Today's episode explores three ideas that caught my attention:

* The university endowment mindset shift: Transition from the for-profit real estate world to Stanford's endowment revealed how different time horizons (centuries vs quarters) fundamentally change decision-making.

* Weak markets force better habits: Launching a career in Oklahoma during the energy crash of the 80s and jumping into Silicon Valley post-internet-bubble taught Curtis that downturns force rigor and prevent the development of bad habits. A counterintuitive advantage in the face of a “tough” market.

* Advisory board seats are earned: The Khan Academy progression from “informal advisor” to board member showed how the best board seats develop organically through proven value. The “give first” mentality seems to pay off.

I explore these ideas in this week’s episode with Curtis Feeny, Senior Advisor at Peterson Partners.

Curtis brings rare perspective from helping grow Stanford University's endowment from $1.5B to $10.5B, serving on over 35 corporate boards (including CBRE, Staples, Khan Academy, and more) and spending two decades as a venture investor at Voyager Capital. His unique journey from real estate operations to endowment management to venture capital provides him with an uncommonly broad view of how companies succeed and fail across multiple market cycles.

During our conversation, he shares:

* Insights on the evolution of university endowment investing, including cautionary tales of concentration risk from NYU and Emory's experiences.

* Clear warnings about premature scaling, demonstrated through the story of Verari, a high-performance computing data center startup that reached $100M in revenue & raised growth capital at exactly the wrong time.

* Perspectives on emerging opportunities in nuclear power, cybersecurity, and deglobalization that suggest where future innovation may be needed.

Listen now on Spotify, Apple Podcasts, and YouTube.

What We Cover:

* 0:00 Intro & The Power of Early Lessons: Curtis's First Business

* 2:45 Following Open Doo

Know someone who would enjoy this episode? Share it with them!

P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts.

Want more?

Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter.
Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube.

Connect with Andrew

LinkedIn | X | Angel Ops E-Book

All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Political Thinking with Nick Robinson

The AI-powered Podcast Player