The Allocators’ Playbook by Markets Group is a podcast for asset allocators navigating asset allocation, manager selection and the next market cycle. Please visit us online at www.marketsgroup.org
Stefan Beiner on Repo, Resilience, and Why Governance Beats Prediction in Pension Investing
Former Publica CIO Stefan Beiner joins host Muskan to unpack repo as a liquidity tool, why geopolitical risk sharpens diversification questions rather than driving big allocation shifts, and the governance discipline behind long-term pension investing.00:00 – Intro00:24 – Introduction to Stefan Beiner00:47 – Building on PUBLICA’s Investment Strategy02:52 – Expanding into Private Markets05:27 – Managing Geopolitical Risk07:47 – How Repo Transactions Work09:52 – Introducing Repo for Pension Funds10:41 – Defense Investing & Exclusion Policies12:50 – Currency Risk & Regional Diversification15:53 – Swiss Pension Reform & Asset Allocation17:59 – What Stefan Would Do Differently as CIO20:04 – Closing Thoughts#MarketsGroupPodcast
30 Sept 2026
Inside PMRS’ Playbook: Owning Debt, Skipping Equity and Building AI Fluency
Pennsylvania Municipal Retirement System CEO and CIO Tim Reese discusses the investment philosophy behind the pension system's evolving portfolio, including his approach to emerging managers, why he favors lower- and middle-market private credit over private equity, how a total fund view has reshaped the system's fixed income portfolio and why PMRS is building AI fluency from the top down before deploying the technology across its investment operations.00:12 Introducing Tim Reese and PMRS01:09 Investment culture and supporting emerging managers05:02 How experience shapes manager selection and governance09:34 A total fund view versus a TPA approach11:52 Rethinking the 60/40 portfolio after 202213:59 Market concentration and signals to watch16:04 Private equity, private credit and infrastructure20:24 Measuring risk across the whole portfolio22:39 Volatility, AI and diversification27:14 How institutional portfolios may change29:09 Bringing AI into the investment office34:37 Leadership and institutional memory36:06 The book that shaped Tim’s investment thinking#MarketsGroupPodcast
16 Sept 2026
West Virginia CIO Craig Slaughter: Four decades, $4.8 billion in outperformance and one rule — don’t get whipsawed by politics
After nearly four decades overseeing investments for the West Virginia Investment Management Board, Craig Slaughter has learned that staying independent means avoiding being “whipsawed by politics.” The longtime CEO and CIO discusses why public funds stumble when governance breaks down, how history helps investors keep their cool in turbulent markets and why he prefers to hire people smarter than himself — an approach that has helped the fund generate $4.8 billion more than the median public pension fund over 25 years.
00:00 - Intro
00:12 - Introduction to Craig Slaughter and His Achievements
01:24 - Proud Moments and Organizational Integrity
03:23 - The Influence of History on Investment Philosophy
05:35 - Navigating Market Challenges with Historical Insight
06:57 - Maintaining Investment Philosophy in Emotional Markets
08:15 - Concerns About the Economy and Political Landscape
10:47 - Divesting from China: Strategy and Implications
15:27 - Future Investment Opportunities and Strategies
17:48 - Reflections on Market Changes
21:03 - Building a Strong Organizational Culture
26:24 - Leadership Philosophy and Influences
30:37 - The Importance of Governance
33:55 - Maintaining Confidence in Volatile Markets
37:06 - Common Mistakes in Institutional Investing
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