2021 Made The Market Look Easy, says Ritholtz

The transcript discusses the challenges of annualizing returns and the behavioral aspects of managing equities. It highlights the impact of market trends on new traders, particularly those using platforms like Robin Hood and Reddit. The conversation shifts to private equity, emphasizing the lack of visibility and liquidity in certain markets. The concept of an illiquidity premium is explored, along with the appeal of alternative investments like venture capital and farmlands. Finally, the discussion touches on portfolio management strategies, comparing liquid and illiquid assets, and the challenges of accessing top-performing alternative funds.

What are the potential risks associated with annualized returns in investment?

Discuss the impact of market volatility on the behavior of retail investors.

What is the significance of the illiquidity premium in alternative investments?

How does the concept of liquidity affect investment decisions in private equity?

What challenges do investors face when accessing top-performing alternative funds?