equities

“Because if you go to your typical investment committee, there are 10 guys and gals who know equities. They're private equity people. They're hedge fund managers. They're long only managers. You rarely get to the committee where of the 10 people, six are credit…”

“If I get CLO equity right, and my manager's a good job with the credit, I can't predict the path, but over a five-year return, here's how much I feel comfortable with it, and equities, the dispersion of potential outcomes is much broader than that. Maybe there…”

“And where we end up is sort of a ten-year expected return on equities of Five-ish, let's call it five and some change, a little more for international stocks. Bonds are sort of three-ish. So I think looking ahead, the simple sixty-forty portfolio is going to g…”

“Between oh eight and probably 20 11, we saw that About five billion dollars shift from equities into stable value, which doubled the size of our stable value fund.”

“So we took a 100% hedged exposure against equities and in the core of the portfolio, so about 50% of the pension fund.”

“Strategas, and they showed annual returns since 1926. It showed that 74% of the time equities are positive. 59% of the time equities provide investors with greater than a 11 to 40% rate of return.”

“And the 2008, 2009 financial crisis taught us that we should not act based on alarming data, alarming information, and none of the plans I sit on exited equities at any point in time. We just sat there and Bore it out, and we were rewarded in the end because w…”

“We realized that we could do alternatives well and differentiate performance, but conversely in equities we didn't, and so, so we outsource equities.”

“When we aggregated up All of the maybe 20 or so mandates we had across that portfolio, by and large, they canceled each other out at the whole portfolio level, and I would have expected we would end up with something like beta less fees. Now, actually, as I sa…”

“Back in 2013, 20 14, you've got bears projecting low returns... You've got folks like Goldman and JP Morgan, and the folks who publish capital market expectations, and you see, eh, equities, seven percent annualized return, 15% vol... Now, you fast forward fiv…”

“For an active manager that's in equities, there's no excuse why you can't get the data, because it's very simple to do it. There's tons of ways. It doesn't cost much in this day and age with data to do it.”

“When you're holding for that long, and you think about equities at an elemental level, I think there's just three ways to earn return. The businesses you own grow. In sales, earnings, EBITDA, whatever it is, free cash, the multiples of those fundamentals expan…”

“First of all, they're cross-asset class security, but it's also a security where a lot of things can go wrong and right, so it's a great teacher and You also learn about the perils and benefits of correlations between equities and rates and what can happen whe…”

“When high-yield spreads blow out past six, that's as good a time of any to start dumping money into equities.”

“High yield typically trades not dissimilarly to equities. It's a little bit more of a senior claim. And so you have sort of something that's not too far off in terms of a comparability and allows you to sort of calibrate.”

“Historically, apart from events of, frankly, revolution and regime change, we haven't seen profoundly dilutive events. We've seen things where you got diluted A few percent, maybe as much as five percent.”

“The two ways you can lose value in equities from a long-term perspective Is if an event causes a long-term decrease in the return on capital, or if an event causes you as a shareholder to be significantly diluted.”

“Equities are in principle an exceptionally long duration asset. Relative to bonds, they are both a perpetuity, so there is no maturity date, and that makes them long duration. But also, they're even longer duration than a perpetual bond because their cash flow…”

“I think we're a lot closer to the ceiling in terms of equity prices here than we are to the floor. I think it's highly likely that we'll be a lot lower in equities before this is over.”

“And in the absence of what the fed and what the government have done with this, I think the equities would be down 30 to 50% from where they are right now.”

“We got out of all of our equities in the second half of February.”

“We just went through a full rerunning of all of our assumptions, and we've got equity assumptions in the sixes, the sevens, even higher for emerging markets, and then a treasury assumption at . Six percent right in line with the yield right now. And you run th…”

“I think we did over the very long run, but most of that was by having more equities than the average foundation in a period when equities went up tremendously.”

“If you're dealing in equities, you're dealing in high yield bonds where you can just go and buy a bond. I call it like shopping at the mall. You go to the mall, you know what you're going to buy. What we do is like going to the Turkish Bazaar and you show up w…”

“Risk parity in our mind is not just holding a bunch of line items at similar risk because a simple example is credit is if you hold credit in a leveraged fashion, you could make it have a similar risk level to equities, but it actually performs very similar to…”

“Going from really supply demand dynamics for individual tokens to an investment paradigm that looks Quite analogous to equities with fundamentals that you can track, you can run valuation metrics, and you can put price targets on various tokens and really use …”

“You look at central banks around the world and they're all pledging to do roughly the same thing. That will continue to buoy assets and assets in the form of gold, in the form of Bitcoin, in real estate, and in equities.”

“In fact, disflation is probably a bigger risk than inflation over the last few years. I don't think the feds worried about interest rates, and that will continue to allow multiples to expand. It'll allow equities to continue to rise and allow startups to have …”

“The world is bad for investors going forward. It's been great looking backwards. So take that, but recognize going forward, the real yield priced into everything is bad. People look at the real yield in bonds and say, Why would I want a negative one, negative …”

“Tokens are really interesting because they're very much a new asset class. They're the fifth asset class in the world. Pre-tokens, there were equities, fixed income, currencies, and commodities, and really every asset could be put into one of those four catego…”

“We think of it, equities, vol is the highest, and then credit is about half of that, and the currency is about a third of equity vol, generally speaking.”

“The most obvious and glaring difference is how this year you're losing more money on long bonds than you are on equities.”

“Financial markets are really a big reservoir of excess liquidity. You, me, everybody needs money to go through our daily lives, to buy stuff, to pay for the energy we need, to pay for our food, pay for everything. And when there's stuff left over, it tends to …”

“Now with these platforms that we're talking about, if you look over the last three, five, 10, or even 20 to 30 years in cases where they've been around for that long, and there are some that have, the platforms have actually outperformed equities on a total re…”

“David was a staunch proponent of asset allocation, but he recognized that asset allocation drives returns in the rearview mirror. If investors choose equities, and equities outperform over time, then asset allocation mathematically dominates long-term return a…”

“There's a few early models on neural networks and equities, which are starting to sort of show Some promising signs.”

“You have 25% real assets, and then about 15% really ballast that will always be there, and some of that is in fixed income, cash, a little bit of it is in some truly hedged alternative managers, which is, I think, the minority of the alternatives bucket for mo…”

“But if you look over the last three years, actually diversification has been significantly negative because obviously bonds and equities have been correlated in a bad way, but alpha has been really, really strong.”

“When we look at the world going forward, we see more inflation, more volatility, probably wars, at least in localized places more frequently, deglobalization, more populist governments that will direct capital, all those things detract from economic growth, al…”

“But we're about 38% in equities, 26 in fixed income, 19% in tips, 30%, give or take, in privates. So that's 10 in private real estate and 20 in private equity and private debt. And that gets you to about a 112.”

“It's roughly 48% in aggregate equity exposure, including some private equity, but mostly public equity, and 52% investment grade fixed income. There's some other pieces in that, but largely investment grade fixed income. There's about seven and a half percent …”

“Even though equities are deeply discounted, but you're rotating money back into the S&P. When that market correction or bear market ends, you're now compounding from a much higher base than if you just owned equities the whole time.”

“Some of them try to outperform the S&P, and they end up oftentimes taking on a lot of additional risk that's quite correlated to underlying equities. It works great in the right market environment. And then when the market turns against those players, the loss…”

“I suspect that it won't be as strong as looking back over the last 20 years. I suspect it'll be more volatile. There could be times where it's brilliantly positive as well. I think there are big right tails. There are also some really bad tails that are potent…”

“If you look at the real risk in their portfolio, it's probably 90% driven by equities, and it comes in all sorts of different forms, private equity, public equity, credit. You end up with portfolios that there's just one risk factor, which is equities.”

“We believe over long periods of time, Illiquid's going to outperform liquid. Small's going to outperform large. Equities are going to outperform fixed income.”

“Pre-private markets infrastructure becoming the next market structure evolution, in my view, after equities fixed income derivatives, but very informative in terms of how I think about the technology evolution that's happening in private markets from pre to po…”

“The equity exposure overall is about 30% of the fund. And that's roughly about half developed market equities and a quarter each of emerging market in Australian equities.”

“You can never be too transparent. That's the biggest lesson. I've met investors who won't write about positions. You have to pry information out of them about the companies that they own. Clients don't like that. Somebody investing with you as a manager, they …”

“We're more equity loving. We're not big on bonds. Anything that's on the leverage side is not exciting for us.”

“We try to avoid having people in a team and developing people that You want to be the star loan picker. In my view, that's for equities. We get compound returns, and you can have the 10 bag or upside. That's not our business. The people that thrive for us are …”