EPISODE · Jun 23, 2026 · 42 MIN
Allocator10x - The $600Bn Perspective: What Institutions Get Wrong About Risk, Diversification & AI - Jeffrey Blazek, co-CIO of Multi-Asset, Neuberger Berman ($600B+ AUM)
from VC10X - Investing, Venture Capital, Asset Management, Private Equity, Family Office · host Prashant Choubey
What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview<br>(01:39) - Introduction to Jeffrey Blazek<br>(03:16) - Which Macro Assumptions Are Permanently Broken Today?<br>(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate<br>(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure<br>(07:55) - What Real Diversification Looks Like in Practice<br>(09:51) - How Portfolio Construction Changes as Institutions Scale<br>(11:55) - Should Investors Change Their Approach to Equity Markets Now?<br>(13:31) - Evaluating a New Asset Class for Permanent Allocation<br>(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?<br>(17:26) - The Bear Case for AI: Commoditization and Concentration Risk<br>(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds<br>(21:09) - Common Mistakes LPs Make in Private Market Allocations<br>(22:58) - The Key to Effective Investment Manager Selection<br>(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior<br>(26:24) - The Gap Between Institutional Goals and Portfolio Realities<br>(27:38) - What Drives Over-Conservatism in Institutional Investing?<br>(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)<br>(31:38) - Advising Family Capital: Avoiding Common Mistakes<br>(33:43) - Career Lessons Learned from Navigating Market Crises<br>(36:01) - The Most Misunderstood Risk of the 2020s<br>(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?<br>(38:15) - The Three Most Important Bets for the Next Decade<br>(40:00) - Outlook on the Future Interest Rate Environment<br>(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman
What this episode covers
What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview<br>(01:39) - Introduction to Jeffrey Blazek<br>(03:16) - Which Macro Assumptions Are Permanently Broken Today?<br>(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate<br>(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure<br>(07:55) - What Real Diversification Looks Like in Practice<br>(09:51) - How Portfolio Construction Changes as Institutions Scale<br>(11:55) - Should Investors Change Their Approach to Equity Markets Now?<br>(13:31) - Evaluating a New Asset Class for Permanent Allocation<br>(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?<br>(17:26) - The Bear Case for AI: Commoditization and Concentration Risk<br>(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds<br>(21:09) - Common Mistakes LPs Make in Private Market Allocations<br>(22:58) - The Key to Effective Investment Manager Selection<br>(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior<br>(26:24) - The Gap Between Institutional Goals and Portfolio Realities<br>(27:38) - What Drives Over-Conservatism in Institutional Investing?<br>(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)<br>(31:38) - Advising Family Capital: Avoiding Common Mistakes<br>(33:43) - Career Lessons Learned from Navigating Market Crises<br>(36:01) - The Most Misunderstood Risk of the 2020s<br>(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?<br>(38:15) - The Three Most Important Bets for the Next Decade<br>(40:00) - Outlook on the Future Interest Rate Environment<br>(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman
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Allocator10x - The $600Bn Perspective: What Institutions Get Wrong About Risk, Diversification & AI - Jeffrey Blazek, co-CIO of Multi-Asset, Neuberger Berman ($600B+ AUM)
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