The Institutional Risk Analyst

APO CEO Marc Rowan has argued that private markets are superior to public markets due to consistent excess returns (1.5% higher annually), better diversification, and lower risk than traditionally assumed. The debacle around OWL and other examples suggests that Rowan is mistaken and that public markets are superior to private schemes.

The rotation away from institutional investors to retail funding source for the $1.7 trillion direct lending market is an ominous sign

Central bankers cannot quantify any of the key benchmarks of current monetary policy beyond metaphors about stars and clouds