Sep 30, 2024
David Salem has been a pioneer, practitioner
and student of institutional investing for the last forty years.
David was the founding president and CIO of The Investment Fund for
Foundations (TIFF), which he led for nearly two decades until 2010.
Since then, he has managed a multi-family office, worked and wrote
alongside Ben Hunt at Epsilon Theory, and now serves as the
Managing Director of Capital Allocation at Hedgeye Risk Management.
Along the way, David worked closely with and distilled lessons from
David Swensen, Jack Meyer in his time at Harvard Management
Company, Charley Ellis, Chuck Feeney from Atlantic Philanthropies,
and many other leading CIOs and managers.
Our conversation covers David’s journey to investing, including
sitting alongside Jeremy Grantham during GMO’s early growth stage
and founding TIFF. We dive into manager selection, decision-making,
investment committees, and risk management. We then turn to David’s
views on China, Japan, private equity, and digital assets.
Throughout our conversation, David shares his profound
understanding of the unique pressures faced by institutional
investors and the principles that guide successful investment
strategies and leadership in complex environments.
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