654. Is the Public Ready for Private Equity?

Stephen Dubner hosts a Freakonomics Radio episode exploring the potential democratization of private equity investments for retail investors, such as those with 401(k)s, following President Trump's executive order. The episode features Elisabeth de Fontenay, a law professor at Duke University, and Steve Kaplan, an economist at the University of Chicago, who provide insights into the private equity industry, its historical performance compared to public markets, and the potential risks and benefits for everyday investors. They discuss the fees associated with private equity, the potential for lower returns due to market saturation, and the lack of transparency compared to public markets, ultimately questioning whether this new access is a golden opportunity or fool's gold for retail investors.