VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management

Get new episodes in your inbox - https://vc10x.comNote: Not investment advice. The episode was recorded on 26 Oct ‘26, several of the companies discussed have shared their earnings and guidance in the past few days after the date of recording. DYOR.Rob Li is Managing Partner at Amont Partners and the second generation at his family's single family office. He began his career in private equity at Morgan Stanley and now runs a concentrated, Buffett-style equity portfolio across tech, consumer and industrials, with outside LPs alongside family capital and roughly a third of the book invested outside the US.Rob explains why more machines and passive money are making markets less efficient, not more, and where human judgment still finds alpha.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• Why Micron is still Amont's biggest position, and how high bandwidth memory changed the memory cycle• Data deserts and data icebergs: where machines and AI miss mispricing• The edge of investing across regions, from Nordic betting software to Shopify's logistics bet• Why debt funding for AI CapEx is a bridge, not a solution• The three M filter of moat, management and mispricing, and what private equity teaches public investorsConnect with Rob Li:https://www.linkedin.com/in/zl79/Connect with Prashant Choubey:https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(00:28) - Host introduction and sponsor message(01:40) - Family office allocation and investment horizon(02:05) - Investment philosophy, circle of competence, and outside LPs(05:05) - Holding forever: intent versus quasi-permanent capital(07:39) - Cyclical memory stocks and Micron drawdowns(08:58) - Nike short, product cycles, and memory cycles(17:16) - Micron's US base and cross-region advantage(24:02) - Data deserts, data icebergs, and Qualcomm and Intel examples(33:06) - Whether AI erodes the edge and siloed cross-region arbitrage(37:59) - Debt-funded AI capex and corporate ROI(45:29) - Using AI in own work and the value of human conversation(47:01) - Patience, thesis changes, and the uniform rental exit(48:34) - Moat, management, and mispricing filters; disruption risk(54:30) - Private equity discipline, free cash flow, and sportswear insights(60:02) - Closing and contact details#VC10X #FamilyOffice #Investing #PublicMarkets #Micron #AI #HedgeFunds #ValueInvesting #Alpha #Podcast

Get new episodes in your inbox - https://vc10x.comAoifinn Devitt is Managing Director of Global Wealth at Moneta, a wealth management firm with $50.54 billion in assets under management. She previously served as Chief Investment Officer of Moneta and London CIV, ran her own investment consulting firm, and holds a PhD in psychological safety in investment management from King's College London. She also hosts the Fifty Faces podcast and the weekly Markets Happy Hour.In this episode, Aoifinn explains how wealthy families approach alternatives, why risk tolerance is really tested in drawdowns, and why she blames advisors for the liquidity mismatch in private market funds.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• How US and UK high-net-worth families differ on alternatives and risk• Bringing institutional governance into private wealth and family offices• What neuroscience reveals about investor behavior and active management's existential crisis• Rebalancing in a concentrated market and staying cautious on the AI cycle• Venture access for RIAs and who is to blame for the liquidity mismatchConnect with Aoifinn Devitt:LinkedIn - https://www.linkedin.com/in/aoifinndevitt/Fifty Faces - https://www.fiftyfaceshub.com/Moneta - https://monetagroup.comConnect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) Opening preview: investor psychology, active management, and liquidity(00:41) Aoife Devitt and Moneta introduction(01:50) Moneta’s UK expansion and US–UK wealth differences(04:13) Centralized investment philosophy and advisor autonomy(05:32) Esoteric investments and evaluating unusual opportunities(08:03) Institutional governance in private wealth(10:23) Capital preservation and client risk tolerance(13:02) Neuroscience, investor behavior, and psychological safety(16:03) Manager behavior during market drawdowns(17:23) Active management’s performance challenge(18:16) Equity concentration and the search for active alpha(19:59) Portfolio rebalancing and trimming positions(21:18) Tax planning for private wealth clients(23:17) Due diligence on technology and AI investments(27:09) Bonds, yields, and portfolio risk(29:20) Venture capital access and manager selection(30:06) Emerging managers and venture allocation(32:39) Alternatives, liquidity, and the RIA model(35:09) Qualitative signals in manager due diligence(36:47) Cognitive diversity and investment team performance(39:48) What asset managers offer RIAs(40:48) Venture capital rapid-fire questions(41:03) Venture themes and regions(42:09) Typical venture fund commitments(42:42) How fund managers can reach Moneta(43:06) Where to follow Aoife Devitt(43:43) Closing remarks#VC10X #WealthManagement #FamilyOffice #Alternatives #PrivateMarkets #RIA #AssetManagement #VentureCapital #BehavioralFinance #InvestorPsychology

Get new episodes in your inbox - https://vc10x.comYash Patel is Managing Partner at Capra Ventures, a fund built around Lean AI: AI native companies that do more with less. Capra takes high conviction bets in seed and Series A companies, primarily at the AI application layer. Its first portfolio company, Higgsfield AI, grew from zero to $200M in ARR in nine months and to $1B in annualized revenue in eighteen months. Yash has previously led investments across vertical software and platforms, including OpenGov and Super.com.In this episode, Yash breaks down his Lean AI playbook and what tiny, fast-growing AI teams mean for fund math, metrics, moats and the future of venture capital.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• Why Lean AI companies call for more concentrated funds and more capital up front• Net dollar retention of 300%+ and revenue per employee as the metrics that matter most• Where the moat lies when every competitor has access to the same frontier models• What the org chart of a one-person, $10M ARR company tells us about which roles stay human• Why pricing is moving to outcome-based models and the middle of venture is being hollowed outTimestamps:(00:00) - Preview(02:16) - How lean AI changes fund size, reserves, and growth economics(07:39) - What founders need from venture partners and flexible capital(10:20) - Retention, engagement, and the metrics that signal product-market fit(14:14) - Open models, competition, and defensible AI startup moats(18:13) - Distinguishing temporary viral spikes from durable AI product habits(20:52) - Managing inference costs and protecting AI gross margins(23:07) - Token pricing, model-company discounts, and compute deals(25:04) - Internal model routers and choosing models by use case(26:51) - AI-native company roles, automation, and human oversight(31:23) - Founder skills and product velocity in lean teams(34:10) - Building resilient organizations without corporate bloat(37:39) - AI startup independence, acquisitions, and IPO prospects(40:28) - How AI agents could shift SaaS pricing toward outcomes(43:36) - Venture capital requirements as software gets cheaper to build(46:49) - Changing venture milestones and the hollowing out of mid-stage funding(48:38) - Rapid-fire questions about Capra Ventures(48:50) - Investment sectors(49:10) - Geographic focus and distributed talent(49:58) - Typical investment stage and check size(50:48) - Leading and co-leading rounds(51:18) - How founders can contact Yash Patel(51:44) - Where listeners can follow Yash(52:22) - Closing remarksConnect with Yash Patel:https://www.linkedin.com/in/ypatel1/Connect with Prashant Choubey:https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.com#VC10X #VentureCapital #LeanAI #AIStartups #StartupFunding #VCPodcast #ArtificialIntelligence #Investing

Get new episodes in your inbox - https://vc10x.beehiiv.comJessie Jia Guo is an Investment Partner at Next Legacy, a venture fund-of-funds that has been investing since 1999 on behalf of philanthropists, nonprofit organizations, and a community of athletes, entertainers and changemakers. One hundred percent of the distributions from Next Legacy's legacy funds go to nonprofit causes chosen by its investors, crossing three billion dollars to date. Jessie began her career on the LP side in Beijing before joining Next Legacy through a cold email to its founder.Jessie Jia Guo on capital with a soul, how Chinese VCs scale differently, and the new liquidity playbook for GPs.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• Why benchmarks are table stakes and how force-ranking managers adds rigor• Whether capital with a soul makes an LP take more risk or less• How Chinese VCs scale their companies and the role of geopolitics• The portfolio construction blind spot experienced GPs have when pitching LPs• Triaging a portfolio for liquidity and spotting real AI conviction versus hypeTimestamps:(00:00) - Episode highlights(01:06) - Introduction to Jessie Jia Guo and Next Legacy(01:37) - Sponsor: Podcast10x(02:18) - Landing a role at Next Legacy through a cold email, and how Jessie reads cold pitches today(06:25) - Bringing force ranking from China to US-style benchmarking(10:59) - Capital with a soul: how 100% charitable distributions shape risk appetite(13:33) - Full-spectrum portfolio: emerging managers alongside established firms(15:12) - Telling generational managers apart from trend-chasers(18:05) - How Chinese VCs scale companies: USD vs RMB funds, going global and local government support(20:56) - Exit routes and the impact of geopolitics on US-China venture(25:30) - Next Legacy's history and early entry into China(28:05) - A common blind spot when VCs pitch LPs: long-term portfolio construction(31:28) - The new liquidity playbook: triaging breakouts, M&A candidates and pivots(36:19) - Spotting real AI and deep tech conviction vs hype(39:55) - $3 billion in charitable distributions and Jessie's personal legacy(42:03) - The next frontier: institutional investors reinventing themselves with AI(43:48) - Rapid fire: themes, check sizes and how to reach Jessie(45:24) - Closing thoughtsConnect with Jessie Jia Guo: https://www.linkedin.com/in/jessiejiaguo/Connect with Prashant Choubey:https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.com#VC10X #VentureCapital #LimitedPartners #FundOfFunds #EmergingManagers #ImpactInvesting #Philanthropy #ChinaVC #Liquidity #AIInvesting #Podcast

Jev by TypeSafe is a different kind of AI model.It doesn’t write essays, generate images, or try to replace frontier LLMs. Instead, Jev is designed to make fast, structured decisions — which tool to use, which model should handle a task, whether an action is safe, how relevant information is, or whether something should be escalated.And that could become an important layer in the emerging AI agent stack.In this episode, we break down what Jev actually does, why TypeSafe built a specialized decision model, and whether this approach can make AI agents faster, cheaper and more reliable.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - [https://podcast10x.com](https://podcast10x.com)Key topics we explore:— What Jev actually does and how it differs from traditional LLMs— Why not every AI decision requires a frontier model— How Jev could fit into the AI agent stack— The economics of fast, structured AI decisions— Where Jev could improve agent reliability and orchestratio— The limitations and risks of specialized decision models— What this could mean for the future architecture of AIThe bigger question:How many decisions inside the AI economy can be separated from expensive generative models and handled by specialized models instead?The next phase of AI may not just be about models that generate more. It could be about specialized models that decide what happens next.LINKSPrashant Choubey - [https://www.linkedin.com/in/choubeysahab](https://www.linkedin.com/in/choubeysahab)Subscribe to VC10X newsletter - [https://vc10x.beehiiv.com](https://vc10x.beehiiv.com)Subscribe on YouTube - [https://youtube.com/@VC10X](https://youtube.com/@VC10X)Subscribe on Apple Podcasts - [https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986](https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986)Subscribe on Spotify - [https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ](https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ)VC10X website - [https://vc10x.com](https://vc10x.com)Sponsorship queries: [[email protected]](mailto:[email protected])This channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #AI #ArtificialIntelligence #Jev #TypeSafe #AIModels #AIAgents #VentureCapital #Investing #AIInvesting #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.comTom Duffy is a Director on the private markets team at TIFF Investment Management, an institutional investment firm founded over 35 years ago to serve nonprofit endowments and foundations. TIFF runs outsourced CIO and individual asset class strategies, with a 13-person private markets team and over three billion dollars in private market commitments across lower middle market private equity, micro-cap direct investments, small-cap secondaries, and an early-stage venture fund of funds program running since 1997.Tom breaks down how TIFF selects venture managers, how it underwrites a first fund with no track record, how it gets exposure to AI without chasing the theme, and what it's actually doing about the DPI drought.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:- What TIFF looks for in an early-stage venture manager, and why focus beats coverage- How to underwrite an emerging manager raising Fund I with no attributable track record- Why judgment and partnership are the traits AI can't commoditize- Investing in AI and crypto through specialists rather than chasing the narrative- Why forcing exits to manufacture DPI is a worse outcome for LPsChapters:(00:00) - Preview(02:11) - The Origin Story and Mission of TIF(04:26) - Differentiating on Fees in Investment Management(05:29) - TIF's Private Market Strategies and Key Differentiators(08:06) - The Profile of a VC Manager That TIF Backs(10:40) - How TIF Evaluates and Underwrites Emerging Managers(13:21) - The Single Most Important Trait of the Best Managers: Focus(15:54) - Investing in AI and Crypto Without Chasing Themes(19:15) - Portfolio Diversification and Exposure to the AI Theme(21:07) - Managing the "DPI Crisis" and Liquidity in Private Markets(25:37) - Exploring Opportunities Beyond Popular Sectors and Geographies(27:00) - Rapid-Fire Round on TIF's Investment Thesis(27:20) - Sectors and Regions of Investment(27:38) - Allocation Between Emerging and Established Managers(28:13) - Preferred Fund Stage (Early vs. Late)(28:50) - Typical First-Time Check Size(29:17) - How Listeners Can Get in Touch(29:34) - Conclusion and Final WordsConnect with Tom Duffy:LinkedIn - https://www.linkedin.com/in/tom-duffy-cfa-cfp/TIFF - https://www.tiff.orgConnect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comDisclaimer: Tom Duffy, CFA, CFP, is a Director, Private Markets at TIFF Investment Management. All views expressed by him on this podcast are solely his opinions and do not reflect the opinions of TIFF. You should not treat any opinions expressed by Tom as a specific endorsement to make a particular investment. References to any securities are for informational purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Any past performance discussed is not indicative of future results. Please keep in mind that investment in a fund entails a high degree of risk, including the risk of loss. Please note that TIFF does not endorse the ads featured in this podcast, and TIFF is not a sponsor of these ads.#VentureCapital #LimitedPartners #EmergingManagers #PrivateMarkets #FundOfFunds #Endowments #DPI #VentureLiquidity #AIInvesting #VC10X

AI spending isn't slowing down.But the AI investment story may be changing.Global AI spending is still accelerating, Nvidia is reporting extraordinary growth, and hyperscalers continue committing hundreds of billions of dollars to data centers, GPUs, networking and power.So why are we hearing more about an "AI slowdown"?Because there are several very different things that could be slowing — model development, infrastructure spending, AI revenue growth, or simply investor expectations.And those distinctions matter.In this episode, we break down what is actually happening beneath the AI boom, why massive infrastructure spending is creating a new focus on returns, and what happens when investors start asking whether AI growth is fast enough to justify the capital being deployed.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:— Why AI spending and infrastructure demand remain extraordinarily strong— What Nvidia's latest numbers reveal about AI demand— Why hundreds of billions in AI infrastructure investment changes the investment equation— The growing importance of capital efficiency, margins and infrastructure utilization— Why highly leveraged AI infrastructure companies could face different pressures than hyperscalers— How frontier AI development could slow without AI adoption slowing— Why inference, AI agents and enterprise automation may become increasingly important— The difference between slowing AI growth and slowing AI expectations— Why the next phase of the AI boom could be defined by returns rather than spendingThe bigger question:Can AI generate enough economic value to justify the enormous amount of capital being invested into the technology?AI doesn't have to stop growing for the AI trade to slow down.It simply has to grow more slowly than the expectations already priced into the market.For investors, that distinction could become increasingly important as the AI ecosystem moves from a period of aggressive capital deployment toward a period where revenue, margins, utilization and return on invested capital matter much more.The question is no longer simply:"How big can AI become?"It's:"Show me the returns."LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comSponsorship queries: [email protected] channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #AI #ArtificialIntelligence #Nvidia #AIInvesting #AIInfrastructure #AIBubble #DataCenters #AIAgents #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.comMorgan Flager is Managing Partner at Silverton Partners, the longest-running and most active early-stage venture firm in Texas. He joined Silverton in 2006 and has spent two decades backing seed and Series A companies out of Austin, with outcomes including SailPoint, Ping Identity, Vacasa, AlertMedia, Black Locus and TrendKite. Silverton closed Fund VII at $248M, the largest in the firm's history, and is currently in market with Fund VIII. Before Silverton, Morgan invested at FTV Capital and held operating roles at Kintana and Ingrian Networks. He holds a BS from Stanford.Morgan is at least doubling Silverton's allocation to hard tech, and he explains why part of that rotation is real conviction and part of it is the venture industry running from a broken toy.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:- Why Silverton's hard tech allocation is moving to 30-40% of the fund across defense, AI infrastructure, manufacturing and energy- What still makes a software company defensible when features are commoditized and wrappers are worse than features- Why he's writing more seed checks instead of holding deeper reserves as the power law sharpens- The valuation math that makes him walk away: a $300M seed entry needs a $5B outcome, and only ~30 companies have crossed $10B in 20 years- How LP conversations changed between Fund VII and Fund VIII, and why liquidity is now the first questionChapters:(00:00) - Preview (00:52) - Introduction to Morgan Flager & Silverton Partners (02:19) - Silverton's Evolving Deployment Strategy (2022-2026) (03:15) - Increased Allocation to Hard Tech & Emerging Categories (06:01) - Why VCs are Shifting from Software to Hard Tech (08:03) - Distinguishing AI Wrappers from Defensible Enterprise Platforms (12:25) - The Next Era of the Texas Startup Ecosystem (15:07) - Portfolio Construction: More Shots on Goal vs. Deeper Reserves (18:20) - How AI Creates More Capital-Efficient Software Companies (22:26) - Maintaining Valuation Discipline in a Hot Market (25:55) - How AI Will Change the Healthcare Landscape (29:40) - The Changing Architecture of a Successful Marketplace (33:00) - The Risk of Frontier Models (OpenAI, Claude) Competing with Startups (38:00) - Distinguishing Genuine Founder Obsession from Trend Chasing (40:38) - The Most Common Scaling Friction for B2B Founders ($1M to $10M ARR) (43:40) - The Shift in LP Conversations and Priorities for Fund VII (47:01) - How LP Composition has Shifted Over Time (49:36) - Navigating Tough Board Conversations About Fundraising (54:33) - The Core Investing Philosophy Morgan Had to Unlearn (58:34) - Rapid Fire Round Begins (58:46) - Sectors and Regions (59:11) - Stage of Investment (59:20) - Leading Rounds (59:30) - Typical Check Size (59:45) - How Founders Can Get in Touch (01:00:16) - Where to Follow Morgan OnlineConnect with Morgan Flager:LinkedIn - https://www.linkedin.com/in/mflager/Silverton Partners - https://www.silvertonpartners.comConnect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabX - https://x.com/ChoubeySahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.com#VentureCapital #DeepTech #StartupInvesting #SeedFunding #AustinTech

AI researchers are resigning — and some are warning that the technology is getting dangerously good.The latest is Jacob Coxon, who recently resigned from Anthropic after previously working at OpenAI and publicly shared his reasoning on X.But this isn't simply a story about one researcher leaving an AI lab.The bigger issue is the race between frontier AI companies. OpenAI, Anthropic, Google, Meta and others are competing to build increasingly capable models, while some researchers are warning that the safety systems needed to control these models may not be keeping pace.Even if one lab slows down, its competitors have an incentive to keep moving.In this episode, we break down why AI researchers are increasingly raising concerns, what the frontier AI race looks like from inside the labs, and why self-improving AI could fundamentally change the risk equation.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:— Why Jacob Coxon resigned from Anthropic — The growing divide between AI capability and AI safety — Why frontier AI has become a race nobody wants to lose — What happens when AI becomes capable of doing AI research — The potential implications of recursive self-improvement — Why even safety-focused AI labs face enormous competitive pressure — What the AI arms race means for investors, companies and policymakersThe bigger question:What happens when every AI lab believes it can't afford to slow down?For investors, this is more than an AI safety debate. The incentives driving frontier AI development could shape how capital flows into the sector, how companies compete, and ultimately who controls the most powerful technology being built today.The challenge isn't simply making AI more capable.It's building an environment where companies can slow down when necessary — without handing the entire advantage to whoever keeps accelerating.LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.comSponsorship queries: [email protected] channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #AI #ArtificialIntelligence #Anthropic #OpenAI #AISafety #AIInvesting #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.comNed Brines is Chief of Investment Strategy at Arnel & Affiliates, a single family office in Southern California, where he runs the portfolios for both the family and its foundation. He spent six years in investment banking and more than two decades as an institutional money manager before moving into the family office world, and he serves as an independent director of a publicly traded apartment REIT.In this episode, Ned breaks down how a multi-billion dollar family office actually builds a portfolio, and why most of what passes for diversification isn't.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• Why thirty equity managers is one bet wearing thirty different labels• What real estate is really there to do in the portfolio, and why he doesn't think it's the inflation hedge everyone claims• How IRR gets manipulated with subscription lines, and what he does to strip it back out• Why he caps venture funds at $150M and PE funds at $750M• Why he holds twelve percent cash, waits for downside volatility, and once waited fourteen years to buy a stockLinks:Connect with Ned Brines:LinkedIn - https://www.linkedin.com/in/ned-brines/Connect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(03:12) - The Biggest Misconception in Portfolio Construction(04:16) - Building a Portfolio Based on Economic Conditions(05:43) - The Role of Real Estate in a Family Office Portfolio(06:25) - Framework for In-sourcing vs. Outsourcing Investments(08:47) - The Dangers of Illiquid Strategies for Retail Investors(11:08) - How Rising Interest Rates Challenge Private Equity(12:11) - Hedging Against Geopolitical and Interest Rate Uncertainty(14:34) - What Specific Role Does Real Estate Play in a Portfolio?(16:11) - How Families Without a Real Estate Background Should Invest(19:30) - Are REITs the Best Way to Invest in Real Estate?(20:37) - Evaluating Established vs. Emerging Fund Managers(22:15) - Focusing on MOIC (Multiple on Invested Capital) Over IRR(24:15) - How to Differentiate Between Two Seemingly Similar Managers(26:08) - Why High-Conviction, Concentrated Bets Are Preferred(29:32) - Determining the Right Amount of Cash to Hold for Opportunities(32:40) - Managing a Single Cash Pool for Family Needs and Investments(33:55) - Uncovering Hidden Risks in Private Markets(37:13) - Operational Improvements with the Biggest Impact(39:10) - Distinguishing Between Genuine Risk and Market Volatility(41:50) - Thoughts on the AI Stock Thesis and Valuations(47:31) - An Investment Belief That Has Changed Over the Last Decade(50:13) - How Serving on a REIT Board Changed His View on Real Estate(55:53) - The Future Advantages and Disadvantages for Family Offices(01:00:43) - Start of Rapid Fire Round(01:00:59) - Sectors and Regions of Investment(01:03:48) - Typical Commitment Size for VC and PE Funds(01:05:10) - Sourcing Deals: Inbound vs. Outbound(01:07:22) - Where Listeners Can Follow Ned#VentureCapital #FamilyOffice #PrivateEquity #Investing #AssetAllocation