Gladstone Management

“And then if you go all the way to the factor neutral world, it seems that three percent alpha works for everybody. That's fine. We're shooting for 20% alpha.”

“You can't manage an organization to go from serving Italian food one week and Chinese food the next week. It just doesn't work.”

“I don't think it's possible to have a thousand great long short managers. It's just too hard, and it's too specific a skill set.”

“As we speak, regional banks in the US, if you look at the environment they're operating in today versus any point in the last 10 years, it's the worst environment they've had.”

“How many great venture firms are there? Maybe 10. How many venture firms are around today as a consequence of the last TMT boom? Probably 300. So three hundred's gonna peel back. It has to. And it may be a decade long process.”

“I think this is one of the learnings from chess, is that you want to get good at chess, you probably have to spend the most amount of time looking at the games you lost, because there's something you didn't understand about that game, or somebody understood be…”

“In our portfolio, the longest standing positions are actually short positions.”

“And we were short ahead of the market recognizing that. The market just didn't want to believe that things were actually not good for the banks until SVB happened.”

“On the long side, we've always ended up with 20, 25 longs.”

“I worry about cultural dilution. I think long short is a very specific performance oriented business, where you have to be watching what are the great things that I want to be long, and where's the trouble, and what are the bad things happening where I want to…”

“Today, we're running 60 shorts. The average size is just over one percent each.”

“And then on the short side, a very industrial process with a lot of names, but the majority of the investment team organization time and effort is on the short side.”