There is definitely a difference between a CIO organizational role and a CIO investing role. In the organizational CIO world, you have meetings, comp, HR, hiring, culture, roles & responsibilities, media relations, marketing, constituent engagement, asset class setup, strategy of all sorts, and physical office space and setup. I may have forgotten a few. If you’re calling investing plays, then the CIO asset class strategy of the organizational world is buttressed by an “on the ground” knowledge of markets, dislocations, opportunities, without having to convince an asset class head to invest in a particular direction. The bigger the investing team, the more all encompassing the organizational role is. The smaller the investment team, the more nimble and active the portfolio is able to be. The above should argue for as lean an office as possible while enabling the team to generally operate at 85% capacity (see prior post).