If you’ve recently had a liquidity event, inherited complexity, or are quietly wondering whether your portfolio is truly built for the next 30 years — this episode is essential listening.

In this conversation, Ian Macoun, founder of Pinnacle Investment Management, joins David Clark to unpack what actually drives sustained investment excellence — and what quietly destroys it.

With over $200 billion under management across 19 affiliates, Pinnacle has become one of Australia’s most successful multi-affiliate investment firms. But this episode is not about scale. It’s about structure, incentives, character, and long-term alignment.

For sophisticated investors managing significant capital, this discussion goes directly to the hard questions:

• Why do some fund managers endure for decades while others fade?
  

• How do you distinguish confidence from dangerous ego?
  

• Is private credit a structural allocation, or the next bubble?
  

• How should wealthy operators think differently about portfolio construction?
  

• What does AI mean for growth investing?
  

• Where are private markets heading next?

Ian’s philosophy is simple but demanding: excellence is the only standard.

And that applies to both managers and investors.