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 23 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 2 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
Hoggett: Most UK companies listing in the US perform poorly or delist
“In the last 10 years, only 20 UK companies have listed in the US that have raised over a hundred million. Of those, nine have already delisted, only four are trading up and the rest are trading down by over 80%.”
Hoggett: $10B to $20B companies risk getting lost in US markets
“Increasingly if you are absolutely, if you are a 10 to twenty billion company, don't go to the U.S. Because you'll get lost.”
Hoggett: London market would have valued Arm's AI growth equally
“AI trade, which I'm utterly convinced would have happened in London as much as it happened anywhere else. I don't think, I think it's a, you can't prove a negative, but I think it's a falsity to say a London market wouldn't have valued that the same way.”
Hoggett: Prescriptive ESG reporting perversely favors extractive industries over green startups
“And there have been places where over-regulating these things has actually produced perverse outcomes, where investors are incentivized to invest in big extractive industries, for example, rather than medium-sized, scaling, green economy companies, because one…”
Hoggett: UK stamp duty perversely taxes domestic stock investments over foreign ones
“Stamp duty is a perversity in the UK. We charge people to invest in UK stocks, but we don't charge them to invest in US stocks or European stocks.”
Hoggett: UK growth rivaled top nations when pensions backed risk capital
“We used to have behemothic pension funds that invested a huge amount of their assets in driving risk capital into our economy, and when we did, our growth rates were as high as anywhere else in the world, and our capital markets were as vibrant as anywhere els…”
Hoggett: UK post-GFC growth slowdown stems from pension scheme de-risking
“And I think you can trace some of the growth reduction that we've had post GFC to that sort of trend over the previous 2030 years.”
Hoggett: London Stock Exchange listing rules are now globally competitive
“We changed our rules last year. We are now on a par with anywhere else in the world in terms of the flexibility and usefulness of our listing rules. They hadn't actually been changed since the eighties in any material fashion.”
Hoggett: FTSE 100 daily free-float turnover exceeds S&P 500 and NASDAQ
“The percentage of the company's free float that is turning over in a given day is higher on the FTSE 100 than it is on the S&P 500 or the NASDAQ.”
Hoggett: Yahoo Finance underreports London market liquidity by over 3x
“So if you go to Yahoo Finance and look at the liquidity in London versus liquidity in the US, it's actually wrong. Last time we checked it by a factor of over three.”
Hoggett: Only 1% of Arm's post-IPO investors were UK-based
“In the first period of time after they listed only one percent of the investor base in Arm, which is a great British company based in Cambridge, coming out of our ecosystem, was owned by UK investors. Not one of our major pension funds had them as one of their…”
Hoggett: Canadian and Australian pension funds outperform UK funds despite higher fees
“So if you look at, say, the performance of Canadian and Australian pension funds, they tend to pay higher fees than the fees that are being paid by UK pension funds, but they make higher real returns.”
Hoggett: UK is second largest equity capital market in free-market world
“We are the second largest equity capital market in the world in a free market economy.”
Hoggett: Pension fund reform is the top priority for Rachel Reeves
“Pension Fund Reform. Turn the taps on.”
Hoggett: Apple surpassed FTSE 100 market cap in summer 2020
“And in the summer of 2020, Apple was worth more than the FTSE 100 for the first time.”
Hoggett: UK creates more unicorns than any country besides US and China
“We create more unicorns than anywhere outside the US and China, and we're a world leading capital market by any measure.”
Hoggett: UK financial regulation disenfranchises retail investors while leaving crypto friction-free
“And so under the guise of protecting retail, we've arguably disenfranchised them a bit. We've made it harder to access advice. We've made it harder for them to access regulated markets and yet our user journey in the cryptocurrency world is incredibly straight…”
Hoggett: The UK holds the world's second-largest pool of institutional capital
“We have the second largest pool of institutional capital in the world.”
Hoggett: Top 11 UK pension schemes committed 5% to private companies
“Our 11 largest defined, default defined contribution schemes have committed to committing five percent of their total assets to private companies by 20 30.”
Hoggett: Removing UK domestic investment tax breaks depressed national investment
“So we used to have tax breaks to invest in the UK. We took them all away and then wondered why people didn't invest as much in the UK. Other countries do, don't do that.”
Hoggett: LSE briefly beat Nasdaq as world's top market by capital raised
“Capital market, you know, and this is the thing that is sort of forgotten in, for most of the first few weeks of January, we were the largest equity capital market in the world by capital raised, ahead of NASDAQ.”
Hoggett: UK capital market ranks third globally, trailing only US and India
“We are the, I mean, as of today, if you take the 20, 24, 25 numbers by total capital raised, the only equity capital market countries in the world that are bigger than us are the US and India. Everywhere else is behind us. We're the only European market in the…”
Hoggett: Corporate climate impact is a legitimate component of valuation
“A focus on the climate impact of companies is not wrong. If you think about an existential threat to multiple generations of what is happening to our planet, then actually it is a wholly legitimate thing to take into account in consideration of value.”