Keep pulling the thread on Luis Laboy.
The Hewlett Foundation has made a significant investment in Japan.
Key disruption risks monitored by the Hewlett Foundation include technology, regulatory intervention, policy changes, geopolitical events, and value chain vulnerabilities.
The Hewlett Foundation restructured its public equity portfolio into two parts: a concentrated core portfolio and a separate allocation for building new manager relationships.
In the early 2000s, following the election of President Luiz Inácio Lula da Silva, the market consensus was that Brazil would devalue its currency and default on its debt.
The Hewlett Foundation uses a "kill list" and "key debates" framework, inspired by Annie Duke's book "Quit," to pre-define redemption criteria for every manager in its portfolio.
The Hewlett Foundation most often redeems from investment managers due to shifts in its own top-down strategy or market perspective, not manager-specific performance.
The Hewlett Foundation's investment thesis in Japan originated from technical analysis that identified a market breakout.
In the early 2000s, Everest Capital executed a contrarian options trade on Brazil structured for a 5-to-1 payout if the market increased by 20% within two months.
Everest Capital's contrarian options trade on Brazil in the early 2000s was successful, as the market rose 23% within two months, triggering the 5-to-1 payout.
During the COVID-19 pandemic, the Hewlett Foundation reduced its exposure to value-style investment managers due to a perceived transition in the market and economy.
The Hewlett Foundation transitioned its public equity portfolio away from value managers towards a "quality compounding" style of investment.
After concentrating its mature manager roster, the Hewlett Foundation's public equity strategy shifted to focus on sourcing the "next generation" of investment managers.