Jeff Blazek

speaker

496 appearances 1 recordings 1 series first heard Feb 2026 last heard 13 Feb

Jeff Blazek’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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How I Invest with David Weisburd · E304: Neuberger Berman Co-CIO on Mistakes Smart Investors Make · 13 Feb 2026 podcast

turn around, invert, and actually become a draw up.

So as a drawdown goes, it was severe in terms of magnitude, but duration, it was nothing.

It was fleeting.

But look at the dot-com drawdown on the other hand.

So the S&P fell, I think, 45% to 50% in total return terms, and it was down on the mat.

So this is the knockout where two or three years go by and you're still plumbing the lows of the equity market.

And it took eight or 10 years before we set new highs in equities.

That was a prolonged drawdown that should be scrutinized for investors because what it says is, first of all, if your portfolio were 100% invested in stocks, could you sustain a 50% hit to your wealth and then survive if that lasted for three or four years before you get any recovery and eight to 10 years before you would completely claw back?

And I think a lot of investors would say, my organization would not survive that.

And therefore, that is the starting point of the first principles.

You cannot be 100% in equities.

You may not be able to be 50% in equities.

That's how you define pain thresholds and the ability, therefore, to capitalize and rebalance and do the things you should be doing in times of duress.

What I'd say is history rhymes, even if it doesn't repeat.

And that sounds like a similar mindset in the late 90s of the Greenspan put.

The idea that the Fed would be able to execute language or policy cuts, or you're alluding to the fiscal side, Congress could get spending done such that equities can be bailed out.

And that has been the experience.

Why the dip has worked really well the last 5, 10, 15 years.

Until one day it won't.

And I can't predict what it'll be that it causes the won't.

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