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 11 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
Overlook pushed Taiwanese portfolio firm to underwrite $2B in offshore wind
“For example, we have a company in Taiwan that has an eight million ton footprint. It's a big footprint. Okay. And we've pushed them to invest in renewable energy to get their energy consumption correct. And they now with offtake agreements have underwritten th…”
Overlook's AUM capacity cap equalized its time- and capital-weighted returns
“And then about 20 years ago, I came up with this idea, let's limit the amount to, I think it was 12% of the last four years average NAV. So in big years, I bring in percentage-wise less, and in bad years, I can bring in percentage-wise more, and so you're kind…”
Overlook excludes carbon-intensive industries from investment universe annually
“And then about eight or nine years ago, we started taking action every year to outlaw an industry. And the early years, it was really a fight on my part. We started out with coal, coal mining, coal transportation. We outlawed fossil fuel refineries, which in A…”
Lawrence: Small governance nudges prompt corporate leaders to finish the job
“When you can take a company and move it from like 12 o'clock to one o'clock, We're not trying to move it to two o'clock or three o'clock or four o'clock. Just move it a little bit to one. Then he begins to see the benefits of good corporate governance. Then he…”
Lawrence: Poor ESG correlates with low-margin, capital-intensive businesses
“And what I saw, what I began to piece together is this concept of a pyramid, and if you think about a pyramid, and that includes the entire universe of public companies, and at the top are these very special, really terrific, world-class companies, but at the …”
Lawrence: Overlook incorporated sustainability 8 to 10 years ahead of BlackRock
“BlackRock comes out and says that they're going to be incorporating sustainability. We did this eight, nine, 10 years ago.”
Lawrence: Misallocating climate capex creates 15- to 20-year structural problems
“And then when we talk to the board, when we engage the board, what we're looking for is the allocation of capital expenditure consistent with Paris agreement. And it's really when you start misallocating your capex, you're building in a problem for the next 15…”
Lawrence: 44% of Overlook's portfolio failed ESG review over missing emissions
“44% of our portfolio got failing grades last year, simply because they could not tell us what their admissions were.”
Swensen Backed Hillhouse, Overlook, and Silchester When They Managed Almost Nothing
“He backed international equity managers Hill House, Overlook, and Silchester when they managed next to nothing, and he was perhaps the first institutional investor in a list of venture capital and private equity firms that constitute today's most well-known br…”
Lawrence: Taekwang Industrial depreciated a $600M facility in three years
“In fact, he built a six hundred million dollar spandex lycra facility that were back-to-back facilities, and he depreciated the whole thing in three years. And he was a guy who didn't like to pay taxes, obviously. But as a result, the stock was at two times ea…”