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“In my career, a bunch of extremely well-regarded multi-strategy managers that look like platforms roughly went to zero.”

“The open-ended credit hedge fund businesses we believe in, in secular decline, not going away this month or this year. But shrinking significantly in favor of closed-end structures, a big long-term part of that is hurdle rates, as you mentioned.”

“Asset allocation being something we think about episodically, but we think a hard way to add value in hedge fund portfolios.”

“There are markets that we trade internally. We trade CLOs and CBOs facing the street, trying to use our manager selection insights and leveraging our relationship and transaction flow.”

“We believe that there are way too many hedge funds. I don't think that hard to identify a lot of firms that have no reason to exist.”

“I think if we were to approach that manager today, we wouldn't be able to develop the level of understanding and conviction that I think we have now.”

“I think that we are not going to see a golden age of distress. Oh, these are great businesses that happen to have not the right cap structure. Those days are gone. The markets are too competitive. They're too multifaceted. There's too much dry powder. And in p…”

“There are relatively few players. There are relatively few training grounds producing strong new players. There's sort of a structural bid, as best as I can tell, for the strategy. So it means that credible new things get traction more quickly and do so, for e…”

“Right now, we really like the opportunity to invest on a secondary basis in private credit funds. The private credit market grew a ton the last five, six years, and now you're seeing small funds, some investor not re-upping, the consultant has changed, the sta…”

“And I think that's because you end up in a lot of hedge fund hotels. It's a relatively small number of positions with quite high hedge fund ownership and overlap, and that produces a lot of downside air pockets.”

“I think there's a fair amount of laziness in the industry in using number of positions as a proxy for risk and concentration, just because it's easier when really it needs to be about sort of the sizing of those positions and the upside downside potential in t…”

“During the pandemic, CLOs came under much more stress than very roughly equivalent risk in high yield. So that's exciting because you can say, hey, I don't know exactly what's happening to the global economy, but I know that what we see in CLO AA or AAA is dis…”

“We have a preference for a single risk taker model, and typically the PM and sort of the business owner are the same. It's not absolute. We do have investments with bigger businesses that look more like platforms. We will do that if we think the value proposit…”

“We're trying to be defensive to a lower recovery environment. That's, I think, a trend that we see as even more dramatic than defaults.”

“To be honest, I think it's really hard to ex ante Judge portfolio management and risk management skills with any great degree of confidence”

“Everything that we do has a pretty strong look through to underlying position sizing. So we are willing to take a hundred basis point look through security level risk. We certainly routinely want to carry 40 or 50 basis point look through single security risk.”