PIMCO Accrued Interest “Zooming Out” with Ted Seides of Capital Allocators
Apr 14, 2026
Ted Seides, founder of Capital Allocators and former Yale Endowment colleague, offers big-picture views on investing. He zooms out to discuss shifting public vs private skill sets, a private equity exit drought and its effects, and stresses in private credit and liquidity. Short, wide-ranging conversation about structural market changes and investor temperament.
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Behavior Temperament Trumps Technical Skill
- Great investors combine technical skill with behavioral temperament; resilience and sense of humor about losses separate the best from the merely good.
- Ubiquitous information raises the bar so personal attributes and where someone is in life increasingly determine long-term success.
Liquidity Is The Core Public Private Difference
- The primary difference between public and private equity is liquidity, so you should only accept private illiquidity if you're paid a sufficient premium.
- As more capital flows into private equity, that price edge has narrowed making manager selection and dispersion more important.
Private Equity Exit Drought Is Structural
- Private equity distributions have fallen from ~25% to below 15% of invested capital, implying average hold periods lengthened from ~4 to ~6–7 years.
- Even rising dollar exits can lag because assets under management tripled, so exit rates didn't keep pace.
