True False or Uncertain with explanantion

1. Governments have taken the lead in shifting from defined benefit to defined contribution pension plans because taxpayers are more risk averse than investors in publicly traded equities.

2. David Swensen does not practice market timing for private equity because he believes the private equity market is so efficient that market timing could not improve returns.

3. David Swensen would not like to invest in Nancy Zimmermanns distressed debt firm because it hires too many lawyers instead of experts in finance.

4. During the financial crisis, it would have been a wise investment decision for Warren Buffett to purchase AAA bonds issued by Yale University.

5. David Swensen would like for a private equity fund to cut its annual fee and raise its carried interest because he likes for private equity fund managers to have a concave payoff.

6. In valuing a venture capital investment, if all existing investors put new equity into a startup company by doubling the number of shares they own, the large increase in capitalization of the firm makes it reasonable to infer that the share price provides a reasonable basis for valuing the startup firm.

7. Private equity fund managers like for carried interest to be taxed as a capital gain and not as ordinary income because progressive tax rates allow the fund manager to share downside risks with the government.

8. ETFs are not runnable because the investors can sell their shares rather than redeem in kind.

9. Buffett does not like the Black-Scholes model because he thinks the contrarian investment strategy implied by replicating a short position in an out-of-the-money put option on the market portfolio is not contrarian enough