Telis Demos

speaker

290 appearances 5 recordings 1 series first heard Aug 2025 last heard 2 Aug

Telis Demos’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Aug 2026 with 1.

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WSJ What’s News · The Buried $150 Billion Bet Inside the Top 20 U.S. Stocks · 2 Aug 2026 podcast

All right. voice-verified

Welcome back. voice-verified

So what I was referring to there before the break, Caitlin, was that you did a couple of years ago, and I think you're still actively updating it, right? voice-verified

A very big survey of the returns from private assets. voice-verified

I think you looked across private equity and private credit, right? voice-verified

Thousands of different funds. voice-verified

Well, and so what Spencer is saying about, you know, how the market maybe has gotten over its skis a bit, the public market. voice-verified

I don't know. voice-verified

To me, that maybe makes the case for why the private market, which is not marked daily in the stock market and maybe doesn't suffer from as much of a, you know, kind of boom and bust cycle in the pricing. voice-verified

Is there a role for private markets in a portfolio speaking, you know, as an asset allocator? voice-verified

Meaning that if the economy is doing well, these companies do well, right? voice-verified

And that explains that type of thing? voice-verified

Well, and Caitlin, your research also found what I thought was interesting, which is like a wide range. voice-verified

You said that the average fund's public market equivalent is between 0.81x, meaning like they did 81% as well. voice-verified

All the way to 1.13x or 113% as well. voice-verified

So, you know, you got to make sure you're picking the 113%, not the 81%. voice-verified

So the same manager doesn't keep doing well every time. voice-verified

Sometimes they do well, sometimes they don't. voice-verified

And potentially that's changing, right? voice-verified

We know that the alternative asset managers are looking to the world of individual investors through, Spencer, you mentioned it earlier, retirement accounts, maybe target date funds. voice-verified

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