Gerald Alain P Chen-Young

The first rule is striking the right balance between active/dynamic asset allocation  and being adherent to the strictures contained in the portfolio’s governing investment processes. The underrated source of TRs is thus an a mixture of generic beta and skilfully generated alpha – both liquid and illiquid.

Rigorous due diligence and scrutiny of a whole new cohort of new, even esoteric asset classes.

Gaining access to the best, top-quartile managers.  Otherwise a LP will be “stuck” in the worst of all possible worlds – viz., being “locked-up” in a vehicle for 7-10 years and suffering from inferior returns.

If one uses historical valuation metrics like P/E, Price to-Book, etc. and you still believe in those traditional valuation metrics, then today’s valuations are obviously way too “rich”. Another valuation consideration is the emergence of new asset classes that are hitherto “ un-priced”.

Being brutally honest about what one’s risk profile is and having the right financial advisor who has aligned interests…if retail investor &/or outside consultant if institutional.