public equity

“I found there's just a higher level of transparency often on the private side, where managers can really, really dive in and tell you exactly how they were adding value at companies. You can talk to the CEOs of the companies often because they're small busines…”

“On the public side, when someone's new, it's a bit of a struggle because often that person hasn't been a trigger puller. So you're trying to make a bet on whether they can transition from being an analyst to being a portfolio manager. And often I think the ind…”

“So our public equity bucket, which includes long short equity, is about 40%. But long short's about 10%, so a quarter of that.”

“When it comes to public equity, well, that's really sort of similar dynamics and drivers as private equity, but different structures.”

“From studies we've done, we've known that our private equity returns are the highest asset class return that we have. We know that over full market cycles, it's a good full six percentage points above public equity or above the total fund return.”

“I think we have about 350 to 400 managers in long only overall, so probably 200 or so of those, or 150 to 200 are equity.”

“Some funds, particularly near us and then here on the East Coast, have decided to take the index method and invested with hundreds of partnerships. And what you find is you get the average return out of private equity, which is actually below public Equity.”

“We have a much larger public equity portfolio than Yale does, and we probably always will.”

“So about private equity sort of varies anywhere between 20 to 25%. And so the rest tends to be our risk appetite. It's probably more reflected in the public equity exposure of that. So our public equity today is around 50, I think 52, 53%.”

“We feel confident that this private equity offer will outperform public equity, whether it's two, three, four, 500 basis points.”

“So I think what you're seeing in the private markets is actually what's happening. It's not that the value's Are inflated, or there's a lag factor. They're legitimate valuations, and it's why, by the way, you're in private equity. It just, sorry, it performs b…”

“We actually have a lot of it relative to our peers.”

“People want to compare private equity performance to public equity performance, and some people out there who I don't think understand the math actually use sharp ratios to compare them. That's just crazy to me. I'm like, for crying out loud, if I could value …”

“So we started with the private equity approach to public equity investing, as you'd expect us to, because that's deep Fundamental analysis, and that's the only possible explanation for how you could have security selection alpha. That worked, actually, from ab…”

“I would say at the early stages, having really strong public equity and hedge fund, Expertise is really important because that's where most of the assets are going to live. You can dream about getting into venture funds and buyout funds and all of that, but mo…”

“Where private equity is well to the left of public equity, and it's concentrated off in levered equity. So if that's vol on the x-axis, it is not to the left.”

“Building it internally was important because the relationships of the people were a key to making it work. It wasn't just saying, Geez, Berkshire partners should have a public firm. Let's go hire a team to go do it. That would not get the collaboration that we…”

“I think private equity is true equity return, and public equity is a discounted or a lower expected return.”

“Very few institutional investors organizations are actively managing public equity portfolios. They're not choosing stocks directly, but almost all of them are choosing in private companies directly and co-investing in companies where they have less informatio…”

“Where there's dispersion, you go active. Where there's low dispersion, like public equity, you go passive.”