Value Investing and Lifelong Learning with Cole Smead
Excess Returns
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Do You Have Internal Discussions About Liquidity?
One of the things that's pretty impressive with your firm is that you guys have actually experienced pretty rapid growth. And I'm wondering, do you ever discuss internally about keeping the fund open or maybe closing it? Or how do you think about that? That's a good question. If we were having this discussion say five, six years ago, I would have said, yeah, you know, about 20 billion dollars might be the mark in our US equity portfolio for us to shut down. But if we're having that discussion today, I would say it's lower. For all the same factors, we talked about stock returns, the liquidity of the environment. We generally kind of peg at 16
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