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
Schumann: Specialist asset class models improve investment sourcing via deeper networks
“I really believe in a specialist model where individuals do lead a particular asset class because I think that the network that you bring, the sourcing capability, The relationships within a hedge fund community, or a venture community, or the real estate comm…”
Schumann: The endowment industry lacks organizational and people management skills
“And I don't think really managing organizations is a skill set that many CIOs thought about back then. I think our industry is very undeveloped in that way.”
Schumann: Requiring committee approval for all investments helped Carnegie increase risk
“They had to approve every investment recommendation, which is not today a best practice. But what I liked about that is that I think it helped us take more risk”
Schumann: Fixed income adds little value compared to private investments
“Fixed income, not going to add a lot of value. When Meredith came on board, you jumped into privates. Frankly, that's where we're going to add a lot of value.”
Schumann: Hiring highly paid investment professionals disrupts foundation cultures
“It's disruptive to hire investment professionals at an elemasonary institution. When you're the high paid help, you're a new group.”
Schumann: Formal conference room meetings weaken fund manager due diligence
“I think one of the downsides today interviewing and vetting managers is that you come to the manager's office, you're walked into a conference room, sitting by yourself, they come into that conference room, they control the environment totally, and Back then i…”
Schumann: Foundation structures make routine promotions and pay increases difficult
“We started out without any hierarchy or ways of promoting people, so I did really have to go to bat every time I wanted to promote people. And also increase their compensation commensurate with their experience, because that doesn't really happen in a foundati…”
Schumann: Captive capital with good governance is institutional nirvana
“If you have captive capital and you have good governance, it is nirvana. And governance issues are so important, and so many institutions have dysfunctional, quirky governance that does not serve them well.”