My rough analysis is there is a hierarchy: - public markets - VC - PE - Family Office The smartest money is people you've never heard of buying high qualit

My rough analysis is there is a hierarchy: - public markets - VC - PE - Family Office The smartest money is people you've never heard of buying high quality assets. VC and PE are basically running their own versions of fixing up companies and dumping them on the public, and public markets are where all the dumbest money is.