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.
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Active management holds an advantage over passive indexing in emerging markets
“I think recently we introduced a emerging markets fund. It took us a little while to get the structure put into place because of some of the things that are unique in emerging markets and clearing. But that is an area that certainly we believe that active has …”
State pension funds operate some highly sophisticated investment teams
“When you go to talk to most of the leaders on the very large state pension funds today, those guys are really smart. And so I'm really encouraged when thinking about the public DB sector, for instance, that the level of talent that they've been able to attract…”
Dayton Hudson pension gained 1,700 basis points on Black Monday
“And then October 19 came, and I think we made 1700 basis points in a day, which was great. You know, the Wall Street Journal highlighted us on their front page”
Rising rates make stable value a superior intermediate bond substitute
“We think this is a really great time to have stable value, whether it's in your target date funds or in other balanced portfolios. Only because as interest rates are rising, you don't have that impact of duration in stable value that you have in intermediate b…”
Billion-dollar allocator mandates structurally exclude hiring sub-billion AUM asset managers
“The downside to that is you probably cut off the bottom end of the types of managers that you can hire in terms of, you're not going to give a manager that has seven hundred million AUM a billion dollars. And we have a lot of billion dollar mandates.”
Dayton Hudson pension hedged 50% of its portfolio before 1987 crash
“So we took a 100% hedged exposure against equities and in the core of the portfolio, so about 50% of the pension fund.”
Howard Hughes Medical Institute internally managed its $11B endowment
“It was the second largest medical foundation in the world besides Burroughs Welcome. They were running everything internally at the time. It was about, I think at the time it was about 11,000,000,010 or eleven billion dollars.”
Howard Hughes Medical Institute's committee included Yale's David Swensen
“Here we had a very select number, maybe three folks on the investment committee. Folks that, Ted, you know, and David Swenson, who was there from Yale. We had the CIO from General Motors and the former CIO at IBM.”
Morningstar style boxes communicate strategy best to retail retirement participants
“We decided that one of the best ways to do that was not to think about funds relative to their Lipper universes, but to think about them in terms of Morningstar style boxes, in terms of a way to convey that, because for retail investors and Morningstar spent s…”
ICMA will use stable value products to reduce portfolio duration risk
“But now that we are a CIT, we're going to reintegrate that as a substitute for bonds. And reduce the amount of duration risk in the portfolio.”
Equities yielded positive annual returns in 74% of years since 1926
“Strategas, and they showed annual returns since 1926. It showed that 74% of the time equities are positive. 59% of the time equities provide investors with greater than a 11 to 40% rate of return.”