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The Importance of Zero Management Fees
I think we need to get away from this idea of thinking about is private equity a good thing or a bad thing? Is it black and white? We also need toget away from looking at the industry as a whole. And so I think you need to look at individual sets of funds that are not taking on too much risk. You want to have a bounce portfolio, whether you're running your own pension fund or whether you're investing in public equities.