How I Invest with David Weisburd

Latest Episodes:

E313: Why the Endowment Model Doesn’t Work for Taxable Investors Feb 26, 2026

Show notes

Why does applying institutional investing frameworks often fail for taxable investors and families? David Weisburd speaks with Aneet Deshpande about adapting the endowment model to private clients, the rise of tax-aware private market investing, and why governance, pacing, and asset location matter more than product selection. Aneet explains how taxes, liquidity needs, and behavioral risks fundamentally change portfolio construction—and why clarity of objectives is the real edge.

Highlights:

Why institutional investing frameworks break down for taxable investors
The rise of the taxable private-market allocator
Asset allocation vs. asset location—and the cost of getting it wrong
How taxes can erode 30–40% of gross returns
Tax-efficient structures in infrastructure and private markets
Applying the endowment model to families: what’s usually missing
The three hardest problems: sizing, sourcing, and pacing
Denominator and numerator effects in volatile markets
Continuation vehicles, co-invests, and the evolution of fee structures
Why governance and investment policy matter more than tactics
Ranges vs. point targets in asset allocation
Managing capital calls without forcing bad sales
Why ad hoc investing quietly destroys portfolios
Key-man risk, manager “genius,” and process vs. discretion

Guest Bio:

Aneet Deshpande is a senior investment professional and allocator with deep experience advising institutions and private clients on portfolio construction, private markets, and governance. His work focuses on adapting institutional frameworks—such as the endowment model—to the realities of taxable investors, with an emphasis on tax efficiency, pacing, liquidity management, and long-term wealth preservation across generations.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Aneet Deshpande:

LinkedIn: https://www.linkedin.com/in/aneetdeshpande/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (1:00) Taxable Investors and Private Market Investments (3:15) Endowment Model Challenges and Fee Trends in Alternatives (9:17) Managing Liabilities and Understanding the Denominator Effect (13:14) Governance and Best Practices in Wealth Preservation (17:48) Addressing Governance Issues and the Perils of Random Investments (21:37) Co-investment Trends and Algorithmic Approaches (23:00) Navigating SPV Layers and Investment Fees (24:05) Timeless Investment Principles and Intellectual Honesty (27:33) Unique Traits of Successful Investors (29:33) Analyzing Investment Manager Strengths and Strategic Planning (32:21) Closing remarks

E312: The Power Law of Reputation in Venture Capital Feb 25, 2026

Show notes

Can ethics, generosity, and long-term relationships really outperform aggression in venture capital? David Weisburd speaks with David Hornik about why “nice guys finish first… eventually,” how power-law outcomes shape a venture career, and why reputation compounds more reliably than tactics. Hornik explains why backing unflinchingly ethical founders isn’t just moral—it’s a durable competitive advantage in an industry defined by uncertainty.

Highlights:

Why Hornik only backs founders who are “unflinchingly ethical”
Ethics vs. culture: where pushing hard crosses the line
Why venture capital is a business of disappointment—and patience
How one out of ten investments defines an entire career
The human cost of startup failure and why it never gets easier
Why power laws make venture outcomes feel irrational
Compounding reputation as the most valuable long-term asset
The “transitive property of reputation” in deal sourcing
Why founders should diligence investors as hard as VCs diligence founders
Giving vs. taking—and why pure givers still need boundaries
Media, conferences, and platforms as multiplicative ways to add value
EQ vs. IQ: why emotional intelligence matters more than raw intelligence
Why Hornik won’t invest without sharing a meal with founders

Guest Bio:

David Hornik is the Founder of Lobby Capital and a veteran venture capitalist with over 25 years of experience investing from seed to pre-IPO. He previously spent two decades at August Capital and was the first institutional investor in companies including Splunk. David is known for his emphasis on ethics, reputation, and long-term relationship-building as core drivers of venture success.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with David Hornik

LinkedIn:https://www.linkedin.com/in/davidhornik/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:18) Work-life balance in venture capital (3:31) Investment disappointments and startup failures (7:14) Power law outcomes and investment concentration (10:37) Compounding reputation and career effects (15:00) Long-term relationships and winning deals (19:07) Diligence and investment strategy contrasts (22:07) Role of luck and insights from Adam Grant (28:12) Building a network and leveraging media (30:27) Balancing IQ and EQ in startups (34:28) Advice and validation of relationship-based strategies (37:21) Understanding entrepreneurs and authenticity (38:41) Closing remarks

E311: How Continuation Vehicles Quietly Reshaped Private Equity Feb 24, 2026

Show notes

Why have continuation vehicles become one of the fastest-growing segments in private markets? David Weisburd speaks with Benjamin Carper about what’s driving record CV volume, how these transactions solve structural mismatches in private equity fund lives, and why both LPs and GPs hold mixed views on the strategy. Ben explains how continuation vehicles create liquidity, extend ownership of high-quality assets, and reshape portfolio management across buyout and venture markets.

Highlights:

Why continuation vehicles reached over $100B in annual volume
How arbitrary fund life cycles created the need for CVs
The shift from selling winners to compounding them
Typical size ranges and asset profiles for continuation vehicles
Why LPs both value and struggle with CV decision-making
Continuation vehicles as a growing source of cash liquidity
Pricing mechanisms: auctions vs. sponsor-led recapitalizations
Best practices around LP rollover options and alignment
What makes a high-quality CV asset attractive to investors
How CVs function as “deal-level diligence” for LP–GP relationships
Differences between buyout and venture continuation vehicles

Guest Bio:

Benjamin Carper is a senior member of Jefferies’ secondaries team, where he helps lead a large platform focused on continuation vehicles and private market liquidity solutions. He advises sponsors and institutional investors on structuring, pricing, and executing single-asset continuation transactions across buyout, growth, and venture portfolios. Ben has worked on some of the earliest and largest continuation vehicles in the market and is closely involved in the evolution of CVs from a liquidity solution into a core portfolio management tool.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Benjamin Carper:

LinkedIn: https://www.linkedin.com/in/benjamincarper/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction to continuation vehicles and market focus (2:00) Increase in continuation vehicle volume and traditional hold period (5:40) Continuation vehicles' impact on company management and LP perspectives (9:09) Pricing and alignment in continuation vehicle deals (12:16) Attractiveness and due diligence in continuation vehicle transactions (16:57) Investor profiles and trends in continuation vehicles (19:01) Continuation vehicles' role in venture capital and long-term relationships (23:13) Notable deals and closing thoughts

E310: The DPI Problem Plaguing Venture Capital & PE Feb 23, 2026

Show notes

Why has liquidity across private markets broken down and what does it mean for institutional portfolios? David Weisburd speaks with Alex Ambroz about collapsing distributions, the rise of continuation vehicles and secondaries, and why many allocators are facing a structural mismatch between models and reality. They explore whether “private is the new public,” how incentives shape GP behavior, and what LPs must change to adapt to a new normal of prolonged illiquidity.

Highlights:

Why private market distribution yields have fallen from ~25% to single digits
How declining DPI drives the denominator effect across portfolios
Continuation vehicles: why LPs both rely on and resent them
Secondary sales as a liquidity tool—and their political costs
The growing gap between private marks and realizable value
Why IPOs are no longer a reliable liquidity release valve
How incentives keep large companies private far longer than before
Why private credit remains the lone exception on distributions
Career risk and principal–agent problems on the LP side
Where AI tools help allocators—and where judgment still matters
Using factor models to distinguish alpha from disguised beta

Guest Bio:

Alex Ambroz is the Founder and CEO of the Allocator Training Institute, the first structured education platform dedicated to developing the next generation of institutional allocators.

Before founding ATI, Alex spent two decades in senior investment roles at Morgan Creek Capital, J.P. Morgan, Cleveland Clinic, and Aberdeen Standard Investments, where he built and managed multi-asset portfolios across public and private markets.

He has trained hundreds of analysts and investment officers globally and holds deep expertise in portfolio construction, factor modeling, and operational due diligence.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Alex Ambroz:

LinkedIn: https://www.linkedin.com/in/alexambroz/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:25) DPI, distribution yields, and their historical context (4:38) Impact of reduced distributions on allocators and DPI trends for 2025 (7:06) Illiquidity in private assets and GP strategies (9:50) Role and challenges of secondary sales and CVs (17:34) Borrowing against private book and liquidity concerns (21:27) Preparing for the new normal in private asset distributions (25:24) Private market valuations and LP pressure on GPs (29:33) Principal-agent problem and the impact of AI on investment analysis (33:12) Quick assessment of investment factors (34:49) Closing remarks

E309: Why Most VCs Firms will Die by 2030 Feb 20, 2026

Show notes

What happens when AI stops assisting humans and starts replacing decision-making itself? David Weisburd speaks with Camilo Acosta about the rise of agentic AI, why incumbents still leave massive openings for startups, and how AI will reshape labor, venture capital, and entire asset classes. Camilo explains how investing ahead of regulation, betting on founders over ideas, and building for a fully agentic future define the next era of venture.

Highlights:

Why agentic AI replaces prediction, judgment, and action—not just tasks
Lessons from building products at Meta and founding startups
How incumbents’ scale creates opportunity rather than safety
Why $10B outcomes are “too small” for Big Tech but ideal for VCs
The danger of competing with platforms that control distribution
Why copilots miss the point of where AI is going
AI’s uneven impact across regulated vs. unregulated industries
How AI will disrupt private equity, asset allocation, and the Yale Model
The extinction-level event facing emerging VC managers
Why building a firm is fundamentally a branding and marketing exercise
Founder psychographics, ruthlessness, and investing pre-idea
Why some of the best founders are the hardest to work with
Audio-first interfaces as the next major compute platform shift

Guest Bio:

Camilo Acosta is the Founder and Managing Partner of Perceptive Ventures, an early-stage fund focused on agentic AI. He is a former startup founder and CEO whose company was acquired, and previously served as a senior AI engineering leader at Meta, where he helped run multi-billion-dollar product suites. Camilo invests with a thesis-driven approach centered on agentic systems, founder psychographics, and long-term technological disruption across industries.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Camilo Acosta:

LinkedIn: https://www.linkedin.com/in/camiloacosta/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:12) Distribution power and AI's disruptive potential (3:27) Framework for AI disruption and future opportunities (9:42) Conceptualizing an agentic AI future (10:53) AI's impact on asset classes and investment strategies (13:02) Strategies for emerging VC managers to survive (14:22) The significance of a strong LP network (17:14) Learning from investment misses: team vs. idea (18:44) Balancing AGI safety and national security (19:32) Founder ruthlessness and its effects (21:54) Ego and humility in venture capital (23:01) Managing relationships with challenging founders (25:05) Future of computing platforms (26:38) Career advice for aspiring tech professionals (28:29) Big tech vs. entrepreneurship for career start (29:36) Closing remarks

E308: The Future of LP Liquidity Feb 19, 2026

Show notes

What happens when capital markets move from batch processing to real time? David Weisburd sits down with Yuval Rooz to discuss his path from Citadel and DRW to founding Digital Asset and building the Canton Network. Yuval explains why blockchain is less about crypto speculation and more about upgrading the infrastructure of global capital markets—unlocking 24/7 settlement, asset utility, and new forms of liquidity across public and private markets.

Highlights:

Yuval’s unconventional path from engineering to trading and entrepreneurship
Citadel’s talent model and why technical skills scale faster than finance knowledge
Building DRW’s ETF market-making desk from scratch
How deep market structure knowledge creates asymmetric opportunities
Early lessons from Bitcoin and crypto market infrastructure
Why tokenization is really about financial rails, not hype
The Canton Network and real-time settlement for capital markets
Expanding asset utility beyond buy-and-hold investing
Borrowing against assets vs. forced selling for liquidity
Why inefficiency persists when it benefits incumbents
Lessons on risk-taking early in one’s career

Guest Bio:

Yuval Rooz is the Co-Founder and CEO of Digital Asset, the company behind the Canton Network, a blockchain infrastructure designed for regulated capital markets. He began his career at Citadel before joining DRW, where he helped build its ETF trading and digital asset initiatives. Yuval brings deep expertise in market structure, trading, and financial infrastructure, with a focus on modernizing how assets are issued, traded, and settled across global markets.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Yuval Rooz:

LinkedIn: https://www.linkedin.com/in/yuvalrooz/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (4:47) Tokenization, administrative efficiency, and blockchain in finance (9:59) Onboarding assets, transparency, and market inefficiencies (14:02) Closing remarks

E307: Why Size Is the Enemy of Venture Returns w/Glenn Solomon Feb 18, 2026

Show notes

How do you compete with Sequoia and Andreessen while running a $650M fund and still expect to outperform? In this episode, I sit down with Glenn Solomon, Managing Partner at Notable Capital, to break down how focused early-stage investing can outperform mega-platform venture funds. Glenn explains why 70%+ of venture dollars now go into mega-rounds over $100M, why Notable stays disciplined at seed and Series A, and how delivering “unscalable” founder support creates real edge. We also go deep on Anthropic, the so-called “software apocalypse,” AGI narratives, and where durable alpha exists in an AI-dominated world.

Highlights:

Why $350B in venture funding hides a barbell market structure
How focusing on sub-$100M rounds creates structural edge
Why size is often the enemy of return
Building a 42-person team to serve 8–10 new founders per year
The case for consistent top-quartile vs. volatile top-1% returns
Anthropic’s enterprise-first positioning and labor market opportunity
Why AI is attacking multi-trillion-dollar labor markets—not just software
The pendulum effect behind the “software apocalypse”
Why distribution and proprietary data still matter in SaaS
AGI as a phase, not a binary event
Where net-new opportunity sits above infrastructure
The danger of chasing “shiny objects” without conviction

Guest Bio:

Glenn Solomon has been a venture capitalist for nearly 30 years and has spent the last 18 years building what is now Notable Capital, the U.S.-focused team that previously operated as GGV Capital before separating in 2023. Glenn invests in early-stage software companies across enterprise infrastructure, cybersecurity, data, and AI. A Stanford graduate and former three-time NCAA national championship tennis team member, Glenn brings a disciplined, team-first mindset to venture investing. He is known for deep sector expertise, strong founder relationships, and a focus on delivering consistent, high-conviction returns through concentrated early-stage ownership.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the market intelligence platform trusted by 85% of the S&P 100 that helps you make confident, data-driven decisions faster than your competitors. With powerful search capabilities designed for hedge funds, mutual funds, and private equity investors, AlphaSense gives you the edge to elevate your research. Visit: alpha-sense.com/howiinvest.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Glenn Solomon:

LinkedIn: https://www.linkedin.com/in/glennsolomon/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:35) Impact of the hot M&A and IPO market on investment strategies (2:43) Advantages and disadvantages of a $650 million fund and budget concentration for impact (5:38) Delivering unique value to founders and competing with large funds (9:40) Investment in Anthropic, AI market landscape, and opportunities (15:21) AI's disruption in the software market and incumbent adaptations (18:46) Investing strategies in a post-AGI world and AGI phase opportunities (24:58) Timeless career advice for investors and the importance of sector expertise (27:21) Closing remarks

E306: Can VCs Actually Pick Winners? w/Eric Bahn Feb 17, 2026

Show notes

Why does execution velocity matter more than pedigree at the earliest stages of company building? David Weisburd speaks with Eric Bahn about the concept of “hustle,” why early judgments about founders tend to persist, and how throughput, learning speed, and grit outperform traditional signals in pre-seed investing. Eric explains Hustle Fund’s wide-net strategy, its community-driven platform model, and how changing startup timelines are reshaping venture economics.

Highlights:

Why early founder rankings tend to persist over time
Defining “hustle” as execution speed and learning velocity
Why hustle is difficult to fake but easy to observe in practice
Quantity of experimentation as a driver of quality outcomes
The limits of pedigree and why it’s often priced into valuations
Hustle Fund’s wide-net, low-ownership-sensitive portfolio model
Combining diversification with selective concentration over time
Building a venture fund as a media and community platform
Staying small to preserve incentives and execution discipline
Seed-strapping, delayed liquidity, and the growing role of secondaries
Why venture fund timelines may need to extend beyond 10 years

Guest Bio:

Eric Bahn is the Co-Founder and Managing Partner of Hustle Fund, a pre-seed venture capital firm focused on backing founders with exceptional execution velocity. He began his career as a product manager at Meta and later worked at 500 Global, where he helped evaluate thousands of early-stage startups. Eric is known for his emphasis on hustle, learning speed, and building founder-focused platforms that combine capital, community, and distribution.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Eric Bahn:

LinkedIn: https://www.linkedin.com/in/ericbahn/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (0:29) Identifying and differentiating true hustlers (1:30) Meta story and product management insights (2:31) Sprint-based evaluation model (5:31) Importance of throughput in success (7:06) Concentrated vs. diversified portfolios and HustleFund's strategy (11:07) Pedigree, grit, and emotional intelligence in founders (15:43) Media and community platform strategy at HustleFund (18:49) The impact of AI and alternate liquidity options in VC (23:59) The rise of secondaries and long-term fund dynamics (26:04) Cold outreach and advice to a younger self (28:54) Accepting limitations and finding satisfaction (30:04) Closing remarks

E305: Why 95% of AI Startups Will Never Build a Moat Feb 16, 2026

Show notes

Why are vertical AI applications emerging as some of the most defensible opportunities in technology today? David Weisburd speaks with Nick Beim about why context—not raw intelligence—is becoming the key driver of AI performance, and how vertical software is reshaping wealth management, legal services, and defense. Nick shares how legacy infrastructure, industry economics, and human-centered workflows create enduring opportunities for AI-driven transformation.

Highlights:

Why vertical AI outperforms horizontal models through domain-specific context
The limits of large LLM platforms in winning every application layer
Structural failures in wealth management technology and custody systems
Why advisors remain central despite advances in automation
AI-driven tax-aware investing and personalization at scale
The next wave of legal tech beyond basic research tools
Why high legal costs suppress economic activity—and how AI changes that
How AI is reshaping defense, intelligence, and modern warfare
Low-cost autonomous systems vs. traditional defense contractors
Why pattern recognition fails for the most disruptive venture investments

Guest Bio:

Nick Beim is a Partner at Venrock, where he has invested for over two decades across AI, wealth management, fintech, legal tech, and defense technology. He previously worked at McKinsey & Company and Goldman Sachs and serves on the Council on Foreign Relations. Nick is known for backing category-defining companies, focusing on vertical software, and investing in founders building highly contextual, defensible businesses.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Nick Beim:

LinkedIn: https://www.linkedin.com/in/nickbeim/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:13) Limitations of horizontal LLMs and wealth management tech (5:34) Context in financial advising and rise of retail alternative investments (10:02) AI's future in tax-aware investing and legal tech (15:04) AI's impact on defense, national security, and next-gen warfare (21:36) Competition in defense tech and methodologies for diligencing AI investments (25:01) Pioneering companies and strategies for niche market investments (27:16) Advice for early career venture capitalists and understanding power law (31:32) Characteristics of successful founders and the role of personal drive (36:30) Founder magnetism, charisma, and the importance of transparency (38:31) Closing remarks

E304: Co-CIO of Multi-Asset at Neuberger Berman on Mistakes Smart Investors Make Feb 13, 2026

Show notes

How should investors think about risk when traditional measures like volatility fall short? David Weisburd speaks with Jeff Blazek about portfolio construction across institutions and family offices, why drawdown matters more than standard deviation, and how allocators should balance public and private markets. Jeff shares first-principles thinking on liquidity, behavioral risk, and building resilient portfolios across market cycles.

Highlights:

Key differences between managing large institutions and smaller endowments
Why drawdown is a more meaningful risk metric than volatility
First principles for building an endowment-style portfolio
The behavioral risks of over-allocating to private markets
How liquidity enables rebalancing during periods of market stress
Trade-offs between public and private investments
Managing denominator effects and secondary market risks
The role of liquid, uncorrelated diversifiers
Why quality investing has overtaken pure value investing
How allocators should think about AI, growth, and regime shifts

Guest Bio:

Jeff Blazek is Co-Chief Investment Officer of Multi-Asset Strategies at Neuberger Berman, a global asset manager overseeing approximately $550 billion in assets. He has held senior investment roles across endowments, pensions, and consulting, including NewYork-Presbyterian Hospital, Texas Teachers, and Cambridge Associates. Jeff brings over 25 years of experience in portfolio construction, asset allocation, and risk management across public and private markets.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor: AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Jeffrey Blazek:

LinkedIn: http://linkedin.com/in/jeffrey-blazek-cfa-a0a57212

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

(0:00) Introduction (1:00) Impact of portfolio size on investment strategy and working with Britt Harris at Texas Teachers (3:01) Principles for building an endowment-like portfolio and defining risk tolerance (5:41) Understanding risk: Drawdown vs. standard deviation and stock market implications (8:48) Hidden risks in investment portfolios (10:19) Assumptions about volatility and endowments' role in venture capital (15:09) Multi-asset investing and managing public and private assets at Neuberger Berman (19:20) Volatility laundering, second-order effects, and risk of ruin (22:25) Ideal portfolio allocation strategies for unconstrained investors (25:47) Adjusting private and public equity allocations and implementing an 80/20 portfolio (33:24) Behavioral aspects of portfolio allocation and current asset class valuations (38:50) Fixed income vs. private credit and the evolution of investment philosophy (42:44) Staying cutting-edge and understanding market dynamics through bottom-up analysis (46:44) AI's impact on stock market pricing and future economic growth (48:59) Timeless career advice and comparing career paths (51:05) Closing remarks

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