How to Go From Good to Great

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About This Episode

Change is happening all around us at an accelerating rate. To exploit that change, rather than be exploited by it, professional advisors need power and capability that is protected by true independence. My guest today is a pioneer of the business model that was created to deliver that combination, what is now called outsourced chief investment officer (OCIO).

Jon Hirtle will explain why he is just as passionate about power, capability and true independence as he was when he founded an industry and a firm over 35 years ago. He has been an active investor and successful entrepreneur for 40 years and I look forward to discussing the lessons he has learned as well as the trends he finds compelling.

How do good RIAs become great ones? How do $1 billion-dollar practices become $20 billion-dollar practices? Today, I talk with someone who has done both.

About Our Guest

Jon Hirtle is the founder and executive chairman of Hirtle Callaghan.

Jon Hirtle has been an active investor for over 40 years. Starting his career at Goldman Sachs fresh out of the Marine Corps, he has successfully invested five separate decades:

  • the 1982 bull market and the 1987 crash;
  • the 1990’s run up and bursting of the dot-com bubble;
  • 9/11, the buildup and bursting of the mortgage market and the great financial crisis;
  • Quantitative easing throughout the 2010s; and
  • In the 2020s, the ripple effects of COVID, an interest-rate shock and inflation.

Over 35 years ago, his idealism and insight led him to recognize that serious investors are far better represented by a sophisticated, independent investment office rather than a traditional bank, broker or other product-driven firm. That conviction, in turn, led him to create the first independent investment office for hire and pioneer the concept of the outsourced chief investment officer (OCIO). In 2011, Pensions and Investments named him the “Oracle of Outsource.” Today, Hirtle Callaghan manages $20 billion in complete, global investment programs for over 200 philanthropic families and the mission-driven nonprofits that inspire them, while OCIO, the industry he created, has grown to more than a trillion dollars in assets under management.

Through decades of investing, innovation and leadership, Jon has developed a clear view about the difference between serious investing, trading and the outright gambling that has become so common in today’s world. He urges serious investors to think differently, to understand the value of market inefficiencies, exploiting them where they exist and, perhaps, creating them where they do not. His insights lead to more focus on the trend and less on the cycle and to a greater appreciation of the difference between random luck, that is unlikely to be repeated, and skill that may persist – all in service of achieving success with certainty. He is a frequent contributor to Bloomberg and CNBC.

Show Notes

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