A Practical Look at Private Equity w/ Steve Balaban & Epic Life w/ Justin Breen | RR 287
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- Опубликовано: 2 июн 2024
- Meet with PWL Capital: calendly.com/d/3vm-t2j-h3p
It’s the start of a new year and with it comes an opportunity to re-evaluate your trajectory and
set your goals for the months to come, whether they be financial, personal, or all of the above.
Kicking things off for today’s episode is our conversation with Steve Balaban, a private equity
insider with a refreshingly realistic and practical perspective on private equity. We talk with
Steve about investing in private equity, the benefits and drawbacks every investor should know
about, why due diligence is essential, how private equity interacts with investor psychology,
and much more. Tuning in you’ll also learn about the Private Equity Certificate offered by CFA
Society Toronto in collaboration with Mink Learning and how listeners can gain special access
to these training tools. Next, we take a look back at our conversation with Ayelet Fishbach from
the Booth School of Business on the science of motivation and goal setting and the contents of
her new TEDxChicago Talk The Science of Getting Motivated. We wrap things up with a review
of Justin Breen’s book titled, Epic Life: How to Build Collaborative Global Companies While
Putting Your Loved Ones First, followed by our conversation with the author on the
transformational power of naming your year, the power of networking, and other key lessons
from his book. For all this and much more, be sure to tune in and start 2024 armed with
insights from some of the best thinkers around!
Tune Out The Noise Access URL: film.dimensional.com/podcast
Access Code (available until Jan 31): RATIONAL
Private Equity Certificate: web.cvent.com/event/10af7f03-...
Coupon Code: RATIONALREMINDERPEC
Timestamps:
0:00:00 Intro
0:04:25 Main Topic: A Practical Look at Private Equity
0:08:59 Main Topic: Special Guest Steve Balaban
1:11:04 Episode 188: 60 Seconds
1:12:49 Book Review: Epic Life: How To Build Collaborative Global Companies While Putting Your Loved Ones First
1:14:56 Book Review: Special Guest Justin Breen
1:38:09 Aftershow
Links From Today’s Episode:
Steve Balaban - www.stevebalaban.com/
Steve Balaban on LinkedIn - training.minklearning.com/
Mink Learning - training.minklearning.com/
Justin Breen on LinkedIn - / justinbreen1
BrEpic Communications LLC - www.brepicllc.com/
BrEpic Network - brepicnetwork.org/
Epic Life: How to Build Collaborative Global Companies While Putting Your Loved Ones First -
www.amazon.com/Epic-Life-Coll...
Episode 188: Prof. Ayelet Fishbach - rationalreminder.ca/podcast/188
Professor Ayelet Fishbach's TEDxChicago Talk, The Science of Getting Motivated -
• The science of getting...
Episode 286: Errol Morris - rationalreminder.ca/podcast/286
Episode 210: Prof. Ludovic Phalippou - rationalreminder.ca/podcast/210
Flow: The Psychology of Optimal Experience -
www.amazon.com/Flow-Psycholog...
Get It Done: Surprising Lessons from the Science of Motivation -
www.amazon.com/Get-Done-Surpr...
Episode 237: Who are you, and who do you want to be? -
rationalreminder.ca/podcast/237
The Geek Way -
www.amazon.com/Geek-Way-Radic...
Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships -
www.amazon.com/Tightwads-Spen...
280079
Same as Ever: A Guide to What Never Changes -
www.amazon.com/Same-Ever-Guid...
Episode 224: Prof. Scott Cederburg - rationalreminder.ca/podcast/224
Episode 284: Prof. Scott Cederburg - rationalreminder.ca/podcast/284
Money Scope Podcast - moneyscope.ca/
Rational Reminder on iTunes
- itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on RUclips - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore 
Хобби
Thank you, I am grateful for the opportunity to watch the film "Tune out the noise". I stopped this video to watch it. It was incredibly interesting and informative.
You guys are the BEST!
I was trying to figure out how to watch “Tune Out the Noise” and I found out you shared it with your listeners.
Thank you!
Interesting PE discussion, this old brain needs to listen to this at 0.75 speed though, holy smokes.
Was excited to watch Errol's film after the previous podcast/interview... great watch, thank you for sharing. As an aside: Inclined to a modest increased allocation to DFA; "...it's an experiment" (to quote my favorite recent Wes Anderson film--and stick with the film makers theme). Any helpful commenters inclined to talk me out of climbing up that Seguaro?
Occasional listener, tuned in for the private equity discussion. I can't say I liked some of Steve's answers, it would have been nice to see you guys press a little more with questions when he was dismissive of criticism. If a metric or combination of metrics don't perfectly reflect a real world scenario that doesn't make them worthless. It was a good episode just to see what the other side of the argument is around private equity I guess, but I get very suspicious whenever someone tries to argue that what they're doing cant be fully understood and are only available to the "most exclusive" few.. I couldn't help but laugh a bit when he gave his answer to what the downsides of private equity are lol.
Great comment. Thank you.
-Ben
Cameron's expression! Steve was great at explaining how it works.
🤘
This second guest was, in my opinion, the worst guest you've ever had on. Long time listener since episode 1 :/
Thank you for being such a long time listener.
-Ben
Wondering if he is not trolling them actually, with the dead hat and providing pseudo deep, repetitive answers / acting quirky on purpose to sound "special". Not really respectful overall.
@@rationalreminder thanks for the response Ben! Just want you and Cameron to know that you've had a huge influence on my life. I started listening when I was in college. I've now been a financial advisor in the states for 5 years, I got my CFP, and I'm proudly serving around 100 clients. Can't thank you all enough.
@@lifeatitsbest410 that is incredible. Well done on getting a great start to your career.
-Ben
In contrast the first guest was fascinating and clearly well versed in PE.
Unless you have a specific edge on a sector and may be able to great deals directly, you shouldn't invest in Private Equity and stick with index funds....
With all due respect, a lot of words but very little substance from Steve. You guys should have challenged more, as you know well, the data is just not there. As part of a FoF manager in over 100 PE/VC funds myself, I can confirm that I am seeing in practice exactly what the research shows, to outperform you really need to pick the top 10-15% managers which is impossible as there is no one specific variable that predicts success beforehand (if I would have to guess, it's a combination of luck, timing, having the right connections, being there at the right time, etc. but mostly qualitative variables which I assume would be difficult to capture in a research) but nothing intrinsic to a specific manager skill, as there is no manager that consistently overperforms vintage over vintage, like we have Berkshire, Magellan etc. on the public markets. But of course there is a lot of hype about PE and, as Steve rightly points it out, there is a lot of FOMO, LPs are talking in conferences about being in PE and how cool it is, so others want in as well. Otherwise, long time listener here, keep up the good work and stay focused on academic guests vs. commercial ones. On PE, I loved Ludovic's episode much more.
Great comments. Thank you.
-Ben