2008 financial crisis

“The contagion issue is probably more impactful in times of stress than Then people give it credit for. Now that's, and that's the same story in 2008 was a giant contagion trade.”

“Looking at Wake Forest again, they had lost two, 28% in 2008 before I joined.”

“Prior to crisis would have been a terrific business at three and four billion dollars. Now they're 30 and forty billion dollar businesses.”

“People and regulators and so forth talk about the originating to distribute as the problem of the financial crisis. I think that that's completely wrong. It's not the case that incentives were misaligned. I mean, all of Lehman's employees Had the bulk of their…”

“That doesn't mean I didn't lose lots of money on the financial crisis, because even when you know something, you sometimes have trouble acting.”

“After 2008, people were spending five percent Based on the last couple of years values, which was 10% based on their 2009 values. And so what that does is it takes a significant number of dollars out of the endowment. So it is very difficult to recover. The nu…”

“One thing that I've told people, I think it's become more difficult to launch a hedge fund now than probably ever in the wake of the 2008 financial crisis.”

“We spent a lot of time really studying 2008. We thought it was a one, 1.5% likely occurrence, and realized that, you know what, in this day and age, it's probably closer to a four percent occurrence. And for the listeners, that's in essence, instead of a hundr…”

“When we went through 2008, we got very little diversification from our quote unquote alternative asset classes.”

“One of the reasons that the financial crisis occurred in oh eight, oh nine is if you were to look at The TenQ of Lehman Brothers. Last filing before it went bankrupt. There's a big other line item on the balance sheet. You have to read into the footnotes. No o…”

“So actually the total capital losses this time around are bigger than they were in 2008. Cause in 2008, if you had a diversified portfolio, you took your licks on your equities, but your bonds came through.”

“We had 250 people. Two thirds of those people were working inside the companies and we call it getting across the icy river. We got across the icy river, which was probably in some ways we'll never get rewarded for it, but it was probably one of our finest mom…”