The Capital System
topic on 2 shows · 2 statements across 2 episodes · said 3 times in 1 episodes since 2026
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Capital Allocators 3
2026 3 mentions in 1 episode
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2 statements about The Capital System, every show
Large single-manager funds inevitably force the inclusion of low-conviction ideas
“When you're a sole practitioner in a strategy, and you're managing a lot of money, and you're diversified, you could be left with someone's less high conviction parts of the portfolio. The bottom 25% of their conviction names, why would you want those in a por…”
Lessin: The VC factory model is over as capital markets fragment
“The real story is end of factory model, the factory's over. What the yada, yada, yada on is we're now, I think entering this period where like, you don't even think about it as one integrated capital system. They're just like different parallel universes. Like…”