The Magic Show Problem: Why Your Private Equity Returns May Feel Like an Illusion
A street magician turned $20 into $100 for my son. A private equity fund’s headline IRR performs a similar trick. The numbers to ask for instead.
Month: June 2025
What My Local Pizzeria Taught Me About Private Equity’s Biggest Myth
Our favorite pizzeria lost its magic once it got famous. Most top-performing fund managers do too. Why past rankings are a poor guide to picking the next winner.
Your “Unprecedented Times” Aren’t That Unprecedented – Timeless Strategies for Navigating Uncertainty
Merchants faced pirates and farmers planted without forecasts. Uncertainty isn’t new; our illusion of control is. Old habits for an unknowable future.