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.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
is inherently diluted one way or the other.
It just is.
It doesn't mean that there aren't excellent investors, but they have to think about other things.
In some case, that really does take the business away from the bespoke nature.
In some cases, people stay small in many examples of that and ultimately try to just deliver truly outsized returns because of how they approach that problem.
When you don't have to think about any of that and all you're thinking about is how do I take my capital
deploy it into the world, get the right rate of return on it, and see the fruit of what that capital does, it's just inherently different.
You are able to sustain what I describe as much better investment hygiene.
You don't have to react.
You don't have to worry about doing
an investor update where some of your investors may have circumstances or priorities that differ from other investors in your fund and therefore creating tension, polluting your investment process with the nature of the business.
We just don't have that.
We are singularly focused on being in the service of our policyholders, in the service of our balance sheet,
and doing the best we can to deploy capital for the right opportunity, for the right rate of return, and seeing the fruit of that come to the organization.
The other part that you mentioned is very real.
There's a downside to having that permanence because you can make the argument that it makes people a little bit more complacent about this notion of the long-term.
And I mentioned that before.
I always am careful with saying we can make long-term decisions that others can't.
I think when people say that, for the most part, what you end up with, I do mean the most part, is some form of excuses as to why, sure, this is not great, but it will be if you wait long enough.
I've always almost had like this strange fixed income version of my thinking around long-term versus short-term.
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