Volatility as Opportunity

Michel Del Buono, CIO of Andreessen Horowitz’s multi-family office Perennial, breaks down how Silicon Valley’s top founders and investors manage wealth after massive liquidity events.

Perennial was built after Marc Andreessen and Ben Horowitz saw a major gap: traditional wealth managers weren’t delivering institutional-quality investment advice, while institutional asset managers weren’t built for taxable individuals. 

In this episode, we go deep on how portfolios should be constructed when you’re managing $50M to $1B+, including how to prepare for potential mega-events like a SpaceX IPO — which could be one of the largest in history. 

We cover:

• Why most wealth management portfolios are misaligned

• The structural flaws of RIAs vs institutional asset managers

• How to manage concentrated stock positions pre- and post-IPO

• Why venture capital returns are driven by extreme dispersion

• How taxes, fees, and structure can drive hundreds of basis points of alpha

• Why volatility is one of the biggest opportunities for long-term investors

• The rise of multi-family offices in Silicon Valley

Michel also explains why many founders make critical mistakes immediately after their first liquidity event — and how to avoid them.

If you’re building, investing, or approaching a major liquidity event, this is a masterclass in how wealth is actually managed at scale.

Michel Del Buono: https://www.linkedin.com/in/mdelbuono/ 

Molly O’Shea: https://x.com/MollySOShea 

Sourcery: ⁠https://x.com/sourceryy 

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