Paul Enright's guest appearances

Paul Enright

Invest Like the Best with Patrick O'Shaughnessy

Capital Allocators – Inside the Institutional Investment Industry

Ben Thompson

Meb Faber

Tyler Cowen

Josh Wolfe

Annie Duke

Michael Mauboussin

Marc Andreessen

Brian Koppelman

Kyle Samani

Tim Urban

Peter Attia

David Epstein

Jason Zweig

David Tisch

Bronwyn Varty

OwlTail

This week, we’re counting down the top 5 episodes of 2022.  Weighing in at number 3 is Paul Enright - Inside Long Short investing. Paul is a private investor managing his own capital under single-family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well.  Our conversation covers Paul’s career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul’s approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show.   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

This week, we’re counting down the top 5 episodes of 2022. Weighing in at number 3 is Paul Enright - Inside Long Short investing. Paul is a private investor managing his own capital under single-family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well. Our conversation covers Paul’s career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul’s approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show. Learn More  Follow Ted on Twitter at <a href="https://twitter.com/tseides?lang=en" rel="nofollow" target="_blank">@tseides</a> or <a href="https://www.linkedin.com/in/tedseides/" rel="nofollow" target="_blank">LinkedIn</a> Subscribe to the <a href="https://capitalallocators.com/" rel="nofollow" target="_blank">mailing list</a> Access Transcript with <a href="https://capitalallocators.com/signup" rel="nofollow" target="_blank">Premium Membership</a>

2022 Top Episode #3: Paul Enright – Inside Long-Short Equity Investing, EP. 264

Paul Enright is a private investor managing his own capital under single family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well.  Our conversation covers Paul’s career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul’s approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership   Show Notes  (3:11) Paul’s background (8:11) Training at Viking (10:02) Stock picking (12:18) Business analysis (19:54) Liquidity’s impact on valuation (24:03) Dynamic portfolio management (28:46) Rebalancing (32:03) Long/Short Dynamics (40:50) Compensation structures (43:11) Current market structure (50:29) Investment model as a family office (53:05) Thoughts on Twitter  (57:07) Growing skills as a young PM (58:57) Advice to PMs in tough times (1:01:48) Best questions to ask managers (1:03:11) Closing questions 

Paul Enright is a private investor managing his own capital under single family office, Krainos Capital. Paul opened Krainos after a dozen years at Viking Global Investors, the multi-billion dollar long-short equity hedge fund that also has been one of the most successful breeding grounds for talent in the industry. He has a deep understanding of intricacies of long-short equity investing and a knack for explaining it well. Our conversation covers Paul’s career path to Viking, training while there, and advice to early-career investors. We dive into the distinction between business analysis and stock picking, and the importance of portfolio management to investment success. In the process, we discuss liquidity, shorting, portfolio rebalancing, incentive compensation, and market structure. We close with Paul’s approach to managing his own money and his answers to a terrific set of questions sourced from his Twitter feed before the show. Learn More  Follow Ted on Twitter at <a href="https://twitter.com/tseides?lang=en" rel="nofollow" target="_blank">@tseides</a> or <a href="https://www.linkedin.com/in/tedseides/" rel="nofollow" target="_blank">LinkedIn</a>  Subscribe to the <a href="https://capitalallocators.com/" rel="nofollow" target="_blank">mailing list</a>  Access Transcript with <a href="https://capitalallocators.com/signup" rel="nofollow" target="_blank">Premium Membership</a>  Show Notes (3:11) Paul’s background (8:11) Training at Viking (10:02) Stock picking (12:18) Business analysis (19:54) Liquidity’s impact on valuation (24:03) Dynamic portfolio management (28:46) Rebalancing (32:03) Long/Short Dynamics (40:50) Compensation structures (43:11) Current market structure (50:29) Investment model as a family office (53:05) Thoughts on Twitter (57:07) Growing skills as a young PM (58:57) Advice to PMs in tough times (1:01:48) Best questions to ask managers (1:03:11) Closing questions

Paul Enright – Inside Long-Short Equity Investing (Capital Allocators, EP.266)

My guest today is Paul Enright, managing partner at Krainos Capital, his family office. Before running his own family office, Paul worked on the buy-side at Viking Global for over a decade managing their consumer and technology portfolios and before that at Morgan Stanley on the sell-side. I thought Paul would be the perfect person to help me demystify the world of high finance – explaining the difference between the buy-side and sell-side, how long/shorts differ from long onlys, and walking through the various jobs in the investing world. In addition to setting that foundation, we also cover the evolution of the buy-side, what makes someone a great researcher verse a great stock picker, and various portfolio construction methodologies. Paul brings such a wealth of knowledge and experience to the table. I think this episode will be enjoyable for investing novices and professionals alike. Please enjoy my conversation with Paul Enright. For the full show notes, transcript, and links to mentioned content, check out the episode page  here.------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[00:03:39] - [First question] - His history in both the buy and sell side[00:05:20] - Different types of roles on the buy side and sell side[00:06:48] - Interest sets that best align with being a buyer or a seller[00:07:57] - The emotional experience of being on the buy side and exposed to risk[00:08:53] - How the nature of buying and portfolio construction has changed [00:10;15] - What Regulation Fair Disclosure (Reg FD) is[00:12:46] - Key terminology and definitions of long-only and long-short funds[00:17:40] - Varying clusters of long-short funds and defining each type[00:21:48] - Differences in exposure between a platform model versus a traditional long-short stock picking sense[00:25:16] - Skill sets that are most important to have when navigating this space[00:29:03] - What is good and what is great when it comes to “digging”[00:31:20] - Why the quality of one’s analysis matters[00:33:10] - Having a potential edge when deciding based on someone else’s analysis[00:35:19] - Foundational building blocks of an effective pitch [00:37:20] - Finding wrongly identified stocks and reaping the rewards[00:40:49] - Overview of good portfolio construction and lessons learned over the years[00:44:06] - Why hedge funds tend to traffic heavily in T.M.T. and consumer sectors[00:45:53] - Elements that strike him as great in a business[00:48:05] - A business that once seemed great but has since faded away[00:49:22] - Why hedge-fund managers seem to always make the most money[00:53:50] - What a well run firm looks like[00:56:39] - Characteristics that may make you well suited for a career in fund management[01:00:23] - Why quality mentors and portfolio managers are so important when deciding where you want to work[01:01:38] - What interests him mosts in markets today[01:05:20] - Useful frameworks and formulas used when approaching a new business[01:08:15] - Interesting features about telecom businesses and what defines them[01:10:45] - The future of the modern world’s internet infrastructure[01:14:44] - Abundance vs zero-sum and fixed vs growth mindsets [01:18:12] - The kindest thing anyone’s ever done for him

My guest today is Paul Enright, managing partner at Krainos Capital, his family office. Before running his own family office, Paul worked on the buy-side at Viking Global for over a decade managing their consumer and technology portfolios and before that at Morgan Stanley on the sell-side. I thought Paul would be the perfect person to help me demystify the world of high finance – explaining the difference between the buy-side and sell-side, how long/shorts differ from long onlys, and walking through the various jobs in the investing world. In addition to setting that foundation, we also cover the evolution of the buy-side, what makes someone a great researcher verse a great stock picker, and various portfolio construction methodologies. Paul brings such a wealth of knowledge and experience to the table. I think this episode will be enjoyable for investing novices and professionals alike. Please enjoy my conversation with Paul Enright. For the full show notes, transcript, and links to mentioned content, check out the episode page <a href="https://www.joincolossus.com/episodes/88194365/enright-the-buy-side-primer" rel="nofollow" target="_blank"> here</a>.------Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit <a href="https://www.joincolossus.com/episodes" rel="nofollow" target="_blank">joincolossus.com/episodes</a>.  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 <a href="https://www.joincolossus.com/newsletter" rel="nofollow" target="_blank">here</a>. Follow us on Twitter: <a href="https://twitter.com/patrick_oshag" rel="nofollow" target="_blank">@patrick_oshag</a> | <a href="https://twitter.com/JoinColossus" rel="nofollow" target="_blank">@JoinColossus</a> Show Notes[00:03:39] - [First question] - His history in both the buy and sell side[00:05:20] - Different types of roles on the buy side and sell side[00:06:48] - Interest sets that best align with being a buyer or a seller[00:07:57] - The emotional experience of being on the buy side and exposed to risk[00:08:53] - How the nature of buying and portfolio construction has changed [00:10;15] - What Regulation Fair Disclosure (Reg FD) is[00:12:46] - Key terminology and definitions of long-only and long-short funds[00:17:40] - Varying clusters of long-short funds and defining each type[00:21:48] - Differences in exposure between a platform model versus a traditional long-short stock picking sense[00:25:16] - Skill sets that are most important to have when navigating this space[00:29:03] - What is good and what is great when it comes to “digging”[00:31:20] - Why the quality of one’s analysis matters[00:33:10] - Having a potential edge when deciding based on someone else’s analysis[00:35:19] - Foundational building blocks of an effective pitch [00:37:20] - Finding wrongly identified stocks and reaping the rewards[00:40:49] - Overview of good portfolio construction and lessons learned over the years[00:44:06] - Why hedge funds tend to traffic heavily in T.M.T. and consumer sectors[00:45:53] - Elements that strike him as great in a business[00:48:05] - A business that once seemed great but has since faded away[00:49:22] - Why hedge-fund managers seem to always make the most money[00:53:50] - What a well run firm looks like[00:56:39] - Characteristics that may make you well suited for a career in fund management[01:00:23] - Why quality mentors and portfolio managers are so important when deciding where you want to work[01:01:38] - What interests him mosts in markets today[01:05:20] - Useful frameworks and formulas used when approaching a new business[01:08:15] - Interesting features about telecom businesses and what defines them[01:10:45] - The future of the modern world’s internet infrastructure[01:14:44] - Abundance vs zero-sum and fixed vs growth mindsets [01:18:12] - The kindest thing anyone’s ever done for him