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.

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

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

and that's what i'm telling you when i say worries people sort of rushed into these things without realizing you know all these details right um why did all that happen at once though it was it was like a huge headline for a week i think people started looking underneath the hood at these things and realizing that hey it's actually more complicated than i thought maybe i should get my money out um so now i think there's sort of a

uh what's the word a narrative around it that i don't know actually maps to the underlying at all um and so people just want out now because they're worried that they didn't understand what they were getting into right so uh is there an opportunity to maybe even buy these things um that's a good question you have to sort of look at how much they've sold off

and try to understand what's inside of them every one of these because these are custom pools every one of them have different mixes of assets in them so you can't just sort of make a general statement about bdcs because everyone is going to be different in their underwriting the types of loans you know do they accept a pic loan or not all these things are in there and so you need to really you can't sort of brush everything with one with one stroke and if you've gone in there not even understanding the sort of the semi-liquid nature of things you've clearly not

done all your homework on the underlying underwriting and structure of the different BDCs.

So it's very, very hard to do these.

I guess, you know, this is going to sound very trite and self-serving, but like expertise matters, especially in these niche-y strange markets, right?

You know, it's interesting to see that there's been, of course, over the last several years, more and more exposure to private assets by more and more people.

I think part of it has to do with the wave of increasing wealth in the country part of it.

This feeling that I think more sort of normal retail investors feel like they're being left out.

So that's bringing pressure to these things.

And so I'd say in general, portfolios have gotten more weighted towards these alternative assets, which is not a bad thing.

The problem again with alternative assets is that unlike stocks and bonds, they're very, very difficult to understand, right?

As my BDC example just

you can't just say well i want to put some bdc in there you need to analyze each bdc and understand and you have to pick a weighting and so bdcs are you know they're a type of credit so they're more risky than treasuries they're less risky than stocks so you you put some amount in there but not a huge amount right and and how much you put in there you can run optimizations

And it also depends on the goal of your portfolio.

Back to our trust discussion a second ago.

If it's for a very young person, it's okay to have 80, 90, 100% alternatives because they don't need the cash immediately.

So let the stuff grow at the highest risk possible.

And then if it's for a different purpose, maybe you're running a charity or a foundation,

pay 5% a year, obviously you can't lock everything up in private.

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