Michel Del Buono

Chief Investment Officer at a16z Perennial

[Michel Del Buono @MDB_CIO]

Great discussion with Doug and Work Ethic!
https://t.co/QhIqebG5mP

[Michel Del Buono @MDB_CIO]

Thanks Molly for having me again!

[Molly O’Shea @MollySOShea]

https://t.co/Z9dNm8h5EN

[Michel Del Buono @MDB_CIO]

David thanks for having me, really enjoyed the discussion!

[David Weisburd 🚀 @DWeisburd]

𝐖𝐡𝐚𝐭 𝐢𝐟 𝐦𝐨𝐬𝐭 𝐰𝐞𝐚𝐥𝐭𝐡 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐬𝐧’𝐭 𝐝𝐞𝐬𝐢𝐠𝐧𝐞𝐝 𝐭𝐨 𝐦𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐫𝐞𝐭𝐮𝐫𝐧𝐬, 𝐛𝐮𝐭 𝐭𝐨 𝐦𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐬𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐦𝐨𝐝𝐞𝐥?

Michel A. Del Buono’s (CIO at @a16z) framework cuts straight through a core assumption: investment management and wealth management are often solving different problems. One is about generating returns. The other is about scaling relationships, fees, and client retention.

That misalignment shows up everywhere, from how portfolios are constructed to who gets hired to manage them.

It also reframes what “good” looks like for a taxable investor.
• Tax alpha may be the most reliable source of outperformance, often overlooked relative to manager selection
• Scale is not just a constraint, it enables better risk control, pricing power, and access
• A 90/10 portfolio is not irrational if the 90% is truly long-term capital and diversified properly

The more interesting insight is behavioral.

Most portfolios are not built around optimal outcomes.

They’re built around what investors can psychologically tolerate.

So the question becomes:
Are portfolios constrained more by markets or by investor behavior?

We’d like to thank @AlphaSenseInc for sponsoring this episode!

#WealthManagement #PortfolioConstruction #AssetAllocation #FamilyOffice #TaxAlpha #InstitutionalInvesting

Link to Podcast in Comments Below 👇
https://t.co/Fa4oQ9Pb0H

[Michel Del Buono @MDB_CIO]

Apple news picked up a Forbes article that summarizes my podcast with @MollySOShea

https://t.co/oxQlEx4u6K

[Molly O’Shea @MollySOShea]

a16z Perennial's CIO Michel Del Buono on how to financially prepare for a SpaceX IPO:

“Your wealth is the product of your life's work, invest the time to understand what you're buying before buying.”

“I would not go & suggest they dump SpaceX 100% immediately & go buy stocks / bonds.”

“Structuring your estate, structuring your trust, is very important pre IPO, & then post IPO it's all about how do I diversify gradually.”

“Part of their strategy should be to diversify but part of it should be to hold on to that stock long term.”

“These stocks are volatile by nature & so you can monetize that volatility without necessarily exiting the stock.”

Michel Del Buono (@Michel32356210) CIO of @a16z Perennial

[Michel Del Buono @MDB_CIO]

Thank you Molly for inviting me to your podcast!

[Molly O’Shea @MollySOShea]

BREAKING: Inside Marc & Ben's Multi-Family Office — a16z Perennial

Chief Investment Officer, Michel Del Buono

Why wealth management is broken & how to financially prepare for a SpaceX IPO

This is a closer look at how $50M–$1B+ personal portfolios are actually constructed & managed

Important: Michel also explains why many founders make critical mistakes immediately after their first liquidity event, & how to avoid them.

We cover:
• The “no man’s land” between wealth managers & asset managers
• How founders should handle liquidity events ($50M–$1B+)
• Diversifying concentrated stock without killing upside
• Venture returns & why manager selection matters more than exposure
• Real estate, taxes, & after-tax alpha
• Why volatility is an opportunity, not a risk
• How to actually choose (and not get trapped by) a wealth manager

Special thank you to Dave Maloney

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Michel Del Buono, CIO @a16z Perennial
(01:25) The idea behind a16z Perennial
(03:38) What’s broken in wealth management
(09:05) How wealth has changed over time
(11:57) How fee structures shape portfolios
(15:26) Why single family offices are hard to run
(19:47) Who wealth management is really for
(23:26) What makes Perennial different
(22:21) Preparing for massive liquidity events: SpaceX, OpenAI...
(24:01) How to choose the right wealth manager
(26:39) Why switching firms is so hard
(28:01) How portfolios are actually built
(31:29) Why volatility is an opportunity
(32:47) Why real estate is so powerful
(34:55) Taxes and the Billionaire Tax debate
(38:46) Should you move to save taxes?
(40:59) Chamath : SPAC losses & how they affect taxes
(42:21) Secondary deals, fake Anduril SPVs & the risks
(46:16) What drives returns in Venture Capital
(49:42) Biggest Lesson from Marc Andreessen & Ben Horowitz
(51:27) The biggest mistake founders make with money
(52:53) How to invest after a big exit
(54:16) Concerns around private credit
(56:38) What big IPOs mean for markets
(58:08) Keeping up with markets
(59:35) What’s the focus this year at a16z