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 12 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
Michelakis: Gladstone Targets 20% Alpha Versus the 3% Platform Standard
“And then if you go all the way to the factor neutral world, it seems that three percent alpha works for everybody. That's fine. We're shooting for 20% alpha.”
Michelakis: Hedge funds cannot constantly pivot research teams between longs and shorts
“You can't manage an organization to go from serving Italian food one week and Chinese food the next week. It just doesn't work.”
Michelakis: It Is Impossible to Have 1,000 Great Long-Short Managers
“I don't think it's possible to have a thousand great long short managers. It's just too hard, and it's too specific a skill set.”
Michelakis: The 300 VC Firms From the Tech Boom Will Peel Back
“How many great venture firms are there? Maybe 10. How many venture firms are around today as a consequence of the last TMT boom? Probably 300. So three hundred's gonna peel back. It has to. And it may be a decade long process.”
Michelakis: Expanding long-short funds into long-only risks cultural dilution
“I worry about cultural dilution. I think long short is a very specific performance oriented business, where you have to be watching what are the great things that I want to be long, and where's the trouble, and what are the bad things happening where I want to…”
Michelakis: US Regional Banks Face Worst Operating Environment in a Decade
“As we speak, regional banks in the US, if you look at the environment they're operating in today versus any point in the last 10 years, it's the worst environment they've had.”
Michelakis: Mastery Requires Analyzing Lost Games Rather Than Celebrating Wins
“I think this is one of the learnings from chess, is that you want to get good at chess, you probably have to spend the most amount of time looking at the games you lost, because there's something you didn't understand about that game, or somebody understood be…”
Gladstone: Longest-held portfolio positions are actually short positions
“In our portfolio, the longest standing positions are actually short positions.”
Michelakis: Gladstone team spends most time and effort on the short book
“And then on the short side, a very industrial process with a lot of names, but the majority of the investment team organization time and effort is on the short side.”
Michelakis: Gladstone Shorted US Regional Banks Before SVB Collapse
“And we were short ahead of the market recognizing that. The market just didn't want to believe that things were actually not good for the banks until SVB happened.”