Follow the incentive: who benefits from the assertion that power law returns are the ultimate category for venture capital?
This simplification masks potential conflicts of interest and the more complex market dynamics that actually influence performance, especially for a public pension fund.
A change in FSA or BOJ policy could make managing liquidity risks more critical than simply seeking extreme returns.
For example, adjustments in interest rate policies or ESG allocation mandates can redefine the necessary decision quality, going beyond mere ROI maximization.