Excess Returns
topic on 2 shows · 6 statements across 5 episodes
6 statements about Excess Returns, every show
Assaf: Private market excess returns will likely diminish with increased competition
“And so, as the private market world becomes more and more accepted, we'll probably start to see the excess returns diminish.”
David Clark: Quantitative VC Decision-Making Erodes Excess Returns
“I think the more quantitative the decision becomes, the more that excess returns will probably get competed away.”
Whineray: Institutional crowding drives asset class excess returns toward zero
“As more institutional investors get into an asset class, then perhaps the excess returns decline over time to possibly zero or worse, less than that because of fees.”
Whineray: Excess returns in mid-market private equity have compressed
“When you think about others like private equity, it just feels like there's just more and more allocation to that, and that market which might have been much more inefficient for unlisted companies, you know, in the two to three to 400 Million dollar range a f…”
Mauboussin: Non-fundamental demand shocks create excess returns in asset markets
“So there have been some really interesting papers about, like, who has the money, what do they want to buy, and what does that mean for these downward sloping demand curves, and there's good evidence that you create these sort of excess returns as a consequenc…”
Mauboussin: Standard Deviation Of Active Manager Alpha Has Narrowed Over Time
“So one of the ways to quantify that as we measure the standard deviation of excess returns, the standard deviation of alpha, right? So you imagine alpha plotted as a bell shaped distribution, which is roughly not a horrible way to look at it. And that bell has…”