David Weisburd

It reminds me of a Peter Drucker quote, which is when CEOs get bored, they start doing M&A.

They start acquiring companies.

So you're known for your real estate portfolios and specifically about your focus on the risk of inflation.

Tell me about that.

And for that, you need liquidity.

You can't hit the fat pitch without liquidity.

And Professor Steve Kaplan, who we talked about earlier, he has compelling evidence for non-taxable investors.

They shouldn't really have almost anything in infrastructure and real estate because those just don't outperform over long term.

Perhaps a dumb question, but when you have individuals, they're able to borrow against their personal stock portfolios at a very low rate.

And endowments, which seem to be the greatest counterparties you can have in terms of a creditor, they don't seem to really borrow against their illiquid part of the book, even to any degree.

Why do you think that hasn't become a thing where there's products that allow endowments to borrow against the liquid portfolio?

You've been in around the endowment model for decades.

There's now also this TPA, the total portfolio approach model.

What's your sense for the future of endowment investing?

What's the model going to look like?

If you look at this endowment versus TPA approach, they both have strengths.

If you got rid of the labels, they probably both have wisdom that you could integrate into just best practice.

Agreed.

If you go back to 1986, when you were just starting out at Goldman Sachs, I'm not trying to age you, but what would one piece of advice would you give a younger Larry that would have either accelerated your career or helped you avoid costly mistakes?

People are upstream of everything, whether it's people on your team, whether it's the GPs you invest in.