The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 14 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Charles: The private equity asset class is currently 10% overvalued
“We think the asset class today is overvalued by about 10%.”
Charles: Only a third of mega PE firms have true competitive advantages
“If you have firm level OCAs that are transferable across strategies and across markets, you can be a high conviction alpha generator across products Across industries, size strata, but it is rare. I bet only about a third of those level nine and level 10 firms…”
Charles: Many private equity firms fail to justify illiquidity net of fees
“First of all, have you generated enough alpha to justify taking illiquidity from the client? A lot of firms, the answer is no. Especially net a fee and carry.”
Seides: Top Six Wealth Platforms Committed $110B to Funds Last Year
“According to Arctos Partners, the six largest private banking and wire house platforms committed a hundred and ten billion dollars to funds last year. Approximately twice the amount invested from the six largest institutional investors in North America.”
Hutchinson: Arctos is the only group cleared across four major leagues
“And oh, by the way, they're the one group that can go invest in four, the five big five leagues here in North America and sit across platforms and leagues and help these teams like the Utah Jazz build their version of this platform in Utah and the Rockies.”
Hutchinson: Private equity firms rarely focus on building everlasting organizations
“And I tell you what, private equity, honestly, they're great investors, but it's not of the mindset oftentimes to build like everlasting organizations and to be a part of a firm that is like that from day one, that has been part of the mindset.”
Top six wealth platforms committed $110B, doubling top six institutions
“According to Arctos Partners, the six largest private banking and wire house platforms committed a hundred and ten billion dollars to funds last year. Approximately twice the amount invested from the six largest institutional investors in North America.”
Charles: PE emphasizes value-add because leverage and asset pricing remain prohibitive
“We think it's because it's time to do deals, the cost of leverage is prohibitive, pricing is prohibitive, so you've got to craft a narrative about how you can do great deals while still buying at full prices with very expensive leverage.”
Charles: Higher Skill in Competitive Fields Increases the Role of Luck
“The higher the skill level in a competitive game, the more luck determines the outcome.”
Hutchinson: Arctos will add another 20 sports teams to its portfolio
“I'm confident we'll have another 20 teams in that portfolio.”
Hutchinson: Institutional investors can now own sports team IP for the first time
“The very first time institutions can own the IP of these teams, and there's so many adjacencies that we can go add value to and invest alongside.”
Hutchinson: Subjective Nuance, Not Modeling Skills, Makes Great Investors
“Everybody knows how to model You learn all these rote skills, but now it's the textures, the art, it's the subjective. It's all the squishy stuff around the edges that is actually what makes great investors.”
Hutchinson: Arctos deploys 17 operating advisors to support sports teams
“We have 17 operating advisors. We built an operating platform. We have a playbook that we can roll out and diagnose the business of sport for these teams to say, here's where you're lacking or here's where you're spiking.”
Hutchinson: Arctos invested in GeoComply, the backend geolocation tracker for FanDuel
“We just invested in a company called geo comply. They do all the backend geo compliance for the sports betting platforms. So every time you go on and want to make a bet on FanDuel, they are the geo tracker here in every state.”