Friday, June 5, 2026

Incentives are dangerously aligned in private markets

Incentives are dangerously aligned in private markets


[i] Higgins, Mark J. Investing in U.S. Financial History: Understanding the Past to Predict the Future. Austin, TX: Greenleaf Book Group Press, 2024. ISBN 9798886451344.

[ii] Holden Lewis, “Experts: No Real-Estate Bubble Burst,” Chicago Sun-Times, September 10, 2004

[iii] Jenkinson, Tim, Howard Jones and Jose Vicente Martinez. 2013. “Picking Winners? Recommendations from Investment Advisors to Fund Managers.” Paper, September 2013, University of Massachusetts. https://www.umass.edu/preferen/You%20Must%20Read%20This/PickingWinners.pdf

[iv] Burrough, Bryan and John Helyar. Barbarians on the Gate: The Fall of RJR Nabisco. New York: Harper & Row, 1990.

[v] Bullock, Hugh. The history of investment firms. New York: Columbia University Press, 1959.

[vi] Pan, Eric J. 2025. “ICI CEO: Making Private Markets More Accessible to Retail Investors.” PR Newswire, January 14, 2025. https://www.prnewswire.com/news-releases/ici-ceo-make-private-markets-more-accessible-to-retail-investors-302444081.html.

[vii] https://www.withintelligence.com/insights/private-credit-funds-surpasses-500bn/?utm_source=chatgpt.com (accessed December 19, 2025).

[viii] Munger, Charlie. “The psychology of human misjudgment.” Farnam Street (blog), accessed December 20, 2025. https://fs.blog/great-talks/psychology-human-misjudgment/.

[ix] Geithner, Timothy F. Stress testing: considerations for financial crises. New York: Crown Publishing Group, 2015. ISBN 0804138613.

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