Why Dry Powder Is a Weapon, Not a Waste

Institutional investors feel pressure to stay fully invested. Family offices face no such pressure — they answer to themselves across generations. This episode explains why dry powder is a strategic weapon, not a drag on returns.

Learn why optionality emerges during dislocations, how families with cash become the only buyers when markets seize, and why a 20% cash position might dramatically outperform through full market cycles.

Key topics: family office investing, dry powder, cash management, optionality, market dislocations, distress investing, capital allocation, portfolio construction, long-term investing, wealth preservation, opportunistic capital

The Capital Stack — insights from inside the allocation room.