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As the number of listed public companies continues to shrink, how do very large funds and investors manage their exposure to the American economy? Not a problem for a tiny fellow but consider the issue for a fund with 5 or 10 or many more billion

To clarify, I was referring to pension funds and SWFs and the like. Their decision-making is quite different than a Buffett or a Tepper.

And none of them own BX, APO or CG -- though some do their own PE I realize.

True. But I couldn't care less if they own it or not. What Buffett can do will his billions is different than you or me and he owned IBM which I didn't and I owned MA before Berkshire did. Buffett can buy whole railroads and I cannot. Different sandbox.

Tiger Global bought APO hand over fist. Maybe that makes people feel better because they're successful and smart. Again, I couldn't care less.


What it comes down to whether or not critics want to admit it is that some people don't like PE. They don't like the fees. They don't like the approach which they usually mischaracterize as simply applying leverage, a characterization which if accurate applied to an earlier era of LBOs.

Perhaps they think that investors in alternative managers are going to wake up tomorrow morning and reject PE and alts.

Yeah, right.

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