The thing that's hard to communicate and I think why private markets are interesting is you can buy things that are actually cheap. In public markets, true mispricings are rare and fleeting. In private markets, you can find things that are just structurally mispriced because the market is less efficient, the information is worse, and the buyer pool is smaller.
If you think you're a stock picker, just keep in mind you're competing against an algorithm that looks at millions of points of data designed by a ton of PhDs making a lot of money all in a room who do nothing but try and pick up on signals. And you're watching CNBC or deciding because you see a long line outside of Chipotle that you're somehow informed on the markets.
The lesson out of that which is sort of a textbook lesson which is that you don't want government picking winners and losers cuz a it's not very good at it and b even if it is good at it like to whom does that benefit a crew?
6mo ago
Underscored — save the words that stop you in your tracks.
