Subject: Re: New rules, what would Buffett say?
Private markets have gotten big enough in the last decade to be considered an asset class. Offering them to retail investors is not outrageous.
Of course what is outrageous are the fees and the lack of disclosure in sharp contrast to stock ETFs and public stocks respectively. But it's a free country. If you want to get fleeced in the hopes of beating the (public) markets, be my guest!

Oh, I'm pretty sure that private equity gives you value for your high fees. The thing you get in return is heavily smoothed, occasionally fake, almost never dropping, prices. With public markets you see the true mark-to-market price of things, and nobody wants that. Not institutional investors, that's for sure.

Jim