47 years ago today. MAGIC

New @ThePeelPod episode with @federdan @ UMich Lots of great topics in here for LP’s and GP’s, including Dan's unique approach to asset allocation, and why uncertainty is the only way to generate alpha. I am also 99% sure this is the first podcast sponsored by a soup shop.

Episode #110: Rethinking Asset Allocation, The Past Present and Future of Venture Capital Dan Feder (@federdan) is a Senior Managing Director of Investments at the University of Michigan’s ~$18 billion endowment. Our two hour conversation talks through the past, present, and future of all things venture capital, and investing more broadly. Dan lays out the case for why most institutional investors should change how they approach asset allocation, why risk and uncertainty are not the same, the importance of relevance and independent thinking, advice for fund managers raising from institutional LP’s, the trend of VC’s rolling up services businesses, and what he learned beating Lance Armstrong in a race. Thanks to @tryramp for supporting this episode, and to @cdouvos and @ajkurki for helping brainstorm topics for Dan! Full episode here on X + link in the replies. Timestamps: 5:50 Beating Lance Armstrong in a race 8:05 The will to win is nothing without the will to prepare 10:39 Why investors need to re-think asset allocation 22:31 Difference between risk and uncertainty 29:26 How endowments work 33:12 Endowment portfolio construction 40:47 From law, to industrial buyouts, to venture 49:13 Narrowing scope to increase returns 54:54 Why career planning as an LP is hard 58:24 VC in the 00’s 1:08:18 Venture vs Adventure Capital 1:15:16 VC’s rolling up legacy industries 1:20:17 Importance of relevance 1:26:25 Traits of the top investors 1:28:25 Importance of trust in LP fundraising 1:32:54 Venture is the most competitive ass class 1:35:37 Why venture firms do not persist over time 1:38:27 How venture will change going forward 1:43:37 The Newman Cycle

Working on the agenda for @slow business etiquette finishing school (for YC grads)-- probably also turning this into a book...

Great convo at the BSV Summit with Julian Skotheim, Ben Choi, and @cdouvos on how LPs are navigating venture right now. @rquintini had the fun job of moderating—lots of insight, plenty of laughs.

Congratulations to @SapphirePrtnrs’ @Beezer232 for being recognized as a Woman of Influence in private markets by @VCJournal! 🎉 Honored for her investment prowess and described as “a lighthouse in the venture community,” Beezer has worked to democratize access to information and help create the venture landscape she wishes existed when she started her career. She was instrumental in launching @Open_LP in 2016, and last year, partnering with @CalSTRS to launch a program funding the next generation of venture investors. Huge congrats to all the incredible women featured. Learn more below. 🙌 #WomenInVC #OpenLP