The Importance of Low Volatility

People are willing to pay more for stuff they don't have to mark. You see this at the private REITs, which I find just flabbergasting. It's completely emperors' new clothes. What's quite extraordinary is that it impacts everything. Now I've been boring people to death about this topic since midway through last year. And you can get angry about it and then you can figure out ways to direct your portfolio towards that viewpoint. The obvious candidate is to take a short position in one of these big P monoliths. But I don't think that works at all because actually these businesses are in the asset accumulation game. They gave up on performance fees years ago