Meaningful ownership is insurance, so a fund that misses the outliers can still return from mid-size outcomes. Listen
Ganesan said that with low ownership, a fund is playing a game with only grand slams and strikeouts, and that a fund that strikes out repeatedly will be 'a tough fund'. Ownership lets a triple still move the needle.
“part of getting ownership is giving some insurance for you that if you missed out on the outlier, the sort of midsize outcomes can still move the needle for you.”
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