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

Very good question.

The first thing is we have to acknowledge the dual nature of the way you measure them.

So we know the volatility of privates is artificially lower when you look at it on a bookkeeping basis.

So there's a heavy lag.

And when it gets valued, it's often done on a quarterly basis for equity asset classes.

But the underlying volatility...

just given the leverage and the equity orientation of a lot of these investments, is much higher.

So we do dual modeling to show our clients what the economic underlying volatility and risk is of the portfolio, as well as what they will experience based on the way that it's measured.

We do a lot of look throughs to understand sector allocation, the types of industries that we're involved in,

But importantly, we also do a lot of stochastic modeling.

So what that means is under a wide variety of economic regimes to stress test privates, not only in a base case or when the times are good, but assess periods where there will be a lack of liquidity or equity volatility is high because what ends up happening then is distributions, as we were just discussing, they'll slow down.

And so allow us to get comfort that if we commit capital over five years and we expect cash flow to come back at a certain rate over the next five years, but there's an economic shock,

understanding that it'll be a slower return backwards.

And how will that waterfall throughout the rest of the portfolio?

It's really a stress test on publics and privates, the interaction of them, to make sure that we don't get over our skis and put too much money into privates relative to what they can deliver.

Well, I agree with you.

I think it gets back to drawdown being more important than volatility.

Volatility is an interesting measure.

We care about our cumulative returns that we earned on an investment.

And so let me put it this way, investment A and investment B. If we have investment A generates a cumulative annual return of 15%, and it might be in this volatility protected concept that's being discussed on a private scale.

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