Ep. 157: Geoff Rubin on 60:40 Portfolios, Endowment Model and Re-Thinking Risk 

Geoff Rubin is Senior Managing Director and Chief Investment Strategist at CPP Investments. The Canadian Pension Plan is one of the world’s leading pension managers with over $530bn in assets. Geoff is responsible for designing and implementing CPP Investments’ long-term investment strategy.  He joined CPP Investments in 2011, at the inception of the former Total Portfolio Management department. Previously, Geoff held finance roles with Fannie Mae and Capital One Financial where he managed the global balance sheet. In this podcast we discuss: 

• The pros and cons of the 60:40 portfolio 
• Fixed income as diversifier 
• Passive vs active  
• Endowment model and illiquidity 
• Private markets and mark-to-market 
• The CPPIB approach to investing 
• Systematic vs idiosyncratic returns 
• The right way to think about risk 
• Understanding governance and culture context 
• How to insulate against inflation shocks 
• Understanding your process 
• Books mentioned: A Random Walk Down Wall Street (Malkiel), This Time Is Different (Reinhart, Rogoff), Expected Returns (Illmanen), Koolhaas. Elements of Architecture (Koolhaas), fiction of Richard Ford  

You can follow Geoff’s work here.

Read the full transcript here.

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(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)