A JPMorgan board director on getting into private markets

Mellody Hobson has spent 35 years in the investment business, and her advice for getting into private markets starts with the money you already have. Build a diversified stock and bond portfolio first, then treat private markets as the add on. She is just as direct about the cost: the money is locked up, and you can't just sell when something goes wrong. This conversation, The Patient Owner, covers how a high earner actually starts in private markets, why her own fund still takes a $5 million commitment, how her firm has spent 43 years buying what the market ignores (and why she calls women's sports the small caps of sports), what AI changes about knowledge work, and why patience is the owner's real job. This is from the Owner Mode Summit, Private Investing Edition, where high-earning professionals build the playbook for deploying personal capital into private markets. The foundation powers the five pathways: Acquire, Build, Create, Launch, and Advise. About Mellody Hobson: Mellody Hobson is Co-CEO of Ariel Investments, one of the most respected active-management firms in America. She is a Board Director at JPMorgan Chase, Former Chair of Starbucks Corporation, and Former Chair of DreamWorks Animation. She is a New York Times bestselling author and has spent 35 years in the investment business, investing personally in private equity along the way. Disclaimer: This content is for educational and informational purposes only and reflects the personal experiences and opinions of the participants. Nothing here is investment, legal, tax, or financial advice, or a solicitation to buy or sell any security. Investing in private securities involves significant risk, including possible loss of principal, and past performance does not guarantee future results. Do your own research and consult your own professional advisors before making any investment decision. In this conversation: 00:00 The ownership gap, and what private markets really cost you 02:26 From small caps to women's sports: one thesis for 43 years 04:39 The $5 million minimum and where access is headed 09:40 All investing is hard, and why you can't time the market 13:06 The first-time playbook: an add on, not an anchor 14:23 AI, knowledge work, and what stays valuable 18:30 Buy reading glasses: her information diet and outlook 24:39 If you're going to be an owner, be a patient owner About Gravy Wealth: ownership infrastructure for high-earning professionals making the transition from earner to owner. Subscribe for new sessions weekly. How Gravy Wealth helps high earners shift into ownership: gravywealth.com/foundation Curious where you fit in the shift from earner to owner? Take the complimentary Ownership DNA Assessment and see how you compare to other professionals making the shift. Methodology reviewed by Archie Jones, Senior Lecturer at Harvard Business School. go.gravywealth.com/DNA Read the full transcript: gravywealth.com/podcast/mellody-hobson-patient-owner/transcript #OwnerMode