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
Arndt: Only 6% to 7% of venture capital managers return enough capital
“Venture managers don't return capital, and only six or seven percent return enough capital to justify their existence.”
Arndt: Chance of US recession over three years is quite high
“So, we think the chance of a recession in the US is quite high over, say, a three-year time horizon, and it doesn't appear that markets are currently pricing that in.”
Arndt: Future Macro Regime Demands Less Reliance on Equities and Bonds
“When we look at the world going forward, we see more inflation, more volatility, probably wars, at least in localized places more frequently, deglobalization, more populist governments that will direct capital, all those things detract from economic growth, al…”
Arndt: There Is Not Enough Global Skill to Allocate $45B to Alpha
“Today the equity book is maybe forty-five billion dollars, and we're just not going to find enough skill out there in the world to invest forty-five billion dollars”
Arndt: Mega-funds internalizing asset management will force industry fee compression
“What's happening in infrastructure and properties, the big funds, rather than doing that, they're internalizing, as you pointed out, and that is creating pressure on the industry. And that will force change. And I think the same is true in equities and hedge f…”
Arndt: Sustained Inflation Will Arrive in Recurring Cyclical Waves
“There's many, many reasons why we think inflation will be sustained. It doesn't mean it will stay double digits or high single digits. It will come back down, then it will go up again, then it will come back down, then it will go up again.”
Future Fund Turned Over Half of Its $200B Portfolio in Three Years
“We manage about two hundred and sixty five billion Aussie across seven funds. The future fund, which is the higher risk fund, is a bit over 200, and we've changed half of it in the last three years.”
Future Fund Generated 2.5% Annual Excess Returns Over 18 Years
“When we break down the returns over the life of the fund, 18 years now, we've added about two and a half percent per annum, which we think is pretty good, and it's actually split, interestingly, only about a half a percent to diversification in the traditional…”
Arndt: Traditional Diversification Yielded Significantly Negative Returns Over Three Years
“But if you look over the last three years, actually diversification has been significantly negative because obviously bonds and equities have been correlated in a bad way, but alpha has been really, really strong.”
Arndt: Future Fund Halted Equity Investing in 2007 on Negative Risk Premia
“And David Neal, when he was hired as CIO and the person who was in the head of strategy role at the time, Tony Day, came on board before I joined. And the very first thing they did was look at markets and say, we're not sure what's going on, but we think the e…”
Future Fund held 80% of its portfolio in cash when Lehman collapsed
“Fortuitously, and through some good decisions made by the people who were here before me, we were sitting with about 80% in cash when layman's went broke.”
Arndt: Future Fund GFC Credit Allocations Returned Above 20%
“It was probably about 15 to 20% of the portfolio into credit over about three months. So it was quite a big decision, and clearly that decision paid off very well. Those initial investments returned above 20%.”
Arndt: Modern Financial Models Over-Rely on Post-WWII Data
“Most of the data we have comes from the era post-World War II, and in many cases, really only the last 30 or 40 years. And so we've been in a particular part of the cycle during that period.”
Arndt: 80% of Venture Capital Managers Fail to Return Capital
“I think the data we saw at the time was something like 80% of venture Managers don't return capital and only six or seven percent return enough capital to justify their existence.”
Future Fund Held Approximately 80% in Cash When Lehman Brothers Collapsed
“Fortuitously, and through some good decisions made by the people who were here before me, we were sitting with about 80% in cash when layman's went broke.”
Future Fund Deployed 20% Into Credit During 2008 Crisis, Returning 20%
“It was probably about 15 to 20% of the portfolio into credit over about three months. So it was quite a big decision, and clearly that decision paid off very well. Those initial investments returned above 20%.”
Arndt: Big funds internalizing real assets will force industry-wide change
“What's happening in infrastructure and properties, the big funds, rather than doing that, they're internalizing, as you pointed out, and that is creating pressure on the industry. And that will force change.”
Arndt: Future Fund launched with A$60B, including A$50B cash
“Well, if you include all the inflows over a year or so, it was about sixty billion Australian dollars, of which about fifty billion was in cash, and about ten billion was in Telstra shares that were still in escrow, and were not allowed to be sold for two year…”
Arndt: Australia's Future Fund benchmark is inflation plus 4% to 5%
“We do have a benchmark from the government of inflation plus four to five percent over the long term that they've given us.”
Arndt: Future Fund achieved a 10-year Sharpe ratio of 1.3
“And so, we sort of think about volatility, but also Sharpe ratio, and it's a hard thing to measure, and there's all sorts of debates you could have about it, but in terms of our 10 year Sharpe ratio, it's about 1.3, which we think for a fund like ours is, is p…”
Future Fund Finances One-Third of All Australian Medical Research
“We don't just invest the Future Fund, which helps strengthen the Commonwealth Government's balance sheet and help to support the economy through COVID, but we also manage the Medical Research Future Fund that funds about a third of medical research in Australi…”
Future Fund started with A$60B including A$10B in escrowed Telstra shares
“Well, if you include all the inflows over a year or so, it was about sixty billion Australian dollars, of which about fifty billion was in cash, and about ten billion was in Telstra shares that were still in escrow, and were not allowed to be sold for two year…”