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.
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Fiduciary Duty Must Trump Political Divestment Mandates For Pension Managers
“Listen, we really need to separate the fiduciary duty and the political policy as it relates to health and dangerous products like cigarettes, because I can't really hold a manager accountable for beating the S&P 500 and then tell him he can't own one of the f…”
Florida SBA Bought Cheap Secondaries From Cash-Strapped Endowments During 2008
“So there were lots of very prestigious institutions, endowments and what have you, who were longer illiquid investments, and particularly those subject to capital calls, than they realized they were. And they got in a liquidity pinch In late oh eight, early oh…”
Pensions Hold Fixed Income for Crash Liquidity, Not for Yield Returns
“It's not to get the marginal negative three percent. It's there because if the bottom falls out of the equity market, There will be a flight to safety, which will be fixed income. That will be the liquid asset that will be appreciated at the time, and you can …”
Florida SBA's 2007 Cash Pool Held Under 3% Illiquid Assets
“The proportion of the illiquid assets was tiny. It was less than three percent. It was not life threatening. It was not really even material to the size of that pool, given a normal liquidity environment.”
Florida SBA Will Never Adopt the Canadian Pension Direct-Investing Model
“Well, we are not in a position to do transactions directly other than our real estate area, and I don't think we ever will be. That's the province of the Canadian model, and you're just never going to see that here.”
Florida's $34 Billion Cash Pool Faced 80% Redemptions in 48 Hours
“In about 48 hours, the cash pool of the SBA, which is a, like I said, about a thirty-four billion dollar pool, received redemptions for something on the order of 80% of its assets.”
State Laws Give Florida SBA Superior Legal Terms in PE Contracts
“I think the majority of them we would have some superiority in terms, and the reason I think that's a pretty safe statement is there's some things that are required under Florida law that are inconsistent with most GP's documents. So, for example, one thing we…”
Florida SBA Manages 60% of Its Real Estate Directly With No Leverage
“To this day is a unique model in that we manage about 60% of that book, or a little over half, in what we call our principal portfolio, which means we own the properties directly, and we manage them ourselves, and we often have them with not a great deal of le…”