IRR Is Like Fish

IRR is like fish, when someone gets hold of it, it slips away. Hard to seize, hard to terminate – with incredible survival instinct, it tries to jump out of any bucket where it has been secluded. Continue reading

Is Benchmarking IRRs against an IRR Benchmark an Apples for Apples Comparison?

This question, posed in a recent comment to my Fooled by IRRs post, deserves an answer in the form of a post. It has made me realize that the inaugural post of my blog, The Quartiles’ Oxymoron, was not as self-explanatory as I thought it was. Continue reading

Riding Private Markets’ S-Curves

As I write about interpreting and predicting private markets’ returns, for the readers who missed one of my previous posts, I confirm there is no misspelling in the headline, it’s an S. Continue reading

Why IRR, PME Induce Inaccurate Allocation Decisions

In one of my previous posts, I wrote about the importance of time – of correctly framing time – for purposes of comparability and pricing. The topic is so critical not to require a second round that adds more details and practical implications. Continue reading

Relativity Theory, Money-Time Curvature and Private Capital Pricing

Wonder what relativity theory and money-time curvature have to do with rational pricing of private capital? The two quotes below, freely adapted from the Wikipedia pages about space-time and reference frame, may give a hint. Continue reading