Telis Demos

speaker

290 appearances 5 recordings 1 series first heard Aug 2025 last heard 2 Aug

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 — 3 in all, peaking in Aug 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

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

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

Like the ones that really grab your attention. voice-verified

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

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

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

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

A lot of times you'll see for a private fund, they will give you something called an IRR, an internal rate of return, right? voice-verified

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

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

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 investments. voice-verified

So you can't look at – so the IRR of this fund is 15 percent. voice-verified

OK. voice-verified

But the S&P over that same period of time did 11 percent. voice-verified

That's an easy choice. voice-verified

You're saying, like, don't just, like, use that as an apples-to-apples number. voice-verified

All right. voice-verified

This has been a great conversation. voice-verified

I know we could keep talking about this, but we've got to wrap it up. voice-verified

Spencer, thanks for coming downstairs with me. voice-verified

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