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 6 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
Rattner: Harvard is still untangling illiquid investments it shouldn't have made
“What a lot of these firms or institutions have is a lot of illiquid stuff. Harvard is still trying to untangle some of it that they probably shouldn't have done”
MacDonald: HMC internal managers earned 4% to 8% carry on alpha
“Those folks were generally making roughly four to eight percent carry the alpha that they were generating while they were at HMC.”
MacDonald: $30B to $100B is the sweet spot for institutional platform scale
“Being in platforms like HMC, which was 30, forty billion when I was there, 30 to a hundred is the sweet spot where you can have enough capital to matter, but if a five or ten million dollar opportunity comes up that's compelling, you still have the ability to …”
Connaughton: Bain Capital avoids infrastructure and energy, entered real estate via Harvard
“We're not in infrastructure. We're not in energy investing. There's a lot that we're not in, and frankly, we weren't even in real estate, even though we tried for all 30 of my years up until a couple years ago when we actually took over Harvard's real estate b…”
Harvard Management Company's 2.5-month CIO search was Barrett's shortest ever
“Harvard was the shortest search we ever did. It was two and a half months. I mean, and typically these take four or five, six months.”
Choe: Harvard built direct in-house investment teams while Yale selected external managers
“So in contrast with Yale, where David Swenson pioneered the use of third-party managers to generate performance and manager selection, and then also overweighting into alternatives, Harvard decided to construct Their portfolio with in-house investors, and so t…”