Private Equity

If you run a fund, you get even 1% of a billion. You're getting $10 million a year coming in. And if you've got the money locked up for a long time, it's a very one-sided deal. What I don't like about a lot of the pension about an investment is I think they like it because they don't have to market down as much as it should be in the middle of the panics.I think that's a silly reason to buy something because you're given leniency in marking it down. Yeah, well, that was pretty bad here. The trustees here, perfectly decent people. And the manager had done OK to that point