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
Dunn: Verger avoids activist hedge funds to prevent conflicts with endowment donors
“If you give an activist money and you know, we get our money from our donors and some of our donors sit on publicly traded companies, and they're CEOs, and they gave us a million dollars for the endowment, and all of a sudden we take that money, give it to an …”
Dunn: Verger holds under 20% in US equities, favoring emerging markets
“How many endowments are, you know, less than. 20% in U S equities. There are very few that have that exposure. You know, we have more emerging markets at frontier than the portfolio than we do there.”
Dunn: Verger avoids major investments in China and Russia over rule-of-law concerns
“China and Russia, we can't do it because we believe in the rule of law. So we're not going to invest in those areas in a big way.”
Dunn: Spinning Out Verger Capital Was Wake Forest's Idea, Not the Team's
“We had a chance to do something pretty unique with Verger spinning it out, and it wasn't our idea. It was the university's idea.”
Dunn: Verger breaks manager ties using gender equity policies
“If there's two managers and they're equal and one does and one doesn't, we're gonna hire the one with the gender equity policy.”
Dunn: Verger sets asset allocation annually while hedging daily
“It's not very dynamic. It's basically once a year... We have a tactical overlay, which is the hedge, and that's every day. So the real asset allocation work is done once a year.”
Dunn: Verger avoids equity co-investments due to staffing constraints
“We're typically not going to do a co-investment in a equity name, because we don't, we can't do the work to go and be able to say, we don't have 12 people to put on a stock and say, go look at the balance sheet, go meet with the management team.”
Dunn: Wake Forest pioneered using external managers' trading desks for endowment hedging
“And we asked, can we help? Can we use your balance sheet? Can we use your trading desk? Can we use your collateral to manage this portfolio? And they said, Sure. Why not? Now that's become a big business for them. They've got hundreds of billions of dollars. W…”