Telis Demos

speaker

1,116 appearances 8 recordings 1 series first heard Jul 2026 last heard 20 Sep

Telis Demos’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 — 8 in all, peaking in Aug 2026 with 4.

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WSJ's Take On the Week · The Buried $150B Bet Inside the Top 20 U.S. Stocks · 26 Jul 2026 podcast

Meaning that if the economy is doing well, these companies do well, right?

And that explains that type of thing?

Well, and Caitlin, your research also found what I thought was interesting, which is like a wide range.

You know, you said that the average funds public market equivalent is between 0.81x, meaning like they did 81% as well, all the way to 1.13x or 113% as well.

So, you know, you got to make sure you're picking the 113%, not the 81%.

So the same manager doesn't keep doing well every time.

Sometimes they do well, sometimes they don't.

And potentially that's changing, right?

We know that the alternative asset managers are looking to the world of individual investors through, Spencer, you mentioned it earlier, retirement accounts, maybe target date funds.

So perhaps there will be more index-ish type products available in the future.

But as far as, wow, am I missing out on SpaceX, right?

Like the ones that really grab your attention.

You're saying, A, you're getting some of that already in your public portfolio, and B, you're

chasing specific private investments is, you know, you're just a stock picker.

I just wanted to real quick nerd out on something you mentioned before, which is like talking about how to measure these returns.

Because you wrote some really interesting stuff and we talked earlier about this.

A lot of times you'll see for a private fund, they will give you something called an IRR, an internal rate of return.

Your study, though, looked at something different, which was a TVPI, which I'm about to mess up the analogy or the acronym.

But that is like a multiple of the money that you put in.

Tell us about why you think that's the right measure, why IRR can be misleading, because I know that's a number that a lot of people are going to encounter when they think about private investment.

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