Podcast Episode Details

E235: The First Thing LPs Notice That GPs Never Think About

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Episode 235

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How do you train the next generation of allocators—and what separates elite investment offices from the rest? In this episode, I speak with Alex Ambroz, Founder and CEO of the Allocator Training Institute, whose mission is to professionalize allocator education. Alex has spent his career building and leading investment teams across Morgan Creek, J.P. Morgan, Cleveland Clinic, Aberdeen, and now as the founder of Allocator Training Institute. We dive into the evolution of the endowment model, how allocators detect hidden risk, the difference between true alpha and disguised beta, and why collaboration—not competition—is the secret to better portfolio outcomes. Alex also explains how today’s top allocators use data, relationships, and operational excellence to stay ahead of market shifts.

Highlights:

• How Morgan Creek brought the endowment model to the broader OCIO world and scaled to $10 billion AUM
• Why early adopters of new strategies share the same psychographic traits as elite innovators
• How allocators spot “fake alpha” hidden behind high beta exposure and factor drift
• Why most allocators still don’t go beyond CAPM beta—and how that hides systemic risks
• How the best teams operationalize everything so analysts can focus purely on analysis
• Why top allocators collaborate instead of compete—and how peer groups share best practices
• How to build trust through transparency, discretion, and consistency across relationships
• What allocators really look for in on-site due diligence—down to the parking lot test
• How great GPs educate allocators by simplifying complexity without dumbing it down
• Why asking the right questions is a bigger edge than having all the answers

Guest Bio:

Alex Ambroz is the Founder and CEO of the Allocator Training Institute, the first structured education platform dedicated to developing the next generation of institutional allocators.

Before founding ATI, Alex spent two decades in senior investment roles at Morgan Creek Capital, J.P. Morgan, Cleveland Clinic, and Aberdeen Standard Investments, where he built and managed multi-asset portfolios across public and private markets. He has trained hundreds of analysts and investment officers globally and holds deep expertise in portfolio construction, factor modeling, and operational due diligence.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Stay Connected:

X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Alex Ambroz: https://www.linkedin.com/in/alexambroz/

Links Allocator Training Institute: https://allocatortraining.com/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Preview (0:48) Alex Ambroz's career journey and experience at Morgan Creek (3:16) Endowment model, early adopters, and identifying alpha versus beta (10:30) Fama-French model, factor analysis, and characteristics of forward-thinking LPs (17:50) Collaboration among top allocators and the non-zero-sum nature of asset allocation (25:05) Andy Golden's perspective on allocator influence and fund evaluation (28:10) Operationalizing new asset classes and the importance of asking the right questions (34:02) On-site visits versus Zoom meetings and red flags in operational due diligence (41:47) Effective communication between GPs and LPs and the Allocator Training Institute (49:09) Target audience for A

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Published on 1 month, 2 weeks ago