Democratization is a word loaded with independence, equal access and even Americana, it’s a concept that conjures up a binary and heated debate about fairness and liberty of choice but is democratization always good? Is it the government’s role to restrict individual citizens from what they deem risky assets or should we simply demand standards of transparency and reporting and trust adults with their own money?  Listen in to find out more!

Introduction (0:47)

Halftime (53:30)

Guests (59:23)

Guests:

Joan Solotar, Global Head of Private Wealth Solutions, Blackstone

Fran Kinniry, Principal, Head of Vanguard Investment Advisory Research Center, Vanguard

Episode Sources

Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations?  Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.”  Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to paraphrase Warren Buffett?  In today’s episode, our inaugural episode of Capital Decanted, we are going to lean in to this divisive and complex topic with some help from Scott and Andrea.

Introduction (0:48)

Halftime (38:02)

Guests (44:05)

Guests:

Scott Kupor, Managing Partner, A16z

Andrea Auerbach, Global Head of Private Capital, Cambridge Associates

Episode Sources