Portfolio

“In our portfolio, what percent was not pure bits. And it's like 60 something percent is, is not just software by, you know, based on the market value of our investments.”

“Doing a portfolio mattered more than a resume. And that has now become, like, very true in twenty-twenty-five.”

“It's very hard to be nimble with a 700 plus billion dollar portfolio. What we need to do is to build a portfolio that is resilient through a broad range of macroeconomic conditions.”

“And the portfolio isn't sized based on the highest IRRs. A lot of times the highest IRRs have the fattest tails to them.”

“I actually can't think of a single example across the portfolio in which we are arguing for zero regulation.”

“The biggest frustration for most people happens is that what they say the time horizon and how they experience the time horizon is very different. People will tell you, yeah, we're looking at a retirement, we're looking at, you know, the next 20, 30 years, wha…”

“And you're actually risk on by not having any exposure in your portfolio.”

“I think the bigger a portfolio you develop, the less alpha there is. You try and minimize beta, but you take all the alpha away if you do that.”

“Where we've gotten on that front is that categories are just communication devices. You can't really boil a portfolio like we're all running into four headers and have it accurately describe what's going on.”

“You've got to be willing to put some good assets in a portfolio, as well as the ones you want to get rid of, because you have to remember on the other side, the secondary investor is going to go to their IC. They're going to present the transaction. You need s…”

“I knew that one of the big problems with CIOs is they stay too long. And I do think portfolios need refresh.”

“At an individual investment level, you know, risk is about the permanent Loss of capital in that investment, and really over a course of a portfolio, because you can be taking a risk of a hundred percent loss in an investment, and it can be a very rational ris…”

“Or you can do what we did, which is a 10 to 15% position in the portfolio, which is sizable in a portfolio like ours.”

“Actually just one. So even this company that I'm talking about, this probably just set the company back by, as I told you about nine to 10 months, the company eventually did really well for us. And this is one of the companies that we exited recently and we ma…”

“I think the heuristic is at least once a week, If not a couple of times a month, you want to come in, you want to look at your portfolio, and you want to say, based on all the inputs that I'm getting every day to assess these, if there was a mistake and this b…”

“Well, I want 10 ideas that give me 200 to 400 basis points of performance, or I want six ideas that give me 300 to 400 basis of performance, and I want to minimize my losses to 50 basis points. And if I can have a handful of 50 basis point losses, that tells m…”

“So a portfolio well-made is made up of multiple mega trends, which provide long-term compounding, as well as shorter-term tactical opportunities like deep value, cyclicals, commodities, and special situations, which provide you alpha.”

“Now I know, of course, you know, without a portfolio patents are worthless, but, you know, at that point I didn't.”

“The traditional way of measuring relationships really leaves a lot of information on the table. You're either describing a small portion of that return, or you're just building portfolios that don't have, aren't dynamic in terms of how those relationships chan…”

“Any family, any individual who's trying to think what their portfolio should be, and put their blinkers on, and just look at the securities portion, is in my view, making a mistake of excluding other factors that really make a difference.”

“There's usually 12 to 15 names in the portfolio in various degrees of progress.”

“Need to build socially resilient portfolios, meaning if we have widespread and acute social inequality, that's just going to lead to reduced social cohesion. You have more social unrest, and that's really value eroding for everyone in the system.”

“The first thing visitors should do if they are able to, and the company is good, is reach out and sign a check to their current portfolio. I think that's one of the best helps, because it gives you the oxygen to breathe, it gives you the oxygen to think clearl…”

“I think we're going to find that the portfolios that applied that logic to the greatest degree are the worst performing. And so that behavior will be significantly curtailed, whether it's through regulation or whether it's through investment committees and end…”

“I just signed a pretty large book deal with Portfolio. I went through the exact same thing, but I did, I decided, you know what, I'm really good at talking, so I will talk my book, and I will hire Simon Sinek's writer to write what I talk, and that's how we're…”

“I've never seen sustainable efforts to reliably manage currency risk as a way to generate positive returns in portfolios.”

“I think direct management of portfolios is a wonderful training for someone who ultimately becomes an allocator because you get used to pulling the trigger, you get used to being wrong and having to extricate yourself from mistakes and understanding the nature…”

“It behaves very much like a penny stock at the moment, and most people are not equipped to handle volatile investments like that should probably limit it to a very small part of their portfolio.”

“The reality is there are people who've actually done the math. I've actually seen, you know, a bunch of people who've done the math and proven that a portfolio that has a certain size statistically can be correlated with decent returns.”

“I always think that founders and the portfolio is the most underutilized asset.”

“Even if you're just, if you're not a portfolio manager or not responsible to outside investors, I would still argue it's worthwhile writing down your thoughts on what you're doing. Because it just clarifies where true north is. And so what I found through the …”