Patrick O'Shaughnessy

All this thing you just described is like all the means to that end.

What are the biggest risks?

The trend seems to be everyone is saying that wealth management clients need to go from zero-ish private equity exposure to like much, much higher.

And the reason is better returns or risk adjusted returns, et cetera.

You've been doing this a while now.

What are the big risks that you see in allocating to private equity now if we're about to get this big wave of a new source of capital doing so?

So really, the risk is that you get results having given up liquidity that you probably could have gotten for very cheap, very liquid results.

be that public bonds, public stocks, whatever.

And it also makes me wonder about the duration of the partnerships.

The beautiful thing about SPY or whatever is you can buy this morning and sell this afternoon if you want.

In the business that you're focused on and you're getting in bed with...

a person or a couple people leading the firms that you give this money to what lessons have you learned that you would coach the next generation of people that want to build a great sterling wealth management privates allocation platform or something about getting that piece of the equation right what are the big lessons learned

What's your most direct and honest assessment of the wealth management industry?

I understand the banks and their problem.

And then subscale is a problem.

Then there's this other middle channel, which is the roll-ups, other big collections of RIAs or just big individual RIAs.

But I don't know of many of those, maybe Iconic's an exception, where Iconic has seemed to have been able to develop a alts investing program that's respected and sought after or whatever.

But there's not like, I can't name five other ones.

So why is that not the case?

There are other places as big as you, but they're not like a sought after LP yet.