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 1 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
Sloane: PE DPI Slump Creates Succession Logjams and Withholds Carry
“One of the effects of the DPI problem in the broader industry is not just on LPs. It's also on investors, right? And you think about VP, principal, MD, even partner level investors who've been at firms for a while and haven't seen their carry paid out. There a…”
Sloane: A perfect hit rate in roll-ups means under-risking or moving too slowly
“Matt has a saying, if every deal is right in a roll-up, we're either not taking enough risk or not moving fast enough. It's okay to have a bad deal. That's the beauty of the model. You're able to get the most amount of capital into your winners in these consol…”
Sloane: GSP Scaled Burger King Franchise to 1,100 Units and $1B+ Exit
“We first invested in a 23 unit Burger King franchisee business that was based in the Garnett Street train station in Henderson, North Carolina. They gave us this shot. We were successful with that business that allowed us to grow. We ultimately got to 1100 fra…”
Sloane: Roll-Up Investors Easily Fool Themselves with Add-Backs and Run Rates
“You can really fool yourself with run rates and add back nonsense, particularly in a roll up where you're buying a lot of stuff. At some point you have to figure out what are the cash flows of that business.”
Sloane: Garnett Station Partners Has No AUM Target
“We certainly don't have an AUM goal. That's not the business. Our goal is on the incentive side.”
Sloane: GSP Treats Every Deal as the Enemy to Prevent Deal Inertia
“Every deal is the enemy is hung a sign in our office just to remind us on the one yard line, never get comfortable, never let inertia take you through a deal, never let Quote, unquote, pattern recognition allow you to invest money. Make sure you're thinking ag…”
Sloane: Roughly $10T in Assets Will Change Hands Over Two Decades
“What we realized while building value in the Burger King business was that there was a massive opportunity to invest in fragmented markets, high quality businesses behind this baby boomer generational transition, 10 trillion of assets or so set to change hands…”
Sloane: GSP Lost Zero Portfolio Companies and Avoided Rescue Capital During COVID
“Surviving what was a very challenging period for our portfolio, getting through it, and not losing a company, not needing a dollar of rescue capital, growing equity value across the portfolio, and then Exiting those businesses proved to ourselves and proved to…”