A PM at Blue Owl with ~ $20m in company stock reached out last year.

It’s not $20m anymore.

He and his family had:

• A 9-figure net worth
• ~$20M in Blue Owl stock
• Another $20M+ single-stock position from a recent IPO
• A handful of other concentrated bets

He was open to diversifying parts of the portfolio — just not OWL.

He said he was bullish.

Thought it would keep going up.

It’s now down 50%+ from where it was when we spoke.

That’s a $10M+ swing in a single line item of the balance sheet.

The point isn’t that I “saw this coming.”

I have no idea what any one stock will do.

That’s exactly why I diversify.

If you have $5M+ in one stock, you don’t have a portfolio.

You have a gamble — and the math isn’t in your favor.

Most wealthy families eventually make the shift to portfolios designed to compound and survive.

That usually means building around:

• Tax-aware real estate
• Tax-aware hedge funds
• Tax-aware long/short equity
• Private infrastructure
• Private equity

Less reliance on a few tickers.

More focus on what actually compounds after taxes.

If you’re sitting on a highly concentrated position and want to reduce risk without a huge tax bill, that’s exactly the work we do at QFS.