Niche alternatives offer better alpha - Mezzanine debt and specific search fund models currently provide more attractive risk-adjusted returns than the crowded roll-up strategies favored by large institutions.
“Wall Street often profits regardless of whether the underlying investments succeed.”
The Rise of AutoResearch - AI is transitioning from passive assistants to closed-loop agents capable of designing, executing, and optimizing their own experiments without human intervention.
“We’re moving into the 'loopy' era where agents aren't just helping you write code, they are closing the loop on the entire scientific process of discovery.”
Private equity is losing its edge - Returns have compressed over the last decade to the point of barely outperforming the S&P 500, yet they require much longer lockup periods and come with higher illiquidity risks.
“Wall Street often profits regardless of whether the underlying investments succeed.”
The Loopy Era of AI - We are entering a phase where models improve through autonomous feedback loops and self-generated data, moving beyond the constraints of static human datasets.
“We’re moving into the 'loopy' era where agents aren't just helping you write code, they are closing the loop on the entire scientific process of discovery.”
