Asset Allocation Trends - Tiger 21 members favor private equity, allocating 30% of their assets [2] - Public equity accounts for 23% and real estate for 26% of members' portfolios [3] - Crypto holdings have doubled in the last year, now representing 2% of total assets, equating to $5 billion [3] - Hedge fund allocations have decreased from 6-7% to 2%, due to underperformance compared to index funds [6] - Fixed income allocations remain low [7] Investment Strategy & Philosophy - Members are shifting towards smaller midcap private equity funds and direct investments [8] - They prefer being actively involved in companies, seeking board positions to address problems early [9] - The group emphasizes long-term investments, not short-term market fluctuations [13][14] - Members are exploring investment opportunities in AI infrastructure, including chip manufacturers and energy providers [14][15] Membership & Wealth Creation - The average age of Tiger 21 members has decreased from 59 to 51, indicating faster wealth creation [15] - Members are primarily entrepreneurs who have experienced a liquidity event [10] - The focus shifts from wealth creation to wealth preservation after achieving significant wealth [10][11] - Building wealth through basic, steady businesses like franchises is highlighted as a lower-risk approach [18][19]