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 9 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
Seides: Median Private Equity Has Historically Outperformed the S&P 500
“Middle market's been better than large. Small has been better than middle market. Median has outperformed the S&P. Bottom quartile, definitely not. Top quartile by a lot.”
Jim Chanos's dedicated short business failed multiple times in early 1990s
“Even Chanos had a dedicated short selling business in the early nineties that really failed once or twice.”
Seides: Yale's US equity managers underperformed by 40% without firings
“From 1994 to 1999, that five year period, Yale's U.S. Equity managers that they hired underperformed the market by 40 percentage points cumulatively. Eight percent per year for five years. Not a single manager was fired.”
Buyout multiples doubled over 20 years, turning LBOs into equity-heavy buyouts
“If you look at the last 15 or 20 years in private equity, a deal 20 years ago that might have been a eight to 10 times multiple with six turns of debt now trades at 16 times with six turns of debt. So there aren't leveraged buyouts anymore. They're just buyout…”
Ted Seides: KKR Built a 250-Person Private Wealth Team
“So KKR went from no one in private wealth to a team of 250 reps.”
Seides: Wilshire 5000 has shrunk to 3,000 companies, including 600 biotechs
“The Wilshire 5000 now is 3000 companies and 600 of them are biotech companies.”
Seides: Arctos Sports Partners Will Close at $1.5B in Few Months
“So they'll be closing. I think of it about a billion and a half in a few months.”