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Ashby Monk
@sovereignfund
Research Director
@StanfordLTI
, Head of Research
@Addepar
My latest book: sup.org/books/title/?i…
Los Gatos, CAlinkedin.com/in/ashby-monk-…Joined April 2009
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7,206 Followers

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Ashby Monk
@sovereignfund
BUT in order for investors to take ESG more seriously, I am convinced we have to move beyond ratings and into the world of "facts"... it's easy to blend away bad behavior in ratings. It's impossible when you have granular facts. Also:
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Ashby Monk
@sovereignfund
ESG ratings purport to work like credit ratings, and condense all ESG factors down into one convenient value. With credit ratings, the value of the rating is that it can usually be linked to probability of default. But with ESG ratings, the analogous probability would be… what?
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Ashby Monk
@sovereignfund
Obviously ESG is about MORE than placating stakeholders. It's a way to detect crises before they hit. Early warning indicator for looming crises. Recall! SBF was 100% ANTI-ESG... because he didn't want you to figure him out through alternative data analytics on governance?
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Ashby Monk
@sovereignfund
How did investors that claim loudly to really care about ESG invest in a company that all evidence suggests didn't have any "G" at all; related parties everywhere, no controls or oversight. If they actually integrated ESG into decisions, they wouldn't have done FTX. But they did.
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Ashby Monk
@sovereignfund
The effects of superior climate analytics: As insurers leave Florida, FutureProof announces... it's going in! “Launching in Florida may sound challenging, but our technology is positioned to address the exact problems that are roiling the Florida market."
businesswire.com
FutureProof Augments Team to Bring Fresh Approach to Risk Starting with Florida Homeowners Insurance
FutureProof Technologies has announced two key hires to support the launch of a Florida E&S homeowners product through its algorithmic underwritin
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Ashby Monk
@sovereignfund
A quick reminder that the end of old-age retirement is also referred to as "death". "The measure of success in retirement is a little bit problematic because it is ex-ante. So you know whether you’ve been successful when somebody dies" – Brnic van Wyk
i3-invest.com
Measuring Success in Retirement - Investment Innovation Institute
Retirement is quite a different kettle of fish than accumulation and it will take some time before it becomes clear which strategies work
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Ashby Monk
@sovereignfund
AP4 and emerging hedge fund managers: 1) they get to scale, they outperform. 2) if they do get to scale, they are already too expensive. So, you need to get them when "emerging". 3) When "emerging" you can lock up capacity at lower cost. Great article:
top1000funds.com
Why AP4 invests with emerging hedge fund managers - Top1000funds.com
In contrast to other investors, AP4 invests the vast majority of its hedge fund allocation with emerging managers in a strategy it believes taps both outperformance and lower fees. We look at how it...
Ashby Monk
@sovereignfund
"After 2008, we started doing risk factor-based portfolio construction. So, then the question is what is the current crisis going to reveal? I think in part it is going to speak to a lack of technical sophistication. We need a much more granular understanding of portfolio data.”
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Ashby Monk
@sovereignfund
“I think anytime there is a crisis, there is an opportunity to look at pension governance and determine if we need to make some changes going forward...” “With the tech crisis in the early 2000s, for example, we got liability-driven investing...
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Ashby Monk
@sovereignfund
ESG ratings purport to work like credit ratings, and condense all ESG factors down into one convenient value. With credit ratings, the value of the rating is that it can usually be linked to probability of default. But with ESG ratings, the analogous probability would be… what?
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Ashby Monk
@sovereignfund
"APFC's board did not follow its own charter and governance policies in evaluating its former executive director, Angela Rodell, although its decision to terminate her was likely a legal action." This is not APFC's proudest moment. Angela deserved better
pionline.com
Alaska Permanent Fund didn't follow policies in ousting CEO – legislative report
Alaska Permanent's board did not follow its own charter in evaluating its former executive director, but its decision to terminate her was likely legal.
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Ashby Monk
@sovereignfund
Every SWF has a political objective. They are products of government! But all SWFs' success depends on containing extra political impulses so that the intended commercial goals are attained. SWFs are about commercial goals delivering political ones...
thejakartapost.com
Political goals control Indonesia’s sovereign wealth fund
Government interference in the Indonesia Investment Authority (INA) may impair the sovereign wealth fund’s efforts to attract investment to Indonesia.
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