E205: How to Invest like a Billionaire w/Founder of IEQ Capital

-- Highlights:

• The strategic value of a 3–12 month cash runway for risk capacity
• When concentrated allocations (e.g., private credit within IRA) can be intentionally diversified within a larger portfolio
• Why illiquidity premium in private credit demands careful underwriting in a softening market
• Using secondaries to access discounted, high-quality exposure when liquidity is in demand
• Why being opportunistic via marginal reallocations trumps sitting in cash
• GP selection principles: team-first, avoid style drift, manage fund size, and recognize that track records are lagging indicators
• IEQ’s LP governance: securing LPAC seats ~75% of the time to align interests
• Portfolio implications of sovereign debt, rates, and incentives
• Framing crypto (e.g., Bitcoin) as a store of value, if aligned with client preference
• The power of compounding trust in ultra-high-net-worth advisor-client relationships

-- Guest Bio: Alan Zafran is Founder & Managing Partner at IEQ Capital, a registered investment adviser overseeing $41.7B in Regulatory AUM (RAUM) as of June 30, 2025. With a career spanning Goldman Sachs, Merrill Lynch, and Luminous Capital, Alan brings nearly three decades of experience advising UHNW families and institutions. He holds several wealth-advisor recognitions and serves on multiple philanthropic and educational boards.

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-- Stay Connected: X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Alan Zafran: https://www.linkedin.com/in/alan-zafran-0446438/

Links IEQ Capital: https://www.linkedin.com/company/ieqcapital/

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