The Essential

Ken Lee (Re)Builds Caltech Investment Office

The $5B institution has hired two associate directors and is looking to expand the team even more.

Bill Ackman’s Big Year Came from AI, Trump — And an Insurance Play

The Pershing Square hedge fund manager is expanding his empire.

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Arizona Public Safety’s Mark Steed Rethinks ‘World Order’ as Defense Budgets in Europe Soar

Steed is “actively analyzing” how to up its international allocation while still remaining “heavily focused on the U.S.”

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