David Weisburd

And there's empirical data that shows that if you don't manage your portfolio and in the cases where there's breakups or partnership risk, the returns of that specific fund go down.

So you really have to balance this potential like partnership risk with the asymmetry that sometimes in those cases, some of those funds, you know, my joke is always the best venture portfolio was actually the angel portfolio of Mark Andreessen and David Sachs, which is,

They were operators, they had finite capital, and they were investing to their friends, people that they had either been working with months before or sometimes a couple of years before.

It can be theoretically very bad until you see it in real life and then you see the nuance of what happens.

Sometimes some of those portfolios are actually really good and it's surprising.

What's one piece of advice that you wish you knew going back to when you started at UNC Endowment that would have either accelerated your career or helped you avoid costly mistakes?

really being your number one fan, to use a sports analogy.

You have to be explicit about it.

Don't assume that people are just gonna, your body of work won't necessarily stand for itself.

You have to be explicit about vocalizing your value.

On that note, thanks so much for jumping on the podcast and looking forward to continue this conversation live.

That's it for today's episode of How I Invest.

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Nicole, I know this term gets used a lot, but you truly have one of the most prolific investment careers in the industry.

And you went from Ontario Teachers Pension Plan to becoming the chief investment officer of CalPERS.

What made you want to take that jump?

You brought this total portfolio approach, TPA approach.