The Rewind: It Is What It Is
The Memo by Howard Marks
Private Equity Is the Solution, Not the Solution
When something is anointed as the solution, bat i call it the silver bullet. When everybody concludes that x y z is the solution, capital flows to x y z. The average private equity fund has not added value for 12 years. In the last 15 years, in my opinion, so much capital flowed into hedge funds that they stopped out performing and their performance has been very lack lustre over the last 15 years.
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