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11. Successful managers of venture capital and leveraged buyout funds like to have have limited partners with strong traditions of transparency, such as the state of California, because the limited partners, by transparently disclosing details of fund performance, are effectively advertising the fund managers success to other potential investors.

12. Accounting standards have evolved to place more and more emphasis on the book value of private equity fund holdings because it is impossible to measure market values for assets with no market.

13. Warren Buffett would like the slogan, Do not bet against America, because it explains his use of options.

14. In the Abacus deal, Goldman Sachs thought that some of its counterparties might default on their obligations to Goldman Sachs, but Goldman Sachs foolishly arranged the deal anyway.

15. Unanticipated inflation will not affect affect the funding status of defined benefit pension plans, especially those which have fully hedged interest rate risk by matching the duration of fund assets to liabilities.

16. Democrats believe that public pension plans should be very well-funded so that the government workers, most of whom are Democrats, can certain that their pension benefits will be paid.

17. Blackrock makes a distinction between asset owners and asset managers because Blackrock wants to be regulated like an equity or derivatives exchange, organizations which also do not own the stocks and derivatives contracts traded on the exchanges.

18. Mutual funds can limit the effects of systemic risk by holding large cushions of extra cash to handle unexpected redemptions.

19. The exposure of the U.S. government to private sector credit risk is mostly designed to help poor people have more credit. 20. Countries with generous government pensions also have generous, well-funded private pensions because such countries place a large weight on the welfare of elderly people

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