E208: CIO Frank Mihail on Running an $8 Billion Portfolio with 3 People

In this interview, Frank Mihail from North Dakota Land Trust discusses the fund's investment strategies, focusing on alternative investments like private equity, venture capital, and hedge funds, while maintaining liquidity through evergreen structures. He explains the rationale behind a concentrated portfolio of 40 line items, the benefits of evergreen funds over closed-end funds, and the strategic use of fund-to-funds for diversification and portfolio construction. Mihail also touches on the concept of portable alpha, the importance of beta, and the behavioral finance aspects of investment decisions, emphasizing the fund's goal of supporting North Dakota public schools.