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Barry Ritholtz, Ritholtz Wealth Administration Chairman and CIO & “Masters in Enterprise” host, discusses risk-reward and the much less liquid features of the market:
“I’m reminded of the phrases of the good investor, Groucho Marx, who mentioned ‘I don’t need to be a member of any membership that may have me.”
After we have a look at options and that’s all the things from enterprise to hedge fund to personal fairness, those you may get into are inclined to to not be the highest performing funds. You probably have a billion {dollars} and also you’re properly related, I could make a number of cellphone calls and get you into the highest decile of alts, however most traders don’t have entry to that.
So you find yourself in a circumstance the place you’ll be able to’t deal with the universe of alts like you’ll be able to the marketplace for shares or bonds. You find yourself with a really fats head / lengthy tail of a handful of alpha mills after which an entire lot of pricey under-performers…”
2021 Made The Market Look Simple
Supply: Bloomberg, August 2nd, 2022
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