Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
My guest today is Erik Serrano Berntsen. Erik is the CEO of Stable Asset Management, which he started 14 years ago in his early 20s and has scaled to over $3 billion in AUM. Unusually, Stable’s strategy focuses on other investing firms. They look to back the Blackstone's of tomorrow and provide those founders with capital and support so their time is spent doing what they do best, which is typically investing. We discuss the commonalities among promising founders in this sector, how Stable serves as a full resource to their companies, and some harsh truths learned from building an investing business. Please enjoy my conversation with Erik Serrano Berntsen.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Show Notes
(00:03:33) - (First question) Exploring the allure of investing in investment firms
(00:08:20) - Discussing the scarcity of investors in investment firms
(00:18:20) - Strategies for generating returns for investors
(00:22:50) - Analyzing risk/return dynamics in portfolios
(00:26:26) - Unveiling surprising insights from Project Legends
(00:29:56) - Characterizing the ideal General Partner (GP)
(00:37:23) - Identifying red flags in GPs' practices
(00:44:10) - Viewing investment strategies as marketable products
(00:52:52) - Delving into the emotional aspects of investing
(01:01:57) - Tracing the lifecycle of an investment firm
(01:13:04) - Offering guidance to aspiring young investors
(01:18:24) - Reflecting on the notion that ‘nice people finish last’
(01:23:52) - The kindest thing anyone has ever done for him
Alok Vasudev - Searching for White Space - [Invest Like the Best, EP.287]
Matthew Ball - A Manual to The Metaverse - [Invest Like the Best, EP.286]
TransDigm: Foundations with Nick Howley [50X, EP.1]
Alice Bentinck - Building a Start-Up Machine - [Invest Like the Best, EP.285]
Jess Lee - Designing Investment Products - [Invest Like the Best, EP.284]
Kenneth Stanley - Greatness Without Goals - [Invest Like the Best, EP.283]
Lydia Jett - Investing in E-commerce - [Invest Like the Best, EP.282]
Josh Wolfe & Chris Power - Factories of the Future - [Invest Like the Best, EP.281]
Martin Casado - The Past, Present, and Future of Digital Infrastructure - [Invest Like the Best, EP.280]
Aswath Damodaran - Making Sense of the Market - [Invest Like the Best, EP. 279]
Anduril: Building the Future of Defense - [Business Breakdowns, EP. 59]
Tobi Lütke - Embrace the Unexpected - [Invest Like the Best, EP. 278]
Tyler Cowen & Daniel Gross - Identifying Talent - [Invest Like the Best, EP. 277]
Jeff Jordan - Building & Investing in Marketplaces - [Invest Like the Best, EP. 276]
Eric Glyman - Reimagining Corporate Finance - [Invest Like the Best, EP. 275]
Dmitry Balyasny - Building a Better Model - [Invest Like the Best, EP. 274]
Henry Ward - Transforming Private Markets - [Invest Like the Best, EP. 273]
Alexandr Wang - A Primer on AI - [Invest Like the Best, EP. 272]
Antonio Gracias - Pro-Entropic Investing - [Invest Like the Best, EP. 271]
David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]
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