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 6 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
Joy: Aggregate hedge fund industry does not justify its fees
“If I was to talk generically about the hedge fund industry, I would say that probably on balance,
At an aggregate level, that industry doesn't justify its fees or its role in the portfolio, because on a net of fee basis, it's really not going to give clients …”
Joy lets manager access dictate Church Commissioners' venture capital allocation
“So I don't target a VC allocation. I target VC managers, and I will take what I can get from the managers that I'm targeting. We have a very concentrated book of managers, and our allocation, if you like, is what drops out of the access we can get with the man…”
Joy: Asset size is a real hindrance to active fund performance
“I mean, size is a real hindrance to performance.”
Church Commissioners holds at least two years of unencumbered cash
“We always hold at least two years worth of unencumbered cash from a distribution perspective, net of the income we're going to get.”
Joy: Church Commissioners holds 13% to 14% in private equity, split evenly between buyout and VC
“So we've been in private equity investing since the mid-nineteen nineties. It's roughly about 13 to 14% of our overall book, which is a sizable amount, but it's not nearly as big as some other investors have. I'm happy with that. It's roughly split equal betwe…”