Vlad Barbalat - Investing $120 Billion in Permanent Capital - [Invest Like the Best, EP.479]

Invest Like the Best with Patrick O'Shaughnessy

Colossus

Investing, Technology, Business

4.7 • 2.5K Ratings

🗓️ 23 June 2026

⏱️ 72 minutes

🔗️ Recording | Apple Podcasts | RSS

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Summary

My guest today is Vlad Barbalat, the Chief Investment Officer of Liberty Mutual Investments, the $120 billion investment platform that sits within one of the largest insurance companies in the world. Vlad grew up in Soviet Moldova, came to America in 1990, and built a career that eventually led him to one of the most distinctive capital allocator seats anywhere in finance. Today we talk about how the mutual insurance structure creates a unique investment platform, what Liberty looks for in a new deal or partner, and what it means to build a career and a life in a country that gave you opportunities you never would have had anywhere else. Please enjoy my conversation with Vlad Barbalat. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp’s⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠. ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Timestamps: (00:00:00) Welcome to Invest Like The Best (00:00:53) Vlad Barbalat (00:01:28) The Most Interesting Seat in the Market (00:05:53) Breaking Down the $120B (00:10:41) How the Portfolio Is Constructed (00:11:00) The House View (00:13:49) What Liberty Looks for in a GP (00:16:32) Why Not Just Buy Bonds (00:18:30) Benefits of the Mutual Structure (00:23:40) The Luxury of the American Citizen Through Immigrant Eyes (00:30:26) How Immigration Shaped His Worldview (00:32:45) Direct Deals vs. GP Allocations (00:35:23) Branded Capital (00:39:07) Geopolitics & Investing (00:43:48) AI's Impact on Investing (00:46:22) The Valuation Debate (00:50:47) Public vs. Private Markets (00:53:53) Lessons from Goldman (00:54:41) Why Excellence Matters (00:57:30) Managing Permanent Capital (01:03:54) The Kindest Thing

Transcript

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0:00.0	RAMP is the only platform built to make your finance team leaner, faster, and better,
0:04.0	saving businesses 5% annually on average so you can stay focused on growth.
0:08.7	RAMP customers grew revenue 3.2 times faster than the average American business.
0:12.9	Visa, Vercel, Cursor, Stripe, Notion, 11 Lab, Shopify, and 70,000 other businesses all run on Ramp.
0:19.3	Mind us too, and so should yours. Learn more at ramp.com slash invest. Opening eye, cursor, anthropic, perplexity, and Versel all have something in common. They all use Work OS. And here's why. To achieve enterprise adoption at scale, you have to deliver on core capabilities like SSO, skim, Rback, and audit logs. That's where WorkOS comes in.
0:39.6	Instead of spending months building these mission-critical capabilities yourself, you can just use
0:43.6	WorkOS APIs to gain all of them on day zero. That's why so many of the top AI teams you hear
0:48.9	about already run on WorkOS. WorkOS is the fastest way to become enterprise ready and stay focused on what matters
0:54.9	most, your product. Visit WorkOS.com to get started. Felix by Rogo is a personal finance agent
1:00.9	that turns a single prompt into finished client ready work using your firm's own templates,
1:05.3	context, and standards. Send Felix an email like, take these comments and turn them for me,
1:10.0	or update my tracker with the context of these emails.
1:12.6	Or run the ability to pay math on this buyer, and Felix sends back finished PowerPoint decks, Excel models, and sourced research.
1:20.1	Felix works the way your team already does, delivering work quickly and accurately around the clock.
1:24.8	Learn more at rogo.a.ai slash Felix.
1:31.3	Hello and welcome, everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets,
1:35.6	ideas, stories, and strategies that will help you better invest both your time and your money.
1:40.2	If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly
1:44.0	publication with in-depth profiles of the people shaping business and investing. You can find
1:48.7	Colossus along with all of our podcasts at colossus.com. Patrick O'Shaughnessy is the CEO of
1:55.9	Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of positive sum.
2:04.1	This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
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