#194 - Doug McCormick - I Generally Believe People Underestimate The Duration Of The Time That They Will Be Invested

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Manage episode 248862165 series 1058800
By Jeff Remsburg and Meb Faber. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

In episode 194 Meb and Doug kick off the conversation about thinking about a family as a business. Doug discusses the idea that people effectively have two businesses, selling labor in the marketplace, and converting income into financial assets. Doug expands on that by covering the family CFO framework, and that the job of the family CFO is much like a corporate CFO in that they must manage risk and liquidity with the family’s balance sheet. The pair also get into entrepreneurship and thinking about the role entrepreneurship can play in wealth generation.

Meb and Doug then get into common mistakes people make, such as underappreciation of a long horizon. They then transition into approaching conversations about wealth with Family, starting with acknowledgement that wealth without management, values, and education can be a liability.

As the conversation winds down, Meb and Doug cover some ground about Doug’s day job as a private equity investor and some best practices for private equity allocators.

All this and more in episode 194, including Doug’s most memorable investment.

256 episodes