Cash

“I think a lot of people in the space can have a lot of followers, but not the cash, and cash is key.”

“We're fully invested. We only maintain between one and two percent Of the portfolio in cash.”

“It's probably 20 to 30%. Maybe it's high teens in that in that zone. And it's been like that over the course of big changes in my net worth. I've always added about like that.”

“She established competitions with prizes, not cash. Cash tended to disappear into household budgets, but prizes were visible, permanent, constant reminders of achievement. They were status symbols.”

“The only self custodial like asset is cash.”

“The main thrust of the book, you get these under all these hats, but you have to be the chief survival officer. All right. And that means don't run out of cash. You need to be the one, like, what does it take to survive every single day? You need to be out the…”

“And so that's why you see us sitting with sort of a bit over 15% in cash, and why we manage our illiquid asset pool carefully, because while you would hope you get an illiquidity premium from those assets, it also means your portfolio isn't as flexible as it m…”

“There's a drag on your portfolio, but having, you know, you keep 10, 20% in cash or something like that, treasure bills, you know, there's going to be a drag on your portfolio, but if that drag lets you purchase when things crash, or even more correctly, proba…”

“In future times, Hedy would always keep cash available and use it to buy when everyone else was selling.”

“And if you think about it now, it's like they have three hundred billion ish in cash.”

“That's why we hold four to five percent of our portfolios in cash. That's a really important feature, but through this entire time period, our portfolio has been cash flow positive, and I think that's a function of incredibly high-quality managers that have co…”

“So in 2019, we were having trouble finding things that had 15, 20% return opportunities in that environment. And so I think the endowment here at that time was maybe 1.3 billion or something like that. We had 80 million dollars in long ball and a hundred milli…”

“We are not afraid to hold cash if we feel like we're not getting paid for the risk that we're taking. So if we're not meeting that opportunity cost hurdle, we'll hold cash, and it doesn't matter to us if we're getting paid for it or not because there's this op…”

“If we can't convince somebody that a dollar worth of stock is worth a dollar, Then you actually shouldn't grant it. You should just give a dollar of cash because they'll actually value it, you know, greater.”

“We launched that in March of 2018. So when we launched it, we had like 28 days of cash left in the bank.”

“So in a few years from now, I do imagine and dare to say that cash will be out of circulation.”

“The Federal Reserve Bank of Boston, determined that on average each year, a household that uses cash to pay for things, pays a 149 dollars inflated prices, because all prices, no matter how you pay, have to go up in order to make it so that paying in cash and …”

“We raised a billion dollars in 2019 and then in 2022, we raised nine hundred eighty four million dollars. That turned out to be true. Like that we were kind of at the peak of the bull market and that balance sheet serves us very well today that we have a billi…”

“A lot of times people focus on profit, but profit is a hypothesis. Cash is a fact.”

“We were fortunate we actually went into that period through our dynamic asset allocation process, underweight risk assets, and overweight cash. So we were running about nine percent cash going into COVID.”

“I hold two types of investments. I hold highly illiquid small private investments, right? In these companies that we, that we've acquired and cash and that's it. Like literally I have the, it's the most barbell strategy I've ever seen right now.”

“Even a small percentage of equity will be actually more powerful than sometimes a large amount of cash in, in some cases, right? For selected companies.”

“We have probably about 50% of the portfolio in illiquids. So we have about, I would say four to five percent in cash, some so that we can bridge what should be the contribution to pay out, and some so we can lean into dislocations.”

“So right now we have about two percent of cash, and then we have another five percent in the fixed income piece, which is incredible. It's daily liquidity, so call it seven percent.”

“And on average, we've held about 20% of the portfolio in cash.”

“Cash to me is a costless option. People say, oh, it's such a drag. It's such a drag. I don't think it is. I mean, you've seen those situations we've had where something we have falls 40% on earnings. If you have a 15% position and it falls 40%, now it's a nine…”

“I don't really believe cash is a moat generally across technology companies. I think cash follows progress, not really predicates it.”

“Brazil was 70% cash.”

“And I think we're very far from that scenario today. I think they're going to continue to make cash a terrible asset and drive up The real economy through that process.”

“I'm not going to put a bunch of my money in bonds, you know, especially with as low as the yields are today. I think that maybe as I'm nearing retirement, I want to soften the blow, right? It just makes the ride a little less bumpy, but I prefer just to have c…”

“So if you take a company with cash and you invest in Bitcoin, you have invested, you have converted a liability to an asset.”

“And over time, assets give you four or five percent above cash or something in that ballpark over the long run.”

“And then on the topic of cash you know, the top 10 biopharma companies came into 2018 with about a hundred fifty billion dollars of cash on the balance sheet.”

“There's a legitimate case that cash, like a lot of people want cash to go away. Like the people that want cash to stay are the drug dealers and the people that are the members of the underground economy.”

“Cash will go away. It seems almost inevitable except for like, you know, black market activities, perhaps.”

“And in fact, this is the part that I find really interesting is that if I pay with cash, It's now a little bit of a negative social stigma.”

“This was one of the early misconceptions out there about cryptocurrency, that you could shut something down like Bitcoin. That would be like saying, let's go shut down cash or the internet. Not only not possible, but also not desirable.”

“And so that's why you see us sitting with sort of a bit over 15% in cash.”

“In fact, now, if you go to a bunch of stores in China, paying through digital payments Will get you a discount, and it will actually be cheaper than if you paid with cash.”

“We don't rush to cash when we feel like something's been fully realized in its recognition for its value. We believe that our investors hire us to invest the money, and we're comfortable with the businesses more so than cash.”