4min chapter

Invest Like the Best with Patrick O'Shaughnessy cover image

Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]

Invest Like the Best with Patrick O'Shaughnessy

CHAPTER

Private Equity vs Venture Capital - Is the Returns Different?

Morgan: I'm starting to become sceptical that the returns differ all that much, in the aggregate, from one of those categories to the other. Once you adjust for lever e, and particularly when you adjust for risk, the return's probably pretty comparable throughout that life cycle - which is kind of counter intuitive. Morgan: One of the big differences between private markets,. whether it's p e or v c, most of the time, the investments are being done out of funds that are probably a ten year fund with effectively no liquidity.

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