Equities

“So there's something like four billion people in the world today who are unbrokered. They don't have any ability to buy equities.”

“We try to avoid having people in a team and developing people that You want to be the star loan picker. In my view, that's for equities. We get compound returns, and you can have the 10 bag or upside. That's not our business. The people that thrive for us are …”

“We're more equity loving. We're not big on bonds. Anything that's on the leverage side is not exciting for us.”

“You can never be too transparent. That's the biggest lesson. I've met investors who won't write about positions. You have to pry information out of them about the companies that they own. Clients don't like that. Somebody investing with you as a manager, they …”

“But we're soon gonna launch globally access to equities and perpetuals non-US obviously.”

“Half the country doesn't own equities.”

“So this morning we announced that we're going to be bringing tokenization into our markets, so making sure that equities are tokenized and traded on market, in the markets, not in a side sleeve, but actually in the core markets.”

“Even the US market, remember, has gone through many periods, when the real return on equities has been zero for 10 to 15 years.”

“The equity exposure overall is about 30% of the fund. And that's roughly about half developed market equities and a quarter each of emerging market in Australian equities.”

“Pre-private markets infrastructure becoming the next market structure evolution, in my view, after equities fixed income derivatives, but very informative in terms of how I think about the technology evolution that's happening in private markets from pre to po…”

“We believe over long periods of time, Illiquid's going to outperform liquid. Small's going to outperform large. Equities are going to outperform fixed income.”

“Some of them try to outperform the S&P, and they end up oftentimes taking on a lot of additional risk that's quite correlated to underlying equities. It works great in the right market environment. And then when the market turns against those players, the loss…”

“I suspect that it won't be as strong as looking back over the last 20 years. I suspect it'll be more volatile. There could be times where it's brilliantly positive as well. I think there are big right tails. There are also some really bad tails that are potent…”

“If you look at the real risk in their portfolio, it's probably 90% driven by equities, and it comes in all sorts of different forms, private equity, public equity, credit. You end up with portfolios that there's just one risk factor, which is equities.”

“Even though equities are deeply discounted, but you're rotating money back into the S&P. When that market correction or bear market ends, you're now compounding from a much higher base than if you just owned equities the whole time.”

“Options was up 20%, close to 20% last year. Equities up 14%.”

“If you're going to allow higher inflation, basically monetizing the debt, the bond markets are going to make the government pay higher interest rates on its debt, right? So we're going to be in a world of higher interest rates, which means that equities get cl…”

“It's roughly 48% in aggregate equity exposure, including some private equity, but mostly public equity, and 52% investment grade fixed income. There's some other pieces in that, but largely investment grade fixed income. There's about seven and a half percent …”

“67% of black families, 70% of Latino families don't invest in equities today.”

“But we're about 38% in equities, 26 in fixed income, 19% in tips, 30%, give or take, in privates. So that's 10 in private real estate and 20 in private equity and private debt. And that gets you to about a 112.”

“When we look at the world going forward, we see more inflation, more volatility, probably wars, at least in localized places more frequently, deglobalization, more populist governments that will direct capital, all those things detract from economic growth, al…”

“But if you look over the last three years, actually diversification has been significantly negative because obviously bonds and equities have been correlated in a bad way, but alpha has been really, really strong.”

“You have 25% real assets, and then about 15% really ballast that will always be there, and some of that is in fixed income, cash, a little bit of it is in some truly hedged alternative managers, which is, I think, the minority of the alternatives bucket for mo…”

“There's a few early models on neural networks and equities, which are starting to sort of show Some promising signs.”

“David was a staunch proponent of asset allocation, but he recognized that asset allocation drives returns in the rearview mirror. If investors choose equities, and equities outperform over time, then asset allocation mathematically dominates long-term return a…”

“Now with these platforms that we're talking about, if you look over the last three, five, 10, or even 20 to 30 years in cases where they've been around for that long, and there are some that have, the platforms have actually outperformed equities on a total re…”

“And that's why capital flows are moving hugely right now from equities into bonds, especially if we're going to a recession, which is inherently deflationary.”

“When you look at even 20, 22, Expected returns for equities have gone up a lot. I don't know if the markets are going to be good the next month, three months, six months, but I think expected returns look pretty good.”

“Financial markets are really a big reservoir of excess liquidity. You, me, everybody needs money to go through our daily lives, to buy stuff, to pay for the energy we need, to pay for our food, pay for everything. And when there's stuff left over, it tends to …”

“The most obvious and glaring difference is how this year you're losing more money on long bonds than you are on equities.”

“If someone's completely, if they're not an investor at all, then sure, go buy a house all day, whatever. It's a reasonably okay investment. But if you're even remotely smart and you know how to read and you go and read investing books and stuff, I think it's c…”

“We think of it, equities, vol is the highest, and then credit is about half of that, and the currency is about a third of equity vol, generally speaking.”

“Equities get really under pressure. There is no scenario where there's a bid to equities.”

“I think Wall Street's wrong. And I think that earnings are going to go down this year, and will definitely go down in 23. And so I think what probably happens is the entire world of equities needs to get repriced at a lower price. And in that, it's going to pu…”

“Tokens are really interesting because they're very much a new asset class. They're the fifth asset class in the world. Pre-tokens, there were equities, fixed income, currencies, and commodities, and really every asset could be put into one of those four catego…”

“The world is bad for investors going forward. It's been great looking backwards. So take that, but recognize going forward, the real yield priced into everything is bad. People look at the real yield in bonds and say, Why would I want a negative one, negative …”

“I mean, if you are a 25 year old you're absolutely doing a mistake unless you have a majority of your money in equities because power of compounding is so that by the time you retire, the difference between keeping money in FDs where the tax rate is higher and…”

“The amount of debt that by debt, I mean, you know, fixed deposits or even mutual funds for debts and so on and so forth, or liquid funds, the amount of debt in portfolio should be a function of your annual expenses again. So I see some people do, you know, 20%…”

“I don't recall ever there was a point where I was, you know, less than like, 70 or 80% equities.”

“You look at central banks around the world and they're all pledging to do roughly the same thing. That will continue to buoy assets and assets in the form of gold, in the form of Bitcoin, in real estate, and in equities.”

“In fact, disflation is probably a bigger risk than inflation over the last few years. I don't think the feds worried about interest rates, and that will continue to allow multiples to expand. It'll allow equities to continue to rise and allow startups to have …”

“Going from really supply demand dynamics for individual tokens to an investment paradigm that looks Quite analogous to equities with fundamentals that you can track, you can run valuation metrics, and you can put price targets on various tokens and really use …”

“Risk parity in our mind is not just holding a bunch of line items at similar risk because a simple example is credit is if you hold credit in a leveraged fashion, you could make it have a similar risk level to equities, but it actually performs very similar to…”

“You're basically going to get paid to be long equities because your risk-free rate is zero and will soon be negative.”

“If you're dealing in equities, you're dealing in high yield bonds where you can just go and buy a bond. I call it like shopping at the mall. You go to the mall, you know what you're going to buy. What we do is like going to the Turkish Bazaar and you show up w…”

“I think we did over the very long run, but most of that was by having more equities than the average foundation in a period when equities went up tremendously.”

“We just went through a full rerunning of all of our assumptions, and we've got equity assumptions in the sixes, the sevens, even higher for emerging markets, and then a treasury assumption at . Six percent right in line with the yield right now. And you run th…”

“I think it'll get even, I think it most likely it'll get to the point where now the Fed's buying equities of companies just to prop things up.”

“In times of uncertainty, they want dollars. And so what ends up occurring is all of those other assets end up Going to close to a correlation of one. So they all start going down. And we saw that with Bitcoin, gold, you know, treasuries equities, real estate, …”

“We got out of all of our equities in the second half of February.”

“And in the absence of what the fed and what the government have done with this, I think the equities would be down 30 to 50% from where they are right now.”

“I think we're a lot closer to the ceiling in terms of equity prices here than we are to the floor. I think it's highly likely that we'll be a lot lower in equities before this is over.”

“Equities are in principle an exceptionally long duration asset. Relative to bonds, they are both a perpetuity, so there is no maturity date, and that makes them long duration. But also, they're even longer duration than a perpetual bond because their cash flow…”

“The two ways you can lose value in equities from a long-term perspective Is if an event causes a long-term decrease in the return on capital, or if an event causes you as a shareholder to be significantly diluted.”

“Historically, apart from events of, frankly, revolution and regime change, we haven't seen profoundly dilutive events. We've seen things where you got diluted A few percent, maybe as much as five percent.”

“High yield typically trades not dissimilarly to equities. It's a little bit more of a senior claim. And so you have sort of something that's not too far off in terms of a comparability and allows you to sort of calibrate.”

“When high-yield spreads blow out past six, that's as good a time of any to start dumping money into equities.”

“First of all, they're cross-asset class security, but it's also a security where a lot of things can go wrong and right, so it's a great teacher and You also learn about the perils and benefits of correlations between equities and rates and what can happen whe…”

“When you're holding for that long, and you think about equities at an elemental level, I think there's just three ways to earn return. The businesses you own grow. In sales, earnings, EBITDA, whatever it is, free cash, the multiples of those fundamentals expan…”

“For an active manager that's in equities, there's no excuse why you can't get the data, because it's very simple to do it. There's tons of ways. It doesn't cost much in this day and age with data to do it.”