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 4 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
MacDonald: HMC internal managers earned 4% to 8% carry on alpha
“Those folks were generally making roughly four to eight percent carry the alpha that they were generating while they were at HMC.”
MacDonald: Mean PE returns without fee and carry reach top-quartile performance
“If you take the mean return in most vintage years from a Cambridge associate and you back out fee and carry, that's top quartile.”
MacDonald: Private markets historically beat public markets by 580 bps over 10-year periods
“From a math standpoint, if you look back over any 10 year rolling period, Privates have performed publics by 580 basis points. Over three-year rolling periods, 500 basis points. This last three years is one of the rare three-year cycles that hasn't.”