HIGHLIGHTS: Robert Wallace

Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, interviews Robert Wallace, President and CEO of Stanford Management Company, about Stanford's investment philosophy and portfolio management. Wallace explains Stanford's dual goals of supporting current and future students while maintaining purchasing power, necessitating a high-return equity-biased strategy. He details changes implemented since 2015, focusing on reducing over-diversification and building stronger relationships with fewer, more carefully selected partners. The conversation also touches upon identifying successful investors, the role of risk tolerance, and Wallace's perspective on the crucial role of research universities in driving innovation, drawing parallels between the discipline required for ballet and long-term investment success.