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 9 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
Meli: Small-cap universe deteriorated due to acquisitions, PE, and fewer IPOs
“The problem is that asset pool is not as rich as it used to be. If you looked at the small cap index today, it's a lot of biotech, a lot of unprofitable companies. A lot of the big conglomerates took out a lot of the best franchises there. Private equity owns …”
Meli: Annual bonus models create acute, distracting short-term focus
“The way it actually works is you get your base salary, you wait all year long for your bonus, and you're thinking you can't focus on anything else at the end of the year, and then you get your bonus, and for one or two days, you're like, okay, I got my bonus, …”
Adrian Meli: The best investments are rare great assets on sale
“What was important to learn along the way is the best deals aren't those unsellable, teal crocodile loafers at the designer outlet on Black Friday that everybody is tempted to buy once or twice. It's those scarce few great assets that come on sale very seldoml…”
Meli: Home building and building products will recover in three to five years
“I think there are things in that space that if you close your eyes three to five years, the home building industry, the building products industries, there will be a better day ahead.”
Eagle Capital pays investment analysts salary without bonuses
“On the investment side, none of the analysts are paid bonuses. They're all paid salary. We want them to be focused on duration.”
Eagle avoided investments after Google X meeting convinced them of self-driving
“We met with Astro Teller, the head of Google X, over 10 years ago, we were talking about self-driving cars, and we thought self-driving cars were going to happen. So we avoided a lot of things thinking self-driving cars were going to happen.”
Meli: Eagle Builds Portfolios Resilient to Macro Cycles and Geopolitical Shocks
“What we're trying to do is have a portfolio of return streams that play out at different periods of time, different parts of their life cycle with different factors involved. So that we're not reliant on whether interest rates go up or down or the economy stre…”
Meli: Eagle Capital Models Equities 5-7 Years Out for Double-Digit IRRs
“The starting point is, can we generate Absolute double digit returns over a long period of time. Think of us as absolute return investors living in a relative return world. We're modeling companies out five, six, seven years, looking at normalized free cash fl…”