The Magic Show Problem: Why Your Private Equity Returns May Feel Like an Illusion

While visiting Pier 39 in San Francisco with my family, a street magician made a $20 bill multiply into $100 right before our eyes—a 400% return in seconds! My son was…

Marius A. Holzer, CFA, CAIA, CIPM June 18, 2025

Manager Selection Private Markets

What My Local Pizzeria Taught Me About Private Equity’s Biggest Myth

Our family’s Friday ritual was pizza at El Grotto, a tiny place where the pizzaiolo knew our order before we sat down. Then came the glowing newspaper reviews. Lines snaked out the…

Marius A. Holzer, CFA, CAIA, CIPM June 10, 2025

Risk Management

Your “Unprecedented Times” Aren’t That Unprecedented – Timeless Strategies for Navigating Uncertainty

We love to complain about how uncertain everything is today. "These unprecedented times!" we cry. "Everything's so unpredictable now!" But here's the thing: uncertainty isn't new. Consider the ancient merchant…

Marius A. Holzer, CFA, CAIA, CIPM June 3, 2025