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Scott Malpass is the esteemed Vice President and CIO of Notre Dame, where he oversees the University\\u2019s $12 billion endowment. Scott earned his B.A. and M.B.A. degrees at Notre Dame, and returned to South Bend at the ripe age of 26 following a brief stint on Wall Street. His track record for almost 30 years, as defined by both performance and impact, place him indisputably in rare company at the very top of the field.

Among his many accolades, Scott received Institutional Investor\\u2019s Endowment Manager of the Year award, NACUBO\\u2019s Rodney H. Adams Award, and CIO Magazine\\u2019s Lifetime Achievement Award.\\xa0 He has taught students at Notre Dame since 1995 and among other directorships and advisory councils, he serves on the Boards of the Vatican Bank, Vanguard, and TIFF, and previously served on the Investment Advisory Committee for Major League Baseball.

In 2014, Scott became part of the founding group for Catholic Investment Services, Inc., a not-for-profit offering top tier investment solutions to Catholic organizations nationally.

Our conversation is a full-blown master class on endowment management, including the benefits of a long tenured team, asset allocation frameworks, passive management, preparing for dislocations, the state of venture capital, sourcing, monitoring and exiting managers, incremental process improvements, professional and personal development, and education and alignment across constituencies. It\\u2019s hard not to be in awe of Scott\\u2019s combination of humility, experience, and success.

For more episodes go to\\xa0CapitalAllocatorsPodcast.com/Podcast

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Show Notes

3:26 \\u2013 How Scott got started at Notre Dame\\xa0

6:22 \\u2013 Why tenure of the staff is so long on Scott\\u2019s team\\xa0

8:26 \\u2013 How did he handle bad hires among such a tight knit team\\xa0

9:37 \\u2013 Committee makeup\\xa0

11:18 \\u2013 How the continuity and depth of institutional knowledge allowed them to make better decisions\\xa0

12:51 \\u2013 Their first single asset real estate investment\\xa0

14:21 \\u2013 What is the best use of time for the investment team, managing a direct investment or researching new managers\\xa0

15:07 \\u2013 Core investment beliefs from Scott\\u2019s past that drive the portfolio\\xa0

17:28 \\u2013 Core investment beliefs that drive the portfolio today\\xa0

20:43 \\u2013 How does Scott think about portfolio construction techniques\\xa0

22:49 \\u2013 Factors they like to tilt towards\\xa0

23:36 \\u2013 Any concerns about the focus on active managers in a world that is moving towards passive\\xa0

26:02 \\u2013 How much of the US investing market should be indexed-based\\xa0

27:37 \\u2013 The baseline that Scott has to consider when making investment decisions\\xa0

29:43 \\u2013 Their focus on emerging and middle markets, particularly Europe\\xa0

34:01 \\u2013 Pricing in the venture capital markets today\\xa0

36:31 \\u2013 Implications of all of this new money moving into private market investing\\xa0

37:40 \\u2013 Do private equity owners make better decisions for businesses\\xa0

39:52 \\u2013 Scott\\u2019s manager selection process\\xa0

41:44 \\u2013 How much time does Scott spend with managers before making a decision to invest with them

\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 43:14 \\u2013 Jim Dunn podcast episode\\xa0

44:04 \\u2013 What has Scott learned about the behaviors of making that final decision on a manager

45:39 \\u2013 Mistakes that Scott has learned from and corrected over the years

49:36 \\u2013 Creative ways to monitor managers in the portfolio

52:08 \\u2013 Scott sharing how special the managers in the portfolio are to them

54:49 \\u2013 How would Scott think about an investment portfolio of $1,000,000,000 of cash

56:57 \\u2013 Benefits and drawbacks of direct vs co-investments

59:43 \\u2013 Biggest current subject of debate on an investment topic in the office

1:01:47 \\u2013 Lessons from their annual offsite meetings

1:04:31 \\u2013 Biggest concerns about the markets today and over the next 10 years

1:07:52 \\u2013 Closing Questions

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