Balance Sheet

“So if you have a, like if you take in teams, I have a bunch of agents doing work and a bunch of humans doing work and the traces between those, that is really important context of how that enterprise is creating value. Then that goes back to train, not a gener…”

“Which is when a company says it should in fact go onto the balance sheet is how I think about it, right? That's so, in fact, there may be like human capital was never possible to go put on a balance sheet because you didn't know how to capture the tacit knowle…”

“The alpha of a credit investor, particularly in a special situation, credit investor, opportunistic credit, call it what you will, the alpha is on the right hand side of the balance sheet.”

“We've habit stacked for so long. Our number one priority as being business related or money related that, you know, we just have to rewire our system to say, no, no, no, this actually makes me money here, but it's very hard to see the direct line correlation b…”

“The difference with Kelowna is people owe us on average, 80, a hundred dollars, and it's just outstanding for four weeks, six weeks. So when the recession comes, what we do is we change our underwriting models. We become a little bit more restrictive. And in o…”

“All of our financing is asset by asset by asset by asset or business by business by business by business. So any debt that we accumulate onto our consolidated balance sheet is just the accumulation of a whole bunch of single asset financings.”

“The world is innovating really quickly around us. And why? Because they have a balance sheet. You know, in our business model, money comes in, we pay people, money goes out. That's how it works. A balance sheet really, really matters.”

“Like I like to say the magic's in the last five percent, you know, all of the standard stuff, you know, you've got to do and looking at the balance sheet and understanding the core strategies and the key drivers of P&L, et cetera. But really like getting to th…”

“A lot of the money ended up going to shareholders because the business didn't need capital. So we didn't go out and put a bunch of money on the balance sheet at that time because we didn't want it to create bad habits. We were very proud of the discipline and …”

“So what went wrong is basically growing on debt and not building a strong balance sheet.”

“The amazing thing I learned at Capital One is that it was not as much a portfolio of positions as it was a portfolio of businesses that generate positions for the balance sheet.”

“The way financial firms work is that if you have no equity, and people have lent you money to support Your balance sheet, and they realize there's nothing underneath them, then they panic and call their loans, and everyone calls them at the same time, more or …”

“If there was an expected value was positive, you should do the deal. Even if there's some probability that you lose money. But you can't take those risks if you don't have a balance sheet to feel comfortable.”