# Gavin Ezekowitz

Markdown copy of https://realalpha.app/people/gavin-ezekowitz/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 8 moments of Gavin Ezekowitz (Co-founder & chief investment officer, BFA Global Investors) talking, from an interview on How I Invest published Oct 28, 2026.

- Role: Co-founder & chief investment officer, BFA Global Investors
- About: Built a career across capital markets and investment banking, then became a venture and growth investor.

## What Gavin Ezekowitz said

- [Underwrite the team and milestones, not a distant market forecast](https://realalpha.app/s/underwrite-the-team-and-milestones-not-a-distant-market/)
  How I Invest · Oct 28, 2026 · 6 min
  > “the current revenue and revenue projections are so imperfect both on the part of ourselves, other investors, and the company themselves” — Gavin Ezekowitz · [13:24](https://realalpha.app/v/-aC4qH9eMsM/?t=804)
- [Venture returns require convexity, pacing and position sizing](https://realalpha.app/s/venture-returns-require-convexity-pacing-and-position-sizing/)
  How I Invest · Oct 28, 2026 · 6 min
  > “the very difficult part for investors is to understand that venture is a great twenty year asset class.” — Gavin Ezekowitz · [31:44](https://realalpha.app/v/-aC4qH9eMsM/?t=1904)
- [Avoid letting macro timing override your investment mandate](https://realalpha.app/s/avoid-letting-macro-timing-override-your-investment-mandate/)
  How I Invest · Oct 28, 2026 · 5 min
  > “if I am taking too big a macro leg view, too big a macro view on allocating capital, I'm doing you a disservice” — Gavin Ezekowitz · [49:05](https://realalpha.app/v/-aC4qH9eMsM/?t=2945)
- [Early AI markets can produce more than one leading company](https://realalpha.app/s/early-ai-markets-can-produce-more-than-one-leading-company/)
  How I Invest · Oct 28, 2026 · 5 min
  > “what I missed, it's so clear in that company now, is that that was a company that iterated multiple times on their journey.” — Gavin Ezekowitz · [5:31](https://realalpha.app/v/-aC4qH9eMsM/?t=331)
- [SpaceX's compute buildout shows the value of anticipating shortages](https://realalpha.app/s/spacexs-compute-buildout-shows-the-value-of-anticipating/)
  How I Invest · Oct 28, 2026 · 3 min
  > “In fact, I passed on XAI in that $25,000,000,000 early round. I just couldn't understand it.” — Gavin Ezekowitz · [27:10](https://realalpha.app/v/-aC4qH9eMsM/?t=1630)
- [Small funds can turn a focused founder network into an edge](https://realalpha.app/s/small-funds-can-turn-a-focused-founder-network-into-an-edge/)
  How I Invest · Oct 28, 2026 · 5 min
  > “small funds, early funds, well, managers with a very clear network can produce really incredible outcomes by being close to founders.” — Gavin Ezekowitz · [38:15](https://realalpha.app/v/-aC4qH9eMsM/?t=2295)
- [Small initial stakes can dilute a fund's biggest winner](https://realalpha.app/s/small-initial-stakes-can-dilute-a-funds-biggest-winner/)
  How I Invest · Oct 28, 2026 · 3 min
  > “if they didn't get enough of the company in that pre seed stage, because of the nature of how they were investing, their returns just got so diluted” — Gavin Ezekowitz · [43:34](https://realalpha.app/v/-aC4qH9eMsM/?t=2614)
- [A manager's response to a mistake can end an LP relationship](https://realalpha.app/s/a-managers-response-to-a-mistake-can-end-an-lp-relationship/)
  How I Invest · Oct 28, 2026 · 5 min
  > “when you are candid about those things, and then when you are clear about what actions you've taken” — Gavin Ezekowitz · [1:09:21](https://realalpha.app/v/-aC4qH9eMsM/?t=4161)

## The episode

- [Gavin Ezekowitz on AI Valuations, Asymmetric Returns, and Why Great Investors Fail](https://realalpha.app/v/-aC4qH9eMsM/) · How I Invest · Oct 28, 2026