The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Salem: GMO's founding partners were famously not speaking to each other
“You look at GMO when I joined it, everything's firing on all cylinders. The returns are great. They're growing. The sun is shining. You get in there and after a week or two, you realize that founding partners don't even talk to each other.”
Salem: Top LPs realize cash returns far below reported venture capital IRRs
“A lot of LPs of longstanding relationships going 3040 years back to the firms that are still on the short list of what are the best BFC firms in the world have gotten returns that are quite a bit south of The IRRs that reported in those manager records.”
Salem: David Swensen cut contact after Salem refused a job interview
“It came from Swenson, actually. David just called me one day and said, look, I have some advice for you. There's this job that's open, and I'm involved in the search, and I want you to jump into the search, and I want you to take the job. And for various reaso…”
Salem: The asset management industry faces massive future fee compression pain
“We're probably not even in the third inning in terms of the pain that's going to be incurred by the folks who are not on the right side of those trends, transparency, ease of use, and shared economies of scale.”
Salem: Private equity will endure permanently after shakeout to stronger institutional hands
“I do continue to believe emphatically that private equity investing, as is true of any otherwise sound form of investing that maybe gets overdone and overcrowded, it will be around forever. It's just a question of boiling off the overfunding and moving it esse…”
Salem: Almost all major endowments initially invested in GMO via Cambridge Associates
“Almost all the major endowments had money with GMO because Hunter or Jim or others in the early cast at Cambridge had recommended, oh, this team at Boston really has it figured out.”
Salem: Private equity giant General Atlantic originated inside the Atlantic Foundation
“General Atlantic, that now massive global private equity firm, began its life as a folder in the file cabinet of the Bermuda-based Atlantic Foundation, later doing business as the Atlantic Philanthropies.”
Salem: Finance and endowment investing were deeply contrarian early career paths
“It took about two weeks of immersion in not-for-profit management to realize that the real action was in the endowments. It was early on when investment management, I could even say finance broadly defined, were extremely unpopular. It was a non-consensus, con…”