The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 8 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Rachleff: Early-stage angel investing in software is a sucker's bet
“It's a sucker's bet. It's a terrible risk reward because you have all of this market risk, and there's no way to evaluate it.”
Rachleff: Netflix, Google, and Apple lack network effects
“There's no network effect to Netflix. There's no network effect to Google. There's no network effect to a lot of the, to Apple products, but you love them, and if you love them, you're going to tell all of your friends about them, and that's what defines viral…”
Rachleff: Premier university endowments are the world's best-managed capital pools
“I believe that the premier university endowments are the best managed pools of capital in the world”
Rachleff: Ivy League Endowments Are World's Best Managed Capital
“I think that the Ivy League University endowments are the best managed large pools of capital in the world”
Rachleff: Mutual fund quarterly reports do not reflect their actual holdings
“Mutual funds, for example, are completely opaque. The only information you have about their investments are what they publish at quarter end, and that does not reflect what they're actually invested in.”
Rachleff: Tech blogs and newsletters are seldom well-informed
“I don't read blogs or newsletters because they're seldom well-informed.”
Rachleff: Manager evaluation ability separates top Ivy League endowments
“They all actually pursue a very, very similar methodology. At its core, they use modern portfolio theory to do asset allocation. What really separates them is their ability to evaluate managers.”
Rachleff: Benchmark's Bruce Dunleavy is radically more capable as a business person
“He has unbelievable judgment and is the best influencer I've ever met, and people just adore Bruce, and I try to learn from him as best as I can. He's two years older than I am, but he's radically more capable than I am as a business person, and I have benefit…”