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E31: David Friedberg on How To Build a Billion Dollar Startup
How I Invest with David Weisburd
Conflicts, Incentives, and Need for Change in Insurance and Asset Management
In insurance, there exist conflicts as agents are incentivized to steer clients towards more expensive options. However, the Dov Insurance Group, led by Amit Baddav, focuses on reducing fees while providing premium solutions. In asset management, there is a disincentive to take significant risks when managing funds due to the pressure to prove oneself. This results in a need for change to incentivize long-term thinking, possibly through structural or market evolution. Over the past decade, the market has shown that only a small percentage of venture capitalists have outperformed, leading to the realization that concentration of managers and capital may be beneficial. The current abundance of venture capital leads to a diffusion of problem-solving rather than concentration, which could be addressed by a future reduction in private market capital, resulting in fewer but more concentrated organizations solving significant problems with more capital.
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