Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

Ditch Your Stocks: The New Wealth Strategy Wall Street Won’t Tell You

5 snips

Feb 9, 2026

Guest

Tony Davidow

Tony Davidow, Senior Alternatives Investment Strategist at Franklin Templeton and author/podcaster on private markets, explains why traditional 60/40 portfolios are breaking down. He explores how private equity, credit, and real assets become the new foundation. Short takes cover allocation sizing, treating illiquidity as a design choice, evergreen funds, and mapping alternatives to growth, income, defense, and inflation hedging.

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ADVICE

Use Evergreen Funds For Immediate Exposure

Use evergreen/interval funds to get immediate, diversified private-market exposure across many clients.
Prefer experienced managers when choosing these structures for retail or wealth channels.

INSIGHT

Illiquidity Is A Feature Not A Flaw

Illiquidity is a neutral feature that enables a long-term premium in private markets.
Capturing private equity's premium requires patience—typically a 7–10 year horizon.

ANECDOTE

SpaceX Example Of Private Execution

Tony uses SpaceX as an example of a company that benefited from staying private long-term.
SpaceX executed complex strategies privately and was rewarded when it considered going public.

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Is the traditional 60/40 portfolio officially dead?

In this episode of Making Billions, host Ryan Miller sits down with Tony Davidow, Senior Alternatives Investment Strategist at the Franklin Templeton Institute, to deconstruct why traditional asset allocation is structurally broken and how private markets are becoming the new foundation for institutional-grade returns.

As public markets shrink and become hyper-efficient, the quest for alpha has shifted toward private equity, private credit, and real assets. Tony explains why sizing matters, how to reframe illiquidity as a design choice rather than a risk, and why the next decade belongs to those who can navigate the inefficiency of private markets.

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