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b'My guest this week is Chris Douvos, a managing partner at Venture Investment Associates, which allocates 1.6B in behalf of investors.\\xa0\\n Chris is the first professional allocator I\\u2019ve spoken with who focuses specifically on venture capital funds, so I had a ton of questions for him on how to build a portfolio in an asset class known for uncertain, but often enormous, outcomes.\\n We discuss the major recent changes in the asset class and where things might be going.\\n I sought Chris out because while this is an investment style that is full of creativity and hope, I\\u2019ve always felt it could use a healthy dose of skepticism and a value investor\\u2019s mindset. He delivers in spades as we try to separate the real from the ideal.\\xa0\\n We didn\\u2019t record it, but Chris\\u2019s tour of Palo Alto was one of the most interesting and entertaining hours I\\u2019ve spent. He is a student of history and markets, and I look forward to learning more from him in the future.\\xa0\\n Please enjoy our conversation\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Books Referenced\\n Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment\\n \\xa0\\n Links Referenced\\n Domino Rally Business Models\\n All About the Benjamins\\n Speak Like the Locals\\n David Salem podcast episode\\n Curveball\\n \\xa0\\n Show Notes\\n 2:18 \\u2013 (First question) \\u2013 Four factors that Chris thinks are important for future success of venture firms; portfolio concentration; repeatability; being early; size discipline\\n 7:40 \\u2013 What the venture landscape looks like today from Chris\\u2019s viewpoint\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 8:32 \\u2013 Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment\\n 14:07 \\u2013 Is there a glut of startups making it difficult for investors\\n 17:33 \\u2013 How does Chris think about the investments that are a bit different from what everyone else is investing in in Silicon Valley\\n 19:17 \\u2013 Why he focuses on college campuses for innovation\\n 20:54 \\u2013 The role that geography plays in venture\\n 25:06 \\u2013 The Four M\\u2019s; money, momentum, mentorship, entrepreneurial management\\n 27:13 \\u2013 Chris\\u2019s perspective on crypto currency as a threat to venture capital\\n 31:44 \\u2013 The idea of venture capitalists as service providers to the companies they are investing in\\n 35:15 -\\xa0 Views on investing in hyper focused VC\\u2019s vs those that are generalists and just go after the best opportunities in any sector\\n 39:00 \\u2013 What hot button areas are of most interest to Chris and why, from an investment standpoint\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 39:38 \\u2013 Domino Rally Business Models\\n 42:22 - \\xa0What can a public market investor learn from a value venture investor who mostly has to rely on qualitative metrics\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 43:08 \\u2013 All About the Benjamins\\n 44:38 \\u2013 Portfolio construction in the world of venture\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 46:40 \\u2013 Speak Like the Locals\\n 48:00 - \\xa0What are the characteristics that Chris looks for in managers, as an allocator\\n 53:52 \\u2013 What type of investors should and should not be in venture\\n 59:15 \\u2013 What type of allocator would Chris give all of his money to\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 59:47 \\u2013 David Salem podcast episode\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 1:01:06 \\u2013 Curveball\\n 1:01:40 \\u2013 Kindest thing anyone has done for Chris\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on twitter at @patrick_oshag'