King Street Capital

“We had meetings literally twice a day for investment committee and on Sunday, so 11 times a week, plus ad hoc huddles all the time.”

“Also that core competency inside over half our firm comes from the operations side.”

“You have to have that humility as an investor because, I don't know, whatever, 50 plus, below 60, depending on the year, But it's not like we get 80% of the stuff. So that's always the dirty little secret. And what ultimately reveals itself is then that's the …”

“Edge comes in at different points in the investment cycle. And so there's an initial edge, which is sourcing. But even before that, there's the edge on, can you understand the risk in your portfolio and what piece of risk do you need to then augment, supplemen…”

“We got a million dollars from Jimmy Cain, who was the CEO of Bear Stearns, a friend and mentor, and was amazing because he gave us the first million. He acted as a reference for us.”

“Other tenants at King Street are paranoia and insecurity, you know. So it's, people are like, really? Oh, that sounds dark. I said, no, no, it's because the work's never done, right? It's like going edge, right? When we say edge, why are we so lucky to be seei…”

“I talk a lot about internally about probability and proportionality. That's our job is to weight the two. And so what events are out there ahead of us? Like what's the probability that those events can occur? And then what proportion of the business or that yo…”

“Early in the cycle, I always say the worst goes first, and so, so recovery rates are lower.”

“We always like to say we buy late and we sell early. And so there's so much money in between to make. And because what happens is at the first beginning of it, the story is not as well known, right? So the knowledge reduces risk. So you just don't have as much…”

“I would say anchoring to purchase price. So when someone comes in and says, well, we bought it here. We, you know, it's like, I don't care. I mean, I care obviously, but like to assess people, I said, don't trade the mark, trade the value. So it's back to that…”