At today’s long-term investing conference at Stanford University, one thing stood out:

The biggest challenge for sovereign wealth funds, pension funds, and asset owners isn’t access to AI. It’s trust.

In our world, capital is sensitive, decisions are consequential, and security is non-negotiable. So naturally, institutions move carefully. Sometimes too carefully.

We all know FOMO (fear of missing out).

But in institutional investing, there’s another one: FOMU or fear of messing up.

The challenge now is treading that balance. Move too fast, you create risk. Move too slow, you become irrelevant.

That may be one of the defining questions for long-term capital today.