Larry Kochard
speaker
464 appearances
1 recordings
1 series
first heard Feb 2026
last heard 11 Feb
Larry Kochard’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
Alpha is hard.
Investment firms are very good at selling themselves.
A lot of performance is due to luck and not skill.
And so you really have to search in the right places.
Ultimately, Alpha, it's a zero-sum game, a negative-sum game, because the returns net of fees are going to be
negative sum so the way you generate sustainable alpha long-term alpha is you have to be able to find inefficiencies that can be exploited and you have to find skilled managers that are good at exploiting that the efficiency part again waxes and wanes over time inefficiencies
will exist because something's hard, because a market is dominated by more momentum, trading oriented investors.
And there's just a certain amount of complexity.
Private investors, to me, the reason you invest in private is less about
this because for years people thought there was this illiquidity risk premium.
You just naturally will get compensated because people require extra return for the compensation of the greater illiquidity of private investments.
Because of all the money that has flowed in to private investing, I just don't think that's true anymore.
And really, ultimately, the value proposition is finding managers that might be good at the buy, might be good at the sell, but ultimately are good at helping
make change, positive change to the underlying portfolio companies or properties or whatever they're buying.
And that's ultimately the skill that distinguishes a very good manager relative to one that is mediocre or not so good.
And so that's something that I think is repeatable.
It's hard to find.
Again, you have to do the work and look position by position.
What have managers achieved?
Merging markets are relatively inefficient, which I do agree with.
Showing 101–120 of 464 · page 6 of 24
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