Have met with dozens of quants cast off from big pensions over the past 18-24 months as pensions have pivoted away from diversified premia in order to place gargantuan bets on private equity at precisely the wrong time in the cycle. The smart money is the dumb money. https://twitter.com/JacobWolinsky/status/1064884670570135552 …
They'll only do badly with the pe if the pe buys right now as opposed to what looks like a coming crash.