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
Post-2008, 95% of hedge fund inflows went to managers over $5 billion
“If you looked at the amount of money allocated to hedge funds post the crisis, for the next three, four years, 95% of the dollars allocated to hedge funds globally went to hedge funds with more than five billion dollars.”
Korea, China, India, and Brazil make up over 70% of MSCI EM
“Now, if you look at equities, the MSCI global, Korea, China, India, Brazil, make up 70 plus percent of that index. So you are actually buying a very concentrated exposure, not a very diversified exposure.”
Non-government EM fixed income is multiples larger than government bonds
“The non-government bond part of the fixed income market in emerging markets is multiples in size of the bond market.”
81% of emerging market private capital once flowed solely to China
“There was a period of time where of all the private money being invested in emerging markets around the world, 90% of that money went to Asia, of which 90% went to China. This concentration, 81% of all private investing money In emerging markets flowed to one …”
The largest emerging market public multi-asset fund is only $800 million
“I think the biggest multi-asset class fund in public markets is the hundred billion dollar fund. The biggest one in emerging markets is eight hundred million dollars. There are only five that I can find.”
Private multi-asset class vehicles do not yet exist in emerging markets
“In private markets, you're starting to see multi-asset class in developed markets. You have not seen it yet in emerging markets at all.”
J.P. Morgan executed the first voluntary emerging markets debt exchange
“Morgan did the first voluntary loan for debt exchange in emerging markets.”
Rohatyn created the first emerging market bond benchmark at J.P. Morgan
“I was responsible for building the first bond benchmark in emerging markets. It was called the Emerging Market Bond Index, MB. I did that at the time at JP in order to help grow the pie because I, of this exact point, people needed a benchmark.”