Larry Kochard

speaker

464 appearances 1 recordings 1 series first heard Feb 2026 last heard 11 Feb

Larry Kochard’s voice in public audio — every appearance, attributed to the second.

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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 · E302: Legendary CIO Larry Kochard On Where Alpha is Today · 11 Feb 2026 podcast

There are certain strategies for a non-taxable investor that are at the margin.

You could argue that's one of the reasons you're doing it, because you have an edge from a tax standpoint.

But you also want to make sure that the tax reason is not driving the bus.

It's a great question.

I mean, a couple of comments.

One is at least, I mean, certainly not the venture in growth, but certainly the buyout, there's already leverage.

And so that would just be leverage upon leverage.

So that would be one thought.

You already see a little of that.

So to the extent that, you know, whether it's the GFC, whether it's other times where

endowments have gotten to a liquid.

There have been times where the university either has or could serve as a backstop because so many of these elite universities have very strong balance sheets.

So they could do that in times of stress.

You could almost argue, as opposed to

borrowing against the private portfolio, there's some element of that of using derivatives and futures for a rebalancing approach.

So there's ways of rebalancing that you get it through futures exposure, which is essentially implicit leverage.

So you're doing that.

And then the third comment is you already have a little leverage embedded in the system.

Just the way that you do private equity, there's unfunded commitment.

That is an implicit liability also.

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