Michel Del Buono

speaker

515 appearances 1 recordings 1 series first heard May 2026 last heard 22 May

Michel Del Buono’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

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

Appearances

newest first · ▶ plays the moment

Sourcery · Inside Marc Andreessen & Ben Horowitz's Multi-Family Office (Part II) · 22 May 2026 podcast

But in order to think about them, you need to know what options these people have to start with.

So it's a very difficult, you know, I'm still discovering things as I look at and I look at this stuff daily.

So it's tricky.

So let's say you buy the stock at $100 and then the carry, let's say it's a 10% carry.

Any increase in the value of the stock above $100, 10% goes to whoever has created this SPD.

So that's the carry, right?

And in some spaces, like in private equity, a carry usually has a minimum return before the carry accrues to the person.

So it might have a 6%, 7%, 8% return to the investor before the SPV owner gets the carry.

But in these situations, I've never seen that.

So they get from the first dollar of gain, they get to keep a portion of the profits.

There's nothing wrong with that per se, just you need to be aware of that and bake that into your calculations to understand what net amount you'll receive afterwards.

That all depends on how much you think the stock will go up.

So if you don't think the stock will go up a lot, hand out lots of carry.

If you think the stock's going to go up a lot, you don't want to hand out as much carry.

So that becomes, again, subjective.

And when we do these analyses, we sort of map out different scenarios where the stock price might end up to understand that crossover point.

Oh, really?

But remember, whenever you're doing a private investment, the contract, you're sort of excluded from the regulatory oversight by saying that it's a special contract only for qualified people that meet certain income thresholds.

So those contracts are custom.

It might strike you as unfair or not right in the way it's structured, but that's irrelevant because these are private contracts.

Showing 181–200 of 515 · page 10 of 26