EP273: What the Best Family Offices Do Differently

The podcast explores the creation and investment strategies of Endurance, a family office founded by three serial entrepreneurs. It highlights their shift from building startups to managing wealth, driven by the high costs and beta-tracking tendencies of commercially available options. The discussion covers Endurance's unique approach to portfolio construction, emphasizing personal investment and contrarian views, as well as their creation of annual vintage funds to enforce investment discipline. The podcast further examines the firm's investment mistakes, particularly in relation to big brands and large funds, and their evolving strategy towards identifying alpha and managing risk. Ultimately, the conversation delves into the behavioral psychology behind institutional decision-making and the benefits of managing one's own money.