Backing Capital Magnets Is an Unhedged Macro Bet
Gavin Ezekowitz and David Weisburd explain why backing charismatic fundraisers exposes investors to liquidity shocks and hidden integrity risks.
Gavin Ezekowitz on AI Valuations, Asymmetric Returns, and Why Great Investors Fail
With David Weisburd, Gavin Ezekowitz · Sunday, November 1, 2026
Gavin Ezekowitz, Co-Founder and Chief Investment Officer of BFA Global Investors, joins David Weisburd to discuss investing in generational tech companies like Anthropic, OpenAI, and SpaceX. They explore the nuances of venture portfolio construction, underwriting in unpredictable markets, the discipline of pacing and position sizing, and why smaller managers can outperform institutional mega-funds.
Key takeaways
- Gavin Ezekowitz of BFA Global Investors warns that treating fundraising skill as an investment thesis blinds allocators to dishonesty and weak operating execution. Read more →
- Venture capital functions strictly as an asymmetric return engine, not a capital preservation vehicle like treasuries, real estate, or private equity buyouts. Read more →
2 articles from this episode
Gavin Ezekowitz on Why Venture Indexing Destroys Convexity
Gavin Ezekowitz of BFA Global explains how position sizing, pacing, and avoiding LP capture preserve venture capital convexity.
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