ALO14: Investing for a Decade of Dispersion ft. Clint Stone

Today we are joined by Clint Stone SVP of Investments at the Larry H Miller Company to hear about running an endowment style investment approach at a family office. We discuss Clint’s approach to asset allocation which is focused on long term capital appreciation. A key pillar of the portfolio is a large allocation to private markets and we discuss the rationals for this. We delve into the foundation’s approach to portfolio construction, how to estimate the volatility of private markets exposures and discuss Clint’s belief that the volatility of a private market portfolio may even be lower than a corresponding public market portfolio. We also talk about the challenge of manager selection, what Clint looks for in managers and why he likes both market neutral long/short equity strategies and directional strategies like global macro and trend following in his absolute return portfolio. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on Twitter . Follow Clint on LinkedIn. Episode TimeStamps: 02:48 - Introduction to Clint Stone 07:07 - Their approach to investment 12:12 - A challenging decade for equities? 15:06 - Stone's perspective on equity valuations 18:32 - Building a model and strategy 23:04 - Modelling the risk of a private equity portfolio 30:52 - Getting the correlation right 34:14 - Correlation in economic downturns 39:04 - Building a multi-asset strategy 41:11 - Getting the speed right 44:39 - Stone's approach to trend following 46:34 - Evaluating managers vs. security analysis 49:05 - The search for capacity constraints 52:02 - The challenge of picking managers 53:41 - Working with real businesses 57:52 - What is a good investment process? 01:03:01 - Generalists vs. specialists 01:06:50 - Advice for new allocators Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer