Europe

“In private equity, we've always done more of that middle market and lower middle market. And in Europe, that's a very attractive space right now, because the banks are struggling so much.”

“There's no banking union. There's no capital markets union. And arguably, given the setbacks, the self-inflicted setbacks that Merkel has had, You know, the probability that we're going to get widespread structural reform is going down by the minute”

“Historically, we've never had in history, it's impossible, it's like we have in Europe, negative interest rates. There's no such thing in history, it's artificial.”

“Even how we construct our managers, where they're located, like we basically have zeroed out private equity in Europe.”

“And it's as big as it is in the U.S., it's even A bigger deal in the UK and Europe.”

“There's more AI research coming out of Europe than anywhere in the world. More than the US, more than China.”

“We're way underweight Europe. There are many days when I wake up and think we should just leave altogether. There's nothing attractive about the fundamentals.”

“The behavioral stuff's all the same. We all make the same mistakes. I have the same biases that I try to shed and my team tries to shed. Mr. Market has the same biases. They overreact to bad news and vivid recent information. They underreact to things which di…”

“And so one of the early decisions we made was, loosely speaking, we're about 70% U.S., and then about 20 to 25% Europe, and the remainder in Israel.”

“Now, I think in Europe or in Asia, I think there are still cheap LBO opportunities, right? So a firm like Bain or Blackstone, they're still seeing opportunities to do really attractive buyouts ex-U.S. But within the U.S., you can't.”

“If you look at Europe, actually, I would argue that there's more alpha there because there's more regulation. There's less transparency. It's very difficult because a lot of times it helps to be part of the culture and to speak the language. And if you could b…”

“We think that this is a time when the U.S. Is going to follow. It's not always the case when you're looking at whether it's investing or lots of other things in life, but it's so compelling in Europe and so important and now being talked about everywhere in th…”

“But if you look at Europe, if you look at Japan, if you look at the emerging worlds, the spreads are both wider, and the underlying economic justification for them is a lot more tenuous.”

“Europe is very active and hard to came up with, I will say, and some of it is by country, and some of it is at the EU level, and we see similar activity in Australia, for example, and in Canada, less so in the US.”

“So in that innovator category, you really do see the Nordics and the Dutch, and then the early adopters, you see Europe and UK, and then early majority, you see Canada and Australia, which is really interesting, given, given their economies and the real asset …”

“I think the US is by far the stumbling block in terms of global coordination today. Europe and China And the rest of the world, frankly, are ready to move and are waiting for the US.”

“In Europe, for instance, they have this taxonomy. They define certain types of investments as green, others as brown, and then they create, for instance, tax incentives, other types of incentives. For investors to invest in green investments. Well, guess what …”

“We support CDP. We're pushing all our companies to undertake CDP work, which is formerly known as Carbon Disclosure Project. It's been very successful in Europe and the U.S., been very unsuccessful in Asia.”

“We were about the third hedge fund in Europe.”

“There are actually very little and very few entrepreneurs, you know, in the financial services business, and probably even more so in Europe.”

“The very fact that, you know, the numbers 80% of the companies are non-bank finance in the U.S., when in Europe, the contrary, it's 20%.”

“What I saw in 2012 without being judgmental to our friends and colleagues is on the back of the sovereign crisis, a lot of the global champions, they decided to pack and go, you know, for a few years, they were gone. They were gone, you know, Euro uncertainty …”

“We owned the most cable TV in Europe than anybody at the time, and we made more money in Europe on cable TV than we ever did in the United States.”

“Unlike in the U.S. Or in Europe where I'm listing because I need a liquidity event or I need to raise cash, that's generally not the case for the large majority of the cheap companies. They're listed as some kind of legacy.”

“In the US, it's all about execution speed and technology, and we're going to go with the startups. We're only going to go occasionally with the fundamentals that have an edge or something depreciated. Asia, we said we're going to go only with the market neutra…”

“So I think it will be stress on those areas, and immigration, and the pressure on Europe of millions of Africans attempting to migrate will be the main political risk that we face, and a real threat to the well-being of society.”

“Workers, Which in the U.S. Have not had a real increase per hour work since the mid-nineteen seventies, can you believe, where even dopey Europe has more than doubled, and China and Vietnam has more than ten-tupled, and so on.”

“I believe that that will be the next Afghanistan, particularly for Europe. I think that you will have Mali pulling France in. You will have Belgium being pulled in, you will have the UK and other EU countries adjacently being pulled in, the US being pulled in,…”

“I think what it means Is Europe is going to remilitarize. If you have the mandate on the ESG side, buy some European defense stocks, but don't expect it to do so within the US umbrella. And I think that European integration is actually going to be one of the c…”

“US and China are the only two countries that had this web two point O revolution. Europe doesn't have social media companies. Japan missed it completely.”

“If one takes the belligerent pronouncements Of European politicians and policymakers at face value, it seems that in an effort to thwart Mr. Putin, Europe is prepared to tolerate a recession, or at least something that looks awfully like a textbook definition …”

“The stability and growth pack in Europe, which by the way, I think is dead anyway”

“In European recessions, and we've had a couple of them over the past decade or so, European financial stocks tend to drop anywhere between 40 and 45%, in some cases a lot more.”

“Europe's current commercial climate is no more anti-entrepreneurial than the US was in the 19 fifties.”

“I just came back from Europe, and I saw a number of our clients, and I was telling them, look, you got to own energy, and you got to own metals, and you got, most of the clients I talked to say, we can't. Like, because of ESG constraints, because of this, beca…”

“Soon enough, you're going to get a refugee crisis coming in. From North Africa and the Middle East, if only because of soaring food prices and soaring energy prices, and the extremely likely political instability that high food prices and high energy prices te…”

“As the energy price goes up, Europe will go bust. The only question is at what price?”

“I think if Europe hadn't followed such a boneheaded energy policy, perhaps Russia wouldn't have invaded Ukraine.”

“I think Europe is, if not in recession now, be in recession within a few months.”

“We started that about 12 years ago. Extended that across our entire industrials portfolio over a period of time, so we've done it maybe 12 times with manufacturing businesses, and then in total today have 25 live cases of this across all of our different verti…”

“Right now, when you look at how people are positioned, everybody's positioned for option one. The U.S. Is the only place to be.”

“Europe, you have not been able to strip the macro from the micro because the macro has been driving the micro for much of the last two decades. In the U.S. It's been much less so.”

“I mean, since 2008, other than the last 12 months, the US market was just up and to the right. There are a lot of people who are in the middle of their careers who've only seen getting long risk benefit, and those who took the most risk made the most, and it's…”

“Now, the next five years in Europe may be much more volatile. If you don't have the toolkit, you're going to build the toolkit, but you're building it rather than employing it.”

“But what I've often seen is that there has been mispricing in Europe In what I perceive to be short duration risk, things that might happen in the next two or three months that could be very volatile, and you've been able to buy the equity market or currency o…”

“I mean, the fact the markets were down 20, since 2008, we've had periods of down 40 in Europe over periods of time, let alone down 20, plenty of down twenties.”

“Europe tends to be very, very heavy into banks, insurance companies, there's a couple of great pharmas. Now, part of the problem isn't they're making, part of the problem is that any technology upstart, it starts in Germany, or starts in Berlin, or starts in t…”

“I think opportunities in Europe today are pretty large, just simply because you're getting overpaid for the risk.”

“For investing in Asia. I always think it should be 500 basis points more. Europe should be two to 300 basis points more. Right? US is just more liquid.”

“I wouldn't start a European lending business from scratch and grow it organically because I just think there's so many different countries. Each country's different. It's not like doing business in the U S so you need to have critical mass. And to me, you ente…”

“That's pretty big today in Europe, and it's just catching on here in the U.S.”

“We're going to expand our fundraising, adding people in Europe, adding folks down the road in Asia, entering the high net worth sector.”

“So in Europe, I really believe in value, partly because I don't see a lot of growth in Europe.”

“At least in Europe, it's still somewhat unproven. Fundamental, long, short, single manager. There's just not many of us left in a way.”

“There used to be a time where you'd see something happening in China, let's say, and then a few years later, you'd see it in Southeast Asia, or you'd see something happen in the US, and then a couple of years later, you see it in Europe. The cadence behind tha…”

“There were very esoteric products that traded in Europe that did not have a lot of liquidity, which meant that if I was trading, I was probably trading against other professionals who were doing a good job of figuring out the appropriate fair value and the exp…”

“We've moved into creating a sports trading unit that is trading on sports books in Europe, and that group is in Ireland.”

“The United States, by virtue of fracking, has natural gas prices that are just structurally lower than the rest of the globe. They are 80% lower than Europe.”

“You could imagine this hyper US exceptionalism dragging the rest of the world to do things that they've been reluctant to do. That's the most bullish scenario from a geopolitical and an economic perspective.”

“Now the U.S. Is doing fiscal consolidation just as China and Europe step on the fiscal accelerator.”

“Europe has this Damocles sword over its head with the Euro, which pops up every three, four, five years. I don't think it pops up over the next couple years”

“Europe is going to be absolutely drowned in its tsunami wave of LNG supply that will crash on its shores over the next two years. This whole deindustrialization debate is wrong.”

“The capital raising that we did in Europe was tremendous and a little bit of a surprise for us, and I think this year may be that year for Asia, but being global is important because I think it's a global opportunity.”

“And in Europe, if they fail, they're embarrassed, and they go hide.”

“The number one market Is the U S with about a thousand companies with over a billion market cap and above 40% gross margins. The number two market is Japan with 250. After that, you get to numbers around 50 to a hundred in countries in Europe.”

“A lot of the conclusions we've reached is that you might be able to find some early stage GPs locally there, but as soon as a company hits the Series A, those founders are looking for U.S. Firms.”

“The record, even just the past, since the financial crisis, United States and Europe were about the same size. The United States is now almost two times as big.”