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Episode 31 starts with some background information on Mark. After some early-career twists, he got his \u201cbig break\u201d \u2013 working for his alma mater, Notre Dame, in its endowment department. Several years later, The University of North Carolina came calling, and Mark took the helm for UNC\u2019s investments. Eventually, he moved on to private wealth with his current group, Morgan Creek.\nGiven the heavy institutional background, Meb asks about how endowments invest. Mark tells us that every large pool of capital manages its money the same way \u2013 investing in stocks, bonds, currencies, and commodities. That\u2019s it \u2013 though how you own those assets might change. Yet despite different wrappings, they all have the same risk factors. This leads Mark to focus on asset allocation, as \u201casset allocation matters most.\u201d\nThe conversation turns toward money managers (Mark uses various money managers at Morgan Creek). Meb asks how a retail investor can get access to the truly great money managers. It turns out, it\u2019s very difficult. But Mark says you don\u2019t necessarily want the well-known superstars who\u2019ve been in the limelight for 20 years. You want to get onboard with them far earlier in their careers when no one is looking, before they become famous. As to how you actually find them, Mark says you have to \u201ckiss a lot of frogs.\u201d\nMeb follows up with an interesting question \u2013 forget about how to find great money managers\u2026how do you know when it\u2019s time to get rid of one? After all, it can be hard to tell when a manager\u2019s investing system is flawed versus when he/she might simply be distracted by personal issues, or just going through a rough patch.\nMark\u2019s answer? Stop focusing on performance. Instead, focus on the other three P\u2019s: 1) people 2) process, and 3) philosophy. If all you\u2019re doing is looking at/chasing performance, chances are you\u2019re going to underperform. So expand your analysis.\nThere\u2019s far more in this episode, including \u201cRed Ferrari Syndome,\u201d a Twitter question to Mark about the biggest learning experiences of his career, and an asset class that\u2019s about to be down a whopping 6 years in a row. What is it? Find out in Episode 31.\nLearn more about your ad choices. Visit megaphone.fm/adchoices