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
And the Hall of Fame of investors that are market timers, there's no one in it.
It's hard to time vintages too, particularly on the private side.
That's where we give ranges, what I would end up doing and what we ended up doing going into even the 2020, 2021 period.
Hindsight, looking back, it's the case where we had tried to be more tactical in lowering the allocations that we were giving to managers.
Managers were increasing the cycles that they were coming back to market.
Um, we didn't know that that was a top then, but the prudent thing to do was we were still maintaining that relationship, but yet we're kind of carrying back how much we would be committing to the next vehicle.
I think it's incredibly hard.
And that's why we try to set up our programs such that clients are investing across vintages.
Um, because as soon as you make the decision that you want to get out of a vintage, it
The vintage coming out of 2022, 2023 for our private equity and private credit investments have been quite strong.
And if it was the case that you chose to kind of sit out both, you're going to miss both the top and picking the bottom as well.
And so we do try to modulate a little bit.
You give ourselves a range.
I mean, we may not be making as big of a commitment as we were, but to go from...
100 to zero in a particular asset class is not one.
We're trying to, again, try to educate clients so that they kind of can hold through or stay through rather than trying to time.
At Davidson, what was underscored for me was the power of a network effect within the investment world.
Within venture, what we found is that GPs with true success in their field were nexus points for that particular subsector of venture, whether in fintech or
hard tech, B2B SaaS, marketplaces, the GPs that are viewed by entrepreneurs as those that are knowledgeable, connected nodes or nexus points in those segments, it became a self-fulfilling cycle in the sense that those nexus points, those GPs, they attracted some of the brightest and best entrepreneurs in that vertical.
Because
Showing 161–180 of 218 · page 9 of 11
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