On Listening to the Private Markets, Amazon Aggregators & More

• The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.


• The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.


• As returns converge on a mediocre market-rate, investors

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