cash

“We don't rush to cash when we feel like something's been fully realized in its recognition for its value. We believe that our investors hire us to invest the money, and we're comfortable with the businesses more so than cash.”

“And so that's why you see us sitting with sort of a bit over 15% in cash.”

“And over time, assets give you four or five percent above cash or something in that ballpark over the long run.”

“And I think we're very far from that scenario today. I think they're going to continue to make cash a terrible asset and drive up The real economy through that process.”

“Cash to me is a costless option. People say, oh, it's such a drag. It's such a drag. I don't think it is. I mean, you've seen those situations we've had where something we have falls 40% on earnings. If you have a 15% position and it falls 40%, now it's a nine…”

“And on average, we've held about 20% of the portfolio in cash.”

“So right now we have about two percent of cash, and then we have another five percent in the fixed income piece, which is incredible. It's daily liquidity, so call it seven percent.”

“We have probably about 50% of the portfolio in illiquids. So we have about, I would say four to five percent in cash, some so that we can bridge what should be the contribution to pay out, and some so we can lean into dislocations.”

“We were fortunate we actually went into that period through our dynamic asset allocation process, underweight risk assets, and overweight cash. So we were running about nine percent cash going into COVID.”

“We are not afraid to hold cash if we feel like we're not getting paid for the risk that we're taking. So if we're not meeting that opportunity cost hurdle, we'll hold cash, and it doesn't matter to us if we're getting paid for it or not because there's this op…”

“So in 2019, we were having trouble finding things that had 15, 20% return opportunities in that environment. And so I think the endowment here at that time was maybe 1.3 billion or something like that. We had 80 million dollars in long ball and a hundred milli…”

“That's why we hold four to five percent of our portfolios in cash. That's a really important feature, but through this entire time period, our portfolio has been cash flow positive, and I think that's a function of incredibly high-quality managers that have co…”

“And so that's why you see us sitting with sort of a bit over 15% in cash, and why we manage our illiquid asset pool carefully, because while you would hope you get an illiquidity premium from those assets, it also means your portfolio isn't as flexible as it m…”

“We're fully invested. We only maintain between one and two percent Of the portfolio in cash.”