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.

clear all ✕

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

Assertion Supported
Gleich: Active ETFs capture 30% to 40% of 2024 fund flows
“And so now if you look, we'll take this year, three quarters of the way through the year, approximately about 30 to 40% of all flows that are happening now are going into active ETFs. And if you look at the size of the universe, Active ETFs are only about five…”
Kristof Gleich Oct 10, 2024 ▶ 23:00 Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
Opinion
Gleich: ETFs and CITs Are Rapidly Displacing Mutual Funds
“And one of the interesting trends obviously at the moment is mutual funds are rapidly being displaced as the preferred vehicle by other vehicles, depending on the channel, whether it's retirement as collective investment trusts or what everybody talks about wi…”
Kristof Gleich Oct 10, 2024 ▶ 11:19 Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
Insight
Gleich: Investment edge comes from either interpretational skill or mosaic-theory data
“Generally, I think there's two different camps that skill or edge fall into. You either, number one, have an interpretational edge, which is where you're privy to the same information as everybody else, but you interpret it in a different way and are on averag…”
Kristof Gleich Oct 10, 2024 ▶ 41:23 Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
Assertion Not checkable as stated
Gleich: Harbor found unexplained alpha in Dan Ariely's human capital factor
“But after doing our research, we discovered that there was a nice idiosyncratic piece of alpha left over that couldn't be explained by any other model that we put down to the human capital factor.”
Kristof Gleich Oct 10, 2024 ▶ 29:46 Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
Assertion Partly supported
Gleich: Harbor Capital lost $22 billion to outflows in 2018
“The year I joined, I think we had outflows of about twenty two billion dollars in that calendar year.”
Kristof Gleich Oct 10, 2024 ▶ 16:19 Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
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