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

So completely open scope in that regard and really trying to aim and find those great managers within specific sub-asset classes and broader asset classes.

With each family, we design portfolios that match that family's risk tolerance.

It also aligns with their investment time horizon, income, and liquidity needs.

Because as you've heard, if you've met one family office, you've met one family office.

All can look very different based on how their capital base was built and their journey when exiting the family business and moving into a family office format.

So after establishing those risk, liquidity, income, and time horizon parameters,

The cleanest way I can bridge to a model portfolio construction for that family is to think about their investment portfolio really in three shades.

growth assets, your income assets, and diversification assets.

And when I talk about growth assets, that's the span of liquidity within that bucket.

You have global equities, long-only equity on one side, and then private equity venture on the other.

And then even in the interim, you have hedged equity, which we view as an asset class unto itself.

Within income assets, you have traditional fixed income on one end, all the way to private credit.

And then diversification assets, it includes real assets and absolute return hedge funds because it's meant to act like a counterbalance to the other two pieces of the portfolio.

So let's say putting it all together for that family that has a payout need of 3% to 5% and a risk tolerance that...

matches up with a 60-40 stock bond benchmark, you would end up having 65% in growth assets, 20% in income assets, and about 15% in diversification assets.

And on a look-through basis, that private allocation would be in the zip code of 15% to 20% of the total portfolio.

In our view, that's the construct that we would have in order to meet what is the core needs of that family to deliver strong risk-adjusted returns that exceeds that spend rate or that payout that they might have plus inflation and how we would think on and translate for them how we think about putting together that model portfolio construction for a family.

mischaracterizing certain assets and expecting an outcome that, you know, historically you would think act in a more diversified way than it does.

And so let me put an example on it.

One aspect that people have always tended to lean on just because of the recent history over the past, you know, call it even 20 years or so, that if you just had a more traditional portfolio of, you know,

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