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
Sullivan: Buyout firms routinely overpaid at 20-plus times EBITDA during COVID
“Buyout firms routinely paying 20 plus times EBITDA for quality businesses, but businesses that probably should not trade at that high valuation. Doing that in a world where interest rates were zero, and there was a lot of money being pumped into the economy by…”
Sullivan: GP-led secondaries originated around 2010 to resolve zombie funds
“Some of the original GP secondaries came out of that world. That's how that whole phenomenon started, that you had these zombie funds in the 2000 ten-ish era, where it was clear that there was no way for the GP to earn a carry, but There needed to be some kind…”
Sullivan: Yale endowment grew from $1.75B to $40B during his tenure
“It was one and three quarter billion when I started and over forty billion when I left.”