The Ledger, every show

“It's not going to give the client, i.e. The wealth client, a good experience in the long run.”

“And the way you cut the asset management industry in five or 10 years, I'm not sure is going to be based on public and private. It'll be based on other risk categories, but that's not a good definition of what's risky and what's not risky anymore. I think you'…”

“If those ROIs don't come to pass, I don't think the whole system is going bankrupt, but that clearly will have a weighing effect on the markets. Certainly the biggest hyperscalers will be okay, but that cascades down to many, many players, some of whom have go…”

“That's representing at least a couple percent of GDP growth right now. That's driving massive investment in infrastructure and chip manufacturing and energy and all of these things.”

“Traditional asset managers, i.e. Mutual funds, ETFs, they're gonna start injecting some amount of private assets blended into their products.”

“We were the first folks to come out of the GFC saying, well, we should have private credit business and a private equity business under the same roof.”

“It's a different business, and you're getting paid a premium for that type of specialization to the tune of a couple hundred basis points over the single A, double A, triple B corporate cost of capital that company is.”

“We haven't had a real credit cycle since 2009.”

“We had to figure out how do we earn excess return in AA, in single A, in triple B, which no one in the alternatives industry was thinking about at the time. That left the space wide open for us to be able to go do that.”

“We'll end the year pro forma for an acquisition right around a trillion dollars. Half of that, five hundred billion of that is our own captive insurance capital. One out of every two dollars we invest is for our own balance sheet, our own company.”

“We now are the largest investor in basically every product offering we offer out.”

“There's only a handful of alternative asset managers that have the scale To go public, and the vast majority of them are public already.”

“We're going on to year four, year five of meaningfully depressed realizations for the market in general.”

“And for one K is going to open up to private assets. That's a 13 trillion dollar market that has essentially zero private assets in it.”

“Private equity probably represented less than a half a percent of GDP versus the 10, 12, 14% that it is today.”

“We bought it at under six times enterprise value to EBITDA, but because of the nature of that business, much of its business went into highway salt. You were able to scale the business. It was a surprisingly more stable business than you would have thought, an…”