Michael Phipps
speaker
218 appearances
1 recordings
1 series
first heard Jan 2026
last heard 30 Jan
Michael Phipps’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jan 2026 with 1.
Appearances
those entrepreneurs wanted to get capital from GPs that could truly appreciate what they were doing.
And I think one evidence of that in the market, like YC and other incubators are real proof case in that respect.
And a reason why that model has been successful in my view as well.
But really an appreciation for that piece, the power of that network effect and being that nexus or node within a particular space within venture was one that we took advantage of at Davidson and really started to pay off.
To put a finer point on it, it was more saying Mickey Malka at Ribbit Capital viewed as a kind of a nexus or node within the fintech space.
That then kind of attracted other entrepreneurs in that space that wanted Ribbit Capital as that partner in GP.
And so that's where that self-fulfilling cycle came together and one that I just have a tremendous appreciation for from a network effect standpoint, particularly in venture.
At UNT's endowment, I would have to say the schooling and the endowment model is written up famously in the late David Swenson's Pioneering Portfolio Management would be that single most important thing that was drilled into me.
In that book, as I think other guest hosts have mentioned earlier, I mean, he had underscored a few things that I've carried with me.
You know, for one,
Ass allocation is the primary driver of long-term returns, whereas much of the world focuses on security selection or trying to tie markets to one should harvest illiquidity premium wherever you can find it.
And that may mean having to shift and move when capital ends up flooding into certain segments of the private markets.
And instead of being in large cap buyout, you're moving more into lower middle market buyout.
You know, as we were just discussing, too, on hedge funds, diversification does reduce risk, but only if correlations between those assets are low.
Otherwise, you dilute or you diversify your returns was another point out of that kind of endowment school of thinking.
Active management, it works, but only in inefficient markets.
And I would say...
And fifth thing that, and probably one of the major piece within that kind of endowment model, as Swenson had put it too, was that manager selection is crucial to success and it's difficult.
You know, it's a people business at the end of the day, you're evaluating managers, you're
And both from a qualitative and relationship driven standpoint, but also from a quantitative standpoint, it's both art and science.
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