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 7 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
Sargent: Packard Foundation previously targeted 20-25% equity exposure to China
“We had a target of 20 to 25% of our equity exposure, so call it mid teens percent of our endowment a few years back.”
Sargent: Packard conducts 10 manager meetings and up to 30 reference calls
“I'm thinking of some managers we've added to the portfolio recently on the private side where we would have 10 pretty in-depth meetings with the manager, with their team, doing case studies. We have done 25, 30 references on investments recently in the past.”
Sargent: Packard adopted a hybrid generalist-specialist investment team model
“I do think in the early days, we tried to have a hundred percent generalist model. And philosophically, I love that. I think working on different things makes you a better investor. I think being generalist is more fun. And I also think and sense competition f…”
Sargent: Packard's EM equity outperformed developed markets over 10 and 15 years
“Both on a 10 and a 15 year basis, our emerging market public equity has outperformed our developed market.”
Many major foundations remain below their 2007 peak values due to illiquidity
“That fight for cash Left some of them still permanently impaired. Some of those foundations still have not gotten back to their 2007 high watermark.”