How I Invest with David Weisburd

Latest Episodes:

E83: Tax Benefits of Investing in Venture Capital w/ Michael Schulman Aug 06, 2024

Show notes

Michael Ashley Schulman, Chief Investment Officer at Running Point Capital, sits down with David Weisburd to discuss Michael’s views on venture capital, manager selection across private asset classes, and risks/benefits of investing in spinout managers. (0:00) Episode Preview (1:31) Overview of Running Point Capital (3:36) Venture Capital Strategy, Challenges, and Metrics (6:08) Managing Capital Calls and Accessing Top VC Funds (10:06) Manager Selection Across Private Asset Classes (14:47) Follow & Subscribe to The 10X Capital Podcast (15:07) Risks and Benefits of Investing in Spinout Managers (17:36) Michael’s Personal Career Insights (20:04) Pre-Liquidity Tax Strategies (20:59) Final Thoughts and Closing Remarks

E82: Why LPs Use Fund of Funds to Invest into Venture Capital w/ Fernando Saiz Aug 02, 2024

Show notes

Fernando Saiz, Co-Founder of Azet Capital, sits down with David Weisburd to discuss Azet Capital’s fund of funds strategy in venture capital. Fernando shares his diligence process for selecting venture funds, what differentiates the funds Azet invests in vs. the ones they pass on, and Azet’s strategic value-add to venture GPs. (0:00) Episode preview (1:01) Intro to Azet Capital (2:40) Views on fund reserves and diligence process for fund investments (7:44) Evaluating emerging managers (10:40) Tools for benchmarking and selecting funds (13:44) LP relationships, co-investments, and fund of funds (17:12) Educating LPs on venture capital (20:07) Strategic reasons to take capital from LatAm (23:09) Value-add from seed stage managers (24:56) Final thoughts and closing remarks

E81: Ryan Serhant: The #1 Sales Mistake You’re Making Jul 30, 2024

Show notes

Ryan Serhant is the Founder & CEO at SERHANT., a star in the Netflix show “Owning Manhattan” and Bravo show “Million Dollar Listing New York”, and a 3x bestselling author. In this episode, Ryan and David Weisburd discuss SERHANT.’s meteoric rise as a top real estate brokerage in New York City, Ryan’s unique approach to sales, sales training, and branding, and what it’s like for a founder scaling a business in hyper-growth. (0:00) Episode preview (1:50) The impact of new Netflix show “Owning Manhattan” on SERHANT.’s business (4:41) Sales-as-a-Service and sales training (7:44) Common sales mistakes (11:27) Why Ryan started SERHANT. (15:18) Reflecting on “Owning Manhattan” (19:34) Recognizing potential in people (21:54) Strategies for scaling in hyper-growth (26:45) Branding (33:12) The 1000-minute rule (34:52) Follow & subscribe to The 10X Capital Podcast (35:20) Handling setbacks and maintaining perspective (39:38) Business expansion, success, and finding balance (42:20) Closing remarks

E80: How ~$16 Billion Multi-Family Office WE Invests Jul 26, 2024

Show notes

Matt Farrell, Senior Investment Manager at WE Family Offices, sits down with David Weisburd to discuss how families with $50M-$1B+ invest their capital. They also cover balancing risk tolerance and liquidity needs, where alpha is in the market today, and characteristics of an ideal private fund manager. (0:00) Episode preview (0:51) Overview of WE Family Offices (3:05) Typical family office portfolio construction (6:12) Behavioral finance and illiquidity as a feature (9:36) Investment strategies for ultra high net worth families (13:33) Manager selection attributes and importance of transparency (16:22) Diligence process for spin-out managers (18:24) Approach to venture capital as an asset class (21:14) Follow & subscribe to The 10X Capital Podcast (21:34) General guidance on co-invest (23:37) Value-add for venture capital managers (25:07) Hierarchy of the reference process

E79: Mike Maples on How to Return 100X+ on Seed Investments Jul 23, 2024

Show notes

Mike Maples, Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas. (0:00) Episode preview (1:23) Introduction to "Pattern Breakers" (2:22) The role of startup capitalists (5:01) The Twitter story and insights on early-stage investing (7:24) The importance of founder future fit (15:33) Product market fit: deciding when to pivot vs. stay the course (21:54) Insights empowering new business models (27:21) Creating movements and the role of passion (32:02) Building relationships with LPs (37:14) Advice for new VCs raising money (39:10) The importance of pursuing non-consensus ideas (43:18) 10X Capital Podcast Newsletter (43:40) Lessons from David Swensen (47:14) Benefits of a compatible partnership (49:06) Circle of competence and competitive advantage in VC (51:41) How to find Mike’s new book "Pattern Breakers"

E78: Fmr. CIO of CalPERS ($495 Billion) on Private Markets Investing Jul 18, 2024

Show notes

Dr. Russell Read, current CIO at 10X Capital, and former CIO at CalPERS, CIO of Alaska Permanent Fund and CIO of the Gulf Investment Corporation sits down with David Weisburd to discuss his extensive career as a premier investment professional. They dive into how large scale pensions allocate to private markets, how those plans structure co-investment programs and design a theoretical allocation strategy. (1:06) Introduction of Dr. Russell Read and his role at CalPERS (1:47) Diversifying investments internationally (3:24) Challenges of allocating to private markets (4:25) Venture capital investment strategies (5:35) Structuring co-investment programs (7:33) Alaska Permanent Fund's success story (11:49) Addressing understaffing in pension funds (13:27) Utilizing external resources effectively (15:03) Economics of co-investment opportunities (17:23) Strategies for new Sovereign Wealth and pension funds (19:40) Impact of fund size on alternative investment success (21:52) Discussing liquidity premium and retirement funding reforms (24:08) 10X Capital's strategic approach to asset management (25:04) Investment objectives variation among organizations (27:35) Re-evaluating the 60/40 investment model

E77: Justin Pollack on PineBridge’s ($168 Billion AUM) Investment Thesis Jul 16, 2024

Show notes

Justin Pollack, Managing Director at PineBridge Investments, sits down with David Weisburd to discuss PineBridge’s investment thesis. They also breakdown the secondary markets, discuss the structural differences between private equity & public market investing, and ways to analyze spinouts. (1:12) Introduction of Justin Pollack and PineBridge Investments (1:55) Evolution and growth of the private equity market (4:39) Secondary market dynamics (12:02) Differentiating strategies in secondary investing (15:33) Emphasis on downside protection in secondary markets (19:12) Fund of funds and emerging manager strategies (22:29) Adapting private equity strategies to fund growth (26:18) PineBridge's approach to venture capital (27:26) Evaluating spinouts (30:31) Identifying traits of top-performing fund managers (34:05) Closing remarks

E76: How FirstLook Picks the Top 10% of Venture Funds Jul 11, 2024

Show notes

Josh Porter, Co-Founder & General Partner at FirstLook Partners, sits down with David Weisburd to discuss FirstLook’s process for evaluating and selecting emerging managers. They also cover typical terms for co-invest, managing conflicts of interest, and the importance of strong personal relationships in venture capital. (0:00) Episode preview (0:11) FirstLook’s strategy (1:12) Co-investment dynamics (3:06) Typical co-invest terms (4:33) Managing conflicts of interest (6:24) Impact of personal background on investment decisions (9:10) Fostering relationships and trust in venture capital (11:28) Importance of trust and honesty in VC (12:27) Key criteria for selecting managers (15:33) 10X Capital Podcast Newsletter (15:54) Investment diligence and adding value (20:18) Insight into hiring for venture roles (21:34) Lessons learned and time management (23:26) Closing remarks

E75: Insight Partners’ Direct and Fund of Funds Strategy Jul 09, 2024

Show notes

Dionne Chingkoe and Samer Yousif of Insight Partners sit down with David Weisburd to discuss Insight’s direct and fund of funds investment strategies. They cover the importance of adding value beyond capital to both founders and emerging managers, the landscape of multi-stage VCs investing in emerging managers, and check size driving fund strategy for GPs. Insight Partners’ 20/20 Vision Capital Fund supports diverse-led, top-tier, early-stage venture funds providing growth and seed capital to companies in the US and abroad. Insight believes that partnering and investing with these GPs is an effective way to drive much needed diversity in the venture capital industry. (0:00) Episode preview (0:56) Insight Partners’ strategy (2:08) Providing value-add and flexible capital (3:48) Samer Yousif's journey to Insight (6:09) Adding value to emerging managers (8:39) How emerging managers differentiate (12:09) Check size driving fund strategy (16:14) Evaluating GP performance (17:38) Closing remarks

E74: How the $4B Kresge Foundation Invests into Venture - Venus Phillips Jul 02, 2024

Show notes

Venus Phillips, Managing Director at Kresge Foundation, sits down with David Weisburd to discuss the Kresge Foundation’s venture strategy. They cover mission-driven investing, opportunities and risks investing in China and India, and building true partnerships between general partners and limited partners. (0:00) Episode preview (0:34) Introduction to Venus Phillips and Kresge Foundation (1:21) Mission-driven investing (2:19) Revitalizing Detroit (3:36) Kresge’s venture strategy (4:04) Opportunities and risks investing in China & India (7:41) Accessing premier venture funds (10:38) Building LP relationships (18:46) Closing remarks

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