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 5 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
Fisher: Committed real estate funds distort alignment and dull creativity
“I think it's not that great for the sponsor. It's great in the sense that you get a huge amount of capital in our management, you get all these asset management fees and all this other stuff, but I think it makes you do stupid things. The alignment's all off, …”
Fisher: Real estate investors bet 80% on the asset and 20% on the person
“To some degree, the person is betting on the asset, probably the way most people look at it, myself included, because I've been on the other side of these conversations as an investor, not as a sponsor, is you're betting maybe 80% on the asset and 20% on the p…”
Fisher: Exploit rare, repeatable human errors with aggressive leverage
“That's where I am as Commonwealth is I got to find trades where machines can't intervene. And where I can find persistency of an essence human error. And I would say to you that the number of them are small. And that's why I've asked my investors to say, look,…”
Fisher: Macro investing lacks traditional Graham-Dodd value anchors
“Macro is probably the one trading style or investing style that generally doesn't have a very good value anchor, at least as it relates to sort of Business school, one-on-one Graham Dodd value style investing.”
Fisher: Commonwealth focuses thematic real estate on data centers and sound stages
“The one we chose was investing in data centers and we continue to invest in that. And then the other one, which we've most more recently kind of tripped into is sound stages for content production. And so those two share in many ways, a lot of similarities and…”