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
Three days of managed account transparency beats three years in a fund
“Derek and I have joked before, you learn more about a manager on three days on Dockside than three years if you invested in a fund. You understand what they do, what their portfolio looks like, how it evolves.”
Capacity constraints prevent UTIMCO from expanding allocations to major multi-managers
“We can't grow much more with these multi-managers, A, because they're closed, B, because their liquidity terms are a three-year or five-year slow pay.”
Hedge fund allocation without extreme diversification is cash inefficient
“When we're investing in hedge funds, if you don't have extreme diversification, you're doing things in a cash inefficient way.”
UTIMCO targets 20 to 30 portfolio managers for its managed accounts
“For the manage account platform, we're not looking for 350 PMs. We're looking for 20 to 30. We're going to do a lot of work on them.”
Combining low-correlation 0.9 Sharpe managers yields a 2.5 portfolio Sharpe
“Across a number of lowish sharps, you get a good net final sharp. The overall portfolio sharp can grow from any single PM is .nine, but the overall portfolio is two and a half plus.”
UTIMCO prefers probabilistic 'fox' portfolio managers over overconfident storytellers
“Overconfidence. People who think they can predict the unpredictable. If you've read any books by Nate Silver or Philip Teplot, they call it the hedgehogs. The great storytellers, not the ones who actually assign probabilities and understand that there's uncert…”
UTIMCO manages $88 billion for 22 institutions
“It's an eighty-eight billion dollar endowment. Manages money for 22 academic and health institutions.”
UTIMCO's zero-beta hedge fund portfolio is roughly $11 billion
“I manage the zero beta hedge fund portfolio. It's roughly eleven billion in size.”