Bob Elliott says high fees, expenses and cash drag can sharply erode private-market returns, even when portfolios post strong gains. A 5x Y Combinator MOIC can

BWB News TV • 2026-08-25 19:22 UTC • By Billy Odell Tucker-Robinson

Bob Elliott says high fees, expenses and cash drag can sharply erode private-market returns, even when portfolios post strong gains. A 5x Y Combinator MOIC can fall to 2.2x net and 8.6% IRR for investors, while Robinhood still profits.

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