Barbarians on the porch

Two private-equity bros walk into a Nobu. One thinks ordinary people investing in private markets is a swell idea. Stockmarkets are so concentrated that buying the S&P 500 index is just a bet on a handful of giant technology firms, he says. Everyone needs diversification. Private credit is here to stay and the bond market isn’t even that liquid. That corners of finance previously open only to institutions and the very rich are now accessible to more individuals is a good thing. Imagine the fees.