Vlad Barbalat
speaker
638 appearances
1 recordings
1 series
first heard Jun 2026
last heard 23 Jun
Vlad Barbalat’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
It was maybe a high-quality interaction, but it all was 10 to 15 minutes.
I go to bed thinking about that sometimes, but I also think about this is a forever thing.
You think about your parents a lot less than they think about you.
That will forever be true.
It's true of your kids.
It's true of the way you probably interact with your parents, but your parents probably think about you much more than you think about them.
It's just reality.
The downside of permanence is people change.
Even though the capital may be permanent, people come through the organization ultimately, and you're always dealing with some version of, but another team made that investment, or there was a decision made in the past.
And you can dwell a lot on that.
Usually, the ones you're discussing are the difficult ones and not the good ones that people are happy to absorb into their window of time.
What I have found...
about managing your own balance sheet as opposed to managing third party capital, which is inherently not permanent, it completely changes what you think about.
Because when you're in a fund cycle, when you have to deliver returns to a fund and to your investors, and then think about the next one, you are consumed by the business that you're running.
Investment outcomes are kind of a product that you sell.
but you are ultimately running a business.
And so your business strategy is going to always dwarf your investment process.
No matter how many times you can talk about your long-term horizon or whatever else, ultimately the time comes when new funds need to be raised.
If you're a public alternative asset manager, you care about how the market will give you the highest multiple, which will then drive a certain way you will structure your business.
The craft of investing is
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