The writer is the former chair of the FDIC and author of ‘Money Tales’, financial education books for children
The renowned investor Peter Lynch once said that “dumb money is only dumb when it listens to the smart money”. Retail investors should heed this advice as private equity and credit funds seek broader access in the US to tap their money.
Institutional investors have been steadily decreasing their exposures to private funds, so the funds are turning to mom and pop for capital. They promise superior returns and greater diversification. But they also offer high fees and fewer protections. It’s also dubious whether they will provide better returns.
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