The AltView @DerAltView
Alternative Investment skeptic; investor advocate 'Merica Joined September 2015-
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@FreddyLA7 Ferry across lake Champlain is *mint*. Drink some good VT beer in Burlington
"If somebody interferes with your marketing, you're not going to like that."-David Swensen The AltView is here to do just that. Ernie's Alts Adventure continues, and shit gets real. Feat many industry players incl @FTI_US @Prudential and others @CliffordAsness thealtview.substack.com/p/ernies-401k-…
@LeylaKuni your post is not credible: we are DEFINITELY gonna believe it....
FAKE PLASTIC TREES Radiohead said "Gravity always wins". For Hamilton Lane's Private Secondary Fund, not yet anyway. When the gap between the marketing and the legal dislosures grows too wide.... True reality may be obscured. Which world do you live in? thealtview.substack.com/p/hamilton-lan… #privateequity #evergreenfunds @hamilton_lane
Alts investing using common sense and logic, guided by evidence? What a novel idea! Excerpted from TheAltView's comment on the DOL's Alts-in-401(k)s initative. thealtview.substack.com/p/ernies-alts-… @CliffordAsness @LeylaKuni
Well timed, even if this fund is not the one in the news today....
On the subject of redemptions, here's another fund to watch: this one is PE, not private credit Case study dropping tomorrow
@CliffordAsness @CliffordAsness Swenson would most definitely not approve I mentioned you both in my DOL comment on alts in 401ks. Will post tomorrow.
HLNE management says: 1. People (like the AltView, maybe?) don’t understand how secondaries work. Hmm. 2. HL’s Private Asset Fund was changed at the request of PAF investors, who wanted a different structure. Really? Can we talk to these investors? What WE don’t understand: how investors would knowingly vote to pay millions and millions in incremental fees. The AltView was able to figure it out. We think the voting investors didn’t know. Because if the PAF investors did know, those investors would have their own (fiduciary) problem. @LeylaKuni @NickNemo17 thealtview.substack.com/p/recording-20…
There are so many silly arguments used in favor of investing in Private Equity. Among the most common: the number of public companies has shrunk, by about half, since 2000. And the number of private companies controlled by venture capital and private equity funds vastly outstrips publicly traded ones. Since the vast majority of these are puny, this framing exaggerates the overall opportunity. If financial services marketers were committed to mathematical integrity, they’d never use this approach. One private company that is not small: SpaceX. The company is apparently worth nearly 12% of the total universe of managed private funds. When SpaceX can be bought in the public markets, the investible universe of all privates (measured in dollars) will notably shrink. Of course, in the Alt-sellers’ framework, it’s just one company of thousands….@SpaceX @
More @FTAlphaville love for @DerAltView ft.com/content/1e0825…
Is the *Passive Alpha* band breaking up? IPERS has announced a nationwide search for a new CEO. Suggested Interview Questions from the AltView: 1. Is it ok to have no benchmark for 30% of an investment portfolio? 2. Re: Swedish Naming Conventions: might you rename Liquid Absolute Return Strategies (LARS), which lost 20% of its value last year AND is benchmarked to cash, SVEN: Significant Volatility Expected Normallly? 3. Is it cool to claim alpha--year-in, year-out-- on passive equity investments? The AltView Substack is FREE: thealtview.substack.com/p/ipers-passiv…
AltView Mug Unveiling! open.substack.com/pub/thealtview…
@gwilliams81 @LeylaKuni well they had to have the money to pay for the stuff, thats not nuthin'
At The AltView, sometimes we struggle with basic concepts. For example, we can't understand how Hamilton Lane recommended its Private Assets Fund investors vote to make fund changes that cost said investors (conservatively!) an extra $100 million in fees, while ALSO saying that those changes would be good for the fund's investors. Interested in knowing who wrote the proxy that explained (sort of) it all, we did some digging..... The AltView substack (FREE) thealtview.substack.com/publish/posts/…
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