The Pomp Podcast
#1069 Adam Kurkiewicz On How To Invest Like The Best Performing Endowment
- Endowments are permanent capital pools funded by gifts over decades, paying out 4–5% annually to support university missions while preserving real purchasing power for perpetuity.
- Washington University's portfolio strategy emphasizes concentrated positions with world-class managers rather than over-diversification, using generalists instead of specialists to calibrate opportunity costs across asset classes.
- The endowment prioritizes co-investment alongside trusted partners to validate conviction and access their best ideas, scaling positions when thesis alignment is strong.
- Bitcoin and crypto are evaluated through existing portfolio managers' expertise; the team holds a material position acquired early, views Bitcoin as long-term store of value, and invests in infrastructure, custodians, and gaming applications.
- Decision-making is driven by case study analysis and prepared-mind orientation—maintaining dry powder and deep knowledge of existing portfolio to capitalize on market dislocations like COVID-19.
- Long-term orientation balances permanent capital philosophy with market cycles; the team harvests gains strategically to reserve capital for high-conviction opportunities rather than riding all winners indefinitely.