E448: Gavin Ezekowitz on AI Valuations, Asymmetric Returns, and Why Great Investors Fail

How do you invest in generational companies like Anthropic, OpenAI, and SpaceX before everyone recognizes their potential?
Gavin Ezekowitz is the Co-Founder and Chief Investment Officer of BFA Global Investors, an alternative investment firm providing access to private market opportunities. In this episode, Gavin explains how BFA gained exposure to Anthropic, OpenAI, and SpaceX through GP relationships, including its early Anthropic investment at a $17 billion valuation.
Highlights:
- How BFA gained exposure to Anthropic, OpenAI, and SpaceX
- Why Gavin invested in Anthropic at a $17 billion valuation
- The investment lesson Gavin learned from missing Cursor
- Why great founders can disrupt their own businesses
- How to underwrite companies when future markets are impossible to predict
- Why fundraising ability alone does not make a great founder
- What SpaceX reveals about mission-driven leadership and exceptional talent
- Why venture capital should be viewed as a 20-year asset class
- How portfolio construction preserves exposure to power-law outcomes
- Why pacing and position sizing matter more than predicting market cycles
- How smaller venture funds can outperform larger, established firms
Guest Bio:
Gavin Ezekowitz is the Co-Founder and Chief Investment Officer of BFA Global Investors, an alternative investment firm focused on delivering outstanding returns through disciplined processes and trusted relationships.
Sponsors:
Juniper Square:
Juniper Square is trusted as the operations partner by more than 2,300 private markets GPs worldwide, connecting technology, data, and fund administration services to help GPs fundraise efficiently, streamline operations, and improve the investor experience. Their unified platform centralizes data and connects LPs and GPs across every workflow, including fundraising, investor onboarding, compliance, treasury, and reporting. Today, more than $1 trillion in LP capital is managed through Juniper Square. For more information, please visit https://www.junipersquare.com/howiinvest.
AlphaSense:
AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest to learn more.
AlphaSummit Discount Code: AS26HII50
Are you interested in sponsoring the How I Invest Podcast? Please email David Weisburd at [email protected].
Stay Connected with David Weisburd:
X/Twitter: @dweisburd
LinkedIn: https://www.linkedin.com/in/dweisburd/
Weisburd Pierce: https://www.weisburdpierce.com/
Stay Connected with Gavin Ezekowitz:
LinkedIn:https://www.linkedin.com/in/gavin-ezekowitz-966a29a/
Disclaimer:
This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.
(0:00) How Gavin Invested in Anthropic, OpenAI, ...