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 6 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
Liu: Investment staff should take every headhunter call to know their value
“Kim encouraged our team to take every call from a headhunter. She said, you should know what you're worth, and you should know what else is out there, and you should every day be making a choice to stay here. So she didn't want people on the team who were de f…”
Maul: Mature private portfolios cannot easily shift without new cash flows
“Because the portfolio was so mature, and Carnegie has no income in cash flows, so once you have a mature private portfolio, it just is what it is. There's not a lot you can do without new cash flows.”
Maul: Single-family office investment policies must remain fluid and broad
“When it's one person whose capital it is, you can have a statement and it can have parameters, but it's a fluid expectation.
Exercise.
And this is a living, breathing person who has opinions and is in the markets every day and also watching his Bloomberg scr…”
Maul: Generalist investment teams naturally gravitate toward specialties over time
“I decided in the beginning I wanted a team of generalists because I wanted people to be making relative value decisions all the time.
What I'm seeing naturally over time is people do gravitate towards their specialties and it just happens.”
Maul: In 2008, Carnegie's private portfolio faced capital calls without distributions
“This was oh eight, and distributions had just totally stopped. She showed me this chart of the private portfolio. Of what should be a self-funding portfolio with capital calls matching distributions. And the chart was wildly out of whack because calls had cont…”
Maul: Carnegie implemented a primary and secondary coverage matrix for investments
“They created a matrix strategy where you were primary and secondary on a strategy because the portfolio was mature, it was fairly large, and the team, while not huge, wasn't tiny either, and you couldn't really bring seven people to a meeting, especially if yo…”