(1) Pension funds don't have LPs (2) Pension funds often are LPs, and they're widely refereed to as "dumb money" because they would be the last entity to do an

(1) Pension funds don't have LPs (2) Pension funds often are LPs, and they're widely refereed to as "dumb money" because they would be the last entity to do anything remotely intelligent. (3) Private companies often do not even produce the kind of information talked about here, let alone do they give it to their investors, let alone do those investors pass the information along. If you are "willing to bet" on all those things, then I can see why casinos are so profitable.