Illiquidity as a Feature
Cliff discusses the dual nature of illiquidity in private equity, arguing that it can enhance investment performance rather than detract from it. He highlights the cognitive dissonance faced by investors who believe illiquidity is a disadvantage while simultaneously benefiting from it. Ultimately, he suggests that the perception of illiquidity has shifted, with current market multiples aligning more closely with public markets than in the past.In this clip
From this podcast
Capital Allocators – Inside the Institutional Investment Industry
Cliff Asness - Simple Investing is Hard (EP.385)
Related Questions
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