Robin MacNeil and Jim Lehrer each own an equity stake in the entity that produces the MacNeil-Lehrer hour.

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There are economies of scale in oversight: While 10 or 20 basis points spent on oversight costs for a very large institutional investor might be prudent, that may be woefully inadequate for a smaller entity that is pursuing a high equity and highly diversified strategy.

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At the same time he will then hold the equity of his own start-up in that entity as well.

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