These are pretty vague and generic statements. None of those firms just arrived on the scenes. They all have long track records of delivering real value for the

These are pretty vague and generic statements. None of those firms just arrived on the scenes. They all have long track records of delivering real value for their investors. By and large, the big pension funds aren't silly. They understand incentives aren't perfectly aligned. It doesn't mean people can't behave well and manage them.