How I Invest with David Weisburd

Latest Episodes:

E183: How to Raise Institutional Capital w/iConnections CEO Ron Biscardi Jul 07, 2025

Show notes

Ron Biscardi is the Co‑Founder & CEO of iConnections, a fintech platform reshaping global capital introduction. With 25+ years in the alternative investment space, Ron has facilitated 36,000+ LP/GP meetings since launching iConnections in April 2020. He previously co-founded a boutique seeding firm, deploying over $600M in capital via 20+ deals. From a philanthropic start—with Funds4Food raising $1.9M in 2020 targeting pandemic relief—to anchoring flagship “Global Alts Miami” events, Ron discusses the strategy of building trust, technology, and community in capital formation.

Highlights:

From charity event to $50M+ platform in five years
How 17 crypto managers booked 800+ LP meetings
The one thing top fundraisers do that others don’t
Why LP behavior is a better signal than mandates
The GP playbook for getting 50+ meetings at Miami
Building a capital platform without raising VC
What GPs get wrong about post-conference follow-up
How iConnections is using AI to match funds to allocators
Why Asia may soon outpace the U.S. in alternatives
The surprising ROI of dinners, concerts, and long games

-- Guest Bio: Ron Biscardi is the Co-Founder and CEO of iConnections, the leading capital introduction platform for the alternative investment industry. Since launching the company in 2020, Ron has helped scale iConnections from a philanthropic idea during COVID into a global platform facilitating over 36,000 LP/GP meetings and powering flagship events like Global Alts Miami, New York, and Singapore. Under his leadership, iConnections has grown to over $50 million in annual revenue—all without venture funding—and is now used by major industry partners including SALT, CNBC, Forbes, and AIMA. Prior to iConnections, Ron co-founded a boutique seeding firm that deployed over $600 million across more than 20 deals. He’s also the driving force behind iConnections’ charitable initiatives, which have raised over $2.5 million for causes including food insecurity, mental health, and support for Ukraine. Ron holds a degree in Electrical Engineering from Drexel University and has spent over 25 years in the alternative investment industry.

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 @NordVPN and @Incogni for sponsoring this episode!

#VentureCapital #VC #Startups #OpenLP #assetmanagement

-- Sponsor: NordVPN is one of the fastest and most reliable VPN services available, helping users protect their personal data, block malware, and stay secure on any network. With over 7,000 servers in 125 countries, NordVPN allows investors, travelers, and remote professionals to change their virtual location, access region-locked services, and maintain privacy while working from anywhere. NordVPN believes that strong encryption and seamless connectivity are essential to a secure digital life. EXCLUSIVE NordVPN Deal ➼ https://nordvpn.com/invest. Try it risk-free now with a 30-day money-back guarantee!

Sponsor: Incogni, developed by the makers of NordVPN, is a data privacy tool that helps individuals remove their personal information from the internet. By automatically reaching out to data brokers on the user's behalf, Incogni helps reduce unwanted data exposure, limit spam, and enhance overall digital privacy. Incogni believes that everyone should have control over their personal information in a world where data is constantly being bought and sold. Use code [INVEST] at the link below to get an exclusive 60% off an annual Incogni plan: https://incogni.com/invest.

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Ron Biscardi: https://www.linkedin.com/in/ron-biscardi-79063/

Links iConnections: https://www.linkedin.com/company/iconnections-llc/

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

(0:00) Episode preview (1:21) Rahul's approach to adding value to LPs and marketing strategies (7:14) Evolutionary biology, human behavior, and the mission of iConnections (10:35) Founding iConnections and community building (14:22) Compounding benefits of long-term strategies in investing (20:38) Customer feedback, product extensions, and content creation at events (25:24) Leveraging podcast studios for educational value at iConnections events (28:01) Enhancing LP education through meetings (32:41) Relationship building with significant investors (34:31) Effective strategies for GPs to maximize conference opportunities (39:39) Maintaining relationships after conferences (42:45) Impact of AI on manager selection and event planning (47:20) Data partnerships and opportunities (49:16) Addressing misconceptions about iConnections (53:27) Preview of upcoming iConnections events (56:49) Strategies for raising capital across different geographies (59:01) Commitment to expanding into new markets (1:00:44) The role of personal interactions in successful networking (1:02:42) Cultivating friendships to enhance business growth (1:02:58) Closing remarks

E182: Lessons from 17 Years at Menlo Ventures and Accel w/Tyler Sosin Jul 02, 2025

Show notes

In this episode, I speak with Tyler Sosin, founder of Villain Capital, a new fund focused on investing in vertical software businesses. Having grown up in the venture business for 17 years with storied firms Menlo Ventures and Accel Partners, Tyler brings a unique - and perhaps contrarian - perspective to venture investing. With Villain, Tyler's ambition is to help vertical focused founders efficiently scale their start-ups into dominant franchises that can compound their growth and relative market share over decades. The name of the firm, Villain, was inspired by a quote by Harvey Dent, a character in the Batman film The Dark Knight, who said to Batman, “You either die a hero or see yourself live long enough to become a villain.”

Highlights:

The power of vertical software and markets that start small but grow big
Characteristics Tyler looks for in early-stage founders
Misconceptions around TAM and the overlooked upside in niche markets
Why customer lock-in and annuity-like business models matter
Thoughts on growth at all costs vs. compounding sensibly
Lessons from past investments like Flywire, Carta, and Indio
What venture gets wrong about market sizing and competition
How Villain balances elements of both VC and growth equity
The underestimated strength of founders who’ve been burned before

-- Guest Bio: Tyler Sosin is the founding partner at Villain Capital and a board partner at Menlo Ventures. Tyler has a degree in International Relations from Stanford University and lives in New York City.

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.

#VentureCapital #VC #Startups #OpenLP #assetmanagement

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Tyler Sosin: https://www.linkedin.com/in/tylersosin/

Links: Menlo Ventures: https://menlovc.com/team/tyler-sosin/

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

(0:00) Episode preview (1:37) Peter Thiel's perspective and the role of market power (5:12) Identifying potential villain companies in early stages (8:26) Successful strategies in product bundling and market control (12:44) Venture capital approach to small markets (19:11) Balancing growth and sustainability in startups (24:56) Historical impact and profitability of tech giants (27:37) The importance of collaborative thinking and networking in VC (31:03) Herd behavior and innovation in fund management (34:53) Vertical software companies: PE and growth equity interest (37:23) Debunking market size myths in startup success (42:36) Storytelling and scaling in startup growth (44:15) Strategies for expanding market reach in growth companies (48:56) Career advice from Tyler Sosin's perspective (51:00) The Thiel fellowship's influence on young entrepreneurs (51:40) Closing remarks

E181: Why Portfolio Construction Beats Manager Selection w/$7 Billion CIO Jun 30, 2025

Show notes

In this episode, I speak with T.C. Wilson, Chief Investment Officer of The Doctors Company (TDC Group), the nation's largest physician-owned medical malpractice insurer with $7 billion in assets under management. T.C. shares how he built an internal investment office, how insurance investing differs from endowment and foundation models, and why he treats surplus like an endowment portfolio. We dive into his framework for portfolio construction, his views on innovation in asset management, the underrated value of evergreen structures, and the specific ways GPs can tailor their approach to win over insurance LPs. T.C. also shares why he’s cautious on large-cap private equity, how he thinks about downside protection, and what extreme ownership has taught him as a leader. If you want to learn how a CIO with decades of experience invests across public and private markets with an eye toward solvency, surplus growth, and long-term resilience, you’ll want to listen to this one.

Highlights:

T.C.’s path from Mercer to CIO of TDC Group
Building an internal consulting-style investment team
What makes insurance companies unique LPs
Why surplus is treated like an endowment portfolio
Portfolio construction: 80% non-VAR, 20% “fun stuff”
How to think about investing as a taxable entity
The role of rated feeder notes in optimizing statutory reporting
What GPs often get wrong when pitching insurance allocators
Evergreen structures and the “virtue of illiquidity”
Why culture and leadership matter more than most realize

-- Guest Bio: T.C. Wilson is the Chief Investment Officer of The Doctors Company (TDC Group), where he oversees more than $7 billion in assets under management. He joined the firm in 2017 after serving as an external investment consultant to the company for 18 years. Prior to TDC, T.C. worked at Mercer and led an institutional consulting group focused on insurance clients. He has over 35 years of experience in investment management and is known for his deep understanding of how to balance surplus growth, solvency, and risk-adjusted returns within the insurance framework.

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.

#VentureCapital #VC #Startups #OpenLP #AssetManagement

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Thomas (T.C) Wilson: https://www.linkedin.com/in/thomas-t-c-wilson-ab70b7a/

Links: TDC Group: https://www.tdcg.com/

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

(0:00) Episode preview (2:15) Capital allocation: Insurance vs. Endowments & $3.2 billion surplus impact (4:52) Tax considerations in portfolio construction (6:06) Traits of successful GPs and regulatory support (10:22) Rated feeder notes and attracting insurance investors (14:31) Evolution of asset managers and TDC Group's current strategy (20:35) Private equity insights and evergreen fund benefits (25:50) Investment strategy for downturns and portfolio resilience (30:34) Illiquidity's role and criteria for new PE manager investments (33:12) Portfolio construction vs. manager selection debate (37:38) General partners' practices and AI's future impact on asset management (42:11) Investor and allocator perspectives: Overrated and underrated aspects (45:12) Extreme ownership and its influence on company success (49:29) The significance of principles and culture in firms (50:09) Conclusion and contact details (50:19) Closing remarks

E180: How J.P. Morgan Asset Management Picks Winners in VC & Private Equity Jun 27, 2025

Show notes

What does it take to allocate billions in private markets—and what sets a top-tier LP apart? In this episode, I speak with Patrick Miller, Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he plays a central role in their alternatives platform, investing across venture capital and private equity. Patrick shares how a single energizing meeting with a Florida-based venture capitalist sparked his interest in the asset class and how his team has since built a differentiated barbell strategy combining legacy tier-one firms and new emerging managers. We dive into what LPs can do to truly add value to GPs, why fund size and ownership matter, how AI is shifting capital dynamics, and what makes a venture firm truly “differentiated.” Whether you're a founder, a new VC, or an allocator, this episode is full of real LP insights from one of the most thoughtful voices in the game.

Highlights:

How Patrick first got excited about venture capital (and why he still is)
What LPs bring to the table beyond capital
The three most important differentiators for emerging managers
Why J.P. Morgan Asset Management venture strategy uses a barbell approach
The effect of AI on venture capital’s capital stack
How small funds can outperform big ones—if you know what to look for
What Patrick looks for in private equity managers
The most important advice he’d give his younger self

-- Guest Bio: Patrick Miller is an Executive Director and Portfolio Manager of J.P. Morgan Asset Management’s Private Equity Group, where he is responsible for portfolio management, investment due diligence, and business development. He joined J.P. Morgan in 2012 and has played a key role in sourcing and managing investments across venture capital, private equity partnerships, co-investments, and secondary opportunities. Patrick earned his BA from Northwestern University, where he studied Communications and Business Institutions and was a member of the varsity baseball team.

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.

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Patrick Miller: https://www.linkedin.com/in/patrick-miller-80386558/

Links: J.P Morgan Asset Management: https://am.jpmorgan.com/us/en/asset-management/institutional/investment-strategies/alternatives/private-equity-group/

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

(0:00) Episode preview (0:06) Patrick Miller's entry into venture capital and adding value as an LP (3:01) Stability and institutional experience in venture capital (4:36) Investing in emerging managers and conviction in their success (9:06) Impact of AI on venture capital (13:28) Examples of backed managers and investing in private equity (20:35) Advice for new investors and closing thoughts (22:37) Closing remarks

E179: How UCLA's Endowment Wins in Private Equity w/Deputy CIO Michael Marvelli Jun 25, 2025

Show notes

Michael Marvelli leads the private markets strategy at the UCLA Investment Company, managing a portfolio that spans private equity, real estate, and real assets. But his route to institutional investing wasn’t linear. Before UCLA, he spent time at Prudential and The Irvine Company in real estate and mortgage finance, and even helped launch a venture-backed startup as COO and CFO. That operating experience gives him a unique lens when evaluating managers today. In this episode, we talk about how UCLA builds conviction in lower-middle-market GPs, how they manage dry powder and fund pacing, and what it was like spinning out UCLA’s investment office into an independent entity.

Highlights:

The origins of the UCLA Investment Company
What it took to build the team, processes, and governance from scratch
Why UCLA is drawn to undercapitalized and underfollowed private equity managers
How real estate and real assets fit into a long-term endowment portfolio
The importance of downside protection and flexible pacing in private markets
How being a startup COO informs his view on GP talent, decision-making, and alignment
What he looks for in truly “great” allocators and investors

-- Guest Bio: Michael Marvelli is the Deputy Chief Investment Officer of the UCLA Investment Company, where he leads the firm’s private markets strategy, overseeing private equity, real estate, real assets, and credit. He joined UCLA in 2003 and played a key role in the 2011 launch of the UCLA Investment Company.

Before joining UCLA, Michael worked in real estate and mortgage finance at Prudential and The Irvine Company, and co-founded a venture-backed startup where he served as COO and CFO. He holds a BS from UC Berkeley’s Haas School of Business and an MBA from Northwestern’s Kellogg School of Management.

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.

#VentureCapital #VC #Startups #OpenLP #assetmanagement

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Michael Marvelli: https://www.linkedin.com/in/michael-marvelli-9918557/

Links: UCLA Investment Company: http://www.uclainvestmentcompany.org/home

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

(0:00) Episode preview (1:46) Evolution of UCLA Investment Company's strategy (2:29) Asset allocation and its impact on returns (4:11) Manager selection vs. asset allocation strategy (7:30) Exploring the lower middle market in private equity (15:54) Challenges for endowments investing in the lower middle market (20:55) Specialization and focus in endowment investment strategies (25:50) Independent sponsor deals and search funds insights (29:59) Portfolio construction and commitment strategies (32:54) Investment deployment in the lower middle market (34:37) Value creation strategies in lower middle market investments (38:45) The influence of interest rates on private equity (40:56) Defining the ideal GP in private equity (44:03) The importance of sector specialization and operating executives (50:12) Founder-operator rapport in the lower middle market (54:54) Career advice for aspiring private equity professionals (58:34) Emphasizing first principles in investment strategy (1:02:48) Michael Marvelli's strategic thinking and personal strengths (1:04:30) Closing remarks

E178: Elon Musk of Biotech: How David Berry Built 7 Unicorns Jun 23, 2025

Show notes

David Berry is one of the most prolific healthcare entrepreneurs of our time. In this episode, we discuss his transition from scientist to founder to investor, what it takes to scale transformational health companies, and how his firm Averin is helping usher in the next wave of AI-enabled healthcare. We also talk about his early experience launching a satellite at 14, how he's co-founded over 30 companies—including seven unicorns—and why patents, perseverance, and purpose are the trifecta behind lasting innovation.

Highlights:

“The Elon Musk of Biotech?” Why Sorov called David that—and how David approaches world-changing problems
From 0 to 7 Unicorns: What David looks for in the first year of a company that signals long-term greatness
Pivots vs. Distractions: How to recognize the “kernel of truth” that transforms strategy
The Power of Culture: Why early-stage hiring is make-or-break—and how his brother built an elite culture at TripleLift
Replacing Founders Is Overrated: How world-class companies scale with visionary founders still at the helm
Extreme Passion: The real signal that a team will stay late, even without being told
The Investor’s Edge: Why early and mid-stage inflection points are where true multiples are made
Averin Capital: His new firm focused on tech-driven health companies in the underserved growth stage
The Coming Wave in Alzheimer’s: Why he believes personalized medicine will finally unlock real progress
Product-Market Fit in Biotech? Why 60% of approved drugs still lose money—and how to avoid those pitfalls

-- Guest Bio: David Berry is the Managing Partner and co-founder of Averin, a Boston-based investment firm focused on helping build the next generation of great technology-powered healthcare companies. Prior to Averin, he was a General Partner at Flagship Pioneering, where he co-founded over 30 ventures across life sciences and sustainability—including seven that became unicorns. He holds an M.D. from Harvard Medical School, a Ph.D. in Biological Engineering from MIT, and a B.S. in Brain and Cognitive Sciences from MIT. David is also the recipient of numerous honors, including MIT Technology Review’s Innovator of the Year and World Economic Forum Young Global Leader. He is the inventor on over 200 patents and helped launch a satellite at age 14.

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.

#venturecapital #vc #startupsuccess #biotech #assetmanagement

-- Stay Connected: Twitter/X: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ David Berry: https://www.linkedin.com/in/davidberrymdphd/

Links Averin: https://www.averincapital.com/

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

(0:00) Episode preview (3:21) Drive, perseverance, and strategic pivots in entrepreneurship (7:25) Company culture and founder roles during growth and scaling (15:09) Identifying entrepreneurial superpowers and inner circle support (17:23) Transitioning from entrepreneur to investor principles (21:29) Growth investing strategies and investor-management alignment (25:43) Navigating biotech's business and financial challenges (32:36) Skill stacking and venture capital dynamics in biotech (37:30) Closing remarks

E177:How a Small Endowment Invests like Harvard w/Rip Reeves Jun 20, 2025

Show notes

In this episode, I speak with Rip Reeves, CEO of Institutional Investor and former CIO of AEGIS Insurance Services. Rip brings over four decades of experience across investment management, insurance, and endowments. We discuss his unconventional path from Salomon Brothers to leading one of the most iconic platforms in the investment world, his views on the OCIO model, portfolio construction, the “art” of manager selection, and why he believes building authentic relationships matters more than ever in this industry. We also cover his deep ties to LSU, how he uses qualitative signals (like waiting room conversations) in manager evaluations, and the future of Institutional Investor in a changing GP-LP landscape.

Highlights:

Why LSU’s endowment chose the OCIO model with Cambridge Associates
Rip’s view on optimal allocation for endowments — and why 40/30/30 isn't as rigid as it looks
The surprising importance of culture and hallway conversations when vetting asset managers
How Institutional Investor uses experiential events (like raft races) to build real trust
Rip’s perspective on how the public vs. private market divide is blurring — and what that means for allocators
Why fixed income is “back” for the first time since the GFC
The hidden value of his wife Susie’s honest feedback in his investment thinking
The one thing GPs should never do at an Institutional Investor event

-- Guest Bio: Rip Reeves is the CEO of Institutional Investor, a leading global platform serving allocators, asset managers, and consultants through content, community, and convenings. Before joining II in 2023, he spent over 11 years as CIO and Treasurer of AEGIS Insurance Services. Prior to that, Rip was Global CIO of Argo Group and held senior roles at BNY Mellon Asset Management, J.P. Morgan Investment Management, and Salomon Brothers.

Rip serves on the LSU Foundation Board, teaches finance at LSU, and is an advisor to Northern Trust Asset Management and Preferred Mutual. A Louisiana native, he holds a B.S. in Marketing and an MBA from Louisiana State University.

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.

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Rip Reeves: https://www.linkedin.com/in/rip-reeves-1b725717/

Links: Institutional Investor: https://www.linkedin.com/company/institutional-investor/

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

(0:00) Episode preview (5:27) Importance of portfolio construction over manager selection (11:23) Qualitative factors and company culture in manager selection (21:59) Building relationships with asset managers (24:58) Rip Reeves on Institutional Investor magazine's impact and event value (31:33) David Weisburd's closing remarks and subscription call-to-action (36:37) Best practices for GP and LP relationship building (41:55) Touch points and allocations between GPs and LPs (44:18) Leveraging Institutional Investor for GP benefits (45:36) Learning about Institutional Investor with Rip Reeves (46:01) Closing remarks

E176: Beyond Harvard: The Financial Crisis Endowments are Facing Jun 18, 2025

Show notes

John Trammell has been on the front lines of institutional investing for decades. He’s managed capital for some of the largest families and organizations in the world—from family offices to the Episcopal Church—and in this episode, he explains the seismic shifts happening in the world of endowment and foundation investing. We talk about secondaries, collateralized fund obligations (CFOs), the future of Bitcoin in institutional portfolios, and why concentration—not diversification—created most of the great fortunes. This is one of the deepest conversations I’ve had on how the smartest long-term investors are thinking today.

Highlights:

Why top endowments are dumping assets in the secondary market
How secondaries give institutions a way to clean up bad manager exposure
The real reasons endowments need liquidity today
Why some schools are now selling private equity... to themselves
What a collateralized fund obligation (CFO) actually is
Why John believes we’re past the Swensen model—and what’s next
The truth about diversification (and when it fails you)
How to build conviction to survive the toughest market moments
Why cash is no longer a drag on portfolios
How to cultivate a “prepared mind” for the next black swan event

-- Guest Bio: John Trammell is a seasoned institutional investor who has managed assets across public and private markets for decades. He currently leads investments for the Episcopal Diocese of New York and has previously managed portfolios for prominent family offices and foundations. John is known for his thoughtful, experience-driven approach to asset allocation, governance, and long-term investment strategy—and for his ability to distill complex ideas into timeless lessons.

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.

#VentureCapital #VC #Startups #OpenLP #assetmanagement

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ John Trammell :https://www.linkedin.com/in/john-trammell-258723/

Links: Episcopal Diocese of New York: https://dioceseny.org/

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

(0:00) Episode preview (3:11) Liquidity and portfolio construction in university endowments (5:26) Pros and cons of secondary fund investments (7:09) Secondary market investment mistakes by institutional investors (9:20) Asset quality tiers in secondary investing (10:04) Execution of collateralized fund obligations (13:02) Investment governance and alumni contributions (19:54) Swenson model evolution and diversification strategies (25:14) Portfolio management: Concentration vs diversification (28:06) Assessing portfolio diversification strategies (30:15) Bitcoin's role in portfolio diversification (32:27) Cash and emotional challenges in investing (35:18) Tactical strategies during market downturns (36:23) Conviction's importance in investment decisions (39:06) Institutional views on Bitcoin allocation (51:13) Educating stakeholders on liquidity management (54:06) The importance of investment education (55:38) Embracing a prepared mind in investing (57:43) Closing remarks

E175: Elon Musk: 10 Billion Humanoid Robots by 2040? w/NEA Partner Aaron Jacobson Jun 16, 2025

Show notes

Aaron Jacobson is one of the most insightful thinkers at the intersection of AI, robotics, and cybersecurity—and in this conversation, he separates signal from noise. We explore the future of humanoids, the shifting threat landscape in cybersecurity, and why the next wave of industry-defining companies will be built on infrastructure, not just foundation models. Aaron Jacobson is a Partner at NEA, where he invests in AI, cybersecurity, and cloud infrastructure. He’s backed companies like Databricks, Horizon3.ai and Veza, and previously worked in tech M&A at Qatalyst Partners. In this episode, we dive into what’s real vs. hype in AI, the future of humanoids, and where the biggest opportunities in infrastructure are emerging.

Highlights:

Why Elon’s humanoid prediction is “off by multiple orders of magnitude”
What’s missing for humanoids to move from hype to real-world deployment
The 3 biggest challenges in robotics—and why they’re so hard to solve
How open models vs. closed models will shape the future of AI value capture
Why NEA is doubling down on cybersecurity
What cyber threats will look like in 5 years (spoiler: it's terrifying)
Why pen testing and “exposure management” are the future of security
How AI agents could close the gap between defenders and attackers
What Aaron learned working with Frank Quattrone at Qatalyst
How NEA thinks about multi-stage investing and the future of venture

-- Guest Bio: Aaron Jacobson is one of the most insightful thinkers at the intersection of AI, robotics, and cybersecurity—and in this conversation, he separates signal from noise. We explore the future of humanoids, the shifting threat landscape in cybersecurity, and why the next wave of industry-defining companies will be built on infrastructure, not just foundation models.

Aaron Jacobson is a Partner at NEA, where he invests in AI, cybersecurity, and cloud infrastructure. He’s backed companies like Databricks, Horizon3.ai and Veza, and previously worked in tech M&A at Qatalyst Partners. In this episode, we dive into what’s real vs. hype in AI, the future of humanoids, and where the biggest opportunities in infrastructure are emerging.

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.

#VentureCapital #VC #Startups #OpenLP #AssetManagement

-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Aaron Jacobsob: https://www.linkedin.com/in/aaronejacobson/

Links: NEA: https://www.nea.com/

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

(0:00) Episode preview (4:18) Safety and industrial applications of humanoids (9:01) Breakthroughs and acceleration in humanoid development (9:38) Value capture in LLM ecosystems and Facebook's LAMA strategy (14:04) Cybersecurity trends: ransomware and penetration testing (17:23) AI's impact on cybersecurity and role of insurance (20:30) Preventative cybersecurity measures and multifactor authentication (25:48) Closing remarks

E174: The State of Venture Capital in 2025: Insights from a $1.8B AUM Chairman and Co-Founder Jun 13, 2025

Show notes

In this episode of How I Invest, I speak with Arjun Sethi—Chairman and co-founder of Tribe Capital, Co-CEO of Kraken, and one of the sharpest thinkers in venture capital and crypto today. Arjun breaks down how he approaches investing in “N-of-1” companies, what most VCs get wrong about data, and why the traditional funding stages like “pre-seed” and “Series A” are being rewritten in real time. We also go deep into Arjun’s frameworks for scaling world-class companies, the evolution of crypto in a changing political landscape, and the big bets he’s making at the frontier—including humanoid robotics. Whether you're an allocator, founder, or just fascinated by the future of finance, this conversation is packed with sharp insights and original thinking.

Highlights:

Why Arjun views Tribe as an “operating system” for venture
What makes Kraken different from Coinbase and Binance
The critical difference between a market leader and an N-of-1 company
How Arjun uses leading indicators to invest ahead of revenue
The vision behind Termina, Tribe’s in-house data platform
What most investors get wrong about benchmarks
How tokenized equities could reshape global capital markets
Why humanoid robots could play a key role in defense and logistics

-- Guest Bio: Arjun Sethi is the Co-Founder and Chairman of Tribe Capital, a venture capital firm managing $1.8 billion across stages. He is also the Co-CEO of Kraken, one of the world’s largest crypto exchanges. Arjun previously worked at Facebook, was a partner at Social Capital, and has founded multiple companies across consumer, enterprise, and deep tech. Most recently, he incubated Foundation Robotics, a humanoid robotics company building toward a future of self-sustaining technology.

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.

#VentureCapital #VC #Startups #OpenLP #AssetManagement

-- Stay Connected: Twitter/X: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Arjun Sethi: https://www.linkedin.com/in/asethi/

Links Kraken: https://kraken.com/ Tribe Capital: https://tribecap.co/

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

(0:00) Episode preview (1:06) Differentiation of Kraken from other exchanges and crypto trading evolution (6:00) Investing strategies: n of one companies vs market leaders (8:00) Advancements in data utilization for early-stage investments (11:47) Applying nuanced metrics to traditional and tech companies (16:16) Knowing your market position and strategic growth (18:23) Focus and product development in top companies (20:13) Vertical integration trends in various sectors (22:25) Strategies for competing with large venture firms and staying private (27:33) Tokenization in venture capital (29:49) Foundation Robotics: Mission and challenges (32:54) Future of humanoid robots in industry and defense (33:19) Closing remarks

Our TOPPODCAST Picks

Follow Us

Stay Connected

How I Invest with David Weisburd

Related Podcasts

Links

Stay Connected