Transparency

Should investors discount the possibility of an illiquidity premium – potentially significantly?

Every year over the past 10 years we have written a similar letter.

Bigger is not better in the money management business and the larger you are as an investor, the harder it is to allocate in a manner that keeps managers small.

It is not easy and requires a lot of active discipline and fortitude.

An idea that may put both the industry and investors in a better position to form stronger, more lasting partnerships.

Reviewing what the data says and letting the chips fall where they may.