David Weisburd

David Kabler's family office, the team that did that, they're doing this around real estate.

I've had crypto, actually, crypto tax-aware strategies pitched to me, which makes so much more sense because there's more vol.

You don't even need to leverage.

You don't need to leverage crypto investing.

And there's enough vol there to harvest quite a bit.

So it's a fascinating part of the market.

I think this is one of the hottest things that, again, the individuals with 50 million plus net worth are all talking about it, but a lot of the smaller wealth and smaller IRAs are not able to access it purely just because of minimums.

The sophistication is not that hard, actually.

Some of these tax-aware strategies, they are even easier than investing into alternatives.

They give you a 1099.

It's not even a K-1.

You're also very bullish on legal tech.

Obviously, there's been some first-generation wins with startups like Harvey.

Why is there still much more to do in legal tech and the integration of AI in legal?

I think it's good to have some skepticism as a lawyer looking at legal tech, but the reality is that the majority of legal opportunity is not pursued because the cost of discovery and the cost of even figuring out whether you should do something is relatively high.

It might cost $25,000 to figure out whether you have a $200,000 opportunity

suit.

And although it sounds rational to do that, 90% of the people won't do that.

They have that downside risk aversion that keeps them from pursuing.

So actually legal tech, in my opinion, is going to significantly increase the number of legal opportunity because there's much more things that are not being pursued.