A postscript on this topic: Earlier this week, a private credit fund operated by a firm called Blue Owl Capital, announced that it would no longer be accepting redemption requests from investors. Instead, the fund will only return shareholders’ money at the firm’s discretion over time. This is a perfect case in point. Blue Owl is one of the firms that has been lobbying hard for access to consumers’ 401(k)s.When it comes to evaluating investments, most discussion tends to focus on risk and return. But the Blue Owl case, which almost perfectly mirrors the University of Chicago’s experience, highlights something important: Risk and return will always be unknowns. But liquidity—that is, the ability for investors to freely withdraw their money—is one of the only variables that we have control over before making an investment.
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A postscript on this topic: Earlier this week, a private credit fund operated by a firm called Blue Owl Capital, announced that it would no longer be accepting redemption requests from investors. Instead, the fund will only return shareholders’ money at the firm’s discretion over time. This is a perfect case in point. Blue Owl is one of the firms that has been lobbying hard for access to consumers’ 401(k)s. When it comes to evaluating investments, most discussion tends to focus on risk and return. But the Blue Owl case, which almost perfectly mirrors the University of Chicago’s experience, highlights something important: Risk and return will always be unknowns. But liquidity—that is, the ability for investors to freely withdraw their money—is one of the only variables that we have control over before making an investment.
Post: Endowment Lessons
Link to comment from February 22, 2026