I have been of the opinion for several years now that the concept of alternatives is outdated. Back in the day it was often used to identify anyone in the investment management industry that was not a traditional long only mutual fund manager. As the investment management world continues to evolve arguably there is little fundamental difference between a mutual fund manager investing in the public markets and a hedge fund manager doing the same. What has become relevant are those managers who focus on investing in the public markets vs those who focus on investing in the private markets
Michael, when we spoke a while back, we discussed what you referred to as "alt alts," e.g., investments in watches and certain collectibles, non-listed REITs and BDCs, etc. I'm curious about how we define this category going forward, especially since there are now legitimate secondary markets to buy and sell them.
I have been of the opinion for several years now that the concept of alternatives is outdated. Back in the day it was often used to identify anyone in the investment management industry that was not a traditional long only mutual fund manager. As the investment management world continues to evolve arguably there is little fundamental difference between a mutual fund manager investing in the public markets and a hedge fund manager doing the same. What has become relevant are those managers who focus on investing in the public markets vs those who focus on investing in the private markets
Michael, when we spoke a while back, we discussed what you referred to as "alt alts," e.g., investments in watches and certain collectibles, non-listed REITs and BDCs, etc. I'm curious about how we define this category going forward, especially since there are now legitimate secondary markets to buy and sell them.