# Smart Money Myths

Page: https://stenobird.com/podcast/talking-real-money-investing-talk-201087/smart-money-myths
Text version: https://stenobird.com/podcast/talking-real-money-investing-talk-201087/smart-money-myths.md
Podcast: [Talking Real Money - Investing Talk](https://stenobird.com/podcast/talking-real-money-investing-talk-201087)
Published: 2026-04-29T16:00:00+00:00
Episode link: https://www.buzzsprout.com/2607021/episodes/19097675-smart-money-myths.mp3
Audio file: https://www.buzzsprout.com/2607021/episodes/19097675-smart-money-myths.mp3
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JSON: https://stenobird.com/v1/public/podcasts/talking-real-money-investing-talk-201087/episodes/smart-money-myths
Duration seconds: 1818

## Resource

Private equity gets sold as exclusive, sophisticated, and “what the smart money does,” but the reality is far less compelling. Don and Tom break down the illusion: limited transparency, questionable valuations, high fees, and serious liquidity risks—all for returns that barely edge out (if at all) simple public market strategies. They argue that the supposed advantages—like the “illiquidity premium” and diversification—don’t hold up under scrutiny. The episode then pivots to smart listener qu...

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## Transcript

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