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I don't really understand their portfolio at all. 700+ positions (comically overdiversified), top 2 holdings is the S&P and an emerging markets ETF that make u

• smallnamespace 3y ago
  If you think they are good at picking winners at scale then many small bets makes sense, like a VC fund. Of course it's harder to tell if they're doing any work since they're not private investments, but many VC funds also ride coattails without adding much alpha.
  • toomuchtodo 3y ago
    https://www.youtube.com/watch?v=oFPMvlLlkyY https://www.youtube.com/watch?v=oFPMvlLlkyY Less than five minutes, but gets the point across. Skip to 2:50 for visual.
  • tempsy 3y ago
    This is not anything like a VC fund. 700+ positions in mostly large mature companies is so overly diversified that it would be near impossible to deviate too far from S&P or a world index.
• yieldcrv 3y ago
  in my experience investing in hedge funds, there is no accurate way to tell what an individual investor actually gets the reference performance from fund inception is a pretty poor proxy if you were not a limited partner from inception side pockets can be the greatest of all time