How I Invest with David Weisburd

E304: Co-CIO of Multi-Asset at Neuberger Berman on Mistakes Smart Investors Make

11 snips
Feb 13, 2026
Guest
Jeff Blazek
Jeff Blazek, Co-CIO of Multi-Asset Strategies at Neuberger Berman with 25+ years in portfolio construction, asset allocation, and risk management. He discusses why drawdown beats volatility as a risk measure. He examines liquidity, trade-offs between public and private markets, behavioral risks of over-allocating to privates, and practical approaches to building resilient, endowment-style portfolios.
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ANECDOTE

Aircraft Carrier In A Creek

  • Jeff compares managing very large funds to 'driving an aircraft carrier in a creek' to illustrate scale constraints.
  • He contrasts that with smaller endowments where you can be agile, concentrated, and 'more artistic' in manager selection.
INSIGHT

Low Volatility Breeds Hidden Fragility

  • Perceived low volatility is a hidden assumption that encourages excessive risk-taking and leaves markets vulnerable to shocks.
  • Jeff warns that complacent volatility pricing can cascade through credit and asset prices when regimes change.
ADVICE

Don't Overweight Venture Late-Cycle

  • Avoid over-allocating to venture and growth at cycle peaks because they are cyclical and highly illiquid.
  • Balance private commitments with liquidity needs to prevent denominator effects and inability to rebalance in stress times.
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