[Verse 1] They said private equity brings the highest gains Promised double digits, breaking all the chains But when the smartest scholars took a deeper look Found the numbers dancing, cooking up the book [Pre-Chorus] What they know that you don't yet There's more beneath the surface bet [Chorus] PE returns aren't all that great When you adjust for risk and wait Survivorship bias hides the pain Selection bias skews the game Learn to read between the lines Question every claim you find [Verse 2] Academic papers started to reveal The gap between the hype and what is real Kaplan Schoar showed the median truth Lower than the market, there's the proof [Pre-Chorus] What they know that you don't yet Public data tells a different threat [Chorus] PE returns aren't all that great When you adjust for risk and wait Survivorship bias hides the pain Selection bias skews the game Learn to read between the lines Question every claim you find [Bridge] Failed funds disappear from sight Only winners shine their light Illiquidity's hidden cost True performance often lost [Verse 3] Harris Jenkinson Kaplan too Showed the alpha was taboo When you factor timing in Net returns grow paper thin [Final Chorus] PE returns aren't all that great When you control for risk and wait Survivorship bias tells the tale Selection makes the data stale Now you know what they have learned Question everything you've heard [Outro] The smartest minds have shown the way Don't believe what marketers say Dig deeper in the research game That's how you'll never be the same
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