# @20vc on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=U_ManIWISzw
- **Gondola URL:** https://gondola.cc/posts/70469311-20vc-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/236a97e5a2.jpg
- **Posted:** 2026-09-14T13:58:31.000+00:00
- **Account Owner:** 20VC with Harry Stebbings (@20vc) — https://gondola.cc/20vc

## Caption

David Morehead is one of the most respected CIOs in the endowment fund world as Chief Investment Officer at Baylor University, overseeing its $2.6BN endowment. Before joining Baylor in 2011, he was a senior portfolio manager at several Chicago hedge funds, investing across corporate securities, distressed debt and public and private energy.

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Timestamps:

00:00 - Intro
01:26 - How Baylor Invests a $2.6BN Endowment
08:01 - How Should an Endowment Build a Portfolio?
11:02 - Why Private Markets Exist to Make Money
12:38 - Big-Name VC Funds vs Emerging Managers
13:56 - Are Venture Funds Simply Too Long?
14:28 - Why a 15x Venture Return Can Be Worse Than a 3x Growth Return
15:43 - Why Velocity of Capital Matters More Than Fund Multiple
17:08 - Why Would an LP Invest in Venture at All?
18:45 - Baylor Has 2.5% of Its Endowment in Anthropic
20:48 - Why Baylor Bought the Software Crash
26:05 - Why Public Markets Can Teach You More Than Venture
27:19 - Are Public Markets Actually More Rational Than Private Markets?
29:07 - Can LPs Trust Private Market Valuations?
31:20 - Why Baylor Prefers Growth Equity to Venture
33:33 - How Much Liquidity Should an Endowment Keep?
36:13 - The Biggest Lesson From Losing Money
37:43 - How to Buy Into a Falling Market Without Going All In
47:14 - Are LP Incentives Broken?
48:11 - Is AI Making Humans Worse at Thinking?
53:07 - How Big Does a Fund Position Need to Be to Matter?
55:35 - Should VCs Stick to the Strategy They Raised On?
01:01:04 - Do LPs Really Need 3 Funds to Judge a VC?
01:03:54 - Why Huge Venture Funds Get Harder to Underwrite
01:05:15 - The Hidden Bottleneck in the AI Data Center Boom
01:09:46 - Why Baylor Is Bearish on Europe
01:11:33 - Why Private Credit Is Overhyped
01:13:41 - Why Biotech Could Be the Next Major Investment Opportunity

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Subscribe on Spotify:
https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465

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https://twitter.com/HarryStebbings

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https://twitter.com/CIO_Baylor

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https://www.tiktok.com/@20vc_tok

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https://www.20vc.com

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https://www.thetwentyminutevc.com/contact

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#20vc #harrystebbings #ai #cio #fund #investing #bayloruniversity #davidmorehead

## Stats

- **Views:** 10,534
- **Likes:** 59
- **Shares:** 0
- **Comments:** 4

## Credits

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| 20VC with Harry Stebbings | @20vc | https://gondola.cc/20vc | Podcast |

## Tags

fund, harrystebbings, cio, bayloruniversity, ai, investing, davidmorehead, 20vc

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