Great Financial Crisis

“We went back and looked at, you know, that profile of traffic, and it fell off About three to four months before the GFC, it actually fell off a cliff, and it's sort of one of those things that within our wider QIC business we're becoming more aware of is the …”

“That was, ah, so the lessons learnt, you know, we probably got the thesis right just before the GFC that, you know, there was going to be an opportunity, particularly in emerging markets, to add port concessions, and they did come up. Unfortunately, what happe…”

“We created that after the GFC. So going into the GFC, all of our stuff was outsourced, and we didn't have great views of almost anything, liquidity or risk or any of that.”

“68% of all jobs that are lost is low end wage versus 50% that was middle class in GFC.”

“Shockingly, the great financial crisis was like the greatest business opportunity for us ever. After that, our assets grew the fastest they ever had over any ten-year period, and we got up to about seventy billion dollars in 17 and 170 colleagues, and since th…”

“And now one of the things we look at a lot is, so how did something do during COVID? And before COVID, it was how did things do during the GFC? And we still have access to that data typically. So we've stress tested this industry incredibly significantly in th…”

“Shortly after HCA, as the debt markets heading right into the GFC got really hot, there was a period of time where lots of different public to privates could happen and frankly did happen, but HCA was really on the very, very front Edge of that, and maybe you …”

“The fee pressure, justifiably, given that no one really distinguished themselves during the GFC, was intense. So the only way to deal with intense fee structure is to get to scale.”

“What I noticed after the GFC was that stocks would trade at bigger disconnects to fundamental value for much longer than they used to, and we couldn't just count on the market to Correct things.”

“Especially at a time where distributions paid in from existing funds are at the lowest level they've been at since the great financial crisis.”

“Spreads are super tight. They're tighter now than they were before the GFC in the investment grade world, which is mind blowing. Spreads tightened the tightest level since pre-long-term capital management in the late nineties.”

“During COVID, syndicated loans traded below 80 cents for eight days. During the GFC, 294.”

“I'm not a CLO guy, but something like 93% of the CLOs formed before the GFC had positive equity returns.”

“BDCs originally were created through a congressional act in 1980 as a way to bring capital into private businesses in the United States. The original BDCs back then was more of a venture capital model. It was really only after the great financial crisis that B…”

“I was at UVIMCO when the GFC hit. Our five billion dollar endowment went to four billion. As the guy with risk in his title, when you lose 20%, sometimes somebody has to take the fall, and I was that person.”

“This is the first time since the GFC where we're seeing real estate values trading consistently below replacement cost.”