Why Sector Funds Don't Work

We don't hire sector specific investors and we don't give you air cover if your sector goes out of favor. Meaning our job is to make our LPs money and if you're in a sector that's cooling off, you better get the hell out and go somewhere else that's going to make money or like you should stop investing. And the risk of having a semiconductor fund or a semiconductor team is that you know you carve out pick a number 500 million to invest there.like you bet your ass they're going to invest 500 million in semi ...