Table of Contents



Preface

  1. What is Reflections of an Allocator?
  2. Why Pursue Investing?
  3. About Me/Contact Me

Overarching Themes & Principles
  1. Want to Predict the Future? Look at Incentives.
  2. Culture Really Matters.
  3. People, People, People = A Winning Formula for Success.

Asset Allocation & Risk Allocation

  1. Where Have All the US Public Companies Gone?
  2. Why Invest in Private Equity?
  3. Creating a Private Equity Investment Strategy.
Manager Selection & Co-Investing

  1. Creating a Manager Selection Framework.
Direct Investing & Security Selection

  1. Creating a Business Quality Framework. (Part 1)
  2. Creating a Business Quality Framework. (Part 2)
  3. Creating a Business Quality Framework. (Part 3)
  4. Creating a Business Quality Framework. (Part 4)

Business & Industry/Sector Research

  1. Aggregators in the Public Markets (Part 1): TransDigm Group.

What is Reflections of an Allocator? 




Throughout my childhood and adolescense, my greatest interests were always history and literature. The reason for these interests was simple: I found the stories hidden within the pages of books and chapters of history captivating. Looking back, I now realize that reading was not just a pastime for me; it was a journey through time, a gateway to different perspectives, and a means of exploring the depths of different human experiences.

As I grew older, this love for reading transformed into a passion for writing. I found myself not only consuming the ideas of others but also eager to develop, test, and refine my own thoughts. Writing became a way to explore the complexities of the world around me, to engage with the ideas that fascinated me, and to share my reflections with others.

As an adult, it has been harder to find time to read or write as much as I’d like to. However, I’ve made it a point to set aside time in my life to read recreationally and am lucky to have a full-time role where reading and research is a key part of the job. Speaking of my job, I recently embarked on the first step of a professional journey (and hopefully a long career) on the investment team of a Family Office/Foundation.

Reflections of an Allocator is a virtual book and journal of sorts, one that is designed to have no ending and will be continually refined as I continue to learn. Centered around the art and science of investing, my goal with this virtual book is to develop, test, and refine investment related ideas, thoughts, and concepts, while also sharing them with others. I am not the most talented writer or most knowledgeable investor, but I’ve always found writing things down a key part of the process of continual improvement.

In short, this is a place where I will freely express my ideas and challenge my own assumptions. Throughout the following pages, I hope to contribute insights that might resonate with you as they have with me. I hope that, together, we can discover new perspectives, question established truths, and continue to learn throughout our lives.

- Jeremy Cheng