Old & New PEU Fed Chairs

Trump II's nominee for the Fed Chair is Kevin Warsh, who works for Stanley Drunkenmiller's Duquense Family Office.  Kevin manages the firm's private equity portfolio.  

Private equity underwriters (PEU) came up short in returns the last few years for a large Canadian pension.  It lost that pension 5.3%.

This pension essentially managed their own private equity portfolio, I imagine much like Kevin Warsh at Duquense.

I am sure many of you recall Apollo's Marc Rowan calling private credit, essentially investment grade.  That has not aged well.

Unfortunately many Americans have been sold private equity and private credit investments in their retirement funds.  Extend and pretend has been the mantra on both sides, equity and credit.  

Economic stressors tend to expose criminal behavior or the inability to handle a formerly survivable financial event.  

PEU Kevin Warsh will be installed as Fed Chair, replacing another Trump appointed PEU in Jay Powell.  

Politicians Red & Blue love PEU and their new TechGod brethren.  Increasingly, more are one.

Update:  Carlyle's 2018 European PEU fund has also performed poorly.