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
MacDonald: SCS refuses co-investments if the GP writes a smaller check
“If a co-invest comes to us, and the GP's putting in a small check and looking for us to put in a bigger check than them, that's not happening.”
MacDonald: Capacity constraints force better LP allocation decisions
“What you want is a capacity constrained environment for investing. I want it with my GPs. I want it for us, where you're having to make hard decisions about what GPs you're backing in the equity long short space, private space, co-investment space. The only wa…”
MacDonald: Changing an Investment Process Forces Allocators to Re-Underwrite Managers
“So many times, though, people change and evolve the process, whether it's public or private, and when that happens, you're re-underwriting a whole new strategy or a whole new manager.”
MacDonald: SCS runs 70% tax-managed passive in public equities
“I still believe there's alpha out there, but we're a 70% tax managed passive, and if you can generate a hundred to 200 basis points of tax alpha, and there are now extension strategies that build upon that, if you're thoughtful about it and don't put too much …”
MacDonald: Anchoring emerging managers for GP equity captures structural alpha
“Where those things align, you can de-risk it, and you can own a piece of the GP going forward. That is where you can find more structural alpha.”