leverage

“We've never really been a big user of leverage. So we definitely lived through periods of stress and pricing, but we've recognized that as long as you're not leveraged and forced out of the trade at an inopportune time, you can last a long time.”

“And when you start combining highly leveraged strategies with strategies that are crowded, where people are looking at similar factors in a market that we still think is fairly illiquid, you know, in our view, those are risks that you're not particularly well,…”

“I think there's more leverage in the market than people realize, and we just, no one has yet sort of cogently spoken about it, but there's, it's a lot of little things that actually together add up to a lot, and so, you know, like all this stuff with the, with…”

“I don't suspect leverage is going to be the next big challenge, I do think liquidity might be the case.”

“Returns above an index have to, mathematically, they have, the possible sources are leverage, concentration, or turnover.”

“So essentially the CEOs that had higher levels of risk taking in their private lives, we saw the same attributes in the firm. So everything from higher leverage, Higher prevalence of M&A activity, higher equity return volatility. It was almost like everything …”

“Using leverage is its own skill. I mean, I don't want to act like that's easy. You just put five percent on and leave it. That's not my point at all. People would poo-poo hedge fund guys say, well, they're just long short with leverage. And I'm like, well, yea…”

“We're not going to use leverage to max it out and dividend recap, because that's really doesn't work in our model. We're going to use leverage in a moderate way, but we will be able to use it and increase the leverage on a timely basis, but really in an effort…”

“The market neutral or very low beta strategies have always employed a fair amount of leverage to make small alpha streams look better.”

“We're going to focus on the ones that are levered because when they get multiple expansion and they're levered, that's where you really make a ton of money.”

“Everyone's over levered, and private equity guys, they're the worst in terms of this.”

“We never lever. We're a terrible prime brokerage client. We don't short, and we don't borrow money.”

“Ironically, leverage plays the least role in venture capital. Most of them have relatively little leverage. It's equity money.”

“Well, the crisis got worse after we bought it, and some of these loans fell 20, 30 points. Well, if you take 20 points times four, you've lost 80%. You take it times five, your equity is negative. And that's what we went through in 2008. And so I've been reall…”

“You're not allowed to use leverage. You're not allowed to use the assets as collateral in a back levering package. You're not allowed to have formal governance control.”

“And a lot of buyouts these days, as we found in the financial crisis, are being done with less leverage or in some cases no leverage.”

“If you've got investors with leverage, they're focused on not losing money, number one. The leverage works both ways, and they're focused on really compounding wealth over the long term”

“Jim Simons would make absolutely no money if it weren't for leverage. That's just how, how it works.”

“I honestly don't think you're ever comfortable with that. If you're comfortable with leverage, you are doing something wrong.”

“The capital structure dynamics is also, I would say, more consistent than different. They tend to be anywhere between three to four times in leverage and entry. So when we see a deal that's four and a half times or more, we tend to raise our eyebrows.”

“We're currently at about 12% leverage, so we have 112% invested for every dollar that we have in assets, and that used to be higher when the yield curve was not inverted. It makes much more sense to do this when the yield curve is more normal, so we used to ha…”

“If you look at the spectrum of what's out there, we're probably going to be on the lower end of the amount of leverage we deploy. We want to be on the client friendly side across multiple dimensions, one of which is liquidity. And we want to be able to stay in…”

“Well, there's a lot of brand names we don't have, and it varies why, but one of the most significant reasons is because they just use leverage we found to juice up their returns, and we don't think that's attractive.”

“We are risk targeters, so we can't build a portfolio and then just lever it up to beat a benchmark. That comes down to really discipline, build the best portfolio we can, the most diversified portfolio we can, and then we do use some leverage to tailor the ris…”

“If long-term capital management hadn't been running a fifty-x leveraged strategy, They wouldn't have ended up in the trouble that they ended up with.”

“The way that we counteract the speed point with safety of principle and downside protection is we rarely use leverage up front in these consolidations.”

“Well, if you think about what blows up roll-ups over time, at least in our experience, it's two things. It's leverage and lack of integration.”