bank

“Credit investing is very different in that it. Looks more like a bank. It's particularly when you get into the new origination elements of investing or maybe prop trading to some extent, but just take on the direct lending side. When you walk in to evaluate a …”

“Banks have provided liquidity to founders all the time with PGs, but there's no one who's really been serving employee 20 through 2000.”

“When governments recapitalize banks, the recovery and the equity markets and employment tend to happen more quickly than when governments simply buy their bad loans.”

“Certainly banks are going to be under unbelievable pressure, but I'm talking 20 years from now by this. I'm holding up a cell phone, an Apple phone, because go to Kenya. You don't have banks. You have mobile payments. Go to China.”

“We eliminate about half those, the ones that are more top-down in nature. So there's never any miners or EMP companies or banks even in the portfolio.”

“Most people assume that the banks were out to screw the homeowners. And I don't think that's the case. I'm not saying they're not blameless.”

“Mostly what those companies are is they have a tech advantage, but they don't have access to customer advantage, and they don't have any sort of cost of capital advantage like a bank does and things like that, and so they've built technologies that people like…”

“Banks in particular make decisions about their portfolio for three reasons. Regulatory, regulatory, and regulatory. Because banks are regulated industries. As a regulated industry, they are very focused on how they deal with their regulator and the bank examin…”

“And the largest consumers of DeFi will be banks, will be fintech companies, and will be institutions.”

“I think where you worry about concentration in an industry is where there is one thing that happens. So if I'm concentrated in banks, well, they rise or fall kind of at the same time. If I'm in, natural resources was a big thing. Everyone was in oil and gas fo…”

“The nice thing in the private markets right now is you don't have as many critical players in terms of being in a position To take down the economy or threaten the liquidity of the whole financial system. As long as the banks are forced into a more conservativ…”

“The entire history of the financial world is one of crises that are born of exactly what you say, where you have a combination of illiquid assets held by a firm that has liquid liabilities, like a bank, and is leveraged. So leveraged and a mismatch is always t…”

“There's lots of situations where people are doing things for non-economic reasons. They're saying, hey, if I don't sell this aged inventory, I'm going to get a huge penalty. So it's cheaper for me to sell it cheap today than to get this huge internal penalty, …”

“There aren't any JGBs left to own. The markets effectively become completely privatized, and that's going to have some real systematic issues, particularly as it relates to banks.”

“The firms that looked at insurance, banks, ahead of everybody else have found that most folks at the similar scale have copied them since. And that tells you something. They had an edge. They had an advantage. It was proprietary. They had an idea. At the time …”

“15 years ago, 40% of the loans in agriculture, real estate were held by banks. We're down to about 30% now, and we continue to drop.”

“I philosophically think that debt on any venture company is a disastrous idea, particularly in times like this, because the banks are not going to be patient.”

“However, the fact that they're not lending and banks aren't lending, that's going to be a year or two years, or maybe even three years.”

“When banks have to tighten up on their lending requirements and reduce their balance sheets to our sector, we're going to be at or near the top of the list of who they're going to lend to. And I think that's a logical reaction for banks to have to tighten in a…”

“And as long as I've been an investor and doing banks, I've hated banks, and there's been a lot of bad management teams, and so we historically, for 1520 years, had been short banks along other parts of financial services.”

“Aries just simply, they're way better underwriters than any bank out there, and they have much more flexibility, they have everything you want, and the banks are just in cement shoes.”

“And probably, to be honest, we think we're being overpaid for the risk we're taking in the current environment of scarcity as banks are pulling back.”

“I think borrowers many times will abuse that relationship with their banks.”

“If a client is very concentrated in a single product line and that being unsecured lending, for example, very hard to achieve the return on equity that is appropriate To not destroy shareholder value at a bank. And that was true then. And it's true multiple fo…”

“All banks that have grown via acquisitions have legacy tech debt problems that are significant, and very often those derive from not taking the tough decisions sooner, and then you just create a sort of spaghetti junction, string and sellotape, hold the whole …”

“The banks were chastened, lost some of their capital, were more tightly regulated, We're discouraged from risk taking, and that led in 2011 or 12 to the creation of the private credit market, which is now over a trillion and a half. In oh seven, I think it was…”

“As that market continues to evolve, and as the banks start to get back into some of these areas, we do think returns are going to come down. Probably by about 200 basis points on average.”

“I do not think there's going to be some calamity. The structure that the asset managers are using is just much better than what the banks used to use. You know, borrow short, lend long. So these are very long dated structures, which is great. You can work thro…”

“They have quietly become the most important organizations in the world, and I don't put a caveat on that one. They are the cornerstone of our modern social welfare state. They are integrated into so much policymaking from Saudi Arabia to United States to Austr…”

“We were able to approach banks and buy tens of billions of bank debt at a time at deeply discounted prices. We started accumulating enormous amounts of corporate debt.”

“Interestingly, credit growth in Australia was growing at 10% per annum and hadn't been less than 10% for many, many years. And so you had this huge growth in leverage coming into the household sector that drove the profits of the banks.”

“There's two clear industries that have moved from the banks to the private sector. One is the private credit industry is effectively taking what the banks are doing and doing that off asset manager balance sheets. One is the market making industry, taking what…”

“So I think there's going to be great buying opportunities, but we're finally starting to see, which is exciting, is it banks are starting to make people deal with problems or sellers are now capitulating a bit. There's going to be a much more active investment…”