What Matters Most Hasn’t Changed

Editor’s Note: We’re proud to share this piece from Dave, who took the reins as Bailard’s Chief Investment Officer (CIO) on July 1, succeeding Eric Leve, CFA. With clear-eyed perspective and deep respect for what endures, he reflects on what this role means to him and how he plans to build on the firm’s strong foundation.

When I joined Bailard in 2009 as a Client Associate, I didn’t fully know what path I was setting out on. But I knew I had landed somewhere special. The role gave me a front-row seat at the intersection of research and relationships. I wasn’t just learning how the investment market works, I was learning how to make it work for real people. I was immediately drawn to Bailard’s entrepreneurial spirit and culture of shared ideas.

Over time, I gravitated toward technology investing. The pace of change and complexity captivated me, and I enjoyed the intellectual challenge of separating hype from substance. I’ve spent most of the last decade immersed in tech: first as an analyst, then a co-portfolio manager, and ultimately leading our tech strategies.

In 2021, I was promoted to Executive Vice President and began working more closely with Eric Leve, our longtime CIO. That shift didn’t take me away from research, which I still love. Instead, it gave me a broader view of our investment platform. Eric’s mentorship during this time was invaluable. As I move into the CIO role, I do so with deep appreciation for Bailard’s enduring approach and a clear understanding of what remains essential to our philosophy.

Eric has dedicated 38 years to Bailard, helping shape how we invest and playing a meaningful role in many careers. While he’s stepping back from firmwide leadership, he continues to co-manage our international portfolios. It’s a well-earned change in his career, one that reflects not just personal longevity, but the strength and depth of the firm. As our CEO, Sonya Mughal, has shared, “Careers like Eric’s don’t happen by chance. They reflect the kind of culture we’ve built at Bailard, one rooted in shared purpose where people grow and stay for all the right reasons.” Many colleagues have dedicated their professional lives here, serving clients across decades and market cycles. That kind of continuity matters.

Transitions like this are meaningful, but they don’t require a shift in philosophy. Bailard has long invested with patience, rigor, and purpose—and that won’t change. We’ll still rely on deep research and shared insight, guided by the trust clients place in us. We’ll be opportunistic when it makes sense and patient when it doesn’t.

In this new role, I bring energy and focus, with a commitment to exploring new ideas, embracing innovation, and helping ensure client portfolios are positioned for both today and tomorrow. We have a strong team in place. My job is to support them, challenge them, and help them thrive.

Peter Hill, who served as both CIO and later CEO of Bailard, was known for saying, “Always hire someone smarter than yourself.” It’s a philosophy I’ve carried with me, and one that feels especially true when I look around the table. Working with such capable and focused colleagues raises the standard in the best possible way. It’s what keeps this job both humbling and rewarding.

This transition isn’t about change for its own sake. It’s about building steadily on what works, with both continuity and care, all in the same spirit that has long defined our work. I’m grateful for the foundation that’s been laid, and for the chance to carry forward what matters most.

Thank you for your continued trust in Bailard. I’m honored to serve you in this role.