**Ted Seides** (0:01)
Capital Allocators is brought to you by my friends at WCM Investment Management. To outperform the markets, you have to do something differently from others. In my 30-something years investing in managers, there may be no one I've come across who does that as clearly and as well as WCM. I've seen it up close as an investor in their international growth strategy for the last five years. WCM is a global equity investment manager, a majority owned by its employees. They believe that being based on the West Coast, away from the influence of Wall Street groupthink, provides them with the freedom to live out their investment team's core values, think different, and get better. As advocates of integrating culture research into the investment process and advancing wide moat investing with the concept of moat trajectory, WCM has delivered differentiated returns while building concentrated portfolios designed to stand out from the crowd. WCM is committed to defying the status quo by dismantling outdated practices, believing in the extraordinary capabilities of its people, and fostering optimism to inspire each individual to become the best version of themselves. To learn more about WCM, visit their website at wcminvest.com. Tune in to this slot on the show to hear more about WCM all year long.
**SPEAKER_2** (1:27)
This testimonial will be provided by Ted Seides and Capital Allocators, who have been compensated a flat fee by WCM. This payment was made in connection with Capital Allocators' testimonial and production of podcasts and does not depend on the success or level of business generated. The opinions expressed are solely those of Capital Allocators and may not reflect the opinions of others. Investing involves risk, including the possible loss principle. Past performance is not indicative of future results. Please visit wcminvest.com for WCM's ADV and further information.
**Ted Seides** (1:52)
Capital Allocators is also brought to you by AlphaSense. AlphaSense has become indispensable in modern investment research. It's the market intelligence platform trusted by the world's top institutional investors and for good reason. AlphaSense combines premium content with powerful AI to deliver clarity fast. From company filings to over 200,000 expert interview transcripts, it helps investment teams zero in on what matters most. When deeper insights are needed, AlphaSense's Expert Call Services provide direct access to high-quality vetted experts on demand. Unlike traditional expert networks, AlphaSense custom sources experts to fill specific research needs, whether validating a thesis, pressure testing an idea, or gathering real-time field intelligence. All without the friction or price markup of legacy models. What truly sends AlphaSense apart is its ability to surface proprietary insights, combining expert access with AI, purpose-built to extract qualitative intelligence at scale. The result is differentiated perspectives and decision-making confidence delivered faster than ever. See it in action at alphasense.com/capital. That's alphasense.com/capital.
Hello, I'm Ted Seides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation. Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can join our mailing list and access premium content at capitalallocators.com.
**SPEAKER_4** (3:51)
All opinions expressed by Ted and podcast guests are solely their own opinions and do not reflect the opinion of capital allocators or their firms. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Capital Allocators or podcast guests may maintain positions and securities discussed on this podcast.
**Ted Seides** (4:10)
With eight years and over 500 podcasts under my belt, I'm often asked to recommend my favorite episode. But I can't really answer that question. I feel like I have 500 children and don't think I've disowned a single one. So when asked, I usually offer up a great recent episode to get a listener started. Finding the best episodes in a big library of content isn't easy. So we thought we'd help. Each summer going forward, we're going to share our best. Over seven weeks, we'll replay conversations curated from our favorites and yours, excluding those from the last 12 months. Our 2025 summer series focuses on CIOs. We're blessed to have an incredible library of long shelf life content, and we just couldn't pick seven. Instead, we'll share a dozen gems canvassing every type of institutional asset owner. This week's summer series is another two-fold. Dawn Fitzpatrick from Soros and Steve Rattner from Willett Advisors, Michael Bloomberg's family office. We packaged these two leading single-family offices together to hear their different approaches to a similar investment challenge, with Soros leaning heavily on internal teams and Willett primarily on external. Before we get going, it's about that time of year when the summer breeds leisure activities. So whether you're an active participant or a fan, you've likely noticed a few memes spreading recently.
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