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CEO Talk (4/9) - Why Liquidity Matters When It Comes to Liability Matching

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Published:

November 22nd, 2022

Categories:

News, Learning

Author:

Stableton


Bill Kelly, the President and CEO of CAIA, sat down with Stableton’s CEO Andreas Bezner to discuss various topics driving private markets today. This 2:15-minute video is the second in a series of excerpts from that 26-minute conversation. Bill Kelly notes the inherent inconsistency of many investors who look for alpha (i.e. skill-based returns) but are not prepared to give up on liquidity usually associated with beta (i.e. returns largely based on capturing market risk) Our CEO observes that, despite this, prudent investors are aware that one should only put money into illiquid strategies one does not immediately need for paying everyday bills. He goes on to state that, while Stableton focuses on late-stage venture with inherently shorter holding periods, even the fact that one could exit those investments relatively quickly does not mean that one could always prevent having to liquidate at a discount. Bill closes by reiterating that the fundamental rule of duration matching assets and liabilities still applies in this segment.



Here's the video of the complete conversation between Andreas and Bill. 26 well-invested minutes into private market insights:


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