I would have presumed that Blackstone, Ares, KKR, and other alternative asset market leaders were already well-known brands in the democratization of alternatives, but the playing field is either wide open or a firm called I Don’t Know Asset Management is secretly crushing it. However, when Bain asked wealth managers for the names of firms that offer alternative investments, here is what they found: Matt Brown from CAIS shared mind-blowing data about the tidal wave of capital coming to alternatives from the channel on the podcast last year. I thought about the important investment phrase – “I don’t know” – when reading a Bain & Company study on the private wealth market. It’s what forms bubbles in markets and what makes for great television on CNBC. Yet every day we see market participants behaving as if they do. Of course I don’t It sounds so obvious when I say it that way. But the truth is I don’t know what the future holds. Īt the end of my last blog, Playing for Tomorrow, I shared a series of opportunities and risks that I believe have a greater than 50% chance of occurring. The late Peter Bernstein defined risk as “you don’t know what will happen,” adding “even when you think you do.” There’s a fine line that investors walk between conviction and humility, but those who believe they know the future without a shadow of a doubt fall a notch in my estimation.
Mine is investors who express absolutes in a world of probabilities.
I ask every guest on the podcast “What is your biggest investment pet peeve?”
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