You do better with leverage at the expense of increasing risk, including total loss in worlds that are only slightly off from what you expect.
You seem to be talking about what people with hundreds of billions collectively can do. Capacity is a real constraint at that point.
It’s also likely some of the best investments won’t want that much capital. Even if you’re right on the 60%, some of that can come from new private companies you can’t invest in or can only invest after they’ve grown a lot.
You do better with leverage at the expense of increasing risk, including total loss in worlds that are only slightly off from what you expect.
You seem to be talking about what people with hundreds of billions collectively can do. Capacity is a real constraint at that point.
It’s also likely some of the best investments won’t want that much capital. Even if you’re right on the 60%, some of that can come from new private companies you can’t invest in or can only invest after they’ve grown a lot.