The Ledger, every show

“If you look at the amount of ethylene and propylene that they're bringing on, and then go to 20 30 and shut all of the European and Japanese capacity, in 2030, you'd have more over capacity than you have now.”

“I don't think that it would create systemic problems. Just like every hedge fund in the world wants to call a recession constantly because they're desperate for the volatility. Everyone wants to constantly say, what's the next systemic thing? Because the impac…”

“You do have 30% of direct lending in the software space.”

“We think that the non-discretionary moves are about three million of the four million. Which means we only have a million homes per year where people are saying, hey, I got a better job in Cincinnati. I'm taking it.”

“Instead you had the first ever syndicated rescue market where thanks to the fed banks brought rescue deals for companies to sell to mutual funds and hedge funds.”

“As high yield has become higher quality, levered loan market is often lower quality.”

“RSA, Avanti, McAfee, Barracuda, they'll have their own issues going through LME.”

“Hertz had a problem coming out of their restructuring that they had too many Teslas. It wasn't only that people didn't want to rent Teslas. I think people found Tesla's interesting to rent. They're great cars. The problem was the residual value was much worse …”

“Part of the reason we've been more bullish on the economy than some others over the last few years is the U.S. Consumer and the corporate have been historically under levered.”

“We see housing as this coiled spring. It has to come back. There has to be more dynamic movement in the housing market.”

“Building products in particular, earnings expectations have really capitulated in 26, which could create interesting environment for outperformance.”

“What we think is going to happen in telecom is more and more legacy, perhaps coaxial companies are going to be impacted by not only fixed wireless share, but fiber as it get laid all over the country. And that fixed wireless is like a transitionary technology …”

“One thing you're seeing is co-ops, which are cooperative agreements between creditors to say, we're not going to do a deal with the company alone, neither should you, have really come into vogue over the last 18 months.”

“Today, just sitting here with AI, not even really ready for prime time, and you have very high, I think almost nine percent unemployment from college grads.”

“It was a 150% of the growth last year in broadband across the country.”

“Last year, you saw healthcare costs up across the board, commercial healthcare costs up seven and a half percent, employer payment for healthcare up seven percent.”

“In places like durables and services, the top 25% are responsible for, say, 50% of the spending.”