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Alex Edelson of Slipstream Investors, sits down with David Weisburd and Erik Torenberg to discuss the four sources of alpha for emerging managers (Sourcing, Picking, Winning, and Value-Add).
Alex Edelson of Slipstream Investors, sits down with David Weisburd and Erik Torenberg to discuss the four sources of alpha for emerging managers (Sourcing, Picking, Winning, and Value-Add). We’re proudly sponsored by Bidav Insurance Group, visit lux-str.com if you’re ready to level up your insurance plans.
The Limited Partner podcast is part of the Turpentine podcast network. Learn more: turpentine.co
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X / Twitter:
@asedelson (Alex)
@dweisburd (David)
@eriktorenberg (Erik)
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LinkedIn:
Alex: https://www.linkedin.com/in/alex-edelson-604767b/
David: https://www.linkedin.com/in/dweisburd/
Erik: https://www.linkedin.com/in/eriktorenberg/
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LINKS:
Slipstream Investors: https://www.slipstreaminvestors.com/
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SPONSOR: Bidav Insurance Group
The Limited Partner Podcast is proudly sponsored by Bidav Insurace Group.
Today's episode is sponsored by Bidav Insurance Group. Bidav Insurance Group is run by my close friend, Amit Bidav, who insures me both personally and at the corporate level.
Most people are not aware of the inherent conflicts in insurance, where insurance agents are incentivized to send their clients to the most expensive option. Amit has always been an incredible partner to me and 10X Capital, driving down our fees considerably while providing a premium solution. I am proud to personally endorse Amit and I ask that you consider using Bidav Insurance Group for your next insurance need, whether it be D&O, cyber, or even personal, car, and home insurance.
You could email Amit at amit@luxstr.com.
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RECOMMENDED PODCAST:
Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff
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Questions or topics you want us to discuss on The Limited Partner podcast? Email us at david@10xcapital.com
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TIMESTAMPS
(00:20) Episode Preview
(01:46) Slipstream’s fund strategy
(02:57) What to look for when diligencing a GP
(06:32) The typical Slipstream diligence process
(07:34) What Alex wants to hear on a GP reference call
(10:05) Why does fund performance decline in later vintages?
(12:31) Episode Sponsor: Bidav Insurance Group
(16:00) How should family offices approach venture?
(18:15) Why concentration drives performance
(19:23) Alex’s value add to GPs
(21:47) The folly of optimizing on special economics
(23:30) Generalists vs. Specialists
(26:32) Ranking of Sourcing, Picking, Winning, and Value Add by importance
(28:07) How to be a good sourcer
(30:59) How to be a good picker
(32:25) How to win deals
(33:32) Fundraising and investing are different skills
(39:51) Lessons from working at QED
(47:51) The difference between a good LP and a great LP
(49:40) How to optimize portfolio construction
(57:00) Are GPs penalized for not doing pro-rata?
(58:04) “I want to help venture firms, whether or not I invest.”
