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 5 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
Kraus: Hedge funds generated no alpha in short positions over the last decade
“In general, across the industry, for long periods of time, last 10 years, there is no alpha in the short positions.”
Kraus: Nearly all ETFs outside US large cap trail their benchmarks
“Virtually all ETFs, with the exception of US large cap, actually earn less than the index. There's friction cost. Security lending doesn't overcome all the friction cost. Can't always buy all the securities.”
Kraus: Goldman Sachs partners received equal compensation across different specialties
“What was really curious to me about Goldman Sachs was, Goldman Sachs allowed people to specialize, and they compensated the different specialties equally. So at the partnership level, I mean, if you became a partner, you could be a corporate finance specialist…”