“The Founder’s admonition is to first, last, and always, ‘grow the assets.’”
– William S. Dietrich II, Statement of Philosophy (August 2011)
In the late 1990s, as Bill Dietrich turned his energies toward his charitable vision, he was certain of one thing – long-term investment success ultimately would drive the philanthropic success of The Dietrich Foundation. He carefully catalogued – and worked hard to make the most of – his key advantages as a global, thematic investor. Thus, we remain committed today to the following principles:
- Boldly pursue an unconventional, mainly illiquid portfolio that, based on informed judgment, is designed to attain exceptional returns over the long haul
- Focus intensely on governance, with an emphasis on aligned incentives, streamlined decision-making, and aversion to unnecessary conservatism driven by “career risk”
- Constantly develop/re-underwrite long-term, global investment themes based on frequent travel and deep, local relationships
- Consistently support your investment managers by sharing ideas and insights, connecting like-minded investors, and serving as a friendly resource
- Remember always that the “Market Timing Hall of Fame” is empty, liquidity isn’t free, private market investing is always and everywhere a relationship business.