Is Crowding Really Real?

Investment banks are often talking about crowding. Is this something you think is real? Is it imagined? Do they have it right? Oh, I definitely look at it. Indeed, I have a paper on crowding. Again, it's on SSRN. And it takes a completely different approach. It looks at the difference in performance of funds that have like a single manager versus a team of managers. When funds come in, those ideas get crowded. Whereas with a team, and assuming the team is a diverse team, you've got many more ideas. So I believe crowding is something that is very real.