The Ledger, every show

“The CapEx will be overbuilt. Infrastructure, highways, all these things, you ultimately in a CapEx cycle, you just don't know if today you're in the third inning or eighth inning.”

“There will be a lot of companies that look like obvious winners of all this that I think will be obvious losers.”

“The problem is that asset pool is not as rich as it used to be. If you looked at the small cap index today, it's a lot of biotech, a lot of unprofitable companies. A lot of the big conglomerates took out a lot of the best franchises there. Private equity owns …”

“You didn't used to have dedicated distress funds of the size you have today. The special situations were really interesting. The Joel Greenblatt stuff. You could see a spinoff, a big fund house would get a stock, sell the stock, Indiscriminately. And you could…”

“Capital has gone to indexing. It's flowed out of a lot of the long-only space. There's less hiring there in general. Fewer seats are going to be there over time, and it's gone to systematic strategies and more pot-oriented strategies.”

“That doesn't really exist anymore in broad strokes. It's been diced up. You've got the distress funds, you've got the pods, you've got some single managers left, but there's not so much capital going to broad opportunistic mandates. It's become more specialize…”

“Five years ago, SaaS companies, all these trading at 40 to 50 to 60 times revenue at one point. Today, it's hard to give away a lot of SaaS companies.”

“I think there are things in that space that if you close your eyes three to five years, the home building industry, the building products industries, there will be a better day ahead.”