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Cliff Asness - "...But Not So Open Your Mind Falls Out" (S3E13)
Flirting with Models
Is There Any Incentive to Do a Better Private Equity Product That's Systematic?
I have every incentive in the world to do a better private equity product that's systematic, that charges much lower fees as we've done on a lot of the style stuff over time. But I don't see it as likely ever, and certainly not in the near future with the reasons being the situations are bespoke the data is not great and it certainly can't trade. We're not having a value draw down. No, we haven't realized those returns yet. And by the way, I don't think we will be down on a long term horizon. So the counter argument is, yes, we know this just makes us better investors but it's also somewhat frustrating to those of us
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