Electravision

Author

The Idea Farm
April 07, 2024

Together With

“Don’t worry about people stealing an idea. If it’s original, you will have to ram it down their throats.”

— Howard Aiken

Research

Michael Cembalest published his annual Eye on the Market Energy Paper. This year focuses on the electrification of everything and the factors leading to this shift to progress at a slower pace. It also includes sections on nuclear power, China, hydrogen, “net zero oil” and Gaza’s energy future.

This deck is full of fantastic charts supporting Meketa’s capital market expectations for various asset classes.

Facts & Figures

"only about 7 percent made it through Nobel Prize economist Daniel Kahneman’s magnum opus, Thinking, Fast and Slow." Link

“In 2021 investors paid almost $90 billion in total fees on about $14 trillion of actively managed mutual funds…” Link

High-yield spreads haven’t been this low in two years.

Goldman Sachs estimates ~4% of office buildings are potentially no longer viable to be used for their intended purpose.

As of March 28, 2024

Cocoa prices are surging to record levels.

Forward P/E’s for companies on the MSCI UK index are 47% lower than those on the US equivalent, the largest discount in data going back to 1988. Link

As of the end of 2022, there are now more $100 bills than $1 bills in circulation. Link

Where Sophisticated Investors Access Private Markets

10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a decade+ track record of strong performance. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.

Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.

 Benefits of 10 East membership include: 

  • Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.

  • Alignment – principals commit material personal capital to every offering.

  • Institutional resources – a dedicated investment team that sources and diligences each offering. 

There are no upfront costs or commitments associated with signing up and checking out the platform.

Idea Farm readers can join 10 East with complimentary access here.

Podcasts

3/19/2024 - 102 minutes

GMO’s Jeremy Grantham covers a range of topics, including investment bubbles, AI, crypto, reversion to the mean, climate change, population growth and natural resources.

3/22/2024 - 41 minutes

Whitney Baker lays out the principles behind macro investing and how credit flows, borrowing cycles, and monetary policy drive global finance.

3/15/2024 - 46 minutes

This is a fantastic episode featuring Dave DeWalt, who is as informed as anyone on cybersecurity after spending 15 years leading Documentum, McAfee, and FireEye.

What Else Is Happening