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André Perold

Co-Founder & CIO, HighVista Strategies · 2 appearances on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investoracademicfounderauthorhighvistastrategies.com ↗

Over a three-decade career at Harvard Business School, Perold served as Senior Associate Dean and developed foundational financial frameworks including the implementation shortfall concept. In 2004, he co-founded HighVista Strategies, an alternative investment firm managing over $10 billion across public and private markets.

33statements → 7claims → 4claims resolved → 100%fully supported → 4/5average certainty → 2.09/5average debate potential → ≈4.5/5argument clarity, estimated → 18said about them ↓

4 supported 0 partly supported 0 contradicted 3 not checkable as stated how the 7 claims stand · each chip opens the sources

2 predictions · 5 assertions · 5 opinions · 17 insights · 4 disclosures · every statement was checked. The predictions and assertions are the 7 claims: statements the public record can support or contradict. 4 are resolved, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how André argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Perold: Market volatility strongly predicts a higher risk of subsequent drawdown
“There's very strong evidence that when things are volatile, thereafter, the risk of a big drawdown is much higher than when things are calm.”
Andre Perold Apr 13, 2017 ▶ 23:32 André Perold – Academic Practitioner (Capital Allocators, EP.02)

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
none yet certainty 3
100% certainty 4
100% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of André Perold on measured tape to publish a rate. This says nothing about how they speak.

Everything André Perold said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

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)
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)
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)
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)
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)
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)
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)
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)
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 on Capital Allocators. 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

tap a year for its mentions
0021422017201820192020202120222023202420252026episodesmentions
0122017201820192020202120222023202420252026episodes it came up in
0021422017201820192020202120222023202420252026episodesmentions per episode
2026 4 mentions in 1 episode
2024 2 mentions in 1 episode
2023 4 mentions in 2 episodes 2 per episode
2021 2 mentions in 1 episode
2019 2 mentions in 1 episode
2017 4 mentions in 2 episodes 2 per episode

Appearances (2)

EpisodeDateSpeaking time
André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169 Dec 21, 2020 41m
André Perold – Academic Practitioner (Capital Allocators, EP.02) Apr 13, 2017 32m
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