Alternative Investments
How Much Should You Actually Allocate to Alternative Investments? A Framework by Net Worth and Liquidity Horizon
The standard advice to put "10-20% in alternatives" tells you almost nothing useful. The right number depends on how much of your net worth is genuinely illiquid-tolerant, your income needs over...
Jeff Barnes, MBA··12 min read
Venture Capital
The Denominator Effect Is Real. But It’s Not Your Best Excuse.
The Denominator Effect Is Real. But It’s Not Your Best Excuse. If you're a GP trying to raise in this market, let's start with reality: LP allocation pressure is real. The denominator effect is real.
Jeff Barnes, MBA··7 min read
Market Analysis
The Denominator Effect: Why Family Offices Are Quietly Cutting VC Allocations in 2026
TL;DR: The S&P 500 is up roughly 13-14% year to date in 2026. That normally means public portfolios are growing faster than private ones, which should make venture capital allocations look underweight
Jeff Barnes, MBA··10 min read