Why $100M Liquidity Needs Beta-First Allocation
Warren Gibbon and David Weisburd unpack how to deploy fresh liquidity without rushing into illiquid private fund commitments.
How AI is Changing the Private & Public Markets
With David Weisburd, Warren Gibbon · Friday, September 25, 2026
Warren Gibbon, Chief Investment Officer of a multi-family office at BFA, joins David Weisburd to analyze why investors must re-underwrite private market expectations amidst higher rates and massive capital inflows. They discuss public tech earnings power vs. private equity multiples, the risk and scale of AI infrastructure spending, passive investing distortions, and portfolio deployment strategies for newly liquid capital.
Key takeaways
- Sudden liquidity events often trap allocators in ignorance debt, where rushing to commit capital into private equity locks up money right before market corrections. Read more →
- Passive index funds and algorithmic trading now account for over 60% of public equity volume, driving mechanical buying in winning stocks and forced selling in declining ones regardless of company cash flows. Read more →
- Public tech earnings surged 50% year-over-year in the second quarter, while the broader S&P 500 grew earnings by 29% and non-tech components rose 19%. Read more →
- Middle-market buyout entry multiples have shifted from roughly 8x EBITDA to 12x EBITDA, requiring aggressive growth assumptions to match historical return targets. Read more →
- Twelve established firms captured approximately 75% of all venture capital fundraising this year, driving extreme concentration at the top of the market. Read more →
5 articles from this episode
Why Passive Indexing Distorts Public and Private Valuations
BFA CIO Warren Gibbon explains how passive flows distort equity pricing and why LPs must rethink manager selection in concentrated markets.
Big Tech Capex Hits 70% of US Total as Earnings Surge
Warren Gibbon details why hyperscalers drive 70% of US corporate capex and what public tech earnings growth signals for private equity.
Why Private Equity Must Re-Underwrite Return Assumptions
Warren Gibbon explains why 12x middle-market buyout multiples, higher debt costs, and capital saturation break legacy private market return expectations.
VC Bifurcation and the 3-and-30 Fee Problem
Warren Gibbon and David Weisburd examine why 12 VC firms take 75% of capital and how high fees push LPs toward specialized emerging managers.
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