The Pros and Cons of Private Equity

Pension funds really are the enablers here. It's partially due to the accounting rules that we had an underfunded pension system for a very long time where the pension funds were allowed to make actuarial assumptions about what their future obligation was and therefore impute what the returns needed to be. They have obligations that they cannot meet. But now the returns are not. They're reverting to the mean to the S&P 500 much cheaper, you know, less opaque, much more transparent,. You know what you own. Plus you don't have the problem with the weird marks of private equity.