Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

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Is the traditional 60/40 portfolio officially dead?

In this episode of Making Billions, host Ryan Miller sits down with Tony Davidow, Senior Alternatives Investment Strategist at the Franklin Templeton Institute, to deconstruct why traditional asset allocation is structurally broken and how private markets are becoming the new foundation for institutional-grade returns.

As public markets shrink and become hyper-efficient, the quest for alpha has shifted toward private equity, private credit, and real assets. Tony explains why sizing matters, how to reframe illiquidity as a design choice rather than a risk, and why the next decade belongs to those who can navigate the inefficiency of private markets. 

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[THE HOST]: Ryan Miller is a recovering CFO turned angel investor in technology and energy.
[THE GUEST]: Tony Davidow is responsible for developing and delivering the Franklin Templeton Institute’s insights on the role and
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DISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient’s state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

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DOWNLOAD "The Institutional Readiness Checklist":  https://go.fundraisecapital.co/institutional-readiness-checklist 
Are you struggling to bridge the gap between retail investors and massive institutional allocators? 
Most fund managers believe they are getting rejected because of their track record or IRR, but the truth is far more clinical: they simply aren't "institutional ready." 
In this master class episode of Making Billions, Ryan Miller reveals the institutional mindset to why returns alone never close institutional capital. 
If you want to raise capital from pension funds, endowments, or sovereign wealth funds, you must stop thinking like a salesperson and start thinking like a steward of capital.
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Connect with Ryan Miller:
Linkedin: https://www.linkedin.com/in/rcmiller1/
Instagram: https://www.instagram.com/makingbillionspodcast/
X: https://x.com/_MakingBillions
Website: https://making-billions.com/
[THE HOST]: Ryan Miller is a recovering CFO turned angel investor in technology and energy.
Support the show
DISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient’s state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

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Stop picking founders the old school way—it’s the fastest path to investment failure in 2026. 
In this episode of Making Billions, Ryan Miller sits down with Joe Alalou, General Partner at Daring Ventures, to reveal the new blueprint for Pre-Seed and Venture Capital success. 
Joe shares the "Daring Ventures" filter for identifying generational founders, in an era where AI has turned technical skills into a commodity, the "alpha" has shifted to human traits that machines can't replicate: grit, tenacity, and an undeniable right to win. 
This isn't just a manifesto on investing; it's a tactical guide to navigating the 2026 investment climate, mastering deal flow, and scaling a fund when information is incomplete.
Subscribe on YouTube:
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Connect with Ryan Miller:
Linkedin: https://www.linkedin.com/in/rcmiller1/
Instagram: https://www.instagram.com/makingbillionspodcast/
X: https://x.com/_MakingBillions
Website: https://making-billions.com/
[THE HOST]: Ryan Miller is a recovering CFO turned angel investor in technology and energy.
[THE GUEST]: Joe Alalou is Co-founder and General Partner at Daring V
Support the show
DISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient’s state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

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DOWNLOAD "The UVE Framework Guide": https://go.fundraisecapital.co/uve-framework
 In this landmark  200th episode of Making Billions, Ryan Miller reveals why the elite top 0.01% of fund managers don't just hustle harder—they master their internal state to dominate the external market.
If you’ve ever felt like the chaos of capital raises, deal deadlines, and market volatility was soul-crushing, this episode is your strategic blueprint for transformation. 
Ryan breaks down the UVE Framework—a powerful energy management system for identifying the Umpires, Vampires, and Empires in your life. 
This 200th episode delivers the hard-hitting strategies you need to protect your focus, purge your circle, and engineer an empire from a position of absolute peace. 
Stop playing small. Start leading with purpose. 
This is the pursuit of Making Billions. 
Subscribe on YouTube:
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Connect with Ryan Miller:
Linkedin: https://www.linkedin.com/in/rcmiller1/
Instagram: https://www.instagram.com/makingbillionspodcast/
X: https://x.com/_MakingBillions
Website: https://making-billions.com/
[THE HOST]: Ryan Miller is a recovering CFO turned angel
Support the show
DISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient’s state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

Send us a text
"RAISE CAPITAL LIKE A LEGEND: https://go.fundraisecapital.co/apply"
Are you looking to scale your investment firm or launch a high-performance private equity fund?
In this episode of Making Billions, host Ryan Miller sits down with Kim Flynn, President of XA Investments, a leading firm with $1 Billion AUM. Together, they discuss the interval fund market and closed-end fund structures that are currently revolutionizing how alternative asset managers raise capital from the private wealth marketplace.
Success in private equity and venture capital is no longer just about having the best product; it is about mastering fund marketing and investor relations.
Whether you are focused on real estate debt, infrastructure, or healthcare innovation, this episode provides the "edge" needed to scale to $100M and beyond.
Subscribe on YouTube:
https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ

Connect with Ryan Miller:
Linkedin: https://www.linkedin.com/in/rcmiller1/
Instagram: https://www.instagram.com/makingbillionspodcast/
X: https://x.com/_MakingBillions
Website: https://making-billions.com/
[THE HOST]: Ryan Miller is a recovering CFO turne
Support the show
DISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient’s state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.