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 9 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
Hobson: Ariel Investments uses ex-CIA agents to train team on management questioning
“We actually use an organization called BIA Associates, Business Intelligence Advisors, ex-CIA agents, who help us in, in questioning.”
Hobson: Bristow Group stock trades below the liquidation value of its fleet
“The stock is trading for less than all the helicopters if you sold them. Interesting thing about helicopters, they don't depreciate the way other vehicles do, because every five years you have to replace the engine and the rotor. You basically have a new helic…”
Hobson: Ariel buys companies at a 40% valuation discount or 13x forward earnings
“We want to buy companies when they're selling at a 40% discount to what they're worth. That, to us, creates a margin of safety for us. And or 13 times or less next year's earnings, which is why a lot of your companies don't fall into our purview unless somethi…”
Hobson: Ariel Investments automatically rejects resumes from job-hopping candidates
“So when we read resumes, we nix job hoppers. If you've had too many jobs, we throw out your resume. Because we say you're not going to be the person who comes and stays here.”
Hobson: Core of Ariel Investments' strategy is time arbitrage
“And we feel very strongly that, ah, the core of what we do is play time arbitrage.”
Hobson: People undervalue time and overvalue money when making decisions
“I believe people undervalue time and overvalue money. And because of that, they make a lot of decisions that are actually not rooted in the right set of circumstances.”
Hobson: Early frugality cost Ariel talent that would have accelerated growth
“That was making a decision based upon money, and he probably lost people who would have accelerated the growth had he hired them.”