MA Financial Group

“We've designed our credit philosophy around an approach we call what you have to believe. That's all about saying, every time we do a loan, we want to know where it breaks. Every loan, we want to know where you do lose money, even if it looks like a remote set…”

“We also have created this lending ecosystem, which is a large piece of financial infrastructure platform on which there's about a hundred and seventy-nine billion or one hundred and twenty five billion US dollars of managed loans on platforms.”

“And that's again, we're in the credit business. We're not in the equity business. We're not compounding returns, and we're not trying to do equity returns through debt. We're trying to deliver fixed income with a premium for trading off a bit of liquidity.”

“My biggest investment pet peeve is when people focus only on the investments themselves. They forget that that's just one third the job. Most of the alpha in the business of investing, I believe, comes from portfolio management and from risk management. These …”

“We have in our IC papers a bunch of checklists, and the checklists are all about saying, what are the things we've seen That have correlated with things that have gone wrong before.”

“The changes happen regularly around deal structures and term. It might be 25 to 30% of the time, pretty regularly, that that's causing changes to the structure.”

“In particular, in the post-financial crisis era, the platform in Australia had about a 50% market share advising on these situations, the recapitalizations occurring from that post-GFC era through to today”

“We try to avoid having people in a team and developing people that You want to be the star loan picker. In my view, that's for equities. We get compound returns, and you can have the 10 bag or upside. That's not our business. The people that thrive for us are …”

“It's going to be a large space. It's not going to be a couple of trillion dollars. It's going to be tens of trillions of dollars.”

“This is a long-term investment asset class. This is not liquid credit. The way people should be thinking about private credit is, think about my portfolio. Let's use sixty-forty. The part that's 60 is for growth. Then there's the part that's 40, the defensive.…”

“Our book is 60% asset backed facilities, 20% direct asset lending, and then 20% in the direct corporate lending, which includes sponsor backed direct lending.”

“Flagship funds that we run might have 246 positions for the positions that are the asset based finance, which I think is today 98 different facilities. There's 1.4 million underlying loans and receivables that represent the collateral of those loans.”

“We're not trying to do direct sponsor-backed lending here in the US. What we've done is to apply an asset-based finance way of thinking to get some exposure to that sector.”

“While we're listed, we're still a third owned by staff.”

“The investment team, by their nature, they're there to source investments, underwrite loans and positions. They're not originators. We've banned that word. We don't want them to just originate, throw it over the fence, and it's someone else's problem now. We w…”

“We've spent hundreds of millions of dollars of our own money building out that ecosystem. On top of that, we've invested heavily, two hundred and forty million dollars of firm and staff capital in the funds to show alignment, skin in the game in what we're doi…”

“It's predicting rain doesn't count. Building the arc does. It goes to this same idea of we can't crystal ball what's going to happen tomorrow. Got no idea where interest rates will go, what could happen, what could come out of left field that we're not thinkin…”

“That financial infrastructure business, not only a source of access, but a huge source of data, intelligence, lifetime access of what's happening in the markets, touches 350,000 customers in the Australian economy.”

“The macro stress testing, we thought about it a lot at the time of deal inception. How far can things fall in the world or the bad things happen before our capital is going to face an issue? Has the underlying business collateral or asset changed so that that …”