VICE PRESIDENT, INVESTMENTS,
MILL CREEK CAPITAL ADVISORS
What’s top of your to-do list?
In terms of public equity, we are looking for global managers who are unconstrained by geography and market capitalization. Now that a company’s country of domicile matters less than ever, we are exploring adding more globally unconstrained managers. In alternatives, we are looking at long/short equity managers who can capitalize on the dispersion within the technology, media and telecom sectors, and we are exploring adding a discretionary global macro manager with diversification potential.
What is keeping you awake at night (work wise)?
Investor complacency concerns me when you consider valuations, the lack of market volatility and the amount of money flowing into passive investment vehicles at this stage in the cycle. I also worry about rising rates, the potential for inflation and what the impact will be on markets when the Fed and other central banks discontinue their accommodative policies.
What was your best performing fund last year?
We don’t offer a menu of funds, but construct diversified model portfolios for our clients, populated with the best managers we can find for a given asset class or sub-asset class. That said, in a trying year for active management in 2016, our top performer was the Matthews Emerging Asia fund, which invests in smaller, less efficient Asian markets and generally has few – if any – investments in places like China and India.
Best meeting you’ve ever had?
The best meetings we have are when we discuss the manager’s philosophy and investment process, and there is a strong alignment with our own internal view on how to compound wealth over the long-term.
Worst meeting you’ve ever had?
One of my worst meetings in recent memory was with a salesperson who was pitching a strategy that was highly volatile, dependent on leverage and very opportunistic. The salesperson went so far as to say that the manager would help us time the investment, because it was not a buy and hold strategy. To me, any strategy that relies on market timing and leverage sounds like a recipe for disaster. I left that meeting shaking my head and saying ‘not in a million years’.
If you weren’t doing this job, what would you be doing?
After deciding in college that I wasn’t going to pursue playing golf professionally, I did a handful of internships in the sports business, thinking I could combine my love of sports with my undergraduate studies. Eventually, I opted to pursue a career in investments, but otherwise, I think I would still be doing something in sports.
What are your interests outside of work?
I enjoy spending time with my wife and our two boys. I also love trying out new restaurants and taking fun trips with my family.
If you could travel anywhere in the world, where would it be?
I’ve never been to Asia, which has fascinated me since I took an Asian business course in college. It’s a region of the world that’s growing so fast and will significantly influence global capital markets in the future.
If we gave you $1,000, how would you invest it?
With only $1,000, I would invest in an actively managed emerging markets fund and call it a day.
Do you have any hidden talents?
It may only be hidden to those who don’t know me, but I love golf. I have played a couple hundred different courses, including some of the best in the US. One of my lifetime goals is to play golf in all 50 states. So far I've played in 22.