In Bubbly Markets, Betting on Illiquid Credit Funds May Pay Off - Bloomberg

The Blackstone Private Credit Fund’s summary of risk factors reads like a compilation of investor nightmares: “You will not have the opportunity to evaluate our investments before we make them. … You should not expect to be able to sell your shares regardless of how we perform. … You may not have access to the money you invest for an extended period of time. … You will be unable to reduce your exposure in any market downturn. … You will bear substantial fees and expenses in connection with your investment.”

These conditions seem sacrilegious when Robinhood Markets Inc. makes moving in and out of positions as easy as a few taps of a smartphone, and discount brokerages provide free trading of stocks, options, and exchange-traded funds. BlackRock Inc. and Vanguard Group Inc. keep chipping away at ETF fees, while Fidelity Investments offers four index mutual funds with 0% expense ratios. These companies all say they’re trying to make investing cheaper and more accessible.

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