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Investing a $120 Billion Balance Sheet with No Outside Investors

Invest Like the Best · Patrick O'Shaughnessy

23 June 2026 · Money & Investing

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Vlad Barbalat is President of Global Risk & Capital Solutions and Chief Investment Officer at Liberty Mutual Insurance, where he helps oversee one of the most unique investment platforms in the world: a $120 billion balance sheet with no third-party capital. In this conversation, Vlad and Patrick di

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