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One common refrain across my conversations has been the importance and subtleties of effective governance in making optimal investment decisions.\\xa0 Alongside Steven Galbraith\\u2019s incredible career as an analyst, strategist, portfolio manager, and entrepreneur in the asset management business, he has served on as many Boards as anyone I know. I imagine many of you have heard Steve\\u2019s story, but if not, you may want to have a listen to the very first episode of Capital Allocators before diving in here.

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Our conversation today starts with an update on Steve\\u2019s personal investment in the Narragansett Beer Company and moves into a practical discussion inside the Board rooms of each of his current seats that range across a university, a large family office, a public company, a government agency, and two early stage fintech companies. We touch on time allocation, governance structure, Board composition, adding value, the politics of Boards, and the motivation of Board members.

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We also get an update on Steve\\u2019s family office, that he\\u2019s managing alongside his wife Lucy, a seasoned distressed debt investor, and we close with our brief, contrary outlook on the baseball season.

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Steve\\u2019s perspective and insights on the real world of Boards is second to none, and this conversation is as full of gems as our first one.

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Learn More

Join Ted\'s mailing list at\\xa0CapitalAllocatorsPodcast.com

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

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Show Notes

2:45 \\u2013 Update on Narragansett Brewery

\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 2:53 \\u2013 How Passion Investors Helped Revive Narragansett Beer

4:28 \\u2013 Narragansett in the White House

5:19 \\u2013 With all of the boards that he serves on, how does he manage his time

7:34 \\u2013 How much time do these boards assume Steven is investing in them

9:32 \\u2013 Highest functioning board

11:46 \\u2013 Maintaining stability between the board and investment team

16:29 \\u2013 What Warren Buffet had to say about the Tufts endowment

17:45 \\u2013 What are the board dynamics in a family office

22:22 \\u2013 Overview of for-profit boards

26:12 \\u2013 Is the familial relationships of board members another way an investment committee could construct a board

26:56\\u2013 Could a university or foundation create a board like this with close familial ties amongst members

28:46 \\u2013 Optimal board structure of a foundation

29:57 \\u2013 Steve\\u2019s time in government serving on a board

32:52 \\u2013 Board of startups and early stage companies

35:02 \\u2013 A look at Steve\\u2019s family office

37:20 \\u2013 What do the analytics of financial companies look like 5-10 years from now

38:35 \\u2013 Looking at the quality of analytics he currently gets from his outsourced team compared to larger firms he has worked with

39:37 \\u2013 What is Steve seeing in the markets

40:42 \\u2013 What is the most interesting idea that\\u2019s come across Steve\\u2019s plate in the past year

44:32 \\u2013 Politics of boards and what drives them

48:36 \\u2013 Closing Questions