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 months

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

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How I Invest with David Weisburd · E294: Endowment Model vs Total Portfolio Approach: The Real Trade-Offs · 30 Jan 2026 podcast

And so I would say for anyone wanting to learn the endowment model, it's a great book.

And a lot of those tenants are timeless.

And I was fortunate to have the opportunity to live it straight out of college at UNC Management Company.

It's a good question.

And for me, I'd favor the type of advice that would help you avoid mistakes.

And I tell my younger self to...

Simply be humble as investing is a humbling business.

I came out of UNC seeking to learn as much as I could about investments and the endowment model, but also looking to make a mark and climb a ladder in a way.

And in doing so as a young analyst, I think you're eager to build conviction in particular investments and build up your circles of confidence, but you can mistake that conviction for hubris.

So if you're not humble about investing,

what you know and don't know or what you think you know that really ain't so.

Coming in with a more humble mindset would have let me hold those convictions a little more loosely, be aware of data points that don't match up with my thesis, my own behavioral biases.

There's a famous quote attributed to John Maynard Keynes of, you know, when the facts change, I change my mind.

What do you do, sir?

If you're humble, you're more apt to see when those facts change and that can help you avoid some investing pitfalls.

But I'd also tell my younger self that in the end, markets will humble you.

Appreciate it, Dave.

Thanks.

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