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Jim Williams is the Vice President, Chief Investment Officer, and Treasurer of the Getty Trust, where he oversees a $7 billion portfolio for the Getty Museum. Before joining the Getty in 2002, Jim spent three years as the President of Harbor Capital Advisors and prior to that, was manager of the Ford Motor Company pension department.

Our rich conversation covers all aspects of managing a significant pool of non-profit assets including modeling liquidity, creating a specialist team structure, sourcing managers, discerning between talented managers, co-investing, sizing manager positions, investing in venture capital, viewing hedge funds like a basketball point guard, working with a constructive board, and finding opportunities in the current \\u201cleast dirty shirt\\u201d market.

This conversation ranks way up there in the breadth, depth, and quality of discussion. I hope you enjoy listening as much as I enjoyed speaking to Jim.

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Show Notes

2:40 \\u2013 A look at Jim\\u2019s background and how he got to the Getty Museum

8:23 \\u2013 A look at the pool of capital at Getty

9:47 \\u2013 How does the high dependence of the endowment on the institution impact asset allocation

12:17 -\\xa0 How do they think about liquidity

14:29 \\u2013 What happens when they find a priceless work of art to acquire

17:52 \\u2013 What beliefs did Jim bring to the table in shaping how Getty allocated capital

22:46 \\u2013 How does Jim think about asset allocation vs manager selection

24:17 \\u2013 Their approach to China

24:55 \\u2013 Finding good managers in China

27:29 \\u2013 What are underlying factors when choosing between two similar managers

30:34 \\u2013 What are some ways Jim determines if people have the \\u201cstuff\\u201d to manage capital

34:23 \\u2013 Deep dive into the co-investment program

36:07 \\u2013 How do they underwrite co-investments in a short period of time

37:53 \\u2013 Why do they pass on co-investment opportunities

40:58 \\u2013 How does Jim size investments

42:24 \\u2013 Number of manager relationships across the portfolio

44:14 \\u2013 Thinking about the level of diversification their strategy creates

48:35 \\u2013 Jim\\u2019s take on public equities and hedge funds

51:15 \\u2013 Exploring the working relationship with the board and trustees

53:19 \\u2013 Why do endowment and foundation trustees seem to have more success than other groups of trustees

54:24 \\u2013 How does Jim exercise his decision-making authority

56:06 \\u2013 Example of when Jim pushed back on an idea from a senior member of the team

1:00:47 \\u2013 How have they found and retained team members

1:03:35 \\u2013 Other competitive advantages that Jim brings to the table

1:05:20 \\u2013 What is Jim most excited about and most worried about in the markets/his portfolio

1:09:28 \\u2013 Closing questions

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