André Perold

Everything André Perold said on any show that made the record, most notable first. Each card names its show and opens the statement there.

CAPITAL ALLOCATORS Insight

Perold: Investment edges are often competed away before investors realize it

“I think the biggest lesson has been that the world is extremely competitive, and that competitiveness is not something you see until later in a given area. So you think you found something, you think you're the first to see it, or maybe the second or the third…”

Andre Perold Apr 13, 2017 ▶ 38:31 André Perold – Academic Practitioner (Capital Allocators, EP.02)

CAPITAL ALLOCATORS Disclosure

Perold: At least 50% of HighVista is invested in idiosyncratic areas

“I would say today it's at least 50% in the much more idiosyncratic areas and growing.”

André Perold Dec 21, 2020 ▶ 14:02 André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169)

CAPITAL ALLOCATORS Assertion Supported

Perold: Biotech represents one-seventh of US public companies but only $600B market cap

“At its highest level, you have today some 600 public companies in this country, about out of 4000 total public companies, so it's about a seventh of all public companies in this country are in biotech per se. They small caps, so the total caps about six hundre…”

André Perold Dec 21, 2020 ▶ 21:16 André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169)

CAPITAL ALLOCATORS Assertion Supported

André Perold: S&P 500 gained 9% annually since 2005, 3% from multiples

“You know, the last 15 years that we've been in business, if you look at the return on the S&P, it's nine percent a year since the late 2005. Of the nine, three percent a year has come from multiple expansion, and that three percent a year is entirely consisten…”

André Perold Dec 21, 2020 ▶ 42:08 André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169)

CAPITAL ALLOCATORS Assertion Supported

Perold: March 2020 dislocation dumped AAA munis from 140 to 80s

“A great example was in March. When the market, it was a massive dislocation. You had mutual funds being redeemed. They were dumping AAA bonds, especially AAA munis were being dumped at crazy prices. AAA bonds that were trading at 140 were selling in the eighti…”

André Perold Dec 21, 2020 ▶ 48:16 André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169)

CAPITAL ALLOCATORS Disclosure

Perold taught himself investing after HBS permitted him to teach the subject

“I was fascinated by investing and asked if they let me teach something I didn't know anything about, and they did, and I taught myself.”

Andre Perold Apr 13, 2017 ▶ 12:15 André Perold – Academic Practitioner (Capital Allocators, EP.02)

CAPITAL ALLOCATORS Assertion Not checkable as stated

Perold: Vanguard manages a significant portion of its assets in active funds

“Vanguard, as you just said, has a lot of active product. A very significant part of our AUM is in actively managed funds. Equities, various kinds of fixed income, things like that.”

Andre Perold Apr 13, 2017 ▶ 15:35 André Perold – Academic Practitioner (Capital Allocators, EP.02)

CAPITAL ALLOCATORS Disclosure

Perold: HighVista buys indices as placeholders when lacking an edge

“At High Vista, we do that all the time. When we don't have an edge somewhere, and don't see opportunities, we'll totally buy indices as a placeholder until we do.”

Andre Perold Apr 13, 2017 ▶ 17:18 André Perold – Academic Practitioner (Capital Allocators, EP.02)

CAPITAL ALLOCATORS Opinion

Perold: Moneyball is Michael Lewis's most profound book

“The one I think is most profound is Moneyball. I think it's not that recent, but it's an example of how he wrote about applying Techniques of investing to talent management and finding great players on a team, and it extends to so many aspects of life.”

Andre Perold Apr 13, 2017 ▶ 49:47 André Perold – Academic Practitioner (Capital Allocators, EP.02)

The other half of the tape: André Perold's own voice is left out of every number here. Other people bring the name up 18 times in 8 episodes across the shows. every mention, with the transcript →

Who brings them up most Ted Seides 11Sulaiman Alderbas 2Matt Botein 2Allison Thacker 2Rodney Comegys 1

Every mention by year

One line per show, most statements first. The link opens André's full record on that show: the calibration, argument clarity, speaking style and every statement made there.

Show	Role there	Eps	Statements	Record
CAPITAL ALLOCATORSLEDGER	Co-Founder & CIO, HighVista Strategies	2	33	100% 4/4	full record on Capital Allocators →