The Master Investor Podcast with Wilfred Frost · How to Profit When Cycles Turn - Django Davidson on Capital Cycle Investing
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Run a multi-counselor portfolio (5-8 portfolio managers) where each manager can take small, independent positions and give ‘second-opinion’ buys, enabling exposure to niche, low-competition sectors
“We recruited the team that managed a mass, a much larger business. A bit like bringing in an asset manager who was managing $100 billion to go manage a billion dollar portfolio.”
“We partnered with a manager there. They've compounded tremendously. Their third largest position in our public equity portfolio today.”
“When the market is down and the fund receives 20% of redemption requests from investors, you can't simply just go and sell 20% of a runway in the airport that you own. This closed-end structure gives a really good opportunity to a fund manager to manage the portfolio in a very long-term fashion”
“When you overload too many managers in one sector, it can happen... we try to manage it like that versus on a dime.”
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