2017 yabo亚博网站登录首页基金会研讨会:多极化

Thank you to the 29 foundations and endowments that participated in the Angeles Foundation Symposium.

迈克尔罗森, Angeles CIO set the stage for discussion providing a historical comparison between global populism at the turn of the 19th century and the high levels of polarization today. The election was just another signal that we are entering a transition period from one world to another. The analysis of geopolitical affairs which used to be relegated to theorists has now become necessary for investors to consider and integrate into their investment process. Preceding the world wars unprecedented levels of wealth and prosperity were coupled with rising social unrest, 工会的发展, 社会动荡加剧. 今天民粹主义的兴起反映了第一次世界大战之前的这段时期, 世界上最具毁灭性的战争. This environment has in the past led to increased instability, volatility, uncertainty and violence. Paradoxically this type of environment is where the United States does relatively well. 迈克尔在陈述他的论文时使用了引人入胜的数据.

充分利用2017年及以后的低回报环境

Foundations’ long term investment objective of preserving purchasing power after inflation and spending may be especially challenging in the coming decade. 我们尊敬的演讲者, 丽莎Mazzocco, Chief Investment Officer at University of Southern California and 约书亚·弗里德曼, Canyon Partners的创始合伙人兼联合首席执行官, LLC provided ideas on positioning an investment portfolio for the future. 约书亚 agreed with 迈克尔’s assessment that ‘you have to do macro or macro will do you’ while conceding that at Canyon Partners they are micro-value oriented and prefer to prepare for the future rather than to predict certain outcomes. Discussing five pockets of industry with disruption Josh spoke about the wide dispersion of returns in healthcare, 被肢解的零售业, the transforming energy business and the media sector for which the equation of content and distribution is rapidly changing. 住房抵押贷款市场, 第五口袋的机会, has swung wildly in the past and could again change dramatically under the new administration. 丽莎 talked about USC’s strategy and staying ahead of opportunities. Her assiduous focus on GP relationships keeps her in close contact with high performing investment teams all over the world. 该小组同意透明度, integrity and ethics are paramount for the formation of long term investing partnerships and in meeting a Foundation’s or Endowment’s long term objectives.

小组成员

• 约书亚·弗里德曼

  Canyon Partners, LLC的创始合伙人、联合董事长兼联合首席执行官

  约书亚年代. Friedman is Co-Founder, Co-Chairman, and Co-Chief Executive Officer of Canyon Partners, LLC. Mr. 弗里德曼毕业于哈佛大学(Harvard College).A., summa cum laude, Phi Beta Kappa, Physics), Oxford University (M.A., honors, Politics and Economics, Marshall Scholar), Harvard Law School (J.D.哈佛大学商学院(Harvard Business School, m.m.B.A.(贝克学者). 在成立Canyon之前，Mr .. Friedman was Director of Capital Markets for High Yield and Private Placements at Drexel Burnham Lambert. 在德雷克塞尔工作之前, he worked in the Mergers and Acquisitions Department of Goldman Sachs in 纽约. Mr. Friedman is also a director and trustee of a number of nonprofit and charitable organizations.

• 丽莎Mazzocco

  南加州大学首席投资官

  丽莎Mazzocco was named USC’s first chief investment officer effective April 18, 2011. Reporting directly to the president and working closely with the university’s chief financial officer and the investment committee of the USC Board of Trustees, Mazzocco is charged with building a staff that will bolster the investment function of USC’s endowment in support of the university’s academic aspirations. She also advises the investment and finance committees of the USC Board of Trustees with respect to endowment performance, 他还是大学退休监督委员会的主席. Mazzocco holds an MBA from California State Polytechnic University, 波莫纳, 以及圣地亚哥州立大学的学士学位.

• 迈克尔罗森

  管理合伙人 & yabo亚博网站登录的首席投资官

  迈克尔 has 30 years of experience as an institutional portfolio manager, 投资策略师, 投资顾问. For years 迈克尔 has been deeply committed to the independent school community having served as advisor, board member and parent of a diverse set of independent schools.
  
  From 1997 to 2001, he was a partner at Asset Strategy Consulting and its successor. 1993年至1997年, 迈克尔 was the director of investments for Blue Cross of California/WellPoint, 公司. 1993年以前, 他做了8年的债券和外汇交易员, 然后担任第一州际银行的首席市场策略师, 有限公司. He started his career as a derivatives trader with Barclays Bank plc.
  
  迈克尔 was an Adjunct Professor of Finance at Pepperdine University from 1991-2000 and at Loyola Marymount University. 他获得了文学学士学位, 优等生, 塔夫茨大学, and Master of Arts in Law and Diplomacy from The Fletcher School of Law and Diplomacy (Tufts/Harvard). 他是yabo亚博网站登录首页室内乐团的前任主席.

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