{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Bruce MacDonald \u2013 The Playbook for Building a Mid-Sized Endowment from Scratch (EP.495)","description":"Bruce MacDonald is the CEO and CIO of the Virginia Commonwealth University Investment Management Company, which runs $2.5 billion for VCU\u2019s endowment and health system. Bruce joined the University in 2015 and shortly thereafter, had the opportunity to sell the portfolio and start fresh. Since being promoted to CIO in 2022, VCU has been a top decile performer with a team of just five investment professionals. Our conversation covers Bruce's unconventional path from a religion major at Wesleyan to fixed income investing at Putnam and endowment roles at Columbia and UVIMCO before arriving at VCU. We discuss the principles of VCU\u2019s approach, including building a portfolio around secular tailwinds like India, Vietnam, gold, and artificial intelligence while maintaining abundant liquidity to act countercyclically during market dislocations. We explore VCU\u2019s team-based underwriting process, lessons learned from mistakes, and personal influences that have shaped Bruce\u2019s investment philosophy. Learn more about our Strategic Investments: Ascension. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (\u2060https:\/\/thepodcastconsultant.com\u2060) ","author_name":"Capital Allocators \u2013 Inside the Institutional Investment Industry","author_url":"https:\/\/capitalallocators.com","html":"