David Weisburd

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Put a cap on the David Swenson discussion.

Obviously, Swenson was revolutionary at the time, but there's one key difference.

The Swenson model was based on one assumption that was true for many decades, roughly a 24% DPI per year.

2024 was 9%, 2025 again was 9%.

When your cash going back is two and a half times smaller than your cash going in, the model breaks.

That's the fundamental issue.

If you don't have cash coming in, the private markets cannot function the same way.

If that continues, let's just assume that continues for now, what needs to change in the private market?

And what do you think will be the new normal if a 9% DPI continues?

I have a personal theory I'm working on.