bear stearns c.e.o.'s credit default obligations they've got a large debt obligations so cowper's during bad period of 20082008 so read that and you can see where risk goes to die again risk dice in your pension fund dies in your municipality guys where it's going to herm harm the most people right spread out across the peasantry away from the top 0 point one percent and that is this really is a staggering statistic investors paid $230000000000.00 in performance fees over a 10 year period for returns that could have been matched by an inexpensive tracker fund costing just a few basis points so that is private equity was handed all this money muesli by pension funds like calipers and they took $230000000000.00 in fees and they did not outperform just buying a simple index that cost you know a fraction of a percent right it's a it's an enormous down the private equity industry as as it is the hedge fund industry hedge funds very rarely outperform the market and it in any consistent way and even warren buffe