Del Buono: Putting initial founder liquidity into friends' startups almost always fails
Michel Del Buono · Inside Marc Andreessen & Ben Horowitz’s Multi-Family Office · Sourcery with Molly O'Shea · Mar 27, 2026 · at 51:46
Michel Del Buono, CIO of Andreessen Horowitz's multi-family office Perennial, discusses the most common wealth management mistakes made by newly liquid startup founders.
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“I'll see someone with their very first liquidity, the very, very first liquidity, they take it and instead of doing something a little bit safe in case there's a rainy day, they turn around and they go put it in a bunch of like very early stage startups. Often referred to by their friends, right? And you just sort of sit there and you're like, listen, if you're going to do venture, at least try to do in a systematic way, not take, you know, 80% of what you just got and hand it to your three friends. And almost, almost always this ends in tears. Maybe I'm being exaggerating, but very rarely do those outcomes happen the same.”
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