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 12 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
Braga: Unwinding during drawdowns stems from poor upstream risk sizing
“Career-wise, in the running of the various strategies that we have run over the years, the mistakes that I have made, which I regret, have Almost all of them probably being related to unwinding strategies in the drawdown. Then you say, okay, what is the mistak…”
Braga: Multi-manager platforms enforce siloed teams that hoard intellectual property
“The platform approach is naturally, from what I gather in the industry, is naturally a more siloed approach, right? Is the small team that wants to do their own thing and keep their own intellectual property and not share with anybody else.”
Braga: Investing in China is a no-brainer for large allocators
“And so we've really made a push into China. We've started our Shanghai office. And so China is, I think, a no brainer.”
Braga: Electronic markets enable large trades without leaving a market footprint
“Markets have gone very electronic, and so it's possible with good techniques to trade large positions without revealing a footprint, and that's great.”
Braga: Systematica successfully fended off a sophisticated cyberattack
“There was an attempted attack here a couple of weeks ago. Nobody fell for it, but it was a very sophisticated attack.”
Braga: Systematica's Chinese equity strategy is focused on ESG
“So for example, we do equity work in China on an ESG basis. So our offering in equity to China is a naturally ESG focused offering”
Braga: Senior leaders must say 'no' to opportunities in an organization
“In the list of opportunities that present themselves to an organization in business, the no's of the organization need to be said at the senior level. And junior people are never going to say no.”
Braga: Post-2008 PCA on liquid futures reflects risk-on, risk-off moves
“So for example, since the financial crisis, if you pick up the securities, the generic macro securities, the hundred or 150 liquid futures markets, and if you do a bit of principal component analysis on them, the first principal component looks like a risk on,…”
Braga: Systematica sees very few women apply or interview for investment roles
“Very few women on the investment side, and they don't even turn up to interview.”
Braga: Systematica seeks to process 50 to 100 new datasets yearly
“Just this morning I was having a meeting here about how do we enlarge our capability to process 50 to a hundred new data sets per year.”
Braga: Cyberattacks are the biggest external threat to Systematica
“What keeps me awake at night is a cyber attack, okay? I'm petrifying. We, over here, we spend so much effort in tightening up cybersecurity of our firm, educating everybody on cybersecurity.”
Braga: Resolve difficult conversations before answering morning emails
“So I don't ignore conflict. I don't Run away from difficult conversations. I, in fact, I have this motto in the morning, you know, what are the difficult topics of the day? Let me do them first, right? If I know I have some tough conversations to have, I'll ma…”