public market equivalent

also referred to as: pme

2 statements across 2 episodes · 0 bullish · 1 bearish · 2 people on the record · first statement Nov 4, 2022 by Michael Mauboussin · across every show →

Everything said about public market equivalent, oldest first

Nov 4, 2022

Assertion Supported

Mauboussin: Venture capital excess returns are highly episodic and short-lived

“If you look at long-term public market equivalent, so, so this is how academics are measured is public market equivalent for venture capital. It's actually been pretty good over long periods of time, but it's extremely episodic. So almost all the returns are e…”

Michael Mauboussin Nov 4, 2022 ▶ 28:41 Michael Mauboussin: The Single Biggest Mistake Investors Make In Decision-Making | 20VC #945 · 20VC with Harry Stebbings

Aug 4, 2025 negative

Assertion Partly supported

Only Top-Decile VC Managers Consistently Beat Public Markets

“Because at that point, top decile, you are achieving returns above the PME consistently. But below that, even top quartile, you're not.”

Miles Dieffenbach Aug 4, 2025 ▶ 0:19 Miles Dieffenbach: Inside Carnegie Mellon’s $4BN Endowment & The Math Behind DPI, TVPI, Illiquidity · 20VC with Harry Stebbings

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public market equivalent

Everything said about public market equivalent, oldest first

Turn any episode into a week of clips.