Spencer Jakab

speaker

229 appearances 3 recordings 1 series first heard Aug 2025 last heard 10 Sep

Spencer Jakab’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 — 2 in all, peaking in Sep 2026 with 1.

Appearances

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WSJ What’s News · The Buried $150 Billion Bet Inside the Top 20 U.S. Stocks · 2 Aug 2026 podcast

What would my results look like in micro cap or in small cap? matched

And stepping back from that, I mean this is difficult to capture. matched

But I mean you talk to people who were in private equity 15 or 20 years ago and you could walk up to someone who owned a dog food factory and say, hey, we'll pay you five times earnings for your dog food factory. matched

And the dog food factory owner is like, you will? matched

And they sold it. matched

And so now there's much more of a – I mean the historical returns probably are great because they got some good deals, right? matched

Yeah. matched

Today, it seems like every business I interact with that isn't publicly owned is owned by private equity. matched

The veterinarian and the HVAC and the whatever, they're all been rolled up into these things. matched

And they know exactly what it's worth. matched

And anyone who owns a business like that who hasn't sold has been approached multiple times. matched

And so I wonder how good the returns will be in the next 15 years compared to the last 15 just because they got good deals. matched

People didn't know the game yet. matched

I also understand that one of the appeals of private equity, private credit, does not really matter to me or you, right? matched

Which is that the values change very infrequently, right? matched

And so, you know, it's kind of rudely been called volatility laundering, right? matched

I mean, that... matched

Basically, the CalPERS or whoever or some big pension fund is like, oh, look, this looks really good because we look at our risk-adjusted return. matched

And since the price hardly ever moves or moves kind of by appointment – matched

the return actually looks more attractive, but that doesn't really matter. matched

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