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Great year-end wrap of your work covering private capital through the athlete lens. The CJ Watson Berkshire comparison is clever - finding parallels between concentrated long term holdings and athlete-turned-investor portfolios. The endowments piece (Master Gardener) touched on somthing underexplored: how consultants essentially gatekeep both university capital AND the managers receiving it, creating a unique dual-sided power structure. That toll-collector metaphor from Jarett Wait captures somethng most outside observers miss about how capital actualy flows in these ecosytems.

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