Albert Einstein once said, “Everything should be made as simple as possible, but no simpler.” The investment industry, however, seems to subscribe to a different motto: “Make things as complicated as possible, and then complicate them a little bit more.” Wall Street salespeople talk about alpha (a [...]
A careful look at private funds
When asked why he robbed banks, Willie Sutton replied, "because that's where the money is." Similarly, private funds are attractive to high net worth investors because they carry the potential for outsized returns - that's where the money is. Several factors explain this potential. Among them: [...]
An (inadvertent) lesson for individual investors
Living in a busy house with children, I am no stranger to arguments. And, as a frequent observer of these debates, something I’ve noticed is that it is always helpful when the other side makes your own argument for you. Something like that happened in the investment world this week, and it’s worth [...]
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