Animal Spirits Podcast
Talk Your Book: The Next Big Short
Oct 28, 2024
Jared Dillian, Founder of Jared Dillian Money, shares his critical views on private equity, arguing that it's currently in a sentiment bubble. He emphasizes the need to understand demand dynamics and the risks tied to lower-tier funds, especially during economic downturns. The discussion also touches on the impact of recent HVAC private equity deals and the broader implications of upcoming elections on market volatility. Dillian's insights highlight the complexities and challenges of navigating private equity investments today.
32:30
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Quick takeaways
- Jared Dillian's skepticism towards private equity stems from its unsustainable expansion and inflated valuations amid high investor demand.
- The discussion highlights potential risks in private equity investments, particularly concerning diminishing returns and the illiquidity that can exacerbate losses.
Deep dives
Jared Dillian's Perspective on Market Trust
Jared Dillian expresses a deep-seated skepticism toward the stock market, rooted in his experiences during the dot-com bust and the 2008 financial crisis. Dillian's career began in 1999, and witnessing the dramatic market failures left a lasting impact on his investment philosophy. He contrasts his viewpoint with that of Michael Batnick and Ben Carlson, who have maintained a more optimistic stance towards the stock market. This divergence in perspectives emphasizes the emotional and psychological influences that past experiences can have on investment strategies.
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