At Heritage, you can read something in The Wall Street Journal, call someone you know in the market and the investment discussion begins. There are very few firms in the world that allow their investment teams to invest this broadly. Here you get to be a generalist in a firm that can do anything.
Our work is qualitative. We’re getting to know people, trying to understand their motivations and how they think about the world. If you’re exclusively numbers-oriented, you miss stuff. It’s a balancing act.
My advice for my younger self would be to do more, think less. There’s merit in exploring, taking action and making adjustments over time.
You’re never going to have all the answers about an investment. Being able to bounce ideas off a team of smart, open-minded and passionate colleagues is incredibly cool.
Our investment partners are thoughtful and tenacious. We seek out investors in neglected markets—the ones others shy away from because they seem too hard or complex.
I remember sitting on the school bus in eighth grade poring over analyst reports from a stock research consultancy. I asked my dad to buy three stocks on my behalf: Pfizer, Kraft and GE. None of them were great, but they all outperformed the market.
When I’m not focused on investing, I’m reading about social problems. I’m interested in how people are changing financing and political mechanisms to fix problems and incentivize better behavior. Improved decision making in the public sector has enormous implications.
We engage in an active dialogue with our partners about how to create value. That means inventing opportunities rather than solely evaluating investments as they come in.