What Elite Multi-Manager PMs Want You to Know

Introducing our new series - first write-up coming this Sunday. Stay tuned.

I’m excited to announce a new limited write-up series to this Substack: Mt. Rushmore, where I will share insights from the most prolific Portfolio Managers in the multi-manager world.

You may have heard whispers about the small percentage of PMs who have achieved true longevity and success in the multi-manager space - those who have delivered sustained outperformance over a very long period of time or those who have consistently managed multi-billion-dollar books successfully. This series will be dedicated to them.

I have been fortunate to have conversations with a small number of them and hope to have at least a couple more in the future. Since they are still in the industry, they can’t appear in public forums or teach, but what I can do is pass on the learnings from my interactions with them. Initially, I wasn’t planning to do this, at least not directly, since I wouldn’t be able to share specific names or backgrounds. But I now believe this deserves its own dedicated series.

This will not be a “here’s my investment process and secret sauce” - they wouldn’t share that for obvious reasons. However, I’ve still gained an incredible amount of insight from these interactions. Their perspectives on career advice, mindset, progression, investment process (to some extent) and overall development have been invaluable. We can also extrapolate some of their arguments and connect the dots with everything we have learned so far through Phoenix.

This might only be a five- or six-part series, but it will definitely be one for the books.

There are many misconceptions about the path to becoming such a successful investor, how they operate day to day, their investment processes and the multi-manager world at large. We have already addressed a lot of them, but there is more to come.

Many people admire Buffet, Munger and others for their long-term, value-oriented approach to investing, and rightfully so. But there is beauty to being able to consistently generate idiosyncratic alpha with a high Sharpe ratio, year in and year out. There are only so many people who can do this consistently and/or at scale. I’m not drying to draw a direct comparison in any way, but I believe there must be more appreciation for this style of investing and how difficult it is. On a dollar basis, the top multi-manager hedge funds are among the most profitable of all time, all while delivering exceptional risk management.

One of those rare PMs who has successfully navigated the multi-manager world for over a decade is Allen White, who spent 10 years at Millennium. You can already learn directly from him on Phoenix, where he shares his investment process in real time. I will also have a dedicated write-up sharing some insights from my interactions with him because he belongs to this series.

CHECK YOUR INBOX ON SUNDAY.

I’m very excited to share the first write-up with you - dropping this Sunday at our usual time. You don’t want to miss it. While I won’t be able to share any information about the person, believe me: This PM is the crème de la crème - at the absolute top of the game.

Now is the perfect time to join Phoenix and enjoy everything we offer like this series and the investment process of a truly successful Portfolio Manager like Allen, who spent a decade at Millennium. Join now.

Remember: if you see a Mt. Rushmore Substack post, take it seriously because it’s coming from the absolute best.

Share this with anyone you know who might be interested, so they don’t miss out and can learn with you.

We will return to our regular topics next week. See you Sunday.