Buying Companies to Create Venture Upside

What if the highest-return investments are the ones that reshape the future—not just the ones that fit today’s market? In this episode, I sit down with L.R. Fox, Managing Director of NEXT Global Capital, to discuss why he rejected the traditional path of “build wealth first, give later” and instead built a strategy around impact from day one. Fox explains why capital is a vote for the future, how the best investments often sit outside crowded sectors, and why frontier technologies with real-world impact can outperform conventional venture. We also explore his “buy, build, invest” framework, how he creates entirely new markets, and why resilience—not IQ—is the strongest predictor of success.

Highlights:

• Why every dollar is a vote for the future you want to create
• The hidden alpha in impact investing most investors ignore
• Why the best opportunities exist outside crowded sectors
• How Fox’s “buy, build, invest” framework creates new industries
• Why resilience is more predictive than intelligence
• The difference between optimizing for returns vs inevitability
• How family offices can outperform by breaking traditional models
• Why solving hard, real-world problems drives the biggest outcomes

Guest Bio:

L.R. Fox is a serial entrepreneur, investor, and philanthropist, and the Managing Director of NEXT Global Capital, a family office focused on building and funding companies shaping the future. A Forbes 30 Under 30 honoree, he began his journey in the foster care system and went on to found and scale multiple companies across defense, technology, and frontier innovation. Fox is known for investing in high-impact sectors ranging from national security to healthcare and for his mission-driven approach to combining capital with meaningful global change.

Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at david@weisburdcapital.com.

We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

Stay Connected with David Weisburd:

X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with L.R. Fox:

LinkedIn:https://www.linkedin.com/in/lrfox/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why He Ignored the “Build Wealth First” Playbook (1:41) The Secret Most Investors Miss About Impact (5:06) Why Hard Problems Can Create the Biggest Returns (7:11) The Buy, Hold, Invest Framework for Building the Future (12:00) How a Brutal Childhood Became His Greatest Edge (15:50) Why Having No Safety Net Made Him More Dangerous (20:09) The One Trait That Predicts Success Better Than IQ (25:18) Why Most Family Offices Think His Portfolio Is Crazy (32:15) The AI Jobs Bet Most Investors May Get Wrong (40:24) Why He Doesn’t Think About “Cutting Losers”