Bruce MacDonald – The Playbook for Building a Mid-Sized Endowment from Scratch (EP.495) – Capital Allocators – Inside the Institutional Investment Industry
Bruce MacDonald – The Playbook for Building a Mid-Sized Endowment from Scratch (EP.495)
Bullish and bearish opinions expressed in this episode, paired with supporting transcript quotes. The quote confirms what was said—not whether the opinion is correct.
Bullish
$GLD— VCU holds gold as a secular tailwind investment due to geopolitical restructuring, sustained higher inflation, and as a hedge for emerging market exposure.
$INDIA— VCU has made India their largest overseas allocation since 2018, seeing it as a secular tailwind with favorable demographics, rule of law, and capital recycling dynamics.
$VIETNAM— VCU has a dedicated allocation to Vietnam based on manager insights comparing it to early-stage China opportunities at a smaller scale.
$AIMODELS— VCU sees artificial intelligence as a profound secular tailwind and is focusing on dedicated AI strategies with experts who can see 6-12 months ahead of the market.
Bearish
$CHINA— VCU has excluded China from their portfolio due to changing political winds and diminished opportunities compared to the past.
$PE— VCU sees buyout/private equity as overvalued with insufficient valuation retrenchment despite higher rates, and worries about retail money entering the space.