Steven Galbraith's guest appearances

Steven Galbraith

Capital Allocators – Inside the Institutional Investment Industry

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One common refrain across my conversations has been the importance and subtleties of effective governance in making optimal investment decisions.  Alongside Steven Galbraith’s incredible career as an analyst, strategist, portfolio manager, and entrepreneur in the asset management business, he has served on as many Boards as anyone I know. I imagine many of you have heard Steve’s story, but if not, you may want to have a listen to the very first episode of Capital Allocators before diving in here.   Our conversation today starts with an update on Steve’s personal investment in the Narragansett Beer Company and moves into a practical discussion inside the Board rooms of each of his current seats that range across a university, a large family office, a public company, a government agency, and two early stage fintech companies. We touch on time allocation, governance structure, Board composition, adding value, the politics of Boards, and the motivation of Board members.   We also get an update on Steve’s family office, that he’s managing alongside his wife Lucy, a seasoned distressed debt investor, and we close with our brief, contrary outlook on the baseball season.   Steve’s perspective and insights on the real world of Boards is second to none, and this conversation is as full of gems as our first one.   Learn More Join Ted's mailing list at CapitalAllocatorsPodcast.com Write a review on iTunes Follow Ted on twitter at @tseides For more episodes go to CapitalAllocatorsPodcast.com/Podcast   Show Notes 2:45 – Update on Narragansett Brewery              2:53 –  How Passion Investors Helped Revive Narragansett Beer 4:28 – Narragansett in the White House 5:19 – With all of the boards that he serves on, how does he manage his time 7:34 – How much time do these boards assume Steven is investing in them 9:32 – Highest functioning board 11:46 – Maintaining stability between the board and investment team 16:29 – What Warren Buffet had to say about the Tufts endowment 17:45 – What are the board dynamics in a family office 22:22 – Overview of for-profit boards 26:12 – Is the familial relationships of board members another way an investment committee could construct a board 26:56– Could a university or foundation create a board like this with close familial ties amongst members 28:46 – Optimal board structure of a foundation 29:57 – Steve’s time in government serving on a board 32:52 – Board of startups and early stage companies 35:02 – A look at Steve’s family office 37:20 – What do the analytics of financial companies look like 5-10 years from now 38:35 – Looking at the quality of analytics he currently gets from his outsourced team compared to larger firms he has worked with 39:37 – What is Steve seeing in the markets 40:42 – What is the most interesting idea that’s come across Steve’s plate in the past year 44:32 – Politics of boards and what drives them 48:36 – Closing Questions

One common refrain across my conversations has been the importance and subtleties of effective governance in making optimal investment decisions.  Alongside Steven Galbraith’s incredible career as an analyst, strategist, portfolio manager, and entrepreneur in the asset management business, he has served on as many Boards as anyone I know. I imagine many of you have heard Steve’s story, but if not, you may want to have a listen to the very first episode of Capital Allocators before diving in here. Our conversation today starts with an update on Steve’s personal investment in the Narragansett Beer Company and moves into a practical discussion inside the Board rooms of each of his current seats that range across a university, a large family office, a public company, a government agency, and two early stage fintech companies. We touch on time allocation, governance structure, Board composition, adding value, the politics of Boards, and the motivation of Board members. We also get an update on Steve’s family office, that he’s managing alongside his wife Lucy, a seasoned distressed debt investor, and we close with our brief, contrary outlook on the baseball season. Steve’s perspective and insights on the real world of Boards is second to none, and this conversation is as full of gems as our first one. Learn More Join Ted's mailing list at <a href="http://capitalallocatorspodcast.com" rel="nofollow" target="_blank">CapitalAllocatorsPodcast.com</a> Write a review on <a href="https://itunes.apple.com/us/podcast/capital-allocators-with-ted-seides/id1223764016" rel="nofollow" target="_blank">iTunes</a> Follow Ted on twitter at <a href="http://www.twitter.com/tseides" rel="nofollow" target="_blank">@tseides</a> For more episodes go to <a href="http://capitalallocatorspodcast.com/podcast" rel="nofollow" target="_blank">CapitalAllocatorsPodcast.com/Podcast</a> Show Notes 2:45 – Update on Narragansett Brewery             2:53 – <a href="https://www.barrons.com/articles/how-passion-investors-helped-revive-narragansett-beer-1506130542" rel="nofollow" target="_blank"> How Passion Investors Helped Revive Narragansett Beer</a> 4:28 – Narragansett in the White House 5:19 – With all of the boards that he serves on, how does he manage his time 7:34 – How much time do these boards assume Steven is investing in them 9:32 – Highest functioning board 11:46 – Maintaining stability between the board and investment team 16:29 – What Warren Buffet had to say about the Tufts endowment 17:45 – What are the board dynamics in a family office 22:22 – Overview of for-profit boards 26:12 – Is the familial relationships of board members another way an investment committee could construct a board 26:56– Could a university or foundation create a board like this with close familial ties amongst members 28:46 – Optimal board structure of a foundation 29:57 – Steve’s time in government serving on a board 32:52 – Board of startups and early stage companies 35:02 – A look at Steve’s family office 37:20 – What do the analytics of financial companies look like 5-10 years from now 38:35 – Looking at the quality of analytics he currently gets from his outsourced team compared to larger firms he has worked with 39:37 – What is Steve seeing in the markets 40:42 – What is the most interesting idea that’s come across Steve’s plate in the past year 44:32 – Politics of boards and what drives them 48:36 – Closing Questions

Steven Galbraith – In the Boardroom (Capital Allocators, EP.48)

My first guest on Capital Allocators is Steve Galbraith, an investment manager, brilliant writer, engaging thinker and one of the most well-liked men on Wall Street.  Steve’s career has touched every aspect of investment management – he has worked as a research analyst, portfolio manager, investment strategist, business leader, entrepreneur, and Board member at an endowment and a large family office. After getting started as an equity and credit analyst, Steve was recruited by Morgan Stanley to succeed the legendary duo of Barton Biggs and Byron Wien as Chief Investment Strategist. He left a few years later to try his hand in the hedge fund world, and today he manages his own family office in true family style – as you’ll hear later in the show.  We discuss Steve's journey, incorporating his broad insights in the investing world alongside colorful anecdotes of market inefficiencies in European football, college sports gambling, local breweries, and Charter Schools.      For more episodes, go to capitalallocatorspodcast.com/podcast   Follow Ted on twitter at @tseides

My first guest on Capital Allocators is Steve Galbraith, an investment manager, brilliant writer, engaging thinker and one of the most well-liked men on Wall Street.  Steve’s career has touched every aspect of investment management – he has worked as a research analyst, portfolio manager, investment strategist, business leader, entrepreneur, and Board member at an endowment and a large family office. After getting started as an equity and credit analyst, Steve was recruited by Morgan Stanley to succeed the legendary duo of Barton Biggs and Byron Wien as Chief Investment Strategist. He left a few years later to try his hand in the hedge fund world, and today he manages his own family office in true family style – as you’ll hear later in the show.  We discuss Steve's journey, incorporating his broad insights in the investing world alongside colorful anecdotes of market inefficiencies in European football, college sports gambling, local breweries, and Charter Schools.  For more episodes, go to <a href="http://capitalallocatorspodcast.com/podcast" rel="nofollow" target="_blank">capitalallocatorspodcast.com/podcast</a> Follow Ted on twitter at <a href="https://twitter.com/tseides" rel="noopener nofollow" target="_blank">@tseides</a>

Steven Galbraith – Five Tool Player (Capital Allocators, EP.01)

The Cary Collection is one of America’s premier libraries on graphic communication, its history and practices. Located in Rochester on the campus of the Rochester Institute of Technology, the original collection of 2,300 volumes was assembled by New York City businessman Melbert B. Cary, Jr. during the 1920s and 1930s. Cary was director of the Continental Type Founders Association (a type-importing agency), a former president of the American Institute of Graphic Arts (AIGA), and proprietor of the private Press of the Woolly Whale. His professional and personal interests in printing led him to collect printer's manuals and type specimens, as well as great books on the printer's art. In 1969 his collection, together with funds to support its use and growth, was presented to RIT.  Today the library houses some 40,000 volumes and a growing number of manuscript and correspondence collections. While its original strengths continue to be an important focus, other aspects of graphic arts history have also been developed. For example, the Cary is committed to building comprehensive primary and secondary resources on the development of the alphabet and writing systems, early book formats and manuscripts, calligraphy, the development of typefaces and their manufacturing technologies, the history and practice of papermaking, typography and book design, printing and illustration processes, bookbinding, posters, and artists’ books. Though many of the volumes in the library are rare, the Cary has maintained, from the beginning, a policy of liberal access for students , especially those enrolled in the RIT’s College of Imaging Arts and Sciences, and interested literary tourists. The Cary Collection also manages some 36 Graphic Design archives documenting the work of important 20th-century Modernist graphic designers, and has been aggressively acquiring examples of avant-garde book typography. This great library is a must visit destination for all those who love books and the processes involved in making them.

The Cary Collection is one of America’s premier libraries on graphic communication, its history and practices. Located in Rochester on the campus of the Rochester Institute of Technology, the original collection of 2,300 volumes was assembled by New York City businessman Melbert B. Cary, Jr. during the 1920s and 1930s. Cary was director of the Continental Type Founders Association (a type-importing agency), a former president of the American Institute of Graphic Arts (AIGA), and proprietor of the private Press of the Woolly Whale. His professional and personal interests in printing led him to collect printer's manuals and type specimens, as well as great books on the printer's art. In 1969 his collection, together with funds to support its use and growth, was presented to RIT.  Today the library houses some 40,000 volumes and a growing number of manuscript and correspondence collections. While its original strengths continue to be an important focus, other aspects of graphic arts history have also been developed. For example, the Cary is committed to building comprehensive primary and secondary resources on the development of the alphabet and writing systems, early book formats and manuscripts, calligraphy, the development of typefaces and their manufacturing technologies, the history and practice of papermaking, typography and book design, printing and illustration processes, bookbinding, posters, and artists’ books. Though many of the volumes in the library are rare, the Cary has maintained, from the beginning, a policy of liberal access for students , especially those enrolled in the RIT’s College of Imaging Arts and Sciences, and interested literary tourists. The Cary Collection also manages some 36 Graphic Design archives documenting the work of important 20th-century Modernist graphic designers, and has been aggressively acquiring examples of avant-garde book typography. This great library is a must visit destination for all those who love books and the processes involved in making them.

Steven Galbraith & Amelia Hugill Fontanel on the Cary Collection