer - The Power of Hospitality - [Invest Like the Best, REPLAY]
Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY]
Alex Telford - Unlocking Innovation in Pharma - [Invest Like the Best, EP.360]
Create your
podcast in
minutes
It is Free