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
Cocke: Wall Street cap intro pitches prioritize marketability over fund performance
“I started to realize, you know, what's happening is the Goldman Sachs and Morgan Stanley's of the world are getting these guys in their cap intro department and they're creating their presentations for them, which it occurred to me what that really meant is th…”
Cocke: Small, tightly aligned investment units generate the best returns
“And it turns out that actually what I was very drawn to was a guy, a Bloomberg and a dog. And I actually think that is where the most special returns lie. And it doesn't have to be someone who has no team. But in small units where they are very, very synced up…”
Cocke: Kept calendar permanently blocked to protect reading and thinking time
“I have this ridiculous calendar system where basically I made it look like every day was fully blocked off so that no, nobody would ever schedule a meeting without coming and asking, are you actually busy or are you available?”
Cocke: Investure was the first institutional investor in Nomad Investment Partnership
“We were the biggest investor in Nomad, and we were a third of their capital. I think we were their first institutional client. They didn't even have a hundred million dollars.”
Cocke: It is better to risk being screwed over than to act untrustworthy
“You come to the world a little bit vulnerable and willing to trust, and honestly, I think I would rather have somebody screw me over a hundredfold than vice versa, and so she errs to that side, and I think it served her really well”
Cocke: Investure differentiated its diligence by acting as co-pilot to managers
“And the way to differentiate, and for me, frankly, to enjoy it, was to sit co-pilot with our managers from the diligence process on through when we were partners. And that meant if we were going into a meeting with a prospective manager, it might be that we sp…”
Cocke: Good investment ideas become terrible when treated as dogma
“There's a very fine line between a mantra and a dogma, and you risk taking a good idea and turning it into a terrible idea when you get attached to your initial thought.”
Cocke: Investure tracked junior analysts years ahead of fund launches
“And so that became a big part of our research effort was we need to understand who the number two, three, and four are at these firms that we love, whether we're invested with them or not. And figure out the next generation is going to come from this person, a…”