Thoughts on Private Equity tldr; Private Equity funds use highly optimistic assumptions. They only make their investors money when interest rates decline - like big, illiquid, leveraged shorts on Treasuries. It's gonna get ugly this decade with rising rates. Most people don't understand this. (excerpted from our 2023... See more

One of the greatest mistakes I see smart people making is assuming that the S&P 500 will yield 8% “because it always has”. I would to introduce them to Japan’s Nikkei 225. If you bought the index in 1988 (!!!) your return would be negative 25 years later. Turns out valuation matters.... See more

The most beautiful summary of the last 2 years of equity market activity by Howard Marks https://t.co/5Ma9Vcavwe