The Business Brew Dan Rasmussen - Sacred Cow Slayer
8 snips
Sep 25, 2025 
Dan Rasmussen, Founder of Verdad Advisors and author of The Humble Investor, brings his sharp insights into private equity risks and investment patience. He critiques current heavy allocations to private equity and discusses how recent market dynamics, including falling distributions, have trapped capital. Dan also dives into the unpredictability of growth and the unique challenges of biotech investing. He emphasizes the importance of balancing quality and valuation, and shares how his firm manages overconfidence and volatility in market strategies.
AI Snips
Chapters
Books
Transcript
Episode notes
From Bain To Verdad
- Dan left Bain Capital and founded Verdad Advisors while at Stanford GSB and grew it from $8M to ~$1.2B.
- He wrote The Humble Investor to explain lessons from his decade-plus of running an investment shop.
Private Equity's Hidden Risk
- Private equity is an underappreciated risk because it concentrates small, highly leveraged companies into large allocations.
- Dan Rasmussen calls the widespread belief that private equity is safer a correlated, costly mistake among smart allocators.
When Distributions Dry Up
- Private equity distributions fell from ~30% to ~10% annually because firms overpaid in 2020–21 and now can't sell assets.
- That shrinkage trapped capital, reduced fundraising, and created a vicious cycle undermining exits and returns.
