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