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In this episode of Approaching Infinity, host Justin Roopnarine sits down with Lanyon Blair, Senior Vice President and Head of Manager Research at Voya Investment Management. Together, they examine the core tenets of institutional manager research, the strategic construction of multi-asset retirement portfolios, and how professional allocators establish frameworks designed to endure changing market environments.
Blair explains that a primary mistake retirement savers make is maintaining an overly conservative investment stance. According to Blair, behavioral biases and an emotional fear of regular market pullbacks frequently lead individuals to hold too much cash and low-volatility assets, resulting in portfolios that are chronically under-risked over long horizons. Overcoming these instincts and maintaining disciplined market participation, Blair notes, is critical for achieving long-term retirement objectives.
When evaluating external investment teams, Blair emphasizes that allocators must prioritize sustainable process over trailing track records to separate repeatable skill from temporary market luck. He points out that allocator due diligence should focus heavily on manager humility, organizational culture, and an institutional commitment to learning from past mistakes. Blair also cautions that sudden or extreme outperformance can often serve as a warning sign of excessive portfolio concentration rather than genuine investing skill.
Discussing alternative strategies and operational alignment, Blair stresses that investment managers must be incentivized to generate tangible value for clients rather than merely accumulating assets. He also highlights that private market strategies require strict liquidity discipline, noting that illiquid assets should only function as a modest complement to a core liquid portfolio rather than a central allocation.
Support and Connect with Lanyon
- LinkedIn: https://www.linkedin.com/in/lanyon-blair-cfa-caia-553a2812/?isSelfProfile=false
- Instagram: https://www.instagram.com/voyainvestments
- Voya Investment Management: https://www.voya.com/
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Hosted by Justin Roopnarine
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Disclaimer: Approaching Infinity is an independent media production for educational and entertainment purposes only. Nothing in this episode is investment, legal, or tax advice, or an offer or solicitation to buy or sell any security. The host and guests may be principals of, or affiliated with, investment firms and may hold positions in the securities or instruments discussed; their views are their own as of the recording date. Mention of any company, security, or strategy is not a recommendation or endorsement. Do your own research and consult a qualified professional about your circumstances. Past performance is no guarantee of future results.
