Conventional wisdom often misguides individual investors, especially regarding private assets and industry super funds. The prevailing notion that private assets yield better risk-adjusted returns is challenged, suggesting that the illiquidity premium has diminished and that investors may not access top managers while incurring high fees. Public markets offer superior price discovery, reflecting collective valuations, while private asset valuations can be subjective and prone to biases. Unlike permanent capital entities like Yale’s endowment, super funds must account for daily asset values, emphasizing the need for accurate pricing. Ultimately, the argument for private assets’ superiority in returns lacks credibility.