No. of Recommendations: 4
rather than waste an update on yet another dalrymple short report, i found a fairly convincing article that purports institutions are waking up to the fact they may be overpaying for underperforming alts. (just as retail piled into equity indexes due to fees)
yet, alt managers are counting on the trend that retail lagging entry into alts have a long way to go.
ennis 2025, makes a compelling case that even when sliced into different alt categories (RE, hedge funds, PE), all of them have risk adjusted underperformance vs this benchmark index composite :
Russell 3000 index (~50%)
+ MSCI ACWI ex-US (~20%)
+ Bloomberg US Aggregate bond (~30%)
note, this is a headwind on top of institutions having long reached an alt allocation ceiling and not continue to contribute.
No. of Recommendations: 3
note, i have made my first ever trim (~15%) of core brookfield , held since ~2011 and added several times after. bn remains my largest weight. i have always sold spins when tax-appropriate.
this was mostly for tax reasons also, but have been re-evaluating 2025 published bull\bear cases while near shareprice highs in an era of gop fiscal dominance. am also 6yrs into FIRE, and switching heavily into wealth retention mode.
at the broadest portfolio level, i recommend this perspective :
https://excessreturnspod.com/podcast/excess-return...
No. of Recommendations: 0
hit next ~10% limit sale, and realized tax losses are now offset to date.
if summer crash happens, i may be adding bn post-wash rule.
see
https://www.shrewdm.com/MB?pid=648764478odds are better another name or fund may be more appealing.
