David Weisburd

They'll just take 3% for just the services.

So they're basically being paid in services.

There's so many different models emerging.

There is some good news on that front.

I interviewed Professor Steve Kaplan from University of Chicago and also Professor Gregory Brown from University of North Carolina, two of the leading researchers in the entire world in space.

They both use the same data set, which is the MSCI Burgess, which is LP driven data.

So in order to get the ground truth, GPs, there's going to be, GPs are only going to report their best funds or some GPs are only going to report their best funds.

So you have to go to LPs for ground truth.

And most interestingly, when I interviewed Professor Steve Kaplan, he had just gotten a look at the Adapar data.

So Adapar now is somewhere around $7 trillion in

and assets on their platform from a data standpoint.

So they're actually getting very similar data to MSCI Burgess.

So completely independent data set is getting to similar ground truth.

So that was very promising.

One of the hardest things of investing is seeing what's shifting before everyone else does.

For decades, only the largest hedge funds could afford extensive channel research programs to spot inflection points before earnings and to stay ahead of consensus.

Meanwhile, smaller funds have been forced to cobble together ad hoc channel intelligence or rely on stale reports from sell-side shops.

But channel checks are no longer a luxury.

They're becoming table stakes for the industry.

The challenges has always been scale, speed, and consistency.