Differentiated Strategy – You're Not As Special As You May Think

They have access to the exact same information about their competitors as any other consumer. Competitor or not, Dell is capable of reverse engineering HPs devices all day long to understand how their products work (and vice versa).

But in alternatives, a fund manager's access to their competitor's information is severely limited. Sure, for a pretty hefty fee, there are databases that can provide peer performance numbers. And funds are getting more comfortable sharing more general information and insights publicly, so a manager can do some basic diligence on their competitors if they want. But it's hardly the same thing as digging through the data room and interviewing all of the key employees, as an institutional LP would do.