far33d, I think you're right about the y-axis. Here's a relevant page from Cambridge Associates (the source for this data): https://www.cambridgeassociates.com

far33d, I think you're right about the y-axis. Here's a relevant page from Cambridge Associates (the source for this data): https://www.cambridgeassociates.com/Indexes/ I couldn't find the exact stuff Kedrosky graphed but most of their stats are for net end-to-end return to LPs, which would be value actually returned to investors.