Huston is trying to make wealth management a space where people like him, of all races and backgrounds, can thrive.
Q: Can you talk a little more about the diversity angle to Bay Street Capital Holding’s investment philosophy?: There’s $69 trillion in the U.S., and 98.7% of that is managed by White males… It’s not the case that of all the options out there… white male fund managers… are the ones who are persistently performing the best year after year.
So you can imagine two entrepreneurs — one is, you know, a White guy who went to Stanford. The other is a Black guy and went to Oakwood… And then you see their resume. You say, I don’t know where Oakwood is, and I don’t know anyone this guy knows because I’ve checked on LinkedIn and we don’t have any commonalities… Even if you had $100 total, you would give more than $50 to the White counterpart.Correct, because you under allocate to them.
Q: It seems like you have a pretty big hospitality investment portfolio. Can you talk a little bit about that?So Black people, they spend $109 billion annually on leisure travel, and of that, less than $1 billion goes to Black-owned properties. A big reason for that, we would argue, is that they don’t actually know who owns the properties.
Q: You work with a lot of people who have become suddenly wealthy, like by winning the lottery… Do you think there’s a difference between lottery winners and tech billionaires? My mind is on Sam Bankman-Fried or someone like that who comes into a ton of money suddenly.From a risk standpoint, sometimes they can be very similar. Somebody who agrees to risk their money and gamble… versus somebody who decides to take a risk to work at a startup.
And the spending policy traditionally, if you have an eight- or nine-figure sum of money like you’re talking about, is you have a spending policy in place of 4% or less… So if you won $100 million — if you spend $4 million a year — that $100 million will grow over time.Are they, like, excited? I’d say it’s the exact opposite. You’d be surprised by how private most people are.
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