by andsoitis on 6/23/2025, 1:28:52 PM
by helsinkiandrew on 6/23/2025, 12:45:22 PM
by mamonster on 6/23/2025, 1:42:48 PM
Now that the jig is up regarding the performance of alternatives (nowhere near as uncorrelated as advertised) the goalposts have shifted from making carry to charging management fees on the AuM.
> Many investors are opting into complex, costly, and often illiquid structures — even as the long-term payoff remains uncertain. Compared to tax-efficient ETFs, these alternative products tend to carry higher fees, greater opacity, and less liquidity.
Hard lessons are coming.