Opinion
Vasavada: GPs expensing private jets to investment funds is a scam
“And then what a lot of GPs do or a lot of managers do is they actually expense these planes or the operating costs from their fund. Which is, I feel like a complete scam, but you can basically deduct The cost of operating an aircraft from the actual fund, whic…”
Insight
Vasavada: Decisions that make employees happy are usually wrong for the business
“The decision that makes someone happy is usually the wrong decision for the business.”
Insight
Vasavada: VC incentives to burn capital contradict founder ownership interests
“An investor's incentive is to get you to burn money because they believe it'll help you grow faster. And if it grows faster that you can always raise more money and burn more money and they can put more money in. So for you to burn, So they can deploy more cap…”
Assertion Not checkable as stated
Vasavada: Tech billionaires' 'all-cash' mega-mansions are actually financed by margin loans
“So like when you read those stories of like, I'm sure you've, Read a bunch of them of like, blah, blah, blah. Tech billionaire buys fifty million dollar house, a hundred million dollar house, all cash paid. They're not paying in all cash. What they're doing is…”
What-if
Vasavada: Vise should have bought legacy asset managers instead of hiring
“I think there was a tremendous opportunity to buy kind of legacy asset management businesses that had a tremendous amount of distribution and transform them with technology that we could have done if we raised a lot more money. Rather than going and hiring a b…”
Insight
Vasavada: Managers are incentivized to overhire to boost their resumes
“Their LinkedIn's are going to say scaled an organization from 20 people to 200 people. And like people think associate their identities with how big of an organization they have or how big of a of an org they were able to scale and over what time. So there's t…”
Assertion Not checkable as stated
Vasavada: Pension Funds and Endowments Are Overallocated to Venture
“So if you look at the side of the managers, most managers are tapped out on LPs.
So if you go, if you're starting a venture fund tomorrow or you're starting a new middle market private equity fund and you're going to go pitch the traditional pension funds, end…”
Assertion Supported
Vasavada: Sub-2% of $83T Retail Wealth Is in Alternatives
“There's 83 trillion dollars and sub three percent of it, sub two percent of it is like less than, you know, two trillion dollars is in kind of what you would call alternative assets today, which means there's a massive, massive opportunity to sell alternatives…”
Assertion Not checkable as stated
Vasavada: Vise's largest client manages more than two years of VC deployment
“Like our biggest client has more AUM than the entire venture industry deployed over the last two years. And they're an RIA.”
Prediction Didn’t hold up
Vasavada: 60% chance of a recession in late 2025 or early 2026
“If it's not this year, it would be late, like Q-three, Q-four it'll probably be early next year.
What do you think the current odds are on that?
I would say, 60% chance of a recession.”
Insight
Vasavada: Alpha comes from hiring fewer, high-agency, high-ownership people
“I think a real learning was the alpha was in hiring a small amount of people that were, that are high agency, that are high ownership, that could take on a lot, you know, as Keith or boy says your barrels you know, find a lot of key barrels and find the right …”
Prediction Open · timeframe Jul 2032
Vasavada: Enterprise RIA assets will hit $10 trillion by 2032
“Over the next five to seven years, that market will go from two trillion dollars in assets to 10 trillion dollars in assets.”
Opinion
Vasavada: Biggest Portfolio Trend Is Merging Public and Private Markets
“So I think the biggest trend is the merger or the blend of
Private markets and public markets coming together in one place in one orchestrated system, which is what we're aspiring to build.
We call it the total portfolio solution.”
Insight
Vasavada: Emerging markets can leapfrog legacy products straight to automated portfolios
“I think there's the same kind of analogous and wealth, which is, you know, people, you know, a lot of these cash based societies are now moving digital
so they can skip, you know, the era of crappy financial products and go straight to personalized portfolios …”
Assertion Contradicted
Vasavada: Capital is moving out of Hong Kong into Singapore
“It's the same thing in Hong Kong. Everyone's moving money from out of Hong Kong into Singapore.”
Assertion Not checkable as stated
Vasavada: Most multi-billion-dollar single family offices outsource investment management
“Most single family offices that have clients with a few billion bucks are typically outsourcing the actual core investment management to an RIA firm.”
Assertion Partly supported
Vasavada: Vise went from seed to unicorn in 18 months via Sequoia
“So we went from seed to unicorn in like 18 months, which was kind of insane. Now it's happened a couple of times with, you know, these AI companies, but at the time it was kind of unheard of, especially for one company to raise continuous back to back financin…”
Disclosure
Vasavada: Vise manages accounts ranging from $200 to over $150 million
“We've got billionaire clients, but they've got individual accounts well in excess of one hundred and fifty million dollars on our platform. And then we've got client accounts that I kid you not are 200 dollars, like really, really small.”
Assertion Partly supported
Vasavada: Vise scaled to around 150 employees before downsizing
“So we actually scaled the company to like a 150 people or something. It was way more than 70 people, but we hired a lot of managers, like senior executives, people that had come from companies like Meta or Dropbox or others where they'd been used to having 102…”
