Macro

“Definitely not macro. First of all, like, it's tempting to think that because you're good at one thing, you're going to be good at all these different things, and, ah, I think that in and of itself was like a mistake.”

“If you buy great businesses, you overpay for them a little bit, you get their earnings wrong a little bit in the short term. Over time, value, you know, compounds, and time is your friend. Macro, that's not the case. It's more of, like, a binary bet.”

“First, it's very hard to know which variables are dependent in a complex multi-variable system, and there may be one you don't know about that it flips, and the whole system takes on a different shape, and this makes these things very hard to predict, which is…”

“If I rewind the clock to 10 or 15 years ago, sitting in our research room and around, around internal meetings, we didn't talk about macro at all.”

“I try and avoid macro at all costs.”

“I also think spending time with your users is a cure for this because your users don't care about macro at all.”

“I think credit and macro are the two areas that we are most excited about moving forward.”

“So we might take macro, for example, from 15% to 25% if we feel like the macro opportunity set just got a lot better, which we did the last couple of years.”

“So that sort of coquates to like a .75 sharp, which is probably as good as one can hope and macro. I mean, everyone wants to do a one, but nobody will get there.”