Great Migration Public to Private Equity

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[00:02:27] – (First question) – Motivation for writing the book from public to private equity

[00:04:48] – Size of the public vs private markets

[00:07:20] – History and changes in the public to private markets

[00:12:00] – Public market vs venture capital returns

[00:16:48] – Persistence of returns 

[00:20:01] – Role of price and EBIDTA on the returns of a buyout

[00:23:31] – How buyout firms are sourcing the debt

[00:29:31] – Transition to businesses relying on intangibles

[00:36:21] – Superstar firms and increasing returns

[00:42:38] – Role of monopolies in creating network effects

[00:04:52] – The allocators perspective in these investments

[00:49:16] – How does this all impact public market active management

[00:51:54] – Advice to young people getting into the investment industry 

[00:53:30] – Other areas he is researching/looking into 

[00:55:44] – How investment work and Santa Fe research influence each other

[00:56:54] – Investors to learn from