E166: $20 Billion CIO:  Why Small Cap Stocks Have Underperformed  (and why that’s unlikely to change) w/Brad Conger

In this episode of the podcast, David Weisburd interviews Brad Conger, CIO of Hurd & Callahan, about investment strategies in a changing economic landscape. Brad discusses the altered composition of the small cap index due to the rise of private equity, the virtue of illiquidity in investment portfolios, and common mistakes in asset allocation. He also shares his contrarian investment in Europe, emphasizing the importance of a strong investment thesis to navigate market fluctuations. Brad explains how his firm balances portfolios, incorporating private equity and venture capital, and leverages its discretionary investment approach to optimize risk-return trade-offs for clients. The conversation also covers corporate governance, generational planning in private equity firms, and Brad's personal investment strategies, providing insights into both institutional and individual investment decision-making.