By
Borsgade
In a somewhat different and quite humoristic article, Cliff Asness from AQL discuss the ‘cognitive dissonance’ many investors practice daily. These are things Cliff would think were hard for investors to believe simultaneously, but somehow isn’t…
There are many good examples and some food for thought for even seasoned investors.
Illiquidity is a “bug” that investors in private assets should get a return premium for bearing, as you get paid for putting up with a “bug”…
…but illiquidity is also something that makes private assets easier to hold (a “feature”), and that benefit should be free and not impair the premium at all because you never pay (in lower expected returns) for a “feature”
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