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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E402: $92B Coatue: Where the Value in AI Will Accrue
Yesterday00:49:39Summary readyEveryone is asking which AI company will win. Lucas Swisher thinks investors are asking the wrong question. The biggest opportunities won't necessarily come from picking a single model or application. They'll come from understanding where durable advantages are created across the AI stack. Drawing on Coatue's investments in companies like OpenAI, Anthropic, Databricks, and SpaceX, Lucas explains why talent compounds, why data infrastructure may outlast today's application boom, why companies become harder—not easier—to disrupt as they scale, and how AI is reshaping the economics of software, semiconductors, and enterprise technology. Highlights: Why the AI application layer is far more resilient than many investors believe. The two AI infrastructure layers Lucas believes will generate the most enduring returns. Why companies above $10B may actually produce better venture outcomes than earlier-stage startups. How OpenAI and Anthropic continue extending their lead despite rapid industry innovation. Why talent has become the ultimate competitive moat in AI. How Coatue thinks about NVIDIA, custom silicon, and the next generation of chip companies. Why AI is making high-performing organizations more productive instead of replacing them. The biggest mistakes investors are making during today's AI investment cycle. Guest Bio: Lucas Swisher is a General Partner at Coatue Management, where he co-leads growth investing and software investing with a focus on AI, enterprise software, and cybersecurity. He has helped oversee Coatue's investments in OpenAI, Anthropic, SpaceX, and Databricks. Previously, he worked at Kleiner Perkins, Insight Partners, and Delivery Hero, and graduated from Harvard University. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Lucas Swisher: LinkedIn:https://www.linkedin.com/in/lucasswisher/ 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 Pierce. 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) Who Captures the Value Created by AI? (0:38) Will Foundation Models Crush AI Applications? (2:01) How to Identify Durable AI Companies (5:29) Why Frontier Models Keep Pulling Ahead (11:13) Is the Mag Seven Already Dead? (16:40) The Two AI Layers Coatue Is Most Bullish On (19:24) Why OpenAI and Anthropic Are Growing So Fast (26:13) Will AI Replace Jobs or Create More? (35:17) The Surprising Data Behind 10x Companies (37:43) Why Talent Beats Technology (44:52) The Biggest Bottleneck Holding AI Back (48:00) Can Anyone Challenge NVIDIA? (53:44) The Biggest Mistakes AI Founders Are Making (57:26) Where AI Investors Are Most Likely to Lose Money (59:39) What Lucas Changed His Mind About in AI (1:01:05) Why Coatue's Public + Private Strategy Matters (1:02:36) The Career Advice Lucas Wishes He Learned Earlier
Summary
E401: Einstein Was Wrong About What Actually Compounds
4d ago01:01:22Summary readyAfter more than 400 conversations with investors, founders, CIOs, and capital allocators managing over $10 trillion, the tables finally turn. In this special episode, Curtis Pierce, Co-Founder of Weisburd Pierce and the How I Invest podcast, interviews host David Weisburd about the biggest ideas that have permanently changed his thinking. David argues that the greatest compounding force isn't capital. It's relationships, reputation, access to information, and the ability to surround yourself with excellence early in your career. From venture capital and family offices to LP-GP relationships and organizational culture, he shares the principles shaping how Weisburd Pierce invests and builds enduring partnerships. Highlights: Why relationships compound faster than money The hidden advantage of brand and access How elite investors think about long-term partnerships Why the best opportunities rarely reach everyone Lessons from interviewing 400+ world-class investors Why culture becomes the only lasting competitive advantage How to build conviction instead of chasing consensus The investing philosophy behind Weisburd Pierce About David Weisburd: David Weisburd is a Co-Founder of Weisburd Pierce and host of the How I Invest podcast. Previously, he served as Partner and Head of Venture Capital at 10X Capital, leading investments in companies including Robinhood, HoneyBook, Palantir, Circle, and DraftKings. Earlier in his career, he helped build venture-backed startups iSocket and RoomHunt, both of which were acquired. He has served on the boards of three public companies and holds degrees from Dartmouth's Tuck School of Business and Harvard University. About Curtis Pierce: Curtis Pierce is a Co-Founder of Weisburd Pierce and the How I Invest podcast. Previously, he served as Senior Vice President at 10X Capital, where he led venture investing and capital markets initiatives, including the firm's investment in Cerebras Systems. He began his career at Wells Fargo Securities and serves as President of the New York City Chapter of the University of Utah Alumni Association. 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 Pierce: https://www.weisburdpierce.com/ Stay Connected with Curtis Pierce: LinkedIn: https://www.linkedin.com/in/curtisapierce/ 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 Pierce. 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 Einstein Was Wrong About Compounding (0:52) The Biggest Lesson From 400 Interviews (5:48) Why Excellence Changes Everything (10:27) Social Friction vs Intelligence (12:25) Why Relationships Compound (20:30) Building Long-Term Partnership Advantage (28:54) Culture Is the Ultimate Competitive Moat (40:00) Why Great LP-GP Relationships Matter (47:48) How David Thinks About Venture Investing (57:34) The One Lesson Every Investor Should Remember
Summary
E400: Anthony Pompliano on Power Laws, Conviction, and Compounding
6d ago01:10:00Summary readyMost investors spend their lives searching for more ideas. Anthony Pompliano thinks the real money comes from finding the rare idea and refusing to let go. Across public markets, private markets, Bitcoin, startups, and careers, Anthony argues that value follows power laws: a tiny number of companies, people, and decisions drive almost everything. The hard part is not effort. It is recognizing durable asymmetry early, pressing your winners harder, and resisting the temptation to sell simply because liquidity is available. The deeper lesson is scarcity. Great companies are scarce. Great investors are scarce. Great people are scarce. And when you find one, the job is not to constantly rotate into something new. The job is to understand what you own, build conviction, and let compounding do the work. The Numbers Behind This Episode 46 companies have created 50% of the $90T of stock market value since 1925. The NASDAQ has historically been viewed as a 13% return vehicle, while venture funds average around 17% to 18%. Antonio Gracias reportedly invested in SpaceX 30 times. Anthony describes one company with 11 employees serving $50B in assets on its software platform. Highlights: Why 5% of ideas can drive 95% of outcomes How durability, asymmetry, and volatility create exceptional investments Why selling may be harder than buying Why liquidity can become a behavioral disadvantage How SpaceX became the ultimate example of pressing a winner Why concentration is often a sign of conviction Why “luck” may be more psychological than real How winning cultures are built through standards, exposure, and mission Guest Bio: Anthony Pompliano is an entrepreneur, investor, and one of the most widely followed voices at the intersection of business, finance, and technology. He is the founder and CEO of Professional Capital Management, author of the daily Pomp Letter newsletter, and host of The Pomp Podcast, where he interviews many of the world's leading investors, entrepreneurs, and executives. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Anthony Pompliano: LinkedIn:https://www.linkedin.com/in/anthonypompliano/ 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 Pierce. 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 Power Laws Rule Investing (1:15) Durability, Asymmetry, and Volatility (2:33) Building Portfolios Around Best Ideas (5:18) Buffett, Compounding, and Starting Early (7:25) Why Selling Is the Hardest Decision (10:04) Is Liquidity Actually a Problem? (14:06) Finding Non-Consensus Asymmetric Bets (18:02) Physical AI, Robotics, and the Next Big Theme (20:18) The SpaceX Conviction Test (21:33) Why 46 Companies Created Half the Wealth (26:05) Discipline in Venture Fund Construction (28:22) Why Luck Is Not Real (32:31) Attracting Success Instead of Chasing It (37:21) Turning Losers Into Winners (40:43) Building a Winning Culture (46:02) What Great Organizations Have in Common (50:50) Why Mission Creates Intensity (1:00:00) Scaling Culture With Small Teams (1:04:27) Go Bigger and Take Bigger Risks (1:05:59) Scarcity Is Value
Summary
E399: How General Catalyst Finds Billion-Dollar Startups
1w ago00:29:44Summary readyMost investors assume that once a venture firm reaches $43 billion in assets under management, the real opportunities shift toward writing larger checks. Yuri Sagilov believes the opposite. General Catalyst continues to push deeper into seed because that's where investment themes are born, founder relationships are formed, and category-defining companies are first recognized. Rather than optimizing for larger deployments, the firm optimizes for ownership, conviction, and seeing the future before everyone else. It's also why General Catalyst intentionally removed signaling risk from its seed strategy, giving founders confidence that early backing won't become a disadvantage later. Throughout our conversation, Yuri explains why AI-native founders think differently, why the best venture firms remain generalists, and why the next decade of venture may look very different from the last. Highlights: Why General Catalyst believes seed delivers some of venture's best returns. How the firm eliminated signaling risk without sacrificing ownership. Why Anduril changed the way investors think about defense startups. Why today's AI-native founders are building from a completely different starting point. The case for staying a generalist instead of launching sector-specific funds. Why ownership matters more than the size of the initial investment. How private markets could keep the best companies private much longer. The relationship philosophy Yuri says has compounded the most throughout his career. Guest Bio: Yuri Sagilov is a Partner at General Catalyst, where he focuses on seed investing across the firm's global platform. Previously, he founded Wayfinder Ventures, a first-check seed fund whose portfolio companies have created more than $23 billion in value. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Yuri Sagalov: LinkedIn: https://www.linkedin.com/in/yurisagalov/ 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 Pierce. 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 a $43B Firm Still Bets on Seed (2:39) Finding Categories Before They Exist (4:00) Learning From Founders Living in the Future (5:47) Why Great Seed Investors Stay Generalists (8:51) Eliminating Signaling Risk (12:08) Building General Catalyst's New Seed Strategy (13:27) Inside a 200-Company Seed Portfolio (14:40) Does Every Investment Need to Return the Fund? (16:05) Recognizing Power Law Companies Early (18:04) Why the Best Companies May Stay Private Longer (24:50) The Highest Compounding Asset in Venture (26:33) Why Yuri Became More Bullish on AI
Summary
E398: Hamilton Lane ($1T AUA) on Venture Capital, AI, and Private Markets
2w ago00:43:09Summary readyWhat separates the venture investors who consistently outperform from those who simply get lucky? In this episode, I sit down with Miguel Luina, Co-Head of Global Venture Capital at Hamilton Lane, to discuss how one of the world's largest private markets investors evaluates venture managers, constructs portfolios, and thinks about the future of innovation investing. Miguel explains why venture and growth have become an essential allocation for institutional investors, how LPs distinguish skill from luck, and why conviction investing, secondaries, and portfolio construction may be the biggest drivers of long-term returns. Highlights: Why venture capital is entering a new liquidity cycle driven by AI and IPOs How Hamilton Lane distinguishes skill from luck when selecting venture managers Why sourcing, selection, and access are the three pillars of venture investing The importance of conviction investing—and doubling down on exceptional companies Why venture secondaries represent one of the most undercapitalized opportunities in private markets How continuation vehicles are reshaping venture liquidity Why institutional investors can no longer ignore venture and growth allocations The evolution of portfolio construction across funds, co-investments, and secondaries How the best venture managers compound relationships over decades Miguel's timeless advice on investing in people and letting relationships compound Guest Bio: Miguel Luina is Co-Head of Global Venture Capital at Hamilton Lane, where he oversees the firm's global venture, growth equity, and technology investment strategy. He leads investment sourcing, due diligence, and portfolio management across venture capital funds, co-investments, secondaries, and growth equity opportunities while serving as a member of the firm's investment committee. Hamilton Lane manages and supervises more than $1 trillion in assets across private markets, making it one of the world's largest private markets investment firms. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Miguel Luina: LinkedIn: https://www.linkedin.com/in/miguel-luina/ 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 Pierce. 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 Capital Is Entering a New Golden Age (1:06) How SpaceX, OpenAI, and Anthropic Could Reshape Venture (3:13) The Secret to Separating Skill From Luck in Venture Capital (6:05) Has Venture Capital Become a Consensus Trade? (11:41) Why Ignoring Venture Is Now a Massive Allocation Bet (16:10) The Portfolio Strategy Most Venture LPs Get Wrong (20:03) Why Continuation Vehicles Are Exploding in Venture (28:17) The Structural Alpha Hidden Inside Venture Secondaries (35:58) The Portfolio Construction Mistake That Kills Returns (40:56) Why the Best Investors Keep Doubling Down on Winners
Summary
E397: Why Venture Capital Is a Relationship Compounding Machine
2w ago00:45:28Summary readyWhat if the greatest edge in venture capital isn't having the biggest fund—but building the strongest relationships? In this episode, I sit down with Elizabeth Weil, Founder and Managing Partner of Scribble Ventures, to discuss how emerging venture firms can outperform by staying focused, collaborative, and relentlessly founder-centric. Elizabeth shares how she built Scribble into a $280 million venture platform by backing exceptional founders at the earliest stages, why venture is fundamentally a network effects business, and why staying authentic has become one of her greatest competitive advantages. Highlights: Why venture capital is ultimately a network effects business How Scribble Ventures raised an oversubscribed fund in one of the toughest fundraising environments Why relationships compound more than almost anything else in investing Elizabeth's framework for identifying exceptional founders before consensus forms The importance of staying authentic with founders, LPs, and partners Why smaller venture funds can outperform larger platforms How Scribble approaches ownership, fund sizing, and portfolio construction differently The value of saying no—to both founders and LPs—when the fit isn't right Why breakout investing extends beyond simply finding companies at seed Lessons from Twitter's hypergrowth years and Andreessen Horowitz's rise The role of curiosity, consistency, and daily habits in long-term investing success Why every career ultimately compounds through relationships Guest Bio: Elizabeth Weil is the Founder and Managing Partner of Scribble Ventures, an early-stage venture capital firm managing approximately $280 million in assets focused on partnering with exceptional founders at the pre-seed, seed, and breakout stages. Over more than two decades in venture capital and technology, she has invested in more than 60 technology companies including SpaceX, Slack, Coinbase, Whatnot, Gusto, Grab, Calm, Envoy, Hipcamp, and Daily.co. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Elizabeth Weil: LinkedIn: https://www.linkedin.com/in/elizabethweil/ 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 Pierce. 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 Elizabeth Raised an Oversubscribed Venture Fund in 2026 (1:47) The Network Effect That Separates Great Venture Firms (6:14) The Fastest Way to Build Judgment as an Investor (8:34) The Founder Traits That Matter More Than the Idea (12:34) The LP Fundraising Lesson Most Emerging Managers Miss (19:12) Why She Turned Down LP Capital on Purpose (22:25) What Elizabeth Looks for Before Writing a $3 Million Check (28:25) The Venture Capital Myth That Most LPs Still Believe (33:04) When Venture Firms Stop Being Investors and Become Asset Managers (38:47) The Career Advice That Compounds for Decades
Summary
E396: The Future of Compute, Data Centers, and AI
2w ago00:23:38Summary readyWhat if AI's most valuable commodity isn't software—but the computing power that makes intelligence possible? In this episode, I sit down with Kush Bavaria, Co-Founder and CEO of Ornn, to discuss why AI compute is becoming the next global commodity and how financial markets are evolving to support it. Kush explains why GPU capacity should trade like oil or electricity, how derivatives and futures markets could reshape AI infrastructure, and why access to compute may become one of the defining competitive advantages of the next decade. We also explore data centers, energy constraints, AI capital markets, and what it takes to build a venture-backed company at just 22 years old. Highlights: Why AI compute could become the world's next strategic commodity How Ornn is building a financial exchange for GPU capacity Why data centers need futures markets and price indices The growing importance of compute in the AI arms race Why energy, not capital, may become the biggest bottleneck for AI The investment opportunity behind data centers and AI infrastructure How America can maintain its competitive advantage in AI Building one of the fastest-growing AI infrastructure startups at age 22 Why customer obsession has become Ornn's biggest competitive advantage Kush's biggest lesson about hiring and scaling a startup Guest Bio: Kush Bavaria is the Co-Founder and CEO of Ornn, an AI infrastructure company building the financial markets for compute. Backed by Andreessen Horowitz, Ornn creates standardized price indices, exchanges, and derivatives that allow GPU capacity to be bought, sold, and hedged like traditional commodities. The company helps data centers monetize future compute capacity while enabling AI companies, developers, hedge funds, and enterprises to access computing power more efficiently. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Kush Bavaria: LinkedIn:https://www.linkedin.com/in/kush-bavaria/ 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 Pierce. 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 Compute Could Become the World’s Most Important Commodity (0:47) The $7 Trillion Market Most Investors Still Don’t Understand (2:03) Why AI Compute Needs a Futures Market (4:13) The Five Layers of the AI Economy Explained (6:12) The Missing Compute Market Every AI Startup Needs (8:27) Is There Really a Data Center Bubble? (10:10) Why OpenAI Is Winning the Compute Race (12:36) Why Andreessen Backed a 22-Year-Old Founder (14:41) The AI Arms Race Between the U.S. and China (18:37) The Startup Lesson That Matters More Than Building Product
Summary
E395: Russ d'Sa on AI, Agents, and the Future of Work
3w ago00:45:40Summary readyWhat happens when computers stop being tools and start behaving like collaborators? In this episode, I sit down with Russ d’Sa, Founder and CEO of LiveKit, to discuss why voice AI may become one of the most important computing platforms of the next decade. Russ explains how LiveKit powers AI experiences for companies including Tesla and xAI, why voice is emerging as the natural interface for AI agents, and what the rise of digital labor means for workers, founders, and society. Highlights: Why voice AI is becoming the next major computing interface The difference between voice-first and multimodal AI experiences How AI agents are already transforming customer service, healthcare, and financial services Why speed and conversational intelligence unlocked the voice AI revolution Russ’s view on whether AI will create or destroy jobs Why creativity may become more valuable as execution gets commoditized The types of careers most resilient to AI disruption Why reputation and relationships remain difficult to automate The importance of agency, adaptability, and learning velocity in an AI-driven world How companies should think about integrating AI across their organizations Why AI-native companies may outperform incumbents over the next decade Russ’s framework for choosing execution risk over market risk when building startups The long-term bet that computers will become increasingly human-like Guest Bio: Russ d’Sa is the Founder and CEO of LiveKit, the leading infrastructure platform powering real-time voice, video, and AI applications. LiveKit has become foundational infrastructure for the emerging voice AI ecosystem, serving companies including Tesla and xAI while helping developers build next-generation AI agents and multimodal experiences. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Russ d'Sa: LinkedIn: https://www.linkedin.com/in/russelldsa/ 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 Pierce. 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 Voice AI Could Become the Next Computing Platform (4:42) The Multi-Billion Dollar Industry AI Is Replacing First (9:16) The Two Breakthroughs That Made Voice AI Finally Work (14:15) Will AI Create More Jobs or Eliminate Them? (18:55) How to Avoid Getting Replaced by AI Over the Next Decade (23:30) Why Reputation and Relationships Become More Valuable in an AI World (30:12) The Two Traits Russ Looks for in Every New Hire (33:49) When Non-Engineers Will Be Able to Build Software (41:51) Why Most Companies Are Failing to Implement AI (46:24) The One Startup Lesson He Wishes He Learned Much Earlier
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E394: How Great LPs Pick Venture Funds | Jamie Rhode
3w ago00:38:40Summary readyWhat if the biggest mistake LPs make in venture is backing the same managers over and over instead of constantly asking who they would invest in if they were starting from scratch today? In this episode, I sit down with Jamie Rhode, Partner at Screendoor, to discuss what separates the best emerging managers from the rest of the market. Jamie explains why so many venture funds look identical today, how LPs unintentionally create that dynamic, and why manager selection is really about finding GP-market fit. Highlights: Why so many emerging managers look exactly the same to LPs The concept of GP-market fit and why it matters more than ever What separates great investors from great fund managers Why endurance and adaptability matter more than early momentum The role of disagreement and respect in high-performing partnerships Jamie's framework for 90% rules-based investing and 10% "break-the-rule" investments Why fund one managers may have structural advantages over established firms How successful GPs refresh their networks before their edge disappears The founder flywheel effect and its impact on sourcing Why LPs should ask themselves: "Would I invest in this manager again today?" The hidden risks of strategy drift as venture firms mature Why sitting out a vintage year may be more costly than backing the wrong manager Guest Bio: Jamie Rhode is a Partner at Screendoor, a venture-focused fund-of-funds platform that anchors and supports the next generation of venture capital managers. Prior to Screendoor, she spent more than eight years at Verdis Investment Management, a single-family office where she focused on emerging venture managers, private equity, and hedge fund investments. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Jamie Rhode: LinkedIn: https://www.linkedin.com/in/jerrcfa/ 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 Pierce. 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 Most Venture Managers Sound Exactly the Same (1:41) The Hidden Framework Behind Great Emerging Managers (3:39) What It Actually Takes to Be a Top Seed Investor Today (5:47) Which Emerging Managers Will Survive the Extinction Event? (10:00) Why Great Venture Partnerships Need More Than Complementary Skills (14:29) The 10% Rule That Creates Venture Outliers (18:55) Why Fund One Managers Have a Structural Advantage (22:59) The One Trait Shared by Long-Term Winning Venture Firms (27:56) The Biggest Mistake LPs Make When Re-Upping Managers (35:18) How Emerging Managers Can Compete Against Mega Funds
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E393: What 8,000 LPs and GPs Taught Him About Investing | Ron Biscardi
3w ago00:41:40Summary readyWhat if the biggest edge in investing isn’t information, strategy, or even intelligence—but relationships? In this episode, I sit down with Ron Biscardi, Co-Founder and CEO of iConnections, to discuss what separates the world’s best allocators and investment managers from everyone else. Ron shares lessons from building the largest capital introduction ecosystem in alternatives, with more than 26,000 members across 80+ countries representing over $55 trillion in assets. We explore the role of EQ in investing, why relationships compound into investment advantages, how emerging managers should think about fundraising, and why some of the most successful investment firms are built by entrepreneurs rather than investors alone. We also discuss conviction, illiquidity, LP decision-making, manager selection, and the realities of navigating capital markets over decades. Highlights: What separates the top 1% of allocators and fund managers Why curiosity, humility, and continuous learning drive investment success The critical role of EQ and relationship-building in generating investment edge Why the best investors actively seek out viewpoints that challenge their own How emerging managers should approach fundraising and finding anchor investors The hidden psychology behind LP decision-making Why conviction must be balanced with adaptability The advantages of illiquidity and protecting investors from behavioral mistakes How LPs distinguish skill from luck in private markets Why many successful investment firms are built by entrepreneurs, not just investors Ron’s hardest lesson from decades in alternative investments and capital raising Guest Bio: Ron Biscardi is the Co-Founder and CEO of iConnections, the leading global capital introduction platform connecting investment managers, institutional allocators, and family offices. Under his leadership, iConnections has grown into the largest alternative investment ecosystem in the world, serving more than 26,000 members across 80+ countries that collectively represent over $55 trillion in assets under management. 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 Pierce: https://www.weisburdcapital.com/ Stay Connected with Ron Biscardi: LinkedIn: https://www.linkedin.com/in/rbiscardi/ 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 Pierce. 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) What Separates the Top 1% of Allocators From Everyone Else (2:04) Why EQ Matters More Than Most Investors Realize (4:02) The Relationship Strategy Behind a $2 Billion OpenAI Position (6:02) Why Conviction Can Be Dangerous Without This One Thing (8:17) How Antonio Gracias Built Extreme Conviction in SpaceX (10:06) If He Were Raising a First-Time Fund Today, Here’s What He’d Do (13:51) Why Anchor Investors Matter More Than Most GPs Think (18:23) The Private Markets Problem Nobody Talks About (23:27) The Behavioral Edge That Separates Great Investors (32:26) What the Most Successful Fund Managers All Have in Common
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