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55 | Chris Schelling | The Psychology of Investing

The Greatness Machine

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The Importance of Liquidity in Private Equity

I think I do think part of what is a value from hedge funds and private equity is that you can't sell at the wrong time, right? And so people who are proponents of liquidity say you have this optionality embedded in the market. The reality is that people don't do a great job of that. Volatility isn't risking the long run; it's a behavioral risk. It makes you, it makes you make bad decisions the wrong time.

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