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
Companies can no longer afford to solely maximize shareholder value
“Whether you agree with that view or not, companies can no longer afford to be perceived to be following that philosophy, and some of them are walking the walk, But all of them are talking the talk, but they all recognize that there's a much broader alliance of…”
Physical offices will survive because companies cannot reinforce culture remotely
“We do think the demise of the office is a place where people convene, where companies' cultures and visions and missions are reinforced, particularly for new employees as these companies grow and change, will remain more important than those who say everybody …”
Trading algorithms and backtests without economic theory produce spurious correlations
“My biggest investment pet peeve is probably an over-reliance on trading algorithms and back tests that lack a foundation in underlying theory. Probably comes back to my academic roots. But while I believe big data is absolutely part of the answer, and there's …”
Investors will accept lower cost efficiency for supply chain resilience
“We believe in the medium term, investors will be willing to give up some of the upside of the leanest possible supply chain,
For a more resilient supply chain that can weather other tail risks.”
Board tenure and company valuation follow a curved, nonlinear relationship
“QMA, our quant business, did some great analysis on what is considered a linear relationship where, you know, very mature boards are considered to be less dynamic than new boards. And in reality, when you explore the valuation relationship between board length…”
Co-working models historically weather economic downturns poorly due to balance sheets
“So we were always skeptical about the ability of some of the co-working models because of their unique personal balance sheet situations to weather a downturn, and there's a rich history of co-working and flexible space providers weathering downturns badly.”
Permanent shift to online grocery will drive cold storage real estate
“Cold storage facilities as groceries go online as well. Nobody wants to touch that cold tomato or squeeze that line before they buy it, but are willing to buy it online. I think that will be a permanent shift in the convenience factor. So cold storage real est…”
Captive asset managers need third-party clients to attract top talent
“Because to get the best talent and to have somebody who doesn't just hire you, but can also fire you when you underperform, you need third party clients.”
Overvaluing optionality leads to over-investing in failing ideas
“That cut the bait sooner than I used to. I valued optionality too highly. I wanted options. I sometimes over invested in things where I should have seen the signals that this isn't going to work and cut that particular investment, that particular idea sooner. …”