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

But the challenge is ultimately a lot of people aspire then to be managing 2 billion, 3 billion, 10 billion.

And what the challenge is, they go from being an exceptional investor to being an exceptional manager of an investment firm.

And those firms that just scale, they might've had an edge when they're managing a couple hundred million dollars and doing smaller deals, but it just becomes so much more competitive and they lose their edge when they go up market.

Success often breeds this sense

that they can discontinue to scale.

And oftentimes the scaling, there's problems related to just trying to deploy a much larger pool of capital, but also some of the problems are related to the fact that there are significant diseconomies of scale in managing investment firms.

the larger you get doesn't necessarily mean produce better returns because it's just harder.

I think smaller firms, smaller number of people is just easier.

So I think that's also a detractor that you'll see.

One of the challenges is a certain amount of growth is inevitable.

And, you know, you have a team, you want to keep the team.

And the way you keep the team is you have to offer them more opportunity.

But the challenge is balancing that sort of trade-off between keeping a team intact and

while not getting too big is oftentimes too difficult for a manager and they opt for just being too big.

Now, with that said, there's some firms that will defy that logic.

There are firms on the public side, there are firms on the private side that they're so extraordinary

that they've been able to either just develop just because of the way they manage the firm or the fact that they're just that extraordinary that they can overcome the difficulties of size.

I've seen that in both public and private investing.

It's a framework, but again, I've been historically, at least, for better or for worse, not someone that just believes in a complete black and white formula that you get above a certain size and you're just gone.

And I know some people that do that.

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