• 4 months ago
Dr. Kneeland Youngblood, Founding Partner, Chairman & CEO of Pharos Capital Group, chats with Forbes Senior Writer Jabari Young at the ForbesBLK Summit 2024. They delve into Dr. Youngblood's journey: from his youth in a predominately Black community to his career as a physician and how Pharos Capital invests in healthcare startups driving better outcomes for patients.

0:00 Introduction
1:17 Kneeland's Stance On Black Wealth/Capital
4:13 About Pharos Capital Group And How Kneeland Youngblood Invests
6:37 The Economics Of The Black Community And Homelessness
10:43 Kneeland Youngblood's Background And Education
17:54 Kneeland's Journey From The Medical Field To Business
21:25 Here's How Kneeland Youngblood Made His First Million
24:45 Why Kneeland Invests In Healthcare And Generative AI
26:08 Great Business Advice From Kneeland Youngblood

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Transcript
00:00Here at the 2024 Forrest BLK Summit in Atlanta, I'm joined by Neal Youngblood, the CEO of
00:09Farrell's Capital.
00:10Thank you so much for joining us, sir.
00:12Just on stage with our chief content officer, Randall Lane.
00:14So what's your thoughts right now?
00:16I know you were the one of the first panels, but what are you liking so much so far at
00:19the summit?
00:20Well, I think that, first off, you have a great crowd that's very engaged in the content
00:24of what's being presented and the fact that their presence, they're here, and the fact
00:29that they're engaged, I think, speaks to the fact that it's a conference that is necessary
00:37and one that people appreciate, so a lot of enthusiasm.
00:40Thank you so much, man.
00:41I appreciate that.
00:42Now, you're coming from Iceland, so it's a pleasure to be here with you right now because
00:46of where you're coming from.
00:48Joined us all the way from there, but I would like to tell a different story because of
00:51how we met.
00:52You're sitting here today because of Uber, right?
00:55I mean, when we were both in Washington, D.C., my phone is blowing up, they're like, hey,
00:58you got to get down here and meet Lee Youngblood, and I get there, you're leaving, they say,
01:02oh, he left.
01:03I'm like, damn, and then I'm in the car looking like, oh, man, and I'm getting out of an Uber,
01:09you're walking in, and I'm like, oh, my God, it's Lee Youngblood, and that's how we're
01:12here today.
01:13I mean, that power of just coincidence and all of that stuff, so the fact that you're
01:17here, I think Uber played a part, but I wanted to talk to you because we were leaving D.C.
01:22because we were both doing a documentary talking about Black Belt, the Southern Reconstruction
01:28And I wanted to get your state, your perspective on the state of black wealth.
01:32What are you seeing now in 2024?
01:33Because one stat that I keep hearing is, you know, by 2053, the median black family wealth
01:38will be zero.
01:40And I'm always like, OK, I want to find out what is the state going forward because we
01:44don't want that to happen.
01:45What are you seeing this year?
01:47Well, my peers and I who are in the kind of private equity, you know, primarily private
01:52equity world are really focused on that as a goal, that is to increase investment within
02:01the black community.
02:02I invest in health care, for instance, and, you know, if you look at our fund, three over
02:07six thousand employees, 78 percent of whom are women, most of whom are black, and then
02:1185 percent of the people we're taking care of are either poor on Medicaid or elderly
02:17Medicare in urban and rural communities across the U.S. with the greatest disparities in
02:21health care.
02:22And again, you see that disproportionately, unfortunately, within our community.
02:27So whether it's through the things that I do with my investment fund, but also others
02:32in the investment space, we're all about improving the lives of the African-American community,
02:39either directly through our investments, through our respective philanthropy, through, you
02:43know, the organizations we're involved in, one of which I want to mention is the Black
02:48Economic Alliance, which focuses on work, wages, and wealth within the black community.
02:54And so they've created a Center for Black Entrepreneurship housed at Spelman and Morehouse
02:59where you can take courses, but also online education, kind of anywhere, other HBCUs or
03:05anyone, you know, anywhere.
03:07But also, in addition to that certificate, because of the lack of friends and family
03:13money within the black community, we've established the Black Entrepreneurs Fund that focuses
03:18on funding these entrepreneurs.
03:21So we're about the business of creating wealth within the black community.
03:27I'm an optimist by nature.
03:29I feel like, you know, the black community has been through much worse.
03:33And if you look at our history, we're very resilient people.
03:38And I have every confidence that we will make the necessary strides to achieve economic
03:46prosperity in the best place in the world to do it, which is in America.
03:50Absolutely.
03:51Well, listen, take me inside of Ferris Cat right fast, because, you know, this is a company
03:55founded in 1998.
03:56Yes.
03:5758 companies right now, 1 billion, about a billion assets under management.
04:00Close to about 2 billion.
04:01So close to about 2 billion assets under management.
04:03And you usually invest about 25 to 50 million in middle market companies.
04:06Correct.
04:08What's inside a portfolio?
04:09What are you liking about, you know, which are the companies you have so far and what's
04:11standing out?
04:12Well, again, we try to focus on the patient.
04:16That is, how do you improve patient outcomes?
04:18How do you lower the cost of health care for patients?
04:20How do you create greater access for patients?
04:23That's really what we're about the business of doing.
04:25And so having practiced medicine for 12 years, I understand the challenges that, you know,
04:32patients face, particularly having served, you know, in the emergency department for
04:36those years and having to stitch people up, sending them back in the same environments
04:41that cause them to, you know, rotate back time and again and again.
04:45So one of the things that we're very interested in is the issue of kidney failure and the
04:52fact that currently within kidney failure, patients who are on dialysis need to get transportation
05:02to get to a dialysis clinic.
05:06They spend five or six hours there, then they have to get transportation back.
05:09That puts an undue burden, we believe, on the patient, meaning they have to get a loved
05:14one or public transportation to get them to the clinic.
05:18Oftentimes the weather's bad, they may miss, somebody doesn't show up, they can't get there,
05:22which then means they have to have emergency dialysis, which then creates an even more
05:27expensive burden on the system.
05:31So what one of our portfolio companies is doing is providing the hemodialysis equipment
05:36in the home.
05:37We then bring the medical personnel in the home, which provides greater consistency of
05:41care.
05:42People don't have to show up at a clinic, we show up there, again, lower cost because
05:46we don't have to have a dialysis clinic, better outcomes for the patient, and, you know, better
05:52for the family.
05:53And so those types of innovative approaches to health care are the way that we can, we
06:01think, improve the overall health of patients, but also generate very good income.
06:07So that's one company, and then another company we had in our prior portfolio focused on housing
06:14the homeless.
06:16We invested in a company that really provided housing, mental health services in the home,
06:26primary care services in the home, three meals a day, all the medications, online education,
06:33job training, transportation to and from where the homeless want to go.
06:37And we went to state Medicaid, said, whatever you did for this person last year, whatever
06:40you paid this person last year, we'll do it for half.
06:44They, of course, flooded us with patients.
06:46Well, what happened?
06:47Within 90 days, 20% of those people were no longer homeless.
06:53Within two years, 50% of those people were no longer homeless.
06:56The other 50% stayed with us, but at a fraction of the cost.
06:59So we were able to expand that from 17 homes to 166 homes, 1,100 homeless, over 2,000 homeless,
07:09and we're able to exit that with close to 6x return.
07:14Wow, that's amazing.
07:15And the kidney failure part, is there anything, any statistic that's standing out about that,
07:18especially in the black community?
07:20Because I have friends of mine on dialysis and going through kidney failure family, but
07:24what are you seeing that's concerning?
07:26It's the issue of high blood pressure primarily, high blood pressure diabetes.
07:30They call high blood pressure the silent killer, and part of this is genetic.
07:35Part of it's diet, you know, it's multifactorial, but we have to do a better job of educating
07:42our community.
07:43We have to do a better job of not only educating our community, but addressing the whys and
07:48the hows of high blood pressure, such that you can prevent it.
07:52And in fact, one of the other portfolio companies we have is an artificial intelligence company
07:58that focuses on predictive analytics around who will get kidney failure, and therefore
08:03will be able to intervene earlier to try to prevent that, and barring that, put them
08:09on a transplant list so that they can, it's better to have a kidney transplant because
08:15you have 25,000 one-time costs that last for about 10 or 12 years, versus dialysis, which
08:22is kind of $100,000 to $150,000 a year, and quite a burden on patients.
08:29Flashback it to your background right fast, right, right quick.
08:32Grew up in Houston, right?
08:33Then went to Princeton.
08:34Right.
08:35Outside of Houston, small city called Galena Park.
08:37Okay.
08:38It was, look, it was a, looking back, it was an extraordinary environment to grow up in,
08:44all black environment.
08:47You know, middle class, I guess, for the black community.
08:51Brown high school, you know, the black community, it was an all-white community, had their school
09:00as well, and it was a neighborhood where parents could come together and serve the best interests
09:09of kids, and so any neighbor could discipline me.
09:13I got whipped all up and down the street by, you know, my neighbors, and there was a degree
09:18of trust and a common purpose in terms of what they were all about, and that was, you
09:26know, the betterment of kids and the community, and so it was a, you know, I didn't know a
09:32single, I didn't know of a household that had a single, or was a single parent.
09:37Everyone was married.
09:39I didn't even know about that phenomenon growing up.
09:41Did that change, did that help you, you think, moving forward, like, you know, having-
09:45Oh, no question about it.
09:47Not only wonderful parents, in my case, who gave us the most important thing, love, and
09:53also the belief that we could do and be anything, but also all my friends, their parents.
10:01There wasn't anyone who was a single parent, and so having that influence of fathers, not
10:09only mothers, but fathers as well, I think, played an extraordinary role in terms of
10:16my success, and, you know, look, I always say what drives me still is not wanting to
10:25disappoint my parents, and certainly, you know, I have my own kids, and that also is
10:31a driver as well, but trust me, every day, I think of my parents, even though they've
10:36been long past, that I don't want to disappoint.
10:39Yeah, what'd you learn from them?
10:41What's the biggest thing you learned from your parents?
10:43Many things.
10:44One, as I mentioned, you know, sharing and demonstrating love, not just with words, but
10:51with action, with sacrifice, with, you know, the personal sacrifice, with, I would also
10:57say that understanding that they taught me, never let money get in the way of your success,
11:05that you can be, do anything you want to be, don't worry about the money, we'll figure
11:10it out, and so they were able to have seven kids, go to college, all graduate, even though
11:16they were not of significant means, but they were able to figure a way out for us all to
11:23make it happen, and so their point was, look, focus on your education, do your very best,
11:28you do well, we'll come up with the money some kind of way, shape, or another form.
11:32When you arrive on Princeton's campus, right, is that a culture shock for you?
11:35Oh, without a doubt.
11:37It was an amazing environment to kind of witness, one that I had never experienced before, and
11:46so what I did was take a step back and understand, or understood, kind of who I was, what are
11:54my strengths, what are my weaknesses, and I spent the first two weeks just interviewing
11:59up a classmate, what courses would you take, what wouldn't you take, what mistakes did
12:02you make, what would you do all over again, et cetera, and so I developed a four year
12:06plan of how to attack the university, because I recognized, coming from where I was coming
12:11from, I wasn't the best prepared student, and I was a product of affirmative action,
12:16I was given this opportunity, I wanted to take the most of it.
12:19Also, did imposter syndrome creep in at all?
12:21I don't know about an imposter syndrome, because I'm pretty confident, I'm pretty confident,
12:28but also, I know if I was given a chance, people wouldn't have let me in there if they
12:35didn't think I'd make it, and I wasn't gonna let anybody down, so I had a tremendous amount
12:39of, not so much imposter syndrome, I didn't wanna let my parents down, I didn't wanna
12:42let my community down, and so I was prepared to put in the work to get it done, and that's
12:47why success isn't necessarily a function of how smart you are, it's sometimes a function
12:58of awareness, sometimes it's a function of understanding where the pitfalls are, I mean,
13:05I talked to one of the seniors, and I said, you know, did you have fun, and he said, that's
13:12not what this is about, this is about the impact this university has on me in 10 years
13:16and 20 years and 30 years, that's the frame of reference you should be approaching this,
13:20and I was like, well that kind of reoriented me, the other thing he said was, look, most
13:24people screw up their first two years, don't do that, you got girls, you got alcohol, you
13:28got to stay away from home, you know, so I was able to develop a four year plan within
13:35those two weeks, and I worked really, really hard my first two years, all I knew was doctor,
13:41lawyer, teacher, preacher, so it was medicine and law, the only two things I thought about,
13:45you know, and I pursued pre-med, and kind of the pre-law stuff, and worked really hard
13:49my first two years, but my junior year, I knew I couldn't keep up, so I spent that year
13:54in Europe, semester in Sweden, University of Stockholm, semester in the UK, at a small
13:59college in Oxford, England, looking at the British and Swedish healthcare systems, but
14:03also a chance to recharge my batteries, so I traveled all over Western Europe, Eastern
14:07Europe, and you know, it was much easier academically, I got credit like I was at the university,
14:14and it was much cheaper, so it was a combination of things, and I decided during that year
14:22to go to medical school, and so that's what, you know, my decision tree was, and I came
14:28back my senior year, of course got involved in the anti-apartheid movement, which was
14:32happening at the time, and post that, you know, we protested for about 60 plus days,
14:37and then ultimately took over the administration building in Sudan, but after that, graduated,
14:43and you know, came to medical school.
14:45And listen, emergency medicine, right, it's been a decade over a decade, and why emergency
14:49medicine?
14:50Well, emergency medicine, because it was fun, interesting, gave you immediate gratification,
14:56but it created optionality.
14:58Emergency medicine created optionality.
15:00The truth is, I thought I was going to be a heart surgeon, I went to visit a heart surgeon
15:06down in Houston, who had been recommended to me, and this was a black heart surgeon
15:13by the name of John Norman, John C. Norman, and I met this guy, he had gone to Howard
15:20at 15, transferred to Harvard, finished summa cum laude, 1950, Harvard Medical School, trained
15:27at Columbia and fellowship in the UK, faculty at Harvard, was recruited to Texas to be the
15:32first director of research at the Texas Heart Institute, which was doing more heart surgeries
15:36than any place in the world.
15:37And I met this man, and I realized I was just not that good.
15:41I was blown away by him, and I said, you know, I want to be as good at something as
15:49he is with what he's doing, and I knew I couldn't be that good at heart surgery like him.
15:57So again, that allowed me to, again, I wrote a proposal, got funding, went to Egypt for
16:04a bit, Israel and Jordan, to do my electives, which also created some degree of reflection,
16:12and again, in that sense, I chose to do emergency medicine because you don't work usually more
16:19than three days in a row, not more than 15 days out of the month, so it would give you
16:22all 15 days, and if I ever left medicine, I could walk out the door, I didn't have to
16:27worry about an office practice.
16:29And so emergency medicine created optionality, and it was fun, it was interesting.
16:35Absolutely.
16:36It needed gratification.
16:37Yeah, but listen, I remember watching the video, and you said instant gratification,
16:41but it is kind of, you got somebody's life in your hands, and you face that hard consequence
16:47of sometimes, you know, the life is gone.
16:49Life and death, life and death, no question, look, one of the hardest things I've ever
16:52done is, you know, tell a parent that their child, I mean, on Christmas, they got some
16:57kind of jumping jack thing, and the kid swallowed the ball, and, you know, suffocated, you know,
17:06when it came to the emergency room, you know, the child died.
17:09I mean, telling a parent, their three-year-old is never going to live at Christmas because
17:19of a gift that they got.
17:23I mean, you can't, you know, so very, very tough.
17:29But again, it is life, it is life, and there are also very rewarding things.
17:33The only thing I kind of keep from when I practiced medicine was, one of the last patients
17:39I took care of was a police officer, a motorcycle police officer, who was hit by a truck on
17:45the side of the road.
17:46He came in the ER, they couldn't intubate him or put a tube in his throat to breathe
17:52for him when he was out in the field because it was just too calamitous.
17:56So they brought him in the ER.
17:58I was able to, in fact, intubate him, put the tube in, resuscitate him, get him stabilized
18:04to get him to the operating room.
18:07And you know, I left, and, you know, a week or so later, I get a card from a woman with
18:14a picture and said, Dr. Youngblood, the reason why my husband is alive today is because of
18:22you are saving his life.
18:24And when I got to the hospital, they said you had already left.
18:27I just want to thank you.
18:29He's a deacon in our church, father of my, you know, our three kids.
18:35I appreciate what you've done for us.
18:37Absolutely.
18:38And fast forward, right?
18:39You know, in the medical field, obviously, starting your own private equity firm in 1998.
18:43And then fast forward to 2022, right?
18:45You get a call from Biden administration, and they want you to join the intelligence
18:49board, right?
18:50Did you tell them no at first?
18:51Did they try to convince you?
18:52No.
18:53You know, look, the President's Intelligence Advisory Board is a very significant appointment
19:06and one that I was humbled to be a part of.
19:11And so it allows you to give back to the country in a way that makes sense.
19:17And so I was very pleased to be able to contribute and be a part of it.
19:26What are they seeking from intelligent advisory members?
19:29You know, I would refer back to the original mission, which was developed under President
19:35Eisenhower, who wanted, was concerned that the Pearl Harbor occurred.
19:45There didn't seem to be enough outside advice given to the executive office from people
19:57in the private sector.
19:58And so that was the kind of thesis, look, I'd like a separate agency to be able to,
20:04or a separate entity to be able to give me unfiltered advice with regard to issues.
20:10As we close around here, man, and thank you so much, Doctor, for joining us at the Be
20:14OK Summit.
20:15Appreciate your presence and your insight.
20:17Wanted to, you know, flashback some, you know, quick stuff, update.
20:20I know you're in a legacy fight, $900 million at stake, oil.
20:24Is there any update there?
20:26Well, you know, look, it's going to be, what he's remarking on is the fact that my great-great-grandparents
20:36were slaves and post-slavery were able to acquire land in Texas.
20:43That land in Texas, fast forward, was in an area called the Eagle Ford Shell area of Texas,
20:52which is where oil and gas is.
20:54And so we've been in litigation around the ownership of that land with, you know, oil
21:01companies, other families, et cetera.
21:04What I would say is it's, we've been in litigation for 12 years.
21:09You know, it'll be multiple other years probably before it's all settled, but we're confident
21:13we'll be able to get it resolved in a way that's, that our great-great-grandparents
21:21would be proud of and where, you know, financially it makes sense.
21:25And this is a generation thing, too, because if that is settled, you know, it continues to go.
21:29Listen, there's no doubt about it that you're rich, right?
21:32I mean, there's no doubt about it.
21:33I'll ask you, how did you make your first million?
21:35How did you spend it?
21:36Anything you would do different?
21:38You know, I think that money, money is just a tool.
21:46It really is.
21:50My life hasn't changed, but I mean, obviously I have nicer cars, nicer home, you know.
21:58But what I would say about money is it really is just a tool.
22:03Make sure that in life you have the fundamental things that are important, that, you know,
22:09you love yourself, you love, you treat others like you'd want to be treated, that, you know,
22:15you have integrity in your words and in your deeds, that you carry yourself in a way that
22:25is respectful and also where you respect other people, that you do your very best.
22:32And where you can kind of look back on your life as it, you know, as you're departing
22:39this life and say, you know, I've been the best version of myself.
22:43And so that's kind of how I've always carried myself.
22:46And the money just happens.
22:49I mean, it, meaning it is hard work, it is all of those things, but, and it's good.
22:59Peace of mind, not having to worry about money is good, but it doesn't make you happy.
23:05Money is not going to make you happy.
23:07Money is not going to give you love.
23:10Money is not going to necessarily even, you know, protect your health.
23:16I mean, you know, money is not going to make your child, you know, great academically or
23:24great athlete, whatever that, I'm just saying those things you have to work on.
23:29You have to work to do.
23:30Money can help in some instances, but there are plenty enough people with money who have
23:36miserable lives, who have miserable situations, who I know, there are plenty of poor folks
23:43who've got miserable lives and miserable situations.
23:45So trust me, having money is better than not having money, but it's not the be all, end all.
23:50Yeah, I take that to say your first million, you spent it on a yacht or a house or something like that.
23:54A million is not going to buy you.
23:57Not the kind of boat, I mean, let me tell you, you know, the yachts are much more expensive
24:02than that, but yeah, no, I don't even, that was so long ago.
24:06Yeah, so you wouldn't do anything different though from what you remember?
24:10Because I mean, listen, a lot of times when you don't have money and you get it, then
24:14you lose it right away because you don't have to take care of it.
24:17You know, I've invested in my kids and that, so those millions I've spent with my kids,
24:30investing in them, teaching them, you know, in private schools, traveling all over the world.
24:37That's the best way to invest in your kids.
24:39Because either you want to do it voluntarily or they'll do it for you.
24:42Yeah, so that's why I invested in my kids.
24:46State of healthcare, right?
24:47We kind of talked about it in the beginning there a little bit, but I wanted to get your
24:50take, generative AI.
24:51I mean, you said this can help people, you know, prevent kidney failure, right?
24:55And one of the things you hit on earlier, you see any other benefits or what concerns
24:59you?
24:59Scare me a little bit about what generative AI could be for the healthcare industry that's
25:03not good.
25:04Well, what I would say is, again, there are other people who are much more expert at it
25:09than I am, but I think the benefits clearly are things that we mentioned, predictive analytics
25:15around, you know, who can get certain types of diseases.
25:18It's also the case that it will be helpful with regard to drug discovery in terms of
25:23creating efficiency and lowering the cost for that.
25:26Having said that, you also want to make sure that these large language models have the
25:30right data set.
25:32I mean, you know, it has to be a comprehensive data set that includes us.
25:36So, because if it excludes us, then you're going to, you know, bad information in, you're
25:41going to get bad information out.
25:42And so, I think one of the most important things is to make sure that, you know, culturally
25:49that we're included and included in a way that makes sense.
25:53Yeah.
25:54Two more things.
25:54I'll let you get out of here because you're a CEO.
25:56You're tired.
25:57I know, doctor, you just came from Iceland.
25:58You want to get back on a plane and go to hell home.
26:00I get it.
26:02The, what's the best advice that you've ever received on an investment?
26:05Best investment advice.
26:08The best investment advice.
26:10The best investment advice I've received is, you know, to really let your winners run.
26:22That is, we have a good company, invest more, do more, and then cut losers off as soon as
26:29you can.
26:29Just, you know, you know, cut the losers off as soon as you can.
26:33And that may mean firing the CEO.
26:36That may mean, you know, putting the company up for sale and losing, you know, whatever
26:41that is.
26:42You know, invest more in your winners, but also cut your losses as soon as you can.
26:46Absolutely.
26:47Get you out of here on Good to Great, right?
26:48Jim Collins' book.
26:49I love that book, Good to Great.
26:51One of the best business books I've read.
26:53What's the difference between a good elected official and a great one?
26:56And I say that because you, at one point in your life, wanted to get into politics.
27:00And now, we like you better on this side, but we may need you on the political side.
27:04But from, you know, you've been around presidents, Obama, President Clinton, President Biden
27:09now on his Intelligent Advisory Committee.
27:11I think you would probably know the difference between a good elected official and a great
27:14one.
27:15I think a good elected official and a great one is, it's similar to having leadership
27:22position in anything.
27:22That is, you know, knowing what you know, you know, having some degree of expertise,
27:29but understanding what you don't know.
27:31Being prepared to acknowledge what you don't know.
27:38Taking, you know, different ideas from different people to be informed about, you know, the
27:46judgments that you make.
27:48I think having integrity and belief in certain positions and being able to stick with those,
27:57whether people agree with you or disagree with you.
28:00And, you know, having faith in the system.
28:04That is, there are pillars of institution within the United States.
28:09Sometimes I get it right, sometimes I get it wrong, but long term, you know, having
28:13faith in them because ultimately I think they do sustain and make America what it is,
28:20which has been an extraordinary experiment in democracy.
28:23I thought you were going to say make America great again.
28:24I was, my heart was jumping.
28:27Neal and Youngblood, thank you so much, sir.
28:28I appreciate the time.
28:29I look forward to learning more from you, you know, especially on the private equity
28:33side and I'll come down to Dallas to visit you.
28:35I'll take you to Earl's out in Plano, but I appreciate the time here at the 2024 BLK
28:40Summit in Atlanta.
28:41Neal and Youngblood, Jabari Young.
28:42See you next time.

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