Podcast
How I Invest with David Weisburd
Hosted by David Weisburd · EN
How I Invest with David Weisburd is a podcast that interviews the world's leading institutional investors. Previous guests include The Ford Foundation, Northwestern University Endowment, CalPERS, Stepstone, and other top limited partners.
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Episodes
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E372: Why the Best Venture Investments Look Wrong Early
Today00:48:58Summary readyWhat if the best venture investments come from ignoring consensus and trusting your own taste before the market catches up? In this episode, I sit down with Maya Bakhai, Founding Partner of Spice Capital, to discuss how cultural intuition, narrative cycles, and conviction shape venture investing. Maya explains how working with Kevin Durant at 35 Ventures gave her access to top-tier deal flow while teaching her to think independently, why “narrative premiums” distort venture markets, and how the best founders build with unconditional conviction long before a category becomes popular. We also explore cultural arbitrage, creator economy investing, and why early-stage venture is ultimately a game of taste, not consensus. Highlights: Why “tier one” signaling can become a trap for investors The concept of “narrative premium” in venture capital How cultural arbitrage led Maya to her Crocs investment thesis Why the best founders build with or without investor support The difference between sales-driven and taste-driven investing How creator economy startups survived after falling out of favor Why bottoms-up investing beats market-map investing The hidden downside of relying too much on consensus opinions Guest Bio: Maya Bakhai is the Founding Partner of Spice Capital, an early-stage venture firm focused on consumer, fintech, and internet culture. Before launching Spice Capital, she worked at 35 Ventures alongside Kevin Durant and Rich Kleiman, helping build one of the most active celebrity-backed investment platforms in technology. Maya has invested in companies across creator economy, commerce, and emerging consumer behavior trends, and also writes the newsletter Hot Sauce, where she shares insights on venture capital, startups, and culture. Are you interested in sponsoring the How I Invest Podcast? 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 Maya Bakhai: LinkedIn:https://www.linkedin.com/in/mayabakhai/ 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) How Kevin Durant Became an Early Silicon Valley Power Player (5:23) Why Following Tier 1 VCs Can Actually Hurt Returns (9:41) The Painful Truth About Learning to Pick Great Founders (12:59) Why “High IQ Investing” Often Misses Massive Opportunities (19:00) The Dangerous Side of Pattern Recognition in Venture (23:48) How She Made Her First Million Betting on Crocs (27:52) The Narrative Premium That Quietly Drives Venture Capital (32:42) Where Real Alpha Comes From in an AI World (41:01) The Founder Trait That Matters More Than Intelligence (43:19) The Biggest Investing Mistake She’d Never Make Again
Summary
E371: Midas List VC: Why AI Models Will NOT Become Commodities
Yesterday00:28:43Summary readyWhat if the biggest winners in AI won’t come from having the best model—but from building the strongest feedback loops around users? In this episode, I sit down with Hans Tung, Managing Partner at Notable Capital and longtime Midas List investor, to discuss how decades of investing across consumer internet and global technology shaped his thesis around AI. Hans explains why Anthropic stood out early through its developer ecosystem, how network effects emerge inside AI systems, and why the most enduring companies are built around positive feedback loops. We also explore physical AI, prosumer behavior, immigrant founders, and the psychological traits required to build category-defining companies. Highlights: Why Hans chose Anthropic over OpenAI early on How AI models can develop network effects through developers The “Intel Inside” analogy for AI infrastructure companies Why positive feedback loops create enduring moats The hidden advantage immigrant founders have in Silicon Valley Why category-defining founders often feel “different” from everyone else How physical AI could reshape global industries outside the U.S. Why prosumers are the best signal for future consumer behavior Guest Bio: Hans Tung is Managing Partner at Notable Capital and one of the most respected global venture investors of the past two decades, consistently recognized on the Forbes Midas List. He has invested in category-defining companies including Airbnb, Coinbase, Peloton, Slack, TikTok parent ByteDance, and Anthropic, spanning the U.S., Asia, and Latin America. Prior to Notable Capital, Hans was a Managing Partner at Qiming Venture Partners and earlier worked at Bessemer Venture Partners, building a career around identifying major shifts in consumer technology, marketplaces, fintech, and AI. Are you interested in sponsoring the How I Invest Podcast? 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 Hans Tung: LinkedIn:http://linkedin.com/in/hans-tung 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) Why He Chose Anthropic Over OpenAI (2:03) The Consumer Internet Signal Hidden Inside Anthropic (4:37) Why “Values” Can Become a Competitive Advantage (7:27) The Brutal Reality of Taking a Company Public (11:03) Why Immigrants Build So Many Billion-Dollar Companies (14:08) The VC Skill Most Investors Completely Fail At (18:25) The Problem Every AI App Founder Is Secretly Worried About (20:30) Why Physical AI Could Create Entirely New Winners (23:02) The Network Effect Hidden Inside LLMs (26:48) The “Prosumer” Pattern That Predicts Massive Companies Early
Summary
E370: What Taxable Investors Still Get Wrong About Returns
4d ago00:37:12Summary readyWhat if the biggest source of alpha today isn’t stock picking—but structuring portfolios more intelligently after taxes? In this episode, I sit down with Shang to discuss why tax alpha is becoming one of the most important themes in wealth and asset management. Shang breaks down how long-short tax-aware strategies work, why manager selection matters more than most investors realize, and how investors should think about tracking error, leverage, and operational risk. We also explore portable alpha, hedge fund tax structures, and why the explosion of tax-focused products may create as many risks as opportunities. Highlights: Why after-tax returns matter more than pre-tax performance The hidden importance of manager selection in tax-loss harvesting How tracking error creates both opportunity and risk Why volatility can improve tax-loss harvesting outcomes The difference between economic substance and “tax-only” strategies How portable alpha changes portfolio construction Why institutional borrowing rates are now accessible to individuals The risk of “tax tail wagging the dog” in investment decisions Guest Bio: Shang is a fintech and investment executive with deep experience across wealth management, ETFs, and institutional portfolio solutions. He previously held senior roles at Goldman Sachs, PIMCO, and J.P. Morgan, and helped scale some of the fastest-growing ETF platforms in the industry, including Simplify Asset Management and Tema ETFs. Shang focuses on developing innovative investment solutions for advisors, family offices, and individual investors, with expertise spanning tax-aware investing, derivatives, and portfolio construction. Are you interested in sponsoring the How I Invest Podcast? 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 Shang Chou: LinkedIn:https://www.linkedin.com/in/shangchou/ 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) Why Tax Alpha Became One of the Biggest Edges for Investors (2:42) Why Volatility Makes Tax Loss Harvesting More Powerful (4:44) The Hidden Differentiator Between Tax Alpha Managers (7:27) The SpaceX Problem: Should You Ever Sell a Huge Winner? (11:13) Why Deferring Taxes Can Compound Into Massive Wealth (13:52) The Dangerous Mistake Investors Make With “Tax Strategies” (16:14) What Actually Matters When Choosing a Tax Alpha Manager (19:34) The Hedge Fund Strategy Quietly Reducing W-2 Taxes (30:34) Why Most New Tax Products Are Probably Bad Investments (35:00) How SpaceX Could Trigger One of the Biggest Passive Buying Waves Ever
Summary
E369: Midas List VC: Why Smart VCs Are Buying Secondaries
5d ago00:34:01Summary readyWhat if the best opportunities in venture today aren’t in new deals—but in existing companies right before an inflection point? In this episode, I sit down with Ryan Moore, Founder of Revenant VC and longtime venture investor, to discuss why he made the shift from primary venture investing to secondaries after more than two decades in the industry. Ryan explains how longer liquidity timelines are reshaping venture capital, why secondary investing is less about discounts and more about information asymmetry, and how founder relationships and insider alignment create the best opportunities. We also explore organizational metabolism, LP evolution, and why small, focused funds may outperform in a world dominated by mega-platforms. Highlights: Why secondaries are becoming one of the most attractive areas in venture The hidden value of buying before an inflection point Why insiders—not secondary firms—are the real competition How organizational metabolism predicts startup success Why founder relationships compound over decades The problem with groupthink in venture capital Why small funds often outperform oversized platforms How co-invest structures are reshaping the LP-GP relationship Guest Bio: Ryan Moore is the Founder of Revenant VC, a venture firm focused on secondary investments in high-growth private technology companies. Prior to founding Revenant, he spent more than two decades as a leading venture capitalist and co-founded Accomplice VC, where he was an early investor in companies including DraftKings, AngelList, PillPack, and Skillz. Ryan has built a reputation for identifying exceptional founders early and brings deep expertise across venture investing, liquidity markets, and company building. Are you interested in sponsoring the How I Invest Podcast? 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 Ryan Moore: LinkedIn:https://www.linkedin.com/in/ryan-moore-7193372/ 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) Why He Walked Away From Traditional Venture Capital (1:38) The Hidden Edge in Venture Secondaries Most Investors Miss (3:13) Why Insider Investors Are the Real Competition (5:04) The Unusual Strategy of Turning 30 GPs Into LPs (7:58) Why First Investors Hold So Much Power Over Founders (10:48) The Trait That Matters More Than Ivy League Intelligence (16:22) Why Small Funds Quietly Beat Giant Venture Funds (17:23) Why He No Longer Chases Power Law Investing (21:38) The Biggest Problem With Modern Venture Capital (30:10) The One Signal That Predicts Startup Success Better Than Revenue
Summary
E368: Sovereign 2.0: How Mubadala Capital Is Reinventing the $430B Playbook w/CIO Oscar Fahlgren
6d ago00:28:20Summary readyThe biggest edge in private equity is finding deals by going where others won't. In this episode, I sit down with Oscar Fahlgren, Chief Investment Officer of Mubadala Capital, to discuss how embracing complexity and scale creates asymmetric opportunities in global private markets. Oscar explains why large, complex deals often have less competition, how Mubadala Capital uses its balance sheet to anchor and syndicate multi-billion dollar investments, and why partnership—not control—is central to their strategy. We also explore the fallacy of short-term DPI, the rise of GP partnerships, and how long-term capital and alignment drive better outcomes across cycles. Highlights: Why complexity reduces competition in large-scale deals How Mubadala writes multi-billion dollar checks with limited competition The hidden flaw in the industry’s obsession with DPI Why long-term compounding beats constant capital turnover How GP partnerships scale without becoming asset gatherers Why competitive processes often produce the worst partnerships The advantage of permanent capital in structuring deals How alignment—not control—drives better investment outcomes Guest Bio: Oscar Fahlgren is the Chief Investment Officer and Global Head of Private Equity at Mubadala Capital, where he leads global investment strategy across a diversified portfolio. He has been with Mubadala since 2010, helping build its private equity platform into a global investment business with significant scale and reach. Prior to Mubadala, he worked at Terra Firma Capital Partners and began his career in law and leveraged finance, bringing a cross-disciplinary approach to investing and complex transactions. Are you interested in sponsoring the How I Invest Podcast? 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 Oscar Fahlgren: LinkedIn:https://www.linkedin.com/in/oscar-fahlgren-13654b2/ 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) The $12B Deal Hiding in Plain Sight That No One Touched (1:00) Why Bigger Checks Mean Less Competition (Not More) (1:48) The Strategy of “Buying Complexity” for Alpha (3:12) Why Markets Miss Obvious Opportunities (5:31) The Advantage Only a Handful of Funds Actually Have (6:51) How Mubadala Writes Massive Checks Without a Massive Fund (9:59) The Model That Lets GPs Scale Without Becoming Asset Gatherers (13:21) Why the Best Partnerships Don’t Come From Competitive Processes (16:42) The Biggest Lie LPs Tell Themselves About DPI (19:23) When Continuation Vehicles Actually Make Sense (25:22) Why AI Investing Might Be the Wrong Focus Entirely
Summary
E367: The Family Office Betting on Humanity’s Future
1w ago00:57:59Summary readyWhat if the highest-return investments are the ones that reshape the future—not just the ones that fit today’s market? In this episode, I sit down with L.R. Fox, Managing Director of NEXT Global Capital, to discuss why he rejected the traditional path of “build wealth first, give later” and instead built a strategy around impact from day one. Fox explains why capital is a vote for the future, how the best investments often sit outside crowded sectors, and why frontier technologies with real-world impact can outperform conventional venture. We also explore his “buy, build, invest” framework, how he creates entirely new markets, and why resilience—not IQ—is the strongest predictor of success. Highlights: Why every dollar is a vote for the future you want to create The hidden alpha in impact investing most investors ignore Why the best opportunities exist outside crowded sectors How Fox’s “buy, build, invest” framework creates new industries Why resilience is more predictive than intelligence The difference between optimizing for returns vs inevitability How family offices can outperform by breaking traditional models Why solving hard, real-world problems drives the biggest outcomes Guest Bio: L.R. Fox is a serial entrepreneur, investor, and philanthropist, and the Managing Director of NEXT Global Capital, a family office focused on building and funding companies shaping the future. A Forbes 30 Under 30 honoree, he began his journey in the foster care system and went on to found and scale multiple companies across defense, technology, and frontier innovation. Fox is known for investing in high-impact sectors ranging from national security to healthcare and for his mission-driven approach to combining capital with meaningful global change. Are you interested in sponsoring the How I Invest Podcast? 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 L.R. Fox: LinkedIn:https://www.linkedin.com/in/lrfox/ 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) Why He Ignored the “Build Wealth First” Playbook (1:41) The Secret Most Investors Miss About Impact (5:06) Why Hard Problems Can Create the Biggest Returns (7:11) The Buy, Hold, Invest Framework for Building the Future (12:00) How a Brutal Childhood Became His Greatest Edge (15:50) Why Having No Safety Net Made Him More Dangerous (20:09) The One Trait That Predicts Success Better Than IQ (25:18) Why Most Family Offices Think His Portfolio Is Crazy (32:15) The AI Jobs Bet Most Investors May Get Wrong (40:24) Why He Doesn’t Think About “Cutting Losers”
Summary
E366: Keri Findley: The Credit Investor Peter Thiel Chose to Back
1w ago00:42:15Summary readyWhat if the best investments aren’t the riskiest—but the ones everyone else can’t own? In this episode, I sit down with Keri Findley, Founder and CEO of Tacora Capital, to discuss how she built one of the most differentiated credit strategies by focusing on illiquidity, not risk. Keri explains how dislocations are often driven by forced sellers and structural constraints, why the best credit opportunities come from creating assets rather than just finding them, and how she partners with startups to finance products banks won’t touch. We also explore portfolio construction, why scaling is the hardest problem in credit, and how incentives, ethics, and alignment ultimately determine outcomes. Highlights: Why illiquidity—not risk—creates the best credit opportunities How forced sellers and ratings constraints drive mispricing The difference between finding assets and creating them Why scaling a credit fund is harder than venture How one bad deal can destroy an entire credit portfolio Why alignment and ethics matter more than structure The hidden equity upside inside credit strategies Why solving real problems creates durable alpha Guest Bio: Keri Findley is the CEO of Tacora Capital, an investment firm focused on asset-based lending across fintech, insurtech, and specialty finance. She previously built and led the structured credit business at Third Point, one of the world’s leading hedge funds, and has spent her career investing in complex credit opportunities. Keri specializes in structuring and financing assets that fall outside traditional markets, partnering closely with founders to scale new financial products. Are you interested in sponsoring the How I Invest Podcast? 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 Keri Findley: LinkedIn:https://www.linkedin.com/in/keri-findley-4a974a10a/ 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) Why Being Young Made Her a Better Trader During the Financial Crisis (2:04) The Real Edge Great Credit Investors Have (4:49) The “$100 Bill on the Ground” Trade No One Wanted (7:15) The Mortgage Bond Trade That Changed How She Invests Forever (12:39) Why You Don’t Always Need a Catalyst to Make Money (16:11) How Peter Thiel Became Her Largest LP (21:15) Why Scaling a Credit Fund Can Actually Hurt Returns (30:51) The Deal That Made Her Swear Off Equipment Financing Forever (37:07) Why One Tiny Equity Stake Can Become a Billion-Dollar Outcome (40:44) The Dangerous Trap of Trying to “Speed Run” Your Career
Summary
E365: Stanford GSB Professor on Venture Capital’s Manager Incentives
2w ago00:47:11Summary readyWhat if the biggest mistake in venture investing isn’t picking the wrong fund—but misunderstanding incentives and behavior? In this episode, I sit down with Ilya Strebulaev, Professor of Finance and Private Equity at Stanford GSB, to discuss how incentives, biases, and portfolio construction shape outcomes in venture capital. Ilya explains why fee structures matter less than how they’re designed, how carry changes risk-taking behavior, and why persistence in venture is real but often misunderstood. We also explore diversification, correlation across managers, and the hidden decision-making biases that drive both LPs and GPs, from escalation of commitment to style drift. Highlights: Why incentives—not fees—drive investment behavior How higher carry structurally increases risk-taking The difference between gross returns and net returns Why diversification works differently in venture The concept of style drift and why it destroys persistence How LPs underestimate correlation across managers Why follow-on decisions matter more than initial investments The bias that leads VCs to double down on bad investments Guest Bio: Ilya Strebulaev is a tenured chaired Professor of Finance and Private Equity at Stanford Graduate School of Business and a leading expert in venture capital, private equity, and innovation. He is the founder and faculty director of the Stanford GSB Venture Capital Initiative and has published extensively in top academic journals, with his work featured in major media outlets. Ilya teaches courses on venture capital and private equity at Stanford and has received the Distinguished Teacher Award, while also advising global investors and institutions on investment strategy and decision-making. Are you interested in sponsoring the How I Invest Podcast? 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 Ilya Strebulaev: LinkedIn:https://www.linkedin.com/in/ilyavcandpe/ 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) Why “2 and 20 vs 2.5 and 30” Is the Wrong Question (2:43) How Higher Carry Quietly Changes Investor Behavior (4:15) The Hidden Risk Behind “Top Performing” Fund Managers (5:54) Why LPs Misunderstand Performance Persistence (8:16) The Dangerous Incentive Shift From 20% to 30% Carry (9:53) Why Great Investors Suddenly Change Strategy (Style Drift) (12:10) Venture Might Be the Only Asset Class With True Persistence (16:08) Why You Can’t Access the Best Venture Funds (Even If You Want To) (18:12) The Biggest Mistake LPs Make When Diversifying Venture (30:58) The One Bias That Destroys More VC Returns Than Bad Deals
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E364: $90B Limited Partner: Why We're (Still) Bullish on Large VC Funds
2w ago00:39:19Summary readyWhat if venture capital isn’t an asset class—but an access game where only a few managers matter? In this episode, I sit down with Nolan Bean, CIO at FEG Investment Advisors, to discuss how institutional investors are adapting to a world where companies stay private longer and AI is reshaping every asset class. Nolan breaks down why access to top-tier managers matters more than allocation, how venture portfolios are evolving to include both early-stage and multi-stage exposure, and why DPI, liquidity, and portfolio construction are becoming more complex. We also explore portable alpha, diversification myths, and how allocators think about risk in a world where everything is increasingly correlated. Highlights: Why venture is an “access class,” not an asset class How staying private longer is reshaping LP strategies The real tradeoff between DPI and long-term compounding Why diversification is harder than it looks in modern portfolios How small growth equity complements venture for earlier liquidity The difference between building companies vs scaling organizations Why AI exposure exists across every asset class How portable alpha changes the way institutions build portfolios Guest Bio: Nolan Bean is the Chief Investment Officer at FEG Investment Advisors, where he oversees portfolio strategy across public and private markets for institutional clients. He brings over two decades of experience applying an endowment-style investment approach, with a focus on manager selection, portfolio construction, and risk management. Nolan is actively involved in the broader investment community, serving in leadership roles across industry organizations and advising institutional investors on long-term capital allocation. Are you interested in sponsoring the How I Invest Podcast? 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 Nolan Bean: LinkedIn:https://www.linkedin.com/in/nolanbean/ 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) Why Venture Is an “Access Class” (Not an Asset Class) (0:12) The Shift That’s Forcing Investors to Rethink Venture Strategy (2:52) Why Everyone Agrees Markets Changed—but Few Adapt (4:43) When “Asset Gatherers” Actually Start Making Sense (5:40) The Skill Gap Between $0→$100M and $100M→$1B Companies (9:04) The Real Truth Behind the DPI “Crisis” (12:40) Why Holding Winners Might Beat Chasing New Ones (14:43) The AI Risk That Could Break Venture Returns (19:09) Why Public and Private Markets Are Quietly Converging (34:48) The Strategy That Could Replace Traditional Stock Picking
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E363: How Nigel Morris Built QED into a Fintech Powerhouse
2w ago00:58:43Summary readyWhat if the real edge in venture capital isn’t picking companies—but helping them survive long enough to matter? In this episode, I sit down with Nigel Morris, Managing Partner at QED Investors and Co-Founder of Capital One, to discuss how fintech innovation actually happens and why most investors misunderstand the role of venture capital. Nigel explains why incumbents struggle to innovate despite massive advantages, how QED built one of the most successful fintech franchises by combining operating experience with investing, and why venture is not stock picking but hands-on company building. We also explore founder psychology, power laws, and how culture and talent ultimately determine outcomes more than strategy or capital. Highlights: Why venture capital is “day-to-day combat,” not passive investing The difference between fintech founders and traditional operators Why incumbents fail despite scale, data, and distribution How QED finds and avoids “mercenary” founders Why most venture outcomes are driven by a few extreme winners The concept of “threshold scale” in venture firms How geo-arbitrage creates repeatable fintech opportunities Why culture and people are the only true long-term advantage Guest Bio: Nigel Morris is the Managing Partner at QED Investors and Co-Founder of Capital One, where he helped pioneer data-driven financial services and scale the company into one of the largest credit card issuers in the world. At QED, he has led investments in over 200 fintech companies globally, building one of the leading venture platforms in the sector. With decades of experience as both an operator and investor, Nigel focuses on supporting founders in building transformative financial businesses at scale. Are you interested in sponsoring the How I Invest Podcast? 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 Nigel Morris: LinkedIn:https://www.linkedin.com/in/nigelwmorris/ 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) How Capital One Started as a “Crazy” Idea No One Believed (1:22) Why Incumbents Always Underestimate New Entrants (3:49) The Real Trait That Separates Entrepreneurs From Everyone Else (6:00) Why Big Institutions Are Designed Not to Innovate (8:55) The Hidden Advantage FinTechs Have Over Banks (10:48) Why Most Banks Don’t Understand Customer Lifetime Value (13:05) The Decision That Changed QED Forever (18:01) The Tradeoff No One Talks About When Scaling a Fund (20:43) Why Bigger Funds Usually Kill Returns (But Not Always) (23:01) The Strategy That Let QED Spot Winners Globally (53:53) How to Tell If a Founder Is a Missionary or a Mercenary
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