Sublime

Ridgeline was closed a large part of the time to new investors, and current partners were often restricted from adding capital. To maintain higher returns, we sometimes even reduced our size by returning capital to partners.

this latter variable is a significant force in influencing the economics of the firm, its organizational structure, and its positioning in the client and people markets.

Shiller made his mark with his 1981 paper on the volatility of markets, where he determined that if a stock price is the estimated value of “something” (say the discounted cash flows from a corporation), then market prices are way too volatile in relation to tangible manifestations of that “something” (he used dividends as proxy).

publicly visible.