The Ledger, every show

“There's a presumption in conventional asset allocation passive approach to investing that you have to accept market risk at all times in order to get a market-based return, and that's simply not true.”

“They're valued very poorly, actually. The better, the smarter businesses, rather than build one, buy one, because they're worth more than you pay for them in a nutshell.”

“The research also shows that you can take the top, you know, 12, 15 Asset allocations out there, plot them over 30 years, and while they'll have great variance in any one to three year period, over 30 years, they're all within one percentage point compounded o…”

“The game is just as much risk management as it is how fast you can compound it. And so you've got to have risk management. The game is to constantly create higher highs and higher lows. And you only do that through smart risk management.”

“It's all about political correctness, not results. And I'm all about results, not political correctness.”

“It's all about statistical and mathematical risk management systems is the proper way to manage money.”

“If you look at conventional asset allocation, there's limits to growth. Okay. You have to understand what the source of return is to a conventional asset allocation portfolio. You can look at it just to, you know, you can just look at it from a common sense st…”

“I sold it outright and paid the taxes. I did not reinvest it, did not 10 31 exchange it or anything.”

“One of the unique things of financial leverage is it cuts both ways equally. And that's why it's dangerous and you have to be really careful how you apply it. Whereas knowledge leverage, it has no downside.”

“Income-producing real estate on a fully amortizing fixed-rate mortgage. Very important. Do not buy it on garbage loans. It has to be on a fully, because it's just a question of time until you own it. It's a cash flow machine for life, adjust for inflation.”

“The deals are never the numbers. So if you've done enough deals, you realize that pro forma analysis, the buildings never come out that way. You come out a lot better, a lot worse.”

“And at a better price point, it's a way to deliver way better value for people, help way more people, you know, leverage through technology. It's just a much smarter business model.”

“I sold all my real estate back in 2005, 2006, right?”

“Oh no, we were straight three percent. I'm sorry, long-winded answer to get to the short answer, which was, we were a straight three percent management fee.”