I Did Not Predict What Is Going on In Privates

I push back on claims that I predicted recent turmoil in private markets, clarifying that my prior work focused on long‑term issues like volatility mismeasurement, illiquidity, and expected returns—not short‑term market calls. While privates play a real economic role, I argue investors shouldn’t confuse smoothed valuations and perceived stability with lower risk or superior long‑run performance. Read Full Article »