The Ledger, every show

“I think any one year can come out differently, but I think over time you're going to get high single, low double digit returns out of the control leader, and you're going to get 500 basis points worse out of the other guys over time, because what they'll get c…”

“This idea that you invest in non-liquid structured product bonds, and say, but look at those, they never go down. They don't go down because they never get marked. It's not that they don't go down because they don't go down. That's a fool's game that will get …”

“What, I mean, you can see it in what they did with J.Crew, where they can, and now they're, I think they might be doing it in PetSmart as well, where they're able to have a restricted payment basket, move parts of companies out, and the bond guys get held, sit…”

“So you either have to have a monster shock to the system, which I'm not sure anyone foresees, or you're gonna find that distressed returns are muted because of the amount of money, until money starts coming out.”

“When you start having that problem, you'll just see gapping. It will eventually happen. It'll work itself through. The ETF will then get smarter and better the next time around, but you'll have to live through that,”

“The very large players, I mean, the ones with north of 10, twenty billion, even bigger than that, they just have longer term assets, they can make structurally interesting decisions, and they can both wait you out and buy you out in, like, rights offerings whe…”

“The large guys have a big advantage right now. They really get the look at a better deals, and they get to structure them themselves. You have to go pretty far down the curve, maybe sub-twenty, sub-fifteen million dollar kind of investments where they don't ca…”

“So the question is, picking up three, four, five, six percent in high yield from today forward, it's like picking up pennies in front of a steamroller. Is it worth it? That's the question. And my answer to that is no.”

“So they will be economic animals. They will look for the best return for the reward of what, for the risk they're taking, and there is no reason why they come in and just subordinate themselves to bonds and save the bond market.”

“Is Apollo and KKR and Oak Tree, what's the difference? And the answer is, there's not a lot of a difference.”

“I mean, they are the proverbial tail that wags the dog. They are the marginal price setter. Every day, every quarter, every month, you see it. Flows are in, flows are out.”

“And I know this is not the greatest thing to say, but being in the hedge fund business for all these years, it's interesting how few hedge funds I give money to. And it's not because I don't want to. It's that the market's gotten more efficient. There's a lot …”

“It's not real. It's make-believe totally, and I think it fools a lot of investors.”

“What you have is a massive market, about 1.2 trillion of bonds in the high yield market, half of which Are double B and half of which are below double B. That is weak. It's five times levered. And you have a market that's very vulnerable.”

“Once you get into a brokered situation, it's not that it's bad, but if you don't get the last look, effectively in my world, I think of you get no look. It's like the Ricky Bobby quote, right? If you're not your first, you're last. Right. And the problem is th…”

“I want probably 30% liquid, because I always believe there is something around the corner. And I want to be the guy who buys and doesn't have to sell because I could get myself into the same problem as anyone else.”

“And what we're finding now out in the venture capital world is they will take a million dollars, let's call it 2,000,002 million dollars, and give you one and a half times your money, three million, back in two years, paying you monthly off of revenue stream. …”

“Because of regulation, and because of the way the regional banks and the community banks have to deal with regulation, there is a Real void of when companies, entities need money, again, in the sub-fifteen million dollar space, and nobody really cares. A compa…”

“As I said in my book, if you want to read a prospectus properly, read it like a Chinese menu. Read it from the back Or read it like, you know, the Bible. Read it backwards.”

“For a young investment banker, which I was at the time, it's really just about a coming of age of realizing that the emperor has no clothes, Realizing that you're toiling in obscurity, probably for less than 15 dollars an hour, even though you thought you were…”

“I've smelled it in a couple things I've been in. I get out of the game. I will get run over. I can't play that game. It's, I'm not nearly big enough to deal with it, and so what I do is I just allow the big guys to beat each other up, which they're doing, and …”