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“And great global companies were created, and I think more global companies will be created in sectors that the government really wants to sponsor. I think it will become ever more challenging for us to be able to benefit from that.”

“It's going to be complicated, and the estimated cost of compliance for scope one, scope two, and scope three is expected to exceed Sarbanes-Oxley.”

“What we're really doing is going back to a world that existed starting in sort of 1991, 1992, through up into the crisis. So it was more of a normalized economy.”

“I mean, you still have institutional investors that, whether they reallocate back to fixed income, or they have to fund cash flows, or they have to fund private market capital calls without there being the benefit of distributions. I still think that hits your…”

“I think we're going to start seeing this in venture and bio right now, and maybe real estate where deal volume is slow. What are they doing all day? How do you manage that as the managing partner? You're going to start seeing that.”

“Secondary sales can't really happen in a world for like under a hundred million dollars. They don't really go out in more than bulks of like 203 hundred million dollars.”

“Many of us have credit lines in place to be able to fund the granting parts of the organizations, but you can't use credit lines to lean into a dislocation. For lots of tax reasons. If you think a dislocation is coming, you need to have cash to be able to even…”

“Even if your cashflow model is wrong on distributions, you're probably not going to get any capital calls anyway, because no one can really fund anything in the debt markets. So for the time being, it won't be a huge squeeze for people because there won't be a…”

“From a relative valuation, they're the cheapest they've ever been.”

“We don't think this will stop at public equity, by the way. We think it'll go through to all SEC registered investment firms, because that is the intent of the SEC in all of their working papers.”

“I think the other basket of worries is that we now have to include FX and geopolitical risk in every single investment decision we make. I think it was a gift. That for 15 years, we didn't have to do that. But, you know, these costs are real, and that and the …”

“That's one of the biggest differences between now and the 19 nineties is that, yeah, you could have three percent inflation and four percent rates, but you also have three to four percent growth. And right now, we're gonna struggle to get that.”

“And at this time was right when endowment and foundation money management was undergoing its own level of professionalization. For decades before that, you had had sort of the treasurer of the university or the treasurer of a foundation serve as the primary pe…”

“We have found tremendous talent Locked within ginormous organizations that my ENF peers don't really talk to.”

“A majority of our managers have been in our portfolio for at least 10 years.”

“We are eight people in an investment team, okay? We're managing 10 and a half billion dollars.”

“We don't have inflows of capital. So an endowment, an insurance company, a sovereign wealth fund, they're always putting money, new money to work. We don't have any new money. We just have existing money.”

“I still, for the first, I would say, 10 years of being here, I still managed about 75 CEO, CFO visits a year. Of companies in the portfolio, or companies that were adjacent enough to the portfolio that would help me inform how to manage the portfolio.”