Scott Malpass - Building a Great Endowment

**Patrick O'Shaughnessy** (0:00)
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To hear more about Tegus, stay tuned at the end of the episode where I sit down with Tegus customer, Ben Claremont from Cove Street Capital to talk about how Tegus is part of his investing process. This episode is brought to you by Hall Capital Partners. Hall Capital manages more than $40 billion in global multi-asset class portfolios on behalf of endowments, foundations and high net worth families with investments managed by distinguished investors, many of whom have been guests on this podcast. Hall Capital is always looking for exceptional investment talent at any stage and size, with particular focus on diverse teams which they believe better drive decisions and outcomes.
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (2:44)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (3:09)
My guest today is Scott Malpass. Scott was the CIO of Notre Dame's Endowment for 32 years and has always been a pioneer at the forefront of the endowment investing world, leading Notre Dame's early investments into Sequoia as well as some of the premier fund managers in China decades ago.
Scott built the endowment into a powerhouse, scaling it from $400 million to over $12 billion of assets under management across 175 managers. In our conversation, we talk about the qualities he looks for in great investors, how asset classes have evolved over his 30 years of investing and how Scott recruited top talent to work at Notre Dame's endowment. Scott is clearly on the Mount Rushmore of institutional investors and I'm lucky to consider him a mentor and a friend. I hope you enjoy this great conversation with Scott Malpass.
So Scott, this is a long time coming, this conversation. I've been so excited to have it. And for those unfamiliar with your background and your track record, I think we have to set the stage with sort of the scope of your career, kind of how it started at the Notre Dame endowment, maybe even like the size of the endowment when you showed up, the size of it when you left, because I think you've got one of the most storied careers kind of on the Mount Rushmore of professional capital allocators across decades. So first, just welcome and help us frame the experience that's going to inform all the things that we're going to talk about here today.