Nicole Lapin

speaker

12,527 appearances 64 recordings 1 series first heard Sep 2025 last heard 4d ago

Nicole Lapin’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 — 61 in all, peaking in Oct 2025 with 11.

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Option two, buy the manager, not the fund. matched

This is the equivalent of the PS ticker that I mentioned for Pershing Square. matched

You're buying the actual management company. matched

When you buy a listed asset manager, you're not buying their portfolio, you're buying their fee stream. matched

Every dollar they manage throws off fees, whether their bets go up or they go down. matched

This is why publicly traded giants like Blackstone and KKR have been such monsters over the last decade. matched

My hot take here is for most people, owning the toll booth itself is smarter than owning all the cars going through it. matched

Managers get paid no matter what, in good years and in bad years. matched

But know what you're buying. matched

You're buying a fee machine, not a stock picking genius. matched

Option three, the insurance float trick. matched

This one is one of my favorites. matched

David Einhorn, legendary short seller, the guy who called Lehman Brothers collapsed before it actually collapsed. matched

runs a publicly traded reinsurance company called Greenlight Capital Re, ticker symbol GLRE. matched

An insurance company collects premiums today and pays out claims later on, right? matched

So it's sitting on this giant pile of cash in the meantime called Float. matched

At Greenlight, the Float gets invested by Einhorn's hedge fund. matched

So when you buy GLRE, you're getting insurance profits plus a side of Einhorn stock picks. matched

This is the exact structure Warren Buffett used to build Berkshire Hathaway, insurance float as free investment fuel. matched

Speaking of which, option four, the OG, Berkshire Hathaway, ticker symbol BRK.B for the version that normal people can afford. matched

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