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both McDs and mutual funds will still be around in 20 years. I doubt many of the PE firms will be.
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Look, I'm not trying to put down mutual funds. I'm just making the point that they are (much like the fast food business) effectively a commodity. There is frankly very little value added going on in the mutual fund business. It's not high finance.
While there are some extremely bright people who run funds in the mutual funds business, the majority of the people in the industry aren't the cream of the finance crop. The PE business, on the other hand, employ the best and the brightest in the industry. Simple matter of supply and demand (hence the analogy to the food industry).