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 10 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
Eichhorn: Investors shouldn't pay 2-and-20 for known market inefficiencies in hedge funds
“I think there's increasingly a view that some component of hedge fund returns are known inefficiencies, and, you know, could be inefficiencies in the commodity market, et cetera, that are not extractable, and you shouldn't pay two in 20, and maybe not even one…”
Eichhorn: Macro interest rate calls offer poorly compensated risk
“I don't need to go on CNBC and say, here's what my rate call is, because we think those are really, really poorly compensated risks, even if you get it right more than you get it wrong.”
Eichhorn: NISA Regularly Talks Institutional Clients Out of Wall Street Derivative Pitches
“There's a lot of things pitched often by the dealer side, Wall Street side, that we don't really believe in, and we will go in and talk to clients, and we've frequently done this. We put some Surgeon General's warnings on things. We're like, here's where that …”
Eichhorn: Mandating Two-Way ISDA Collateralization Kept NISA Safe in 2008
“So fortunately, with a lot of work, we got those ISTAs set up at that moment to be collateralized fully in each direction. So we'd post, they would post, and that kept us out of a lot of trouble in oh eight, oh nine, and still a scary time in a lot of ways, bu…”
Eichhorn: Measured Growth and Ownership Protect Quality Over Rapid Franchising
“Something got ingrained in me in that employee ownership's a big deal on quality, and he was asked millions of times to franchise, and he never did. He thought that would lead to mediocrity, and so I think I also learned things about, you measure your growth.”
NISA and Legal & General dominate the US LDI space
“I think of a NISA investment advisors who are just, you know, along now with legal in general, really own the liability-driven investing space in America.”
Eichhorn: NISA clients systematically increased fixed income and derivative hedges
“In the last year and a half, Clients have systematically increased either their allocation of fixed income, or they've increased their hedge by adding more derivatives to the portfolio.”
NISA is launching its first systematic high-yield fixed income strategy
“We recently actually were just in the midst of launching, of all things for a fixed income manager, a high yield product, which we've never had, and super excited about it. It's more of a systematic strategy than a deep fundamental credit.”