David Weisburd

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I had Roger Vincent who spent a lot of time at the Cornell Endowment.

And one of the things that he talked about is one of the mistakes that investors make is they double diversify.

So they diversify within the fund.

Sometimes they'll diversify, they'll triple diversify.

Then they'll diversify within the fund asset class.

So let's call it venture.

So you diversify within the fund and you diversify within the venture asset class.

And then everything has to be diversified.

And that's where you actually get a poor performance versus if you look at venture as playing a role, which is outperformance and the spikiness, and you build around that, you realize you're not going to have 80% of your money in this really spiky asset class, but you take venture for what it is, which is sometimes it'll outperform, oftentimes it underperforms, and it rarely loses money as an asset class.

But I think that's something that you uniquely do in your portfolio.